Mauro Maia: GAD presentation 2012

Global Airport Development Conference
2012
Italian Airport Industry
Dr. Mauro Maia
F2i, Senior Partner
Paris, 8th
November 2012

Indice
2
1. Overview of F2i page 3
2. The second F2i Fund page 15
3. Italian airport industry page 22
4. New opportunities in the airport sector page 25

F2i Background
‒ In the early to mid-’90s, Italy launched a large privatisation programme, involving some of the
most important manufacturing and infrastructure companies in the Country (food, oil & gas,
telecoms, energy, airports and toll roads)
‒ However, the outcome of the privatisation programme was mixed:
‒ Privatisations through public share offerings have created large, efficient companies that
are today among the most active players in the domestic and international markets (ENI,
ENEL, Terna and Snam Rete Gas)
‒ Privatisations through the sale to “strategic investors” ended up with a shareholder
structure skewed towards private families that failed to fully understand the “public”
nature of infrastructures, reduced investments and eventually curtailed the growth of
these companies (Telecom Italia, Autostrade, Aeroporti di Roma)
‒ F2i was conceived by the sharing by the main Institutions in the Country and its management
team of the conviction that a long-term, institutional, professionally managed infrastructure
fund could provide the ideal instrument to endow Italian infrastructure companies of a stable
shareholding structure, that could pursue a coherent strategy:
‒ Long term orientation
‒ Focus on creation of large “national champions” that can re-invest cash flow for the
development of infrastructure
‒ Target maximum efficiency, quality of services, investments, long-term, growth and
financial performance

F2i position in the Italian infrastructure market
‒ F2i was therefore created in 2007 by the main Italian public and private financial institutions to
be the main investor in Italian infrastructure
‒ Its Sponsors include: State-owned bank Cassa Depositi e Prestiti; the two largest Italian
Banks (Banca Intesa San Paolo and Unicredit); some of the largest Banking Foundations; two
Italian Pension Funds
‒ With a fund raising equal to €1,85 billion, F2i I is the largest Italian private equity fund as well
as one of the largest country focused infrastructure funds
‒ The success of F2i’s proposition is supported by achievements on both sides: fund raising and
investments
‒ In raising capital, F2i was able to attract considerable private and public amount of money
notwithstanding the severe international financial crisis (anti-cyclical and defensive concept)
‒ F2i is demonstrating to be seen as the flagship Italian Investor in strategic infrastructure
assets of the Country
‒ F2i is now launching its Second Fund: on October 2nd
, 2012, F2i achieved the first closing for
€575MM (total Fund target size €1,2 billion).

F2i position in the Italian infrastructure market
‒ In only three years of investment period, F2i I has invested in 12 companies. After two disposals and
the combination of three companies in the gas distribution sector, F2i currently has 8 investments (total
investment around €1,6 billion, equal to 87,5% of the total amount of the fund), in companies operating
in six key infrastructure sectors: gas distribution, transportation (airports and motorways), water,
renewable energies (windpower and photovoltaic) and TLC
‒ F2i has undertaken a consolidation / aggregation strategy in these sectors, aimed at creating first class
national operators of infrastructure
‒ F2i adopts a balanced leverage strategy, in order to optimize the return on investment and to modulate
the draw-downs from investors
‒ Current total draw-downs from investors amount to € 1.130 milion, representing 61% of the total
amount of the fund
‒ F2i has actively managed and rationalized its portfolio through the disposal (at a profit vs. cost) of those
participations that could not be considered “core” any longer (e.g. logistics centre Interporto Rivalta
Scrivia and gas storage greenfield Enel Stoccaggi)
‒ Focus on investments with high cash generation and high dividend distribution potential. The first
dividend got paid to the investors 2 years in advance compared to the business plan of the fund
o Dividends distributed to investors for over € 82 milion during 2010 and 2011 (“cash on cash”
yield of 4,8%)
o F2i was able not to call the management fees from investors since the second semester of 2010

7
Investors 1/2
CDP
F2i –
Fondo Italiano per
le Infrastrutture
2 Banks
(1 Core Investor)
2 Major Italian Banks
19 Other Foundations
(2 Core Investors)
1 International Bank
3 Insurance Companies
(3 Core Investors)
10 Social Security Institutions &
Pension Funds
(4 Core Investors)
3 Institutional
Investors
2 Other Banks
(1 Core Investor)
Italian Investors International
Investors
6 Major Italian
Foundations
2 Social Security
Institutions
SGR’s Shareholders
(General Partners
or Sponsors)
(Limited Partners)

F2i Investors 2/2
8
Investors
Number of
entities
Amounts
(€ mln)
% of the Fund
Banks 7 593 32,02%
Pension Funds 13 487 26,30%
Banking Foundations 25 439 23,70%
Insurance Companies 4 175 9,45%
Sovereign Financial Institutions (CDP) 1 150 8,10%
Sponsor & Management n.a. 8 0,43%
Total 1.852 100%

Strong Capital Commitment and Endorsement
9
 The two leading Italian banking groups, with more than
10,000 branches in Italy and total assets over
€1,500bn
 The Italian Government through CDP (70% owned by
the Italian Government), leader in financing of local
and regional governments in Italy, with 29% market
share
 International financial players with strong and
recognized presence and experience in Italy
 Qualified representatives of major institutional
investors in Italy (banking foundations and professional
pension funds)
 Sponsors providing
€938bn
 Total commitments already
reached €1.85bn
 Combination of local
relationships and global
experience
 F2i benefit from full
endorsement of its
Sponsors
 F2i is the leading partner
for infrastructure
investments in Italy
7 Banking Foundations
2 Italian Pension Funds
Part of Group
A Leading Group of Sponsors:

Summary of Key Terms
10
 Size: €1.85bn
 Duration: Up to 15 (+3) years (expected
average life 7,5y)
 Investment Period: 4 (+2) year
 Legal Structure: Typical limited liability
partnership
 Management Company: F2i SGR
 Greenfield limited to <20% of the fund
 Single assets limited to <15% of the fund
 Italian infrastructure opportunities
o Ports and Airports
o Motorways
o Power and gas infrastructure
o Utilities
o Telecom infrastructure
o Other infrastructure (PPP, water, railways,
…)
 Equity or quasi-equity
 Majority or influencing minority stakes
Fund Characteristics
Investment Focus
Diversification Rules
Return on investment
 Minimum target return*
(“hurdle rate”) : IRR =
8% gross per year (on
average)
 Effective target return:
IRR = 12-15% gross
per year (as indicated
in the Business Plan of
the fund)
 Dividend guaranteed
over the fund’s
duration period

F2i profile
11
 Acquire brownfield regulated assets, sold both Private and Public Entities
 Ensure industrial management of the companies by promoting efficiency and
managerial development
 Promote aggregation processes, in very fragmented sectors with high growth
potential
 Involving companies’ management teams, as medium-term shareholders
 F2i has an institutional profile that ensures a stable and long-term partnership
without speculation. This make the Fund an ideal partner for both private and
pubblic entities
 Among others, F2i is able to:

F2i I Investment Portfolio
Commited
(M€)
Draw
(M€)
%
75% 85,2%
100%
100%
100% 40,0%
40,0%
100% 100% 70,0%
29,8%
87,5% 61,4%
15,7%
100%
49,8%
26,3%
* It includes the participation in Software Design.
** Closing attended. 1.591 1.124 71%
Dismissed participation in IRS 29 29
2 2
Transaction costs 37 37
Management fees 27 27
TOTALE 1.685 1.219 72%
Infracis 53 31 58%
100%
2i G as 71 71 100%
Dismissed participation in Enel
stoccaggi
0%
18 100%
0%
SEA 385 385 100%
Saster Net 18
F2i
Energie
Rinnovabili
HFV 50 37 75%
F2i Reti TLC Metroweb 203 140 69%
F2i Aeroporti
F2i Sistema
Aeroportuale
Campano
G ESAC* 95 28
F2i Rete Idrica
Italiana
Mediterranea delle
Acque 235 5 2%
F2i
Reti Italia
ENEL
Rete G as 279 279
100%G 6 Rete G as 68 68
Alerion
Clean Power 78 64 82%
29%
Progetti Link
(residuo pilota) e
Moon**
20 0
Rete idrica Parma** 35 0
GAS
WATER
AIRPORTS
TLC
RENEWABLES
TRANSPORTATION

F2i’s strategy in its sectors of investment
F2i is focusing on key sectors of Italian infrastructure, aiming at creating “national champions” through organic growth and
M&A. F2i’s portfolio companies strive to be leaders in their sectors in terms of size, efficiency, quality of services, investment
plans and financial performance
GAS Build the largest European independent gas distribution operator and be a
consolidator in a sector undergoing a rationalisation process
RENEWABLES Create two strong independent players in the two main renewables segments
(wind and photovoltaic)
TRANSPORT
Enter the toll-road sector, and become a reference stakeholder for companies
that have an extremely fragmented shareholding structure
WATER
Create a “national champion” in a strategic sector that requires significant
investment for the upgrade of the existing network as well as the completion
of the national water grid
AIRPORTS Pursue a consolidation strategy in a sector characterized by strong
fragmentation and by a strong presence of the public sector
ENEL Rete Gas
2i Gas (ex E.On Rete)
Alerion
HFV
Infracis
Mediterranea
delle Acque
GESAC
SEA
G6 Rete Gas
TELECOMS
Build upon the Milan broadband fibre optic network to increase the penetration
in the city (FTTH) and to replicate the same model in other urban centres
Metroweb
Progetti Moon e Link

Development through “industrial chain”
14
 Italian infrastructure sectors are often characterized with a lack of overall strategy
 In this respect, the infrastructure assets are managed by considering the needs of local (and
political) context, without considering strategic function for the Country overall
 For this reason a lot of infrastructure sectors are fragmented, expressing companies with
weak financial profiles; such companies cannot compete in markets more and more
internationalized
 Moreover, the lack of Italian strategy in the infrastructure sectors, has often made national
assets easy prey of foreign companies, “national champion” in referring Countries (E.On.,
GdF, EdF, ecc.)
 Need to introduce the concept of “industrial chain” in each infrastructure sector
 F2i operates as a “public company”: each investment is realized with the target of
creating a chain in the specific segment in order to assure the cooperation among the
companies belonging to the same chain

Pipeline and Investment Opportunities
F2i believes that the Italian infrastructure market will continue to offer significant
investment opportunities due to:
The increasing fiscal constraints on the public sector and in particular local authorities,
which will lead to a new wave of privatisations. F2i’s recent acquisition of a 29% stake in
SEA (Milan airports) from the Municipality of Milan is expected to represent an important
benchmark for other local authorities to privatise their infrastructure assets;
The high leverage of Italian utilities, that is likely to lead them towards non core asset
disposals and spin-offs;
The rationalisation and consolidation process within certain sectors with a high level of
fragmentation of players (e.g. gas distribution, water, Waste to Energy);
Need of improvement in efficiency and infrastructure upgrades, which fosters change in
shareholdings (for example, optical fiber broadband networks, mobile towers, water);
Capital requirements by existing infrastructure companies to finance new investments
(e.g. toll roads)

2012 2013 2014 2015
Highways Airports Gas distribution Electric grid Water distribution TLC WTE
Pipeline and Investment Opportunities
Total 2012 - 2015: € 7.648 mln
932
3.288
2.811
617
Investment opportunities (data in € mln)
F2i I Residual to
invest : € 150 – 200
mln
F2i has conducted together with Boston Consulting Group an in-depth market study of Italian
infrastructures. The study, based on a bottom-up analysis of infrastructure players in the country, has
identified an equity investment opportunity in excess of € 7.5 bn in the next four years, focusing on
brownfield only within the infrastructure sectors identified as targets by F2i.

‒ In October 2012, F2i has therefore launched its Second Fund, in order to take advantage of
these significant and immediate investment opprtunities, in coordination with the portfolio
achieved by Fund I:
o Opportunities to increase the stake in companies where Fund I has invested, so as to achieve
majority or strenghthen F2i’s governance
o Make new investments in F2i sub-sectors, so as to continue in the creation of infrastructure
groups able to be leaders in Italy within their industry
o Invest in one/two new subsectors, focusing on core infrastructure
- The Second Fund has target size of €1,2 billion, and has already raised €575 MM from its
Sponsors
Support the growth in
selected , key portfolio
companies
Increase F2i presence
in current sectors
Enter new sectors
Fund II: Investment Strategy

‒ The First closing of the Second F2i Fund was achived with a group of Sponsors, including
existing and new shareholders of F2i SGR:
- F2i is planning to reach its target fund size of €1.2billion with a placement with Limited
Partners in Italy (€200-300MM) and an international fund raising (€300MM-400MM)
F2i Fund II: First Closing and Plan of Distibution
CDP 100
Banca Intesa San Paolo 100
Unicredit 100
Banks 300
Fondazione Cariplo 10
EnteCarifirenze 40
FCR Lucca (15+15) 20
Compagnia San Paolo 60
FCR Cuneo 30
FCR Sardegna 25
Bank Foundations 185
Cassa Geometri 30
Inarcassa 60
Pension Funds 90
Total A Units 575
Sponsor of Fund I participating in Fund II
Nuovi Sponsor
Fund II (€ MM)
A Units - Sponsor

F2i II: terms
Fund F2i II – Secondo Fondo Italiano per le Infrastrutture
Management Company F2i – Fondi Italiani per le Infrastrutture SGR
Investment Strategy Mainly brownfield infrastructure, through majority or relevant minority
stakes
Coordinated investment strategy vis-à-vis Fund I, with a view to common
creation of value where possible
Target Amount €1.2bn
Term 15 years from last closing
Investment Period 4 years from last closing (extendible 1+1)
Brownfield / Greenfield 80% / 20%
Limits:
Single Investment 20% (25% with Advisory Board) approval; 25% (30% with Advisory Board)
for sectors with regulated tariffs
Foreign Investments Max 20% (European Union) (25% with Advisory Board approval)
Listed Companies Max 20% (30% with Advisory Board approval)
Commissions 90bp
Target Returns 12-15% gross
Hurdle Rate: 8%
Carry (Sponsors and Management) 20%; catch up 80%
Co-investment Rights Sponsors and Core Investors have co-investment rights

F2i I and F2i II: Exit Strategy
‒ F2i has a long term holding strategy for its participations, aiming at growing the EBITDA by
virtue of organic and external expansion, fostering efficiencies, and managing the capital
structure with the objective to obtaining a stable dividend flow.
‒ At the time of exit, F2i will look at various disposal alternatives for its participations in its
Funds, including trade sales and IPOs.
‒ However, F2i portfolio is emerging as a strong group of assets focused on key sectors of the
Italian infrastructure space, with important synergies and growth opportunities within each
individual sectors. The current portfolio of F2i I had in 2011 an aggregate EBITDA in excess of
€ 650 million, potentially growing to over € 1.1 billion by 2017.
‒ One exit strategy could therefore involve the listing of the Fund, or the contribution of all or
part of its portfolio to a newly created company, that could be listed, thus creating a new,
major player in the European infrastructure sector, that could continue the management and
development philosophy of F2i:
o Focus on operational excellence
o Growth orientation, through cap-ex explansion plans and M&A
o Synergies acros the various participations
‒ At that point, investors in F2i Fund I and II may decide whether to liquidate their investment, or
become part of a core shareholder group of the newly created entity. The newly created entity
should continue F2i’s strategy to grow its investments, acting as a consolidator in its sectors of
activity and potentially expanding to other markets.

23
Italian airport industry
PMO
CTA
TRN
CUF
MXP
VBS
LIN
BGY
BZO
TSF
TRS
VCE
VRN
PMF FRL
FLR
PEG
BLQ RMI
AOI
PSR
FCO CIA FOG
BRI
GOA
NAP BDS
SUF
CRV
TPS REG
AHO
OO
OLB
CAG
PSA
SIE
Airports >10 mil pax
Airports > 5 < 10 mil pax
Airports > 2 < 5 mil pax
Airports > 0,25 < 2 mil pax
Airports < 0,25 mil pax
High density area
 The Italian airport industry is characterized by:
 High “public” presence in the shareholder structure of the airport management companies;
 Small size of the airports (very fragmented, by region);
 Low connectivity level in Europe and worldwide;
 Considerably lower tariffs level compared to European tariffs
 Lack of investments realized over the recent years

Italian airport sector trends
 With over 149 millions passengers
per year, Italy is among the major
airport markets in Europe and
among the top performers in terms
of actual traffic growth rates
 Over the last years Italian airport
industry has been highly dynamic with
a considerable growth in traffic
volumes with the exception of a slight
decrease between 2008 and 2009 as a
consequence of the global recession
which has heavily affected the industry
on a worldwide basis
 Current trends will lead to a reduction of the gap compared to other European countries
drived by:
 Ongoing privatization processes
General increase in tariffs following the introduction of the new tariff regulatory framework and the
enforcement of Contratto di Programma (already signed by some airports in Italy such as Napoli,
Pisa, Brindisi and SEA)
Increasing in capex to improve infrastructures
2000-2010 Passengers’ trafffic in Italy
24
92 90 92
101
108
114
124
136 134 131
140
149
1
21
41
61
81
101
121
141
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
+ 4.4%
CAGR 2000-2011
2011
+6.4%

25
New opportunities in the airport sector

Italian airport sector: current scenario 1/2
26
 Local Entities, in quality of airport management companies majority
shareholders, should finance airports’ development, but as of today they
are in difficult financial situation:
 Moreover, the same companies that managed the services have a lot of
problems connected to their public nature:
 Plurality of public shareholders (generally very small, without a
reference shareholder)
 Lack of financing resources necessary to realize significant capex
programme for maintenance and development of managed assets
 A very fragmented sector, because of lack of defined national
development plan

Italian airport sector: current scenario 2/2
27
 Financial troubles, difficulties in managing companies and infrastructural
deficit caused a progressive reduction of Local Entities’ interest in the
airport management companies
 In fact, in this situation Local Entities are interested in carrying out
privatization process of the managed assets…
 ..With a consequent need to identify the right private partner
 F2i was born also for taking part to this new season of privatizations
 Institutional profile of the Fund ensures a stable, long term partnership
without speculations
 Moreover, F2i strategy aims to:
 Valorize companies’ internal professionals and the economic and industrial
network
 Give financial support for efficiency processes and investments plans
 This makes F2i the ideal partner that can ensure a public company
profile to privatized airport companies

28
Ali Trasporti Aerei S.p.A. – ATA
Company Profile Traffic Data
Key Financial Data
 Ali Trasporti Aerei S.p.A., a company belongs to
Acqua Pia Antica Marcia Group, manages the
general aviation airport infrastructure in Milano
Linate Ovest by virtue of a sub-concession signed
in 2008 and expiring in 2041
 Moreover, ATA is in charge of handling activity
in Linate Ovest and Roma Ciampino (through the
subsidiary ATA Servizi)
 With over 60 thousand passengers per year,
Milano Linate Ovest is the first airport in Italy
and the fourth in Europe in the segment of
general aviation
13
26
24
25
27
28
32
30
34
28 28
0
5
10
15
20
25
30
35
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
+ 13%
CAGR 2000-2007
-1.8%
CAGR 2007-2010
Shareholder structure
Società dell'Acqua Pia Antica Marcia 98.34%
Private Shareholders 1.66%
Total 100.00%
€/millions 2010
Revenues 16.7
EBITDA 3.7
Ebitda margin 22.0%
Net Income 2.7
Equity 14.2
NFP -1.6

29
ATA: Infrastructure
 Linate Ovest general aviation terminal covers
an area of 130,000 sq m. It includes, among
others:
8 hangars: 14,438 sq m.
3,516: office area
4 fuel deposits
330 sq m. warehouse area
67,000 sq m.: airport ground
Parking area: 300 slots
 Company’s investment plan for the period 2011-2014 forecasts ∼ € 30 millions of capex, and includes,
among others:
the development of new hangar of 8,000 sq m.
new office area of 2,000 sq m.
additional parking area
additional terminal area

30
ATA: market opportunity
 The group Acqua Pia Antica Marcia (Caltagirone Group) started a debt
restructuring plan in order to reduce its financial exposure by selling some
group’s assets
 In this context Rothschild, as Vendor’s advisor, set a competitive auction for the
sale of ATA Trasporti individually or jointly with its subsidiary ATA Servizi
(handling)
 F2i was interested in acquiring ATA Trasporti and submitted a non-binding offer
to the Vendor
 After submitting the non binding offer, F2i entered into exclusive negotiations
with the vendor, but the discussion was interrupted because it was impossible to
reach a final agreement

31
Aeroporto di Genova S.p.A. - Genova Airport
Key Financial Data
 Aeroporto di Genova S.p.A. manages the
international airport of Genoa, by virtue of a total
concession valid until 2027
 Built on an artificial peninsula – equidistant from
both centre and port of Genoa – the airport holds a
strategic position both in Europe and in the local
area
 The airport serves both the commercial and the
general aviation traffic. In 2010 the total passenger
traffic amounted to 1.3 millions, recording an
increase of 13.3% vs 2009, (growth mainly driven
by the domestic traffic increase)
Genoa Port Authority 60.00%
Genoa Chamber of Commerce 25.00%
A.D.R. Aeroporti di Roma 15.00%
Total 100.00%
1,1
1,0
1,0 1,1 1,1
1,0
1,1
1,1
1,2
1,1
1,3
1,4
0
0,2
0,4
0,6
0,8
1
1,2
1,4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
+ 2,6%
CAGR 2000-2011
€/millions 2009 2010 2011
Revenues 21.0 23.1 24.4
EBITDA -0.1 2.1 1.7
EBITDA margin n.s. 9.1% 7,0%
Net Income -1.2 0.1 0.1
Equity 5.2 5.3 5.4
PFN -8.1 -9.5 -10.2

32
Genova Airport: Infrastructure
 The terminal sized for an hourly flow of 1,500 passengers
 The development plan of the terminal foresees:
 the doubling of check-in desks
new dedicated area for Low Cost carriers and
 new commercial areas in order to increase retail, F&B and advertising activities
 The renovation will be done without affecting the present traffic and services to the passengers
Cargo terminal
 6,000 sq m. warehouse area
 3,150 sq m. of office area
 4,000 sq m. lorry park
Passengers terminal
 5 loading bridges
 14 check-in desks
 5 ticketing desks
 8 snack bar and duty free
 7 car rentals

33
Genova Airport: market opportunity
 On June 22nd
2011, Genoa Port Authority has published a tender for the sale
of 60% stake in the company
 At the beginning of September Virtual Data Room was opened
 F2i – together with other bidders – has taken part to the procedure, but it
cannot submit an offer because of the limited set of information made
available by the seller
 Nobody has submitted the offer

34
SO.GA.ER. S.p.A. – Cagliari Airport
Key Financial Data
 SO.GA.ER. S.p.A. is the management company
of Cagliari airport by virtue of a concession
expiring in 2047
 SO.GA.ER. was built in 1990 by Cagliari
Chamber of Commerce, that is still the majority
shareholder
 By excluding Rome, Milan and Venice hubs,
Cagliari Airport, with over 3 millions passengers
per year, is the seventh regional airport in terms
of traffic
 The process for the approval of Contratto di
Programma (that will set new tariffs level) is
underway
 Given tourist attractions of the territory, the
airport is directly connected with to main
European capital cities
Cagliari Chamber of Commerce 94.35%
S.F.I.R.S. S.p.A. 3.43%
Sardegna's Bank 1.05%
Other Shareholders 1.17%
Total 100.00%
2,1
1,9
2,2
2,3 2,3 2,4
2,5
2,7
2,9
3,3
3,4
3,7
0
0,5
1
1,5
2
2,5
3
3,5
4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
+ 5.4%
CAGR 2000-2011
€/millions (Consolidated data) 2009 2010 2011
Revenues 36.5 37.2 38.7
EBITDA 1.6 1.8 2.0
EBITDA margin 4.3% 4.9% 5.2%
Net Income -1.1 1.1 0.4
Equity 10.7 11.7 12.1
PFN 9.1 7.7 6.1

35
Cagliari Airport: Infrastructure
Air side
 Runway: 2,803 mt long and 45
mt wide
 Opening: 24h
 Airport ground: 296 ha
 Apron: 96,000 sq m.
 Aircraft parking slots: 16
Land side
 37,000 sq m. terminal area
 5,798 commercial area
 14 gates
 42 check in desks
 In the last years the airport has been improved, by becoming one of
modern infrastructure in Italia and in Europe
 New terminal can underpin a flow of 4,5 millions passengers
 Investment realized include the following:
New terminal;
Additional roads
Two parking areas
New runway

36
Cagliari Airport: market opportunity
 On August 6th
2012 Cagliari Chamber of Commerce has published a tender for the
sale of at least 40% stake of SO.GA.ER. After this announcement, on September,
it was opened the Virtual Data Room.
 The deadline for submitting the final offer is 8th
of November 2012.
 F2i has been working intensively on the transaction in the last few months in order
to submit the offer
 Press news show as possible buyers (in addition to F2i), SAVE and Meridiana

37
SAGAT S.p.A. – Turin Airport
Key Financial Data
 SAGAT S.p.A. is the management company of Turin
airport by virtue of a concession expiring in 2035
 After privatization in 2000, public shareholders
(Municipality and Province of Turin and Finpiemonte
Partecipazioni) signed with private shareholders
(Sintonia, Equiter, Aviapartner and Italconsult) an
agreement expired on June 28, 2012
 With more than 3.7 millions of passengers in 2011,
Turin Airport is the sixth regional airport in terms of
traffic (by excluding Rome, Milan and Venice hubs)
 During years 2010 and 2011, traffic is increased thanks
to an agreement signed with Ryanair upon payment of
marketing incentives by the company and Fimpiemonte
Partecipazioni
2,8 2,8 2,8 2,8
3,1 3,1
3,3
3,5
3,4
3,2
3,6
3,7
0
0,5
1
1,5
2
2,5
3
3,5
4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
+ 2.5
CAGR 2000-2011
€/millions (Consolidated data) 2009 2010 2011
Revenues 62.2 63.0 64.0
EBITDA 15.6 14.8 15.7
EBITDA margin 25.1% 23.5% 24.5%
Net Income 5.7 3.5 3.7
Equity 90.8 91.4 91.1
PFN 11.7 8.2 13.4
FCT S.p.A. (Municipality of Turin) 38,0%
Finpiemonte Partecipazioni S.p.A. 8,0%
Province of Turin 5,0%
Total public shareholders 51,0%
Sintonia S.p.A. 24,4%
Equiter S.p.A. 12,4%
Tecnoinvestimenti S.r.l. 4,7%
SAB S.p.A. 4,1%
Treasury shares 3,0%
Aviapartner S.p.A. 0,4%
Total 100,0%

38
SAGAT S.p.A.: market opportunity
 As of today, all of public shareholders have expressed the intention to sell the
stake held in the company
 In particular, before summer 2012 Municipality and Province of Turin have called
for a competitive tender respectively for the sale of 28% and 5% stake in the
company, but nobody has submitted the offer
 On October 2012, Municipality have called for another competitive tender for the
sale of 28% stake in the company; the deadline for submitting an offer is set for
November 20, 2012
 F2i is interested in the asset and it is working in order to submit the offer

Mauro Maia: GAD presentation 2012

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