Juventus Football Club. Analyst Presentation. London, 13 October 2005

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1 Juventus Football Club Analyst Presentation London, 13 October 2005

2 Disclaimer This document has been prepared by Juventus Football Club S.p.A. solely for use at the analyst presentation organised by Borsa Italiana S.p.A. and held on Thursday, 13 October The information contained in this document has not been independently verified and no representation or warranty is expressed or implied, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Some parts of this presentation may contain forward-looking statements which are estimates, subject to risks and uncertainties that could cause future results to differ materially. The Company shall not have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. This document does not constitute an invitation to purchase any shares. Any decision to purchase shares should be made solely on the basis of the information contained in the official documents (Financial Statements, Six-Monthly Reports and Quarterly Reports) published by the Company.

3 Table of contents Strategy and projects Partnership and multi-year contracts Key issues and results at 30/6/2005 Player management Social commitment Q & A

4 Strategy and projects

5 Juventus strategy and projects Maintain excellent sporting results Mission Increase profitability and shareholders value Objectives Maintain a highly skilled team Further spread the Juventus brand name to fully exploit it through sponsorship and partnership agreements Diversify our revenue stream aiming at further increasing and stabilizing our profitability Strategy Focus on youth sector; effective player management Enlarge supporter base; further develop advertising and promotional area; strengthen commercial and licensing activities through the partnership with Nike Stadium and Mondo Juve Projects

6 A unique sporting track record Most successful football club in Italy and one of the two European teams to have won all international tournaments at least once 28 2 Italian Championships Champions League 9 Italian Cup 4 2 Italian Super Cup Intercontinental Cup 3 U.E.F.A. Cup 1 European Cup Winners' Cup 2 European Super Cup

7 Focus on youth sector Competitive and efficient youth sector to recruit new talents at contained costs: 17 teams (taking part in national competitions, regional and local ones). The youth department takes part in more than 100 tournaments in Italy and abroad About 370 young players About 90 coaching and technical staff Many Juventus young players playing in other professional clubs The Primavera team won the Coppa Carnevale of Viareggio, the world youth football tournament, for the third year running Juventus launched a new project related to soccer schools in cooperation with Nike (Juventus Summer Camp, Juventus Academy and Juventus University)

8 A leading team by supporters In Italy The most popular football club in Italy with about 14,000,000 fans and a market share of 33% Leader in many Italian regions and second or third in the remaining ones Supporters pretty evenly spread through all Italian regions Abroad About 30,000,000 European fans: - I 14 million F 5 million - UK 3.2 million E 3.2 million - D 5 million About 150,000,000 potential fans worldwide sources: C.R.A. Monitor Calcio, January 2005; Sport+Markt International Fan Potential, 2004; Assist Data, June 2005

9 Stadium Project On 15 July 2003 Juventus signed the agreement with the City of Turin for the ninety-nine year right to exploit the Delle Alpi Stadium and adjacent areas; renewable on expiry Juventus is waiting for the final authorisation regarding the technical plan to restructure the stadium from Turin municipality and develop the annexed commercial area Juventus will restructure the Stadium, including 12,000 square meters of gross floor area for commercial activities related to sport business; and will build 30,000 square meters of gross floor area for commercial activities on surrounding areas The expected total investment for the whole project is in the range of 150 million

10 Commercial Park Project Development of a commercial park comprised of leisure and retail facilities covering a total of 82,000 square meters of gross floor area On 22 July 2003, the Piedmont Regional Executive approved the variations to the master development plan of Vinovo and Nichelino On 23 September 2003, the Piedmont Regional Executive granted commercial authorisation The final administrative procedures to get permissions are close to be defined with local authorities Juventus is dealing with several potential partners to share the project

11 Training Centre Construction of a new training centre for all Juventus teams On 9 January 2004, Vinovo Municipality finally approved the technical plan related to the Training Centre The ceremony of laying the foundation stone was held on 9 June We are building the training center through a financial leasing operation. The overall investment (including land value) is about 20 million We estimate the completion of the work by the end of 2005 The training centre will enable better management of the entire sports sector and will allow economies of scale on overheads and running costs

12 Partnerships and multi-year contracts

Multi-year contracts Satellite TV rights agreement renewal The television broadcasting of the home matches of the Italian Championship, for Italy (encrypted) and for the rest of the world (including

13 Multi-year contracts Satellite TV rights agreement renewal The television broadcasting of the home matches of the Italian Championship, for Italy (encrypted) and for the rest of the world (including free to air), of training sessions and the Trofeo Berlusconi, and other commercial rights Duration and consideration 2005/ / million of which: 94.5 million of which: 74.9 m received as due 31.5 m by 15/06/ m by 15/12/ m by 15/12/06 Performance Bonus 31.5 m by 15/03/07 5 million in the event the team finishes first or second in the Italian Championship

14 Multi-year contracts Terrestrial digital, cable and ADSL TV rights agreement with Mediaset Group The transmission in Italy, on payment and with controlled access, of the home matches of Juventus in the Italian Championship via terrestrial digital, cable and ADSL Duration and consideration 2004/2005, 2005/2006 and 2006/ million due in equal parts in the three financial years

Multi-year contracts Official Sponsorship agreement Sole Official Sponsor for all competition Duration and consideration 1 July 2005 30 June 2010 102 million Option right Juventus sold for 18 million

15 Multi-year contracts Official Sponsorship agreement Sole Official Sponsor for all competition Duration and consideration 1 July June million Option right Juventus sold for 18 million the option right to extend the sponsorship until 2020 First extension: 1 July June 2015 Consideration: 130 million Second extension: 1 July June 2020 Consideration: at conditions comparable to those envisaged for the period

16 Multi-year contracts The Partnership with Nike Duration: 12 years (*) starting from 1/7/03 Total minimum guaranteed: 187 m Royalties: 10%-12%-14% on the net revenues deriving from the sale of Juventus-brand products 50% on the net profits deriving from the sale of Juventus-brand services and from retail operations Juventus Stores, Shops, Corners and Points 4 stores: Turin (2), Palermo and Tokyo 4 corners: Milan, Rome, Catania and Sorrento 11 shops in Turin 1000 points soon in Italy Juventus Merchandising S.r.l. (**) Managing the entire licensing sector of Juventus and developing Juventus branded products and services (58 licensing agreements in 04/05 FY) First and second year sales over and above forecasts Juventus Soccer Schools launched in 2004: 6 Juventus University, 50 Juventus Academy in Italy and abroad, 1 Official Soccer School, 1 Juventus Camp (*) Nike has the right to terminate the contract at the end of each three year period if the Nike Group were to find itself in seriously adverse business conditions (**) Fully owned by the Nike Group

17 Key issues and results at 30/6/2005

18 Income Statement /m Operating activities 2004/2005 Financial Year Player manag. Total Operating activities 2003/2004 Financial Year Player manag. Total Revenues Personnel cost (127.2) - (127.2) (117.1) - (117.1) Other operating costs (56.2) (0.2) (56.4) (48.9) (5.1) (54.0) Ebitda (4.2) 37.1 Amortisation and write downs (3.1) (62.9) (66.0) (1.8) (63.9) (65.7) Net income on disposal of players registration rights Net financial income/(loss) (0.9) (0.7) (1.8) (2.5) Profit before extraordinary items and taxes 41.2 (44.0) (2.7) 38.8 (66.3) (27.5) Extraordinary income/(loss) Taxes (9.4) 1.5 Net income/(loss) (18.4) (3.0)

19 Revenue breakdown 2004/ million 25.1% 10.7% 9.9% 54.3% TV RIGHTS AND U.E.F.A. CHAMPIONS LEAGUE SPONSORSHIP AND COMMERCIAL ACTIVITIES TICKET SALES OTHER REVENUES 12.8% 8.5% 25.8% 2003/ million 52.9%

20 Financial highlights in m /m 30/06/05 30/06/04 Change absolute Net fixed assets (4.0) (95.2) Net working capital (163.2) 68.0 Provisions and funds (23.8) (26.3) 2.5 Net capital employed Shareholders equity (3.0) Net financial position (*) 16.4 (53.1) 69.5 Net equity and net financial position (*) Negative items show a liquidity position

21 Statement of cash flow /m 2003/2004 Financial Year 2004/2005 Financial Year Net financial position at the beginning of the period Cash flow Variation in net working capital 20.4 (68.0) Increase/(decrease) in funds (12.0) (2.5) Cash flow provided/(absorbed) by operating activities 55.1 (12.9) Cash flow used for investment (71.0) (56.6) Dividends paid - - Other changes in shareholders equity (0.2) - Net financial position at the end of the period 53.1 (16.4)

22 Player Management

23 2005/2006 Transfer Campaign First phase main operations (1 July 31 August 2005): Purchase: Disposal: Temporary acquisition: Temporary disposal: Vieira, Kovac, Giannichedda and Balzaretti Maresca, Appiah Abbiati and Gladstone Kapo, Tacchinardi, Chiumiento and Miccoli Legrottaglie, Tudor and Salas (free loans) Effects on assets, economic impacts and financial figures: Economic impact Effects on assets Total Financial effects 05/06 06/07 07/08 08/09 New investments 33.9 (33.9) (17.1) (8.8) (7.6) (0.4) Player sharing capitalisation Capital gains 2.6 Disposals (11.5) Player sharing (0.7) Other effects 1.1 (1.8) (1.0) (0.8) - - Temporary Total (20.5) (12.5) (5.0) (5.1) 2.1 Figures at 31 August 2005, /m

24 Social commitment

25 Our social commitment continues Special initiatives Crescere insieme al Sant Anna an initiative to raise funds to finance the renovation of a department of the Sant Anna Hospital in Turin. The aim of the project is to improve the quality of children s stay at hospital Juventus backed a special initiative with Don Bosco Mission to finance ( 300,000) the construction of a Residential Centre for orphan children in Thailand Ordinary initiatives Fatti e Progetti per i Giovani alongside the Don Bosco Mission The creation of a degree course in Sports Management with the University of Turin. Last year 10 scholarships in memory of Giovanni Alberto Agnelli were awarded to students Aid and support over many years for the Fondazione Piemontese per la Ricerca sul cancro

26 Q & A

ANALYST PRESENTATION LONDON 25 SEPTEMBER 2003

ANALYST PRESENTATION LONDON 25 SEPTEMBER 2003 1 This document has been prepared by Juventus Football Club S.p.A. solely for use at the analyst presentation organised by Borsa Italiana S.p.A. and held on