Toscana Aeroporti : Board of Directors approves the consolidated financial statements and the draft financial statements of the parent company at December 31, 2018

PRESS RELEASE

BOARD OF DIRECTORS APPROVES THE CONSOLIDATED FINANCIAL STATEMENTS AND THE DRAFT FINANCIAL STATEMENTS OF THE PARENT

COMPANY AT DECEMBER 31, 2018

The Tuscan Airport System exceeded 8 million passengers (+3.7%) for the first time. New traffic records for both airports: - Pisa airport: 5.5 million passengers (+4.4%)

- Florence airport: 2.7 million passengers (+2.3%)

Economic results improved sharply:

• - Revenues at €131.9 million (+9.2%)

• - EBITDA at €35.8 million (+18.8%)

• - Net profit at €14.6 million (+38.3%)

• - Net Financial Debt at €28.2 million, essentially in line with €28.5 million at December 31, 2017. Debt/Equity ratio was 0.24.

Proposed dividend of €0.70 per share (+31.8% compared to € 0.531 in 2017), with a 95% pay-out. The proposal is to pay 2018 dividend starting from May 8, 2019 with coupon no. 13 and the ex-dividend date on May 6, 2019 (record date on May 7, 2019).

General Shareholders' Meeting called on April 29, 2019 (first call) and, where needed, on April 30, 2019 (second call).

Consolidated results at December 31, 2018:

Consolidated figures(€ million) Total revenues

2018

% on revenues

2017

% on revenues

∆

∆

Operating revenues1 EBITDA

131.9 112.3 35.8

Adjusted EBITDA2 EBIT

31.7

100% 85.1% 27.2% 24.0%

120.8 106.7 30.2

30.2

100% 88.3% 25.0% 25.0%

11.1 5.7 5.7

+9.2% +5.3% +18.8%

1.5

+5.1%

22.8

PBT

Group's net profit for the year

Group's adjusted net profit for the year3

21.5 14.6 11.8

17.2% 16.3% 11.1% 8.9%

17.3

15.9 10.6 10.6

14.3% 13.2% 8.7% 8.7%

5.4

+31.4%

5.6 4.0 1.2

+34.9% +38.3% +11.5%

Florence, March 14, 2019 - The Board of Directors of Toscana Aeroporti S.p.A. ("Toscana Aeroporti", the "Company", or "TA") - an Italian company listed on the electronic share market (MTA) of Borsa Italiana S.p.A. which manages the Florence and Pisa airports - met today to examine and approve the Consolidated Financial Statements and the draft Financial Statements of the Parent Company at December 31, 2018.

Marco Carrai, Chairman of Toscana Aeroporti, stated: "Our 2018 results were particularly positive in terms of both passenger growth, with the Tuscan Airport System passing the

• 1 In accordance with IFRIC 15 and in light of the renewal currently underway of marketing support contracts with major air carriers, operating revenues at December 31, 2018 and December 31, 2017 have been restated net of the network development expenses arising from the above-mentioned contracts (€15.4 million at December 31, 2017 and €13.4 million at December 31, 2018).

• 2 Adjusted EBITDA at December 31, 2018: EBITDA at December 31, 2018, net of the €4.1 million increase in extraordinary income reported in 2018 compared to 2017.

3

Group's adjusted Net Profit for the year: Group's Net Profit for the year ended December 31, 2018, net of the €4.1 million increase in extraordinary income for 2018 (compared to 2017) and the ensuing tax effect.

1

milestone of eight million passengers for the first time, and financial performance, with improvement across all indicators. It is with great enthusiasm that we look to 2019 as a momentous year for Tuscany's airports with the start of works to expand the Pisa terminal and build the new runway and terminal in Florence. These two projects will completely overhaul the capacity and services offered by Toscana Aeroporti, opening up particularly significant growth prospects."

2018 PASSENGER AND CARGO TRAFFIC RESULTS

The Tuscan Airport System set a new record in passenger traffic, with 8,182,161 passengers handled in 2018 (+3.7%). In 2018, the Florence and Pisa airports served 96 destinations, of which 12 domestic and 84 international (23 covered by both airports), through 37 airlines (7 operating at both airports), of which 22 legacy airlines and 15 low-cost airlines. Cargo traffic grew by 10.0% in 2018, with over 11,893 tons of carried goods and mail.

Pisa Galileo Galilei airport

Pisa Galileo Galilei airport reported a new traffic all-time high, with 5,463,080 passengers handled in 2018 and an increase of +4.4%. The improvement was mainly attributable to the positive performance of total flights (+3.0%) and the 87.1% load factor of scheduled traffic (+0.4 p.p.). Growth was recorded in both international scheduled traffic (+5.6%) - accounting for 73.3% of total passengers - and domestic scheduled traffic (+0.8% compared to 2017). The Pisa airport's key markets - besides the domestic one (26.7%) - were the UK (21.0% of the total), Spain (10.3% of the total), and Germany (7.2% of the total). Cargo traffic increased by 9.9% compared to 2017, carrying a total of 11,644 tons of goods and mail. This result was mainly attributable to the increase of courier delivery service traffic managed by the carrier DHL.

Florence Amerigo Vespucci airport

Florence Amerigo Vespucci airport also reported record-high passenger traffic, up 2.3% compared to 2017, with 2,719,081 passengers handled in 2018. This performance was achieved despite the high number of re-routed/cancelled flights reported in 2018 (over 1,200 flights), which generated an estimated loss of about 126,000 passengers. Among these flights, as many as 483 were re-routed/cancelled due to adverse weather conditions, confirming the inadequate infrastructure of the Florence airport. Net of the estimated passenger loss, Florence airport's passenger traffic would have grown by +7.0%. Only part of said traffic was re-routed to the Pisa airport.

The load factor showed a positive trend (+0.7 p.p.) with scheduled flights at 79.6% compared to 2017. International scheduled traffic (which accounted for 85.9% of total traffic) grew by +3.0%. The key markets of the Florence Amerigo Vespucci airport were France (19.8% of the total), Germany (18.7% of the total), and Italy (14.1% of the total).

CONSOLIDATED RESULTS

Total revenues at December 31, 2018 amounted to €131.9 million, up 9.2% compared to €120.8 million in 2017. This result was attributable to the increase in operating revenues4 (€112.3 million; up 5.3%) and in revenues from construction services (€13.5 million; up 11.8%), as well as the expansion of other revenues and income (€6.1 million compared to €2 million in 2017). In detail, the change in other revenues and income was chiefly the result of the proceed (approximately €4.35 million) received following the favorable judgement No. 6528/2016 - which became final in February 2018 - handed down by the Court of Appeal of Rome with respect to the dispute between Italy's Ministry of Transport and Toscana Aeroporti, and concerning the adjustment to inflation of the Florence airport's airport rights for prior financial years.

Aviation revenues stood at €94.5 million, up 0.6% compared to €93.9 million in 2017. In detail, revenues generated by airport rights, charges and taxes were in line with the 2017 figures (-0.1%), whereas handling revenues rose by 2.1%.

Non-Aviation revenues amounted to €31.2 million in 2018, up by 11.2%, a greater increase than seen in passenger traffic during the reporting period (+3.7%), confirming the efficacy of the non-aviation strategies implemented by the Group. Noteworthy are, in particular, the positive revenue performances related to: Parking (+€567 thousand; +8.7%), Retail (+€796 thousand; +17.2%), VIP Lounges (+€1.2 million; +76.2%) and Rentals (+€403 thousand; +8.7%).

Network development expenses at December 31, 2018 amounted to €13.4 million, down by €2.0 million (-12.8%) compared to €15.4 million in 2017.

In 2018, total costs were €96.1 million compared to €90.6 million in 2017, due to higher operating costs (+5.6%) amounting to €84.0 million, and increased costs for construction services (+9.0%), amounting to €12.1 million at December 31, 2018. The change in operating costs was attributable above all to the rise in service costs (+11.7%) chiefly due to the higher traffic handled and partly required by new corporate projects.

EBITDA amounted to €35.8 million, increasing by €5.7 million (+18.8%) compared to €30.2 million in 2017. The ratio to operating revenues rose from 28.3% to 31.9%. Net of the higher extraordinary income reported in 2018 (€4.1 million), EBITDA was €31.7 million, with a 5.1% improvement compared to 2017.

EBIT grew by €5.4 million (+31.4%) from €17.3 million to €22.8 million at December 31, 2018. The ratio to operating revenues rose from 16.2% to 20.3%

PBT amounted to €21.5 million in 2018, up 34.9% (+€5.6 million) compared to €15.9 million in 2017.

The Group's net profit for the year was €14.6 million, up €4.0 million (+38.3%) compared to €10.6 million in 2017. Net of the above-mentioned extraordinary income reported in 2018 and the related tax burden, the Group's net profit for the year was €11.8 million compared to €10.6 million in 2017 (+11.5%).

4 In accordance with IFRIC 15 and in light of the renewal currently underway of marketing support contracts with major air carriers, operating revenues at December 31, 2018 and December 31, 2017 have been restated net of the network development expenses arising from the above-mentioned contracts (€15.4 million at December 31, 2017 and €13.4 million at December 31, 2018).

Net Financial Debt was €28.2 million, essentially in line with €28.5 million at December 31, 2017. The soundness of the Group's capital position is confirmed by a debt/equity ratio of 0.24.

The Group's total 2018 investments were €18.1 million, of which €14.5 million in intangible assets - mainly due to the development of the Florence airport Master Plan and for the expansion of the Pisa terminal - and €3.6 million in property, plant and equipment.

The parent company Toscana Aeroporti S.p.A. closed 2018 with total revenues amounting to €114.5 million, down 3.1% compared to the previous year. EBITDA was €32.2 million (+11.8% compared to 2017), EBIT amounted to €20.1 million (+24.8% compared to 2017) and PBT was €19.6 million (+27.7% compared to 2017). The Parent Company's net profit amounted to €13.7 million, up 32.0% compared to 2017.

SIGNIFICANT EVENTS OCCURRED IN 2018

On June 25, 2018, TA contributed the handling business unit to its wholly-owned subsidiary Toscana Aeroporti Handling S.r.l. The object of the new company, operational effective July 1, 2018, is to carry out the activities included in the services set out in Legislative Decree No. 18 of January 13, 1999, as amended.

On November 30, 2019, TA obtained a positive opinion from the Italian Civil Aviation Authority (ENAC) regarding the request to limit the number of accesses of ground handling operators at Florence Airport (two operators for commercial aviation and two for general aviation).

On December 21, 2018, agreements were signed with all trade union organisations representing workers at the Pisa and Florence airports, concurring on measures aimed at rationalising labour costs.

SIGNIFICANT EVENTS OCCURRED AFTER DECEMBER 31, 2018

On January 26, 2019, Toscana Aeroporti presented the expansion plan for the Pisa Airport terminal and the related flight infrastructures included in the 2018-2028 Master Plan, i.e., the program of works regarding the whole infrastructure system within the Pisa Airport, including the secondary runway and the aprons, as well as the project for creating an aircraft maintenance hub.

On February 6, 2019, the work of the Service Conference ended with a favorable note regarding the urban development compliance of the Florence Airport's project included in the new 2014-2029 Master Plan, which calls for the construction of a new 2,400-meter runway and a new terminal.

On March 4, 2019, TA obtained a limitation of the number of accesses of ground handling operators for Pisa Airport (two operators for commercial aviation and two for general aviation).

Main news on the operations Pisa airport

- Air Arabia Maroc: a new airline operating out of the Pisa Galileo Galilei Airport, which will begin offering two weekly flights to Casablanca starting in April;

• - Ryanair: starting from the 2019 summer season, new flights will be operated to: Brussels (three times a week), Nuremberg (two flights a week) and Kalamata (twice a week in August and September only);

• - Norwegian Air Shuttle: a weekly flight to Helsinki during the summer that will fill the gap created by the suspension of the flight operated by Finnair;

• - AirDolomiti: it will replace Lufthansa on the Pisa-Munich route by increasing its capacity to operate up to two flights a day. The ticket-sale partnership with Lufthansa is set to continue;

• - British Airways: in the summer, it will begin to concentrate its operations at its London Heathrow hub, operating 18 weekly flights and ensuring optimal connections with the airline's worldwide route network.

Florence airport

• - Vueling: the Spanish airline announced that in September it will be assigning a third aircraft to Florence Amerigo Vespucci airport, adding the following destinations: Bilbao (twice a week), Munich (five times a week), Prague (four flights a week) and Vienna (daily service). In addition, the arrival of the third aircraft based at the airport will increase service on routes already served such as Barcelona, Amsterdam and Palermo;

• - Iberia: increase in the flights to Madrid up to 13 per week in August;

• - BlueAir: expansion of connections to Bucharest Otopeni airport (five flights a week for the whole 2019 summer season);

• - Brussels Airlines: increase in the number of flights to Brussels (up to 11 flights a week in August);

• - SAS: launch of the new connection to Copenhagen on April 11, 2019 with three flights a week using a 141-seat AB319.

OUTLOOK

In the first two months of 2019, the Tuscan Airport System reported total passenger traffic of approximately 900 thousand, up by 4% on the same period of 2018.

On the basis of the 2018 performance and the current flight schedule for the 2019 summer season, the Toscana Aeroporti Group is expected to report positive growth rates in 2019 compared with 2018, despite the continuing critical situation of Alitalia, which is currently under extraordinary administration, and the uncertainty arising from the potential Brexit effect.

PROPOSED DIVIDEND

The Board of Directors has resolved to submit to the Ordinary General Shareholders' Meeting a proposal to allocate net profit for the year amounting to €13,746,480 as follows:

• - €687,324 to the legal reserve in accordance with the Articles of Association;

• - €13,059,156 to be distributed as a dividend to the shareholders;

• - €30,779 to the reserve governed by the Articles of Association.

The Board resolved to submit to the General Shareholders' Meeting a proposal to pay a dividend of €0.70 per each of the 18,611,966 shares. Dividend yield for 2018 was 4.9% compared to the share price at December 28, 2018 and the pay-out ratio on the Parent Company's net profit amounted to 95%. The proposal envisages the dividend to be payable