21 Airport Management: future investments Subject to the signing of the new Contratto di Programma, SAVE will embark on a mid long term investment plan to ensure the future expansion of the Venice e airport New projects foreseen in the next 5-77 years (main projects, subject to the signing of the new Contratto di Programma ) Venice Airport: people mover Venice Airport: new railways station Venice Airport: terminal expansion Venice Airport: new BHS building Venice Airport: new run-away AVL system Venice Airport: new fire brigade building Overall investments in the next 5 7 years estimated around 60 Mln 21

22 Airport Management: Charleroi airport growth Charleroi Airport traffic continues to grow strongly in 1Q10, +36.5% YoY Airport overview Charleroi Airport is in concession to Brussels South Charleroi Airport (BSCA) until Location: – 45 km far from the Belgium capital – Brussels – 5 km from Charleroi (the main city of the Wallonia region) Catchment area: – Wide area, rich and easily accessible – 5 mln of inhabitants within 1 hour ray – 15 mln of inhabitants within 2 hours ray Technical features: – Passengers terminal: sqm – Runway: 2.550m x 46m – Commercial spaces: sqm of Retail and F&B surfaces – Parking: spaces already available ( potential) Pax in million Key numbers Save acquired 27,65% of BSCA capital through a consortium agreement between Save at 65% and Holding Communal at 35%. Passengers: 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 2009: 4 mln passengers (+ 33,7% vs 2008). 1Q2010: ~1mln passengers (+36,5% vs 1Q09). Carriers: – Ryanair represents ~ 80% of today scheduled traffic with over 50 scheduled routes and 13 based aircraft – TUI group is active with over 15 routes and 2 based aircraft, Wizzair is active with 11 routes and Air Arabia with 1 route. FlyonAir is active during summer season with 1 route. Charleroi Traffic Ryanair Other carriers Total 22

23 Airport Management: strategic guidelines Venice s s strength has been to maintain its strategic focus during the crisis c period SAVE main competitive advantages Good growth track-record and significant organic growth prospects (with no environmental constraints); Strong catchment area and well diversified traffic (by airline, destination, reason for travel, etc); Demonstrated resilience to adverse events; Low investment requirement in the short term. Market trends and challenges Drop in passengers numbers Actions Support for existing traditional carriers operating in Venice to increase connecting transfers with Venice Airline consolidation Diversification by looking at best fit carrier/destination Slight world economic recovery Capitalize on the recovery to be ready to implement new intercontinental routes as soon as the market will bear them Pressure on Non-Aviation Revenues Taylor the offer by introducing discount scheme that drives the pax to consume 23