The presentation of the speech given by Renato Ravanelli, Chief Executive Officer, during F2i Investor Meeting, Milan, November 19th 2015.

1. 1
Investor Meeting
Milan, November 19th 2015
Dott. Renato Ravanelli
Chief Executive Officer
Investor Meeting
Milan, November 19th 2015
Dott. Renato Ravanelli
Chief Executive Officer

2. 2
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

3. 3
F2i SGR: the Management Company
I
II
Total Amount: € 1,85 bn
End of investment period: Feb 2015(1)
Total amount invested: € 1,79 bn
Total Amount: € 1,24 bn
End of investment period: Jul 2018
Total 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 di
Sardegna
2.07%
Fondazione Padova e Rovigo 0.85%
Fondazione CR Forlì 0.85%
Total 100.00%

4. 4
External
Controlling Entities
Governing Bodies
involved in the
Investment Process
Governance - Alignment of Interests with Investors
0
SGR
Investment Committee
Board of Directors
Funds
Unit-holders’ Meeting
Advisory Committee
Conflict Committee

5. 5
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
Pension
Funds 21%
Insurance
Companies 7%
Sovereign Funds /
International
Pension Funds 8%
Asset
Managers 18% Banks 17%
Banking
Foundations
21%
Institutional
Investors 8%
Fund I: Investors breakdown for nationality*Fund I: Investors breakdown for nationality*
Europe
20%
Italy 80%
Fund II: Investors breakdown for nationality*Fund II: Investors breakdown for nationality*
Europe
22%
Italy 59%
Asia 19%
The success achieved by the First Fund allowed the
management to attract new capital from European and Extra
European Countries for the Second Fund
Total of 59 Investors
5 Investors with a Commitment higher than € 100 mln
Average Sponsors’ Commitment : € 75 mln
Average Investors’ (Non Sponsors) Commitment : € 40 mln
I II+

6. 6
Fund I and Fund II – Investment Portfolio

7. 7
Investments in 8 different
infrastructure sectors
Aggregated Revenues
€ 2.3 bn
Aggregated Ebitda
€ 1.0 bn
Capex
€ 400 mln
7,500
employees
F2i Portfolio: Key Aggregated Data*
* Referred to FY 2014
12 Operating
Companies

8. 8
The presence of F2i on the Italian territory
Higher concentration
F2i has an extensive
presence
throughout all the
Italian territory

9. 9
High Quality Assets under Management in Key
Infrastructure Sectors
GasGas
Toll roadsToll roads
TelecomsTelecoms
AirportsAirports
WaterWater
Renewable
Energy
Renewable
Energy
Company Fund I Fund II Highlights
2i Rete Gas 2nd largest player in Italy
SEA, Gesac, Sagat
1st largest airport network by
passengers
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 major
player in Europe
TRM 4th WTE plant in Italy
Mediterranea delle Acque
Opportunity to consolidate a
highly fragmented market
Infracis
Entry-point in a core infrastructure
sector
Intangible
Networks
Intangible
Networks
Waste to
Energy
Waste to
Energy

10. 10
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 from
disposals
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

11. 11
̶ 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 yield
Gross 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
1.44x
314
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

12. 12
Well Positioned in Favorable Economic Environment
Political effort to privatize and
consolidate key infrastructure sectors,
including transport, electricity, gas, waste
management, water and sewage
Stability of tariff systems granted by
Italian Authority for Electricity, Gas and
Water, highly regarded internationally
Current F2i portfolio as
consolidated platform for new
add-on investments in core
infrastructure segments
Interesting investment
opportunities expected to come
up shortly in other core
infrastructure sectors

13. 13
Deliver stable
yield with
inflation
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 strategic
guidance for
value creation
F2i’s goals and objectivesF2i’s goals and objectives Undertaken activitiesUndertaken activities

14. 14
Active Portfolio Management: 2iReteGas
2009
2010
2011
2012
2013
2014
Credit rating and bond
re-financing
First acquisition
2.2 million of clients
Second acquisition
+0.6 million of clients
Third acquisition
+1.0 million of clients
Merger and re-
organisation of 3
companies
Value Creation Track Record (Fund I & Fund II)
Amount Drawn to Investors 469 mln
Dividends paid 289 mln
Fair value @30/06/2015 764 mln
Value Creation to Date 584 mln (+ 124%)
ENEL Rete Gas
E.ON Rete
G6 Rete Gas
2nd largest player in Italy
N. 3.8 million clients
57,237 km pipeline network

15. 15
Active Portfolio Management: 2i Aeroporti
2010
and 2011
2011
and 2012
2013
and 2014
2014
and
2015
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 mln
Sale of 49% of F2i Aeroporti 400 mln
Fair Value @30/06/2015 573 mln
Value Creation to Date 344 mln (+ 50%)
Re-organisation of 3
companies under F2i
Aeroporti and sale of 49%
stake
Majority stake
Qualified minority stake
Minority stake
MXP
BER
LIN
BOL
TOR
NAP
First airport network in
Italy
Ca. 50 mln pax per year

16. 16
F2i Strategy: Add Ons and New Investment Opportunities
Gas DistributionGas Distribution
Key DriversKey Drivers
Consolidation of
the operators
Consolidation of
the operators
Infrastructure
Development
Infrastructure
Development
PrivatizationsPrivatizations
Unbundling / Sector
Restructuring
Unbundling / 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 and
Services
Healthcare: Infrastructures and
Services
Payment ServicesPayment Services
New Sector of Interest for F2i