Rai Way S p A : Approval of the draft financial statement at 31 December 2020

Press Release

RAI WAY APPROVES THE 2020 DRAFT FINANCIAL STATEMENTS

Further improvement in profitability and net income

Three-year Sustainability Plan approved

• • Key results for the year ended 31 December 2020 (vs 31 December 2019):

  • - Core revenues of € 224.5m (+1.4%);

  • - Adjusted EBITDA1 of € 136.1m (+3.7%);

  • - Operating profit (EBIT) of € 89.4m (-0.8%);

  • - Net profit of € 64.0m (+1.0%);

  • - Investments2 of € 60.6m (€ 35.3m at 31 December 2019);

  • - Net debt of € 46.1m (compared to € 9.5m at 31 December 2019).

• • Proposed dividend of 23.85 €cent/share, for a total amount in line with 2020 Net income and a dividend yield equal to 5.0%3

• • Approved the 2023 Sustainability Plan, which reinforces the Company's commitment to the environment, communities, employees, ESG governance systems and innovation

1 The Company assesses performance also on the basis of certain measures not considered by IFRS. Set out below is a description of the components of the indicators that are important for the Company: . EBITDA (earnings before interest, taxes, depreciation and amortization): this is calculated as profit before income taxes, depreciation, amortization, write-downs and financial income and expenses.

. Adjusted EBITDA: this is calculated as profit before income taxes, depreciation, amortization, write-downs, financial income and expenses and non-recurring expenses/income.

. Operating profit or EBIT (earnings before interest and taxes): this is calculated as profit before income taxes and before financial income and expenses.

. Net Debt: the format for the calculation of Net Debt is the one provided in paragraph 127 of CESR Recommendation 05-054b, which implements Regulation (EC) no. 809/2004.

• 2 Excluding investments related to the application of new IFRS 16 Accounting Standard, equal to €6.5m in 2020

• 3 Dividend yield based on the closing price recorded on 17 March 2021 on MTA Stock Exchange managed by

Borsa Italiana (4.73 €/share)

• • Proposed new authorization to the Shareholders' Meeting for the purchase and disposal of treasury shares

• • Proposed a long-term incentive plan to the Shareholders' Meeting

Rome, 18 March 2021 - The Board of Directors of Rai Way S.p.A. ("Rai Way" or the "Company"), met today under the chairmanship of Giuseppe Pasciucco, examined and unanimously approved the Company's draft of the financial statements for the year ended 31 December 2020.

Aldo Mancino, CEO of Rai Way, stated: "Despite the unprecedented context that characterized 2020, the results turned out to be above expectations, with a tangible improvement in EBITDA and a strong cash generation. We are fully committed on the set-up of new services and digital transformation envisaged in the Industrial Plan, whose guidelines and objectives are confirmed. In 2020 we have already invested around 50 million euro in development activities representing the engine of our future growth. We will face with determination the opportunities and challenges of 2021, focusing on the pillars and targets of the Sustainability Plan approved today: innovation, respect for the environment with the goal of Carbon Neutrality by 2025, employee welfare and social and cultural development of communities."

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Key Results at 31 December 2020

In a context characterized globally by a widespread and marked downturn in economic activity due to the impact of the Covid-19 pandemic, the 2020 results confirm the soundness of Rai Way's business model, which is reflected in the growth of revenues and EBITDA and strong recurring cash generation.

In March, the company approved and presented its Industrial Plan, defining the strategic guidelines and financial targets to 2023. The initiatives planned aim to strengthen the core business through the management of new platforms and services and the digital evolution of the operating model, to expand the infrastructure portfolio with assets that guarantee 2

dimensional scale, synergies and/or diversification and to manage optionality for innovative uses of the existing infrastructure. To date, the set-up and planning of the main initiatives is underway.

Regarding the relations with the customer RAI, 2020 mainly focused on the evolution and updating of the DTT network required by the refarming process and defined in the agreement signed in December 2019. In particular, during the year the coverage extension of the thematic Multiplexes continued, doubling the number of sites hosting the related equipment, and the procurement and installation activities for both the new macro-regionalized MUX and the upgrade to DVB-T2 of the national Multiplexes were started. Moreover, with regard to further new services provided to Rai, the reconfiguration of the satellite offer, which enabled the broadcasting of regional contents on the Tivusat platform, and the renewal of the MF radio network are worth mentioning.

Concerning the activities with third-party customers, as part of the refarming process Rai Way was awarded in 2020, following the completion of the first tenders called by the Ministry of Economic Development, rights to use frequencies in Lombardy and Piedmont, areas characterized by a wide range of local television offerings.

In the Tower Rental segment, the dynamics already observed in previous years were confirmed, with the growing contribution of hospitality services for Fixed Wireless, Corporate and Broadcasting Radio/TV customers offsetting the pressure in the mobile operators' segment, leading to a substantially stable overall volume of business compared to 2019.

Finally, in October, a new loan agreement was finalised for a total of €170 million that will cover the financing needs related to the organic initiatives included in the Industrial Plan.

The Company's core revenues amount to € 224.5 million for the year ended 31 December 2020, an increase of 1.4% over € 221.4 million as represented in the 2019 results. Revenues from RAI, equal to € 191.3 million, reflect mainly the contribution for € 10.9 million from new services. Revenues from third-party customers amount to € 33.2 million.

Adjusted EBITDA amounts to € 136.1 million, an increase of 3.7% over € 131.2 million in 2019, due to higher revenues as well as a reduction in operating expenses also due to thetemporary effect of security measures related to the pandemic emergency. The margin on revenues reached 60.6% (compared to 59.3% in 2019). Including the impact of non- recurring expenses (€ 1.0 million in 2020 compared to € 0.1 million in 2019), EBITDA amounts to € 135.1 million, representing an increase of 3.1% over € 131.1 million reported in 2019.

Operating profit (EBIT) amounts to € 89.4 million, a decrease of 0.8% over € 90.1 million in 2019 mainly due to higher amortization resulting from increased development investments and one-off factors such as the aforementioned non-recurring expenses and the benefit recorded in 2019 from the release of provisions for risks of € 1.5 million.

Net profit amounts to € 64.0 million, an increase of 1.0% compared to the 2019 results of € 63.4 million.

In 2020, investments4 amount to € 60.6 million, of which € 48.3 million relate to development and M&A activities (€ 35.3 million in 2019, of which € 17.2 million in development activities).

In addition, treasury shares were purchased in the period - as part of the buyback program approved by the Shareholders' Meeting of June 24, 2020 started in August and ended in November - for a total amount of € 20.0 million.

Net invested capital5 amounts to € 210.9 million, with net debt closing at € 46.1 million (including the impact from the application of the new IFRS-16 accounting standard for € 35.4 million) compared to € 9.5 million as of 31 December 2019, showing - net of development investments, share buyback and dividend payment - a further strengthening of the recurring cash generation.

Proposal for the allocation of profit for the year

The Board of Directors of Rai Way adopted a resolution at today's meeting to propose to the Shareholders' Meeting the allocation of the net income for 2020 to dividend to Shareholders for an amount of approx. € 64.0 million and to "Retained earnings reserve" for an amount of approx. € 700. Consequently, the proposal envisages - taking into account

• 4 Excluding investments related to the application of new IFRS 16 Accounting Standard, equal to €6.5m

• 5 Net invested capital is calculated as the sum of fixed capital, working capital and non-current financial assets 4