27 Infrastructure Management: key figures Commercial Square meters Revenues per Square meter sqm CAGR: +8,4% CAGR: +6,6% Small YoY reduction (-1%) in Commercial Square meters rented out in 2009 due to the economic recession The decrease in the Revenues per sqm is mainly due to the renegotiation of existing contracts and the commercialization of spaces with lower value Revenues per sqm grew from 190 in 2004 to 262 in 2009 Some examples in the Value Creation Model Example of 15 refurbished railway station Total 15 Station* Before Refurbishment After Refurbishment Delta % Commercial Square metres % No. Of Shops % Revenues % Revenues per sqm % * Brescia, Milano Lambrate, Roma Ostiense, Roma Trastevere, Treviso, Modena, Parma, Reggio Emilia, Udine, Milano P.G., Trieste, Novara, Vicenza, Napoli Mergellina, Napoli C. Flegrei, Monza The growth of efficiency and profitability of a railway station after its refurbishment is underlined by the huge increase in: – revenues – revenues per sqm 27

28 Infrastructure Management: strategic guidelines The infrastructure business is only partially hit by the current economic crisis SAVE main competitive advantages 40-year exclusive concession; Premium price location in many Italian cities; Low risk business with low investment requirement; High returns after a short ramp up for commercial operations; Opportunity to increase the stake in Centostazioni. Market trends and challenges Actions Volume of railway passengers (mainly commuters) slightly declining Reinforce current business model with more focus on commercial performance and cost efficiency Slow down of consumer spending Develop alternative sources of revenues (advertising, temporary promotions, automatic distributors, real estate, etc.) Crisis of traditional retail operators Search for innovative retail formats more targeted to railway passengers 28

29 Section 4 Food & Beverage and Retail (SBU3) 29

30 Food & Beverage and Retail: financials The 1Q10 positive performance benefit from the actions taken in 2009 to recover efficiency mln 230,0 +26,7% 200,0 170,0 140,0 110,0 80,0 +6,3% 50,0-69%** 20,0-10,0 Revenues EBITDA EBIT x% = CAGR Financial Oveview SBU3* million Q09 1Q10 Change% 1Q10/1Q09 Revenues 195,9 208,5 42,0 43,0 2,5% EBITDA 7,0 10,1 (0,7) 0,1 n/a EBIT -1,0 0,1 (2,8) (2,0) n/a * Gross of Intercompany Results ** Including concession amortization: 2006 / 2007 = 0; 2008 = 0,1 mln ; 2009 = 1,6 mln 1Q 10 vs 1Q 09 Key Rationales: 1Q10 Revenues post a 2,5% YoY increase thanks to the positive performance of the airport channel, as a result of the European traffic recovery and new openings, partially offset by the expiration of some concessions in the motorways channel 1Q10 EBITDA margin becomes positive (-1,6% in 1Q 09) thanks in particular to the recovery of marginality in foreign operations 000 1Q10 vs 09 Airest Group EBITDA bridge (722) (427) * (672) Q Ebitda Revenues effect COGS effect Royalties Labour cost Other costs Q Ebitda * 2009 extraordinary cost items to be accrued in