THE BOARD OF DIRECTORS OF FIERA MILANO APPROVES THE FINALIZATION OF THE STRATEGIC TRANSACTION WITH FIERE DI PARMA AIMED AT THE CREATION OF A COMMON EUROPEAN EXHIBITION PLATFORM IN THE AGRO-FOOD SECTOR

Milan, 9 March 2023 - The Board of Directors of Fiera Milano S.p.A. (“Fiera Milano” and/ or the “Company”), leader in Italy and one of the main integrated operators in the world in the exhibition and congress industry, following the press releases of January 25, 2022, May 20, 2022, and October 13, 2022, announces that it has approved the finalization of the strategic transaction with Fiere di Parma S.p.A. (“Fiere di Parma”) concerning a partnership aimed at creating a common European exhibition platform in the agro-food sector (the “Transaction”). It should be recalled that the Transaction will be carried out through the subscription of a capital increase of Fiere di Parma reserved for Fiera Milano, to be released through the contribution of the Fiera Milano business unit relating to the "Tuttofood" event, the primary event in the agro-food sector organized in Milan in the Rho district, for a value of c. Euros 16.5 million. The Parties have defined that, upon completion of the Transaction, Fiera Milano will initially hold a stake of 18.5% in the share capital of Fiere di Parma.

We also recall that, through the aforementioned Transaction, the Parties aim to create a new multipolar exhibition platform consisting of (i) "Tuttofood powered by Cibus" in Milan, which will position itself as an international event which, in addition to supporting the domestic supply chain, will be the reference for an exhibition audience coming from all the leading countries in agro-food production, thus competing with the equivalent European exhibitions, and by (ii) "Cibus" in Parma, an iconic event for the excellent food Made In Italy and for its territories (collectively, the "Exhibitions"). Thanks to the synergies created between Fiera Milano and Fiere di Parma, the Exhibitions will be able to specialize their positioning, offering a strategic and permanent support to the agro-food Made in Italy and, in general, to the Italian system. 

The Transaction also provides that Fiera Milano participates in the governance of Fiere di Parma by supporting private shareholders - i.e. Crédit Agricole Italia S.p.A. and Unione Parmense degli Industriali – and public shareholders – i.e. the Municipality and Province of Parma, the Chamber of Commerce of Parma and the EmiliaRomagna Region – in enhancing the execution of the industrial plan of the Exhibitions. The Transaction also provides for the provision of services by Fiera Milano to Fiere di Parma in relation to the "Tuttofood powered by Cibus" event, which will continue to be held at the Rho exhibition center managed by Fiera Milano.

Luca Palermo, Chief Executive Officer and General Manager of Fiera Milano, commented: “Our vision is ambitious: to create a system of Italian fairs, coordinated with each other, which keeps the focus on the territory but at the same time becomes stronger and more attractive for foreign operators. It is time to ensure that our industrial supply chains find their home in Italy and to make them less and less encouraged to turn to foreign trade fairs. The partnership with Fiere di Parma fits into this vision, aiming to strengthen the joint international positioning in a strategic supply chain such as the agro-food one, creating an exhibition able to compete with the main European events, setting itself the objective of bring an ever-growing number of international exhibitors and visitors to “Tuttofood powered by Cibus”. Although the creation of a national champion in the agro-food exhibition sector is the  main aim of the project, the possibility of creating further synergies through the integration and joint coordination of the non-food event portfolios of Fiera Milano and Fiere di Parma cannot be excluded, continuing our ambition to create a system with the aim of bringing Made in Italy to the world”.

Fiera Milano is the leader in Italy and one of the main integrated operators in the world in the exhibition and congress industry by managing the first exhibition center in Italy, in 2021 it generated revenues of Euro 129.8 million, an EBITDA of Euro 77.2 million and a positive net cash of Euro 47.4 million. Fiere di Parma is a leading operator in the Italian exhibition market, managing the Parma exhibition centre, in 2021 it generated revenues of Euro 32.4 million, an EBITDA of Euro 10.6 million and a net financial position of Euro 2.1 million.