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Investor MeetingMilan, November 19th 2015

Dott. Renato RavanelliChief Executive Officer

Investor MeetingMilan, November 19th 2015

Dott. Renato RavanelliChief Executive Officer

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Table of Contents

1. F2i SGR SpA Shareholding Structure and Governance Fund I and Fund II: Domestic and International Investors

2. The Portfolio Companies General Overview of the Portfolio Performance of the Funds over the Years

3. The Investment Strategy Value Approach and Economic Environment Active Portfolio Management: Selected Case Studies Add on Investments and New Opportunities

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F2i SGR: the Management Company

I

II

Total Amount: € 1,85 bnEnd of investment period: Feb 2015(1)

Total amount invested: € 1,79 bn

Total Amount: € 1,24 bnEnd of investment period: Jul 2018Total amount invested: € 0,43 bn

F2i SGR SpA

1) Extended to Feb 2017 for add-on investments

Shareholders Participation %Cassa Depositi e Prestiti 14.01%

Intesa Sanpaolo 14.01%

Unicredit 14.01%

ASF Como LP (Ardian) 8.40%

Fondazione Cariplo 7.28%

CIC 6.72%

NPS 6.72%

Inarcassa 6.33%

Cassa Geometri 5.04%

Fondazione CR Torino 3.36%

Compagnia San Paolo 3.35%

Fondazione CR Cuneo 2.52%

Fondazione CR Lucca 2.24%

Ente CR Firenze 2.23%

Fondazione Banco diSardegna 2.07%

Fondazione Padova e Rovigo 0.85%

Fondazione CR Forlì 0.85%

Total 100.00%

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ExternalControlling Entities

Governing Bodiesinvolved in the

Investment Process

Governance - Alignment of Interests with Investors

0SGR

Investment CommitteeBoard of Directors

FundsUnit-holders’ MeetingAdvisory CommitteeConflict Committee

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Fund I and Fund II – Investors Breakdown

Fund I + Fund II: investors breakdown for categories*Fund I + Fund II: investors breakdown for categories*

Total Asset under Management (Fund I + Fund II) equal to € 3.095 bn

* C Quotes not included

PensionFunds 21%

InsuranceCompanies 7%

Sovereign Funds /International

Pension Funds 8%

AssetManagers 18% Banks 17%

BankingFoundations

21%

InstitutionalInvestors 8%

Fund I: Investors breakdown for nationality*Fund I: Investors breakdown for nationality*

Europe20%

Italy 80%

Fund II: Investors breakdown for nationality*Fund II: Investors breakdown for nationality*

Europe22%

Italy 59%

Asia 19%

The success achieved by the First Fund allowed themanagement to attract new capital from European and Extra

European Countries for the Second Fund

Total of 59 Investors5 Investors with a Commitment higher than € 100 mlnAverage Sponsors’ Commitment : € 75 mlnAverage Investors’ (Non Sponsors) Commitment : € 40 mln

I II+

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Fund I and Fund II – Investment Portfolio

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Investments in 8 differentinfrastructure sectors

Aggregated Revenues€ 2.3 bn

Aggregated Ebitda€ 1.0 bn

Capex€ 400 mln

7,500employees

F2i Portfolio: Key Aggregated Data*

* Referred to FY 2014

12 OperatingCompanies

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The presence of F2i on the Italian territory

Higher concentration

F2i has an extensivepresence

throughout all theItalian territory

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High Quality Assets under Management in KeyInfrastructure Sectors

GasGas

Toll roadsToll roads

TelecomsTelecoms

AirportsAirports

WaterWater

RenewableEnergyRenewableEnergy

Company Fund I Fund II Highlights

2i Rete Gas 2nd largest player in Italy

SEA, Gesac, Sagat 1st largest airport network bypassengers

Metroweb 1st dark fiber provider in Italy

Alerion e HFV

Edison Energie Speciali

Solar: 2nd largest player in Italy

Wind: 2nd largest player in Italy

SIA 1st Italian operator and majorplayer in Europe

TRM 4th WTE plant in Italy

Mediterranea delle Acque Opportunity to consolidate ahighly fragmented market

Infracis Entry-point in a core infrastructuresector

IntangibleNetworksIntangibleNetworks

Waste toEnergyWaste toEnergy

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1.294

1.749

325

395

439

Capitale richiamato (1) Total Value (2)

1.59x1’619

2’582

Delivering 4-6% annual dividend yield and 12-15% expected gross returns (IRR) Distributions enabled the offset of management fees since 2010 Portfolio returns at 1.6x of the total amount drawn

Dividend yield

Gross

15.4%

10.9%

1.8%

5.1%

7.0%

5.8%

Net

4.8%

4.1%

4.5%

6.0%

4.9%

Year

2010

2011

2012

2013

2014

2015

Only fromdisposals

Drawn-downs for investments in portfolio DividendsFair Value of investments in portfolio Proceeds from disposals

(1) Drawn-downs (excluding transaction costs, management fees and other costs) for all the investments (in portfolio and disposed)(2) «Proceeds from disposals» includes the sale of 49% of F2i Aeroporti, as well as the sale of Interporto Rivalta Scrivia and Enel Stoccaggi

Total amount drawn (1)

As of 30/06/2015 (€ mln)

Strong track record of F2i I

Drawn-downs for investments disposed

Total Value (2)

I

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Management fees already covered by dividend stream from portfolio companies First dividend distribution to the investors in August 2015 Portfolio returns at 1.4x of the total amount drawn Fair Value of some participated companies still considered equal to the historical cost

Dividend yieldGross Net

3.2% n.a.

8.8% 3.9%

Year

2014

2015

F2i II: quick start and good results

II

314

416

37

Capitale richiamato (1) Total Value

1.44x314

452

As of 30/06/2015 (€ mln)

Drawn-downs for investments in portfolio Dividends

Total amount drawn (1) Total Value

(1) Drawn-downs (excluding transaction costs, management fees and other costs) for all the investments (in portfolio and disposed)

Fair value of investments in portfolio

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Well Positioned in Favorable Economic Environment

Political effort to privatize andconsolidate key infrastructure sectors,including transport, electricity, gas, wastemanagement, water and sewage

Stability of tariff systems granted byItalian Authority for Electricity, Gas andWater, highly regarded internationally

Current F2i portfolio asconsolidated platform for newadd-on investments in coreinfrastructure segments

Interesting investmentopportunities expected to comeup shortly in other coreinfrastructure sectors

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Deliver stableyield withinflation

protection

Value Approach in a Focused Investment Strategy

Selected Investments• High-quality brownfield

• Regulated or quasi-regulated sectors

• Cash positive assets

Portfolio Management• Consolidation of fragmented sectors

• Maximize efficiency, service quality,financial performance and growth

Active strategicguidance forvalue creation

F2i’s goals and objectivesF2i’s goals and objectives Undertaken activitiesUndertaken activities

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Active Portfolio Management: 2iReteGas

2009

2010

2011

2012

2013

2014Credit rating and bondre-financing

First acquisition2.2 million of clients

Second acquisition+0.6 million of clients

Third acquisition+1.0 million of clients

Merger and re-organisation of 3companies Value Creation Track Record (Fund I & Fund II)

Amount Drawn to Investors 469 mln

Dividends paid 289 mlnFair value @30/06/2015 764 mln

Value Creation to Date 584 mln (+ 124%)

ENEL Rete GasE.ON ReteG6 Rete Gas

2nd largest player in ItalyN. 3.8 million clients57,237 km pipeline network

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Active Portfolio Management: 2i Aeroporti2010

and 2011

2011and 2012

2013and 2014

2014and2015

2014

First acquisition (Naples)4.4 mln pax per year

Second acquisition (Milan– Qualified Minority)36 mln pax per year

Third acquisition (Turin)9.5 mln pax per year

Value Creation Track Record (Fund I & Fund II)

Amount Drawn to Investors 688 mln

Dividends paid 59 mlnSale of 49% of F2i Aeroporti 400 mlnFair Value @30/06/2015 573 mln

Value Creation to Date 344 mln (+ 50%)

Re-organisation of 3companies under F2iAeroporti and sale of 49%stake

Majority stake

Qualified minority stakeMinority stake

MXPBERLIN

BOL

TOR

NAP

First airport network inItalyCa. 50 mln pax per year

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F2i Strategy: Add Ons and New Investment Opportunities

Gas DistributionGas Distribution

Key DriversKey Drivers

Consolidation ofthe operators

Consolidation ofthe operators

InfrastructureDevelopmentInfrastructureDevelopment PrivatizationsPrivatizations Unbundling / Sector

RestructuringUnbundling / Sector

Restructuring

Integrated Water SystemIntegrated Water System

RenewablesRenewables

AirportsAirports

TLC Dark FiberTLC Dark Fiber

TLC Broadcasting TowersTLC Broadcasting Towers

Toll RoadsToll Roads

Local UtilitiesLocal Utilities

Healthcare: Infrastructures andServices

Healthcare: Infrastructures andServices

Payment ServicesPayment Services

New Sector of Interest for F2i