10 Section 2 Airport Management (SBU1) 10

11 Airport Management: financials 1Q 2010 improved results reflect the increase of passengers 150,0 mln 100,0 50,0 +4,4% +3,7% +8,5% Financial Oveview SBU1* million Q09 1Q10 change% 1Q10/1Q09 Revenues 113,2 112,7 23,1 23,9 3,5% EBITDA 43,3 44,0 6,2 6,2 0,3% 0,0 Revenues EBITDA EBIT x% = CAGR EBIT 26,0 31,4 2,4 3,4 38,8% * Gross of Intercompany Results 1Q09 P/L restated based on IFRIC 12; 1Q10 based on IFRIC 12 1Q10 vs 1Q09 Key Rationales Q Revenues post an increase (+3,5%) due to the growth in passengers (+8,8% YoY, Venice airport system) while non aviation revenues remain stable YoY (lower revenues from ticket sales and advertising in 2010 while Q1 09 benefited also from non recurring revenues) Q EBITDA grows slightly YoY (+0,3%) as a result of the rise in marketing promos to carriers and higher labor cost (renewal of labor national contract) Aviation and Non aviation revenues evolution 100% 90% 80% CAGR: +5,7% 37,0% 37,9% 38,0% 38,3% 70% 60% 50% 40% 30% 20% 10% 0% 63,0% 62,1% 62,0% 61,7% CAGR: +3,8% Aviation Revenues Non aviation revenues 11

12 Airport Management: Venice Airport System Key figures Aviation (Q1 10 data) Italian airport Passengers 1Q10 Passengers 1Q09 % chg. Roma FCO ,5% Milano MXP ,0% Milano LIN ,4% Bergamo ,1% Venezia ,1% Catania ,1% Bologna ,2% Roma CIA ,9% Napoli ,5% Torino ,6% Palermo ,6% Bari ,9% Pisa ,8% Cagliari ,9% Verona ,3% Treviso ,4% Firenze ,6% Lamezia T ,3% Others ,8% TOTAL ITALY ,2% Source Assaeroporti During 1Q10 Italian airports reflect signs of initial recovery in traffic; in 1Q10 air traffic recorded an increase of +9,2% compared with 1Q09 (European accumulated traffic January to February 2010: +4,0% according to ACI Europe data). The Venice Airport System (VCE & TSF) closed 1Q10 with over 1,7 million passengers (+8,8 % YoY). Key figures Aviation (2009 data) 6,7 million passengers in year 2009, with 76,000 movements Third Italian airport system with TSF 58 scheduled destinations: 9 intercontinental, 7 domestic, 42 European 4 non-stop scheduled flights to the US (operated by Delta, US Airways and Air Transat) 1 daily non-stop service to Dubai operated by Emirates 40 scheduled carriers and 49 countries linked Connecting traffic represents 26% of airport yearly traffic Venice is the third Italian airport for worldwide connectivity after Rome and Milan (source: ICCSAI Fact Book 2009) Low-cost traffic: 30% of scheduled traffic Passengers on international destination: 74% (Italy: 56%) Passengers 1Q 09 Passengers 1Q 10 Var. % 1Q10/09 Hubs * ,7% Medium size airports ** ,7% Airport with prevailing traffic of Ryanair *** ,8% Others ,9% TOTALE ,2% Fonte: Assaeroporti, ADI-Sabre * Hubs: FCO, MXP Italian Airports: breakdown by category ** Airports with more tha 3 millions pax e % Ryanair fligths <50%: BLQ,CAG,CTA,LIN,NAP,PMO,TRN,VCE,VRN *** Airports con % Ryanair >50%: AHO, BGY, VBS, CIA, PSA, TSF, TPS 12