ANALYST PRESENTATION LONDON 25 SEPTEMBER 2003

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1 ANALYST PRESENTATION LONDON 25 SEPTEMBER

2 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, 25 September DISCLAIMER 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 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. 2

3 JUVENTUS ATTENDEES Roberto Bettega VICE PRESIDENT Michele Bergero CHIEF FINANCIAL OFFICER Marco Re INVESTOR RELATIONS MANAGER 3

4 PALMARES TABLE OF CONTENTS STRATEGY AND PROJECTS KEY ISSUES AND RESULTS AT 30 JUNE OVERVIEW SOCIAL COMMITMENT APPENDIX 4

5 Analyst Presentation 25 September 2003 Most successful football club in Italy and one of the only two European teams to have won all international tournaments at least once A UNIQUE SPORTING TRACK RECORD Italian Champions and U.E.F.A. Champions League finalyst 27 SERIE A CHAMPIONSHIPS TITLES 2 U.E.F.A. CHAMPIONS LEAGUE TITLES 2 INTERCONTINENTAL CUPS 3 U.E.F.A. CUPS 1 CUP WINNERS' CUP 2 EUROPEAN SUPER CUPS 4 ITALIAN SUPER CUPS 9 ITALIAN CUPS 5

6 STRATEGY & PROJECTS 6

7 MISSION Maintain excellent sporting results MISSION OBJECTIVES STRATEGY Increase profitability and shareholders value OBJECTIVES Maintain a highly skilled team Further spread Juventus brand name to fully exploit it through sponsorship and partnership agreements Diversify our revenue stream aiming at further increasing and stabilising our profitability STRATEGY Focus on youth sector; effective players management Enlarge supporter base inside and outside Europe; further develop advertising and promotional area; strengthen commercial and licensing activities through the partnership with Nike Stadium and Mondo Juve Projects 7

Continuing to further develop our national and international fan base WHOLE EUROPEAN FAN BASE 2.9 million Juventus fans in Eastern Europe among a total of 15.

8 Continuing to further develop our national and international fan base WHOLE EUROPEAN FAN BASE 2.9 million Juventus fans in Eastern Europe among a total of 15.4 million people strongly interested in football Juventus is the most feminine and the kids favourite team in Italy 24,091 Thousands 12, % (1) 8, % (1) 2,985 (2) (1) vs December 2001 (2) New countries covered by the research AC Nielsen C.R.A. - December 2002 SPORT+MARKT European Football Monitor May 2003 KIDSPEAK - WPP/Millward Brown, June 2003 Sport Fans Stage Up/TNS Abacus - June

High quality portfolio of partners (1) SPONSORS

9 High quality portfolio of partners (1) SPONSORS 2 OFFICIAL SPONSORS 1 TECHNICAL SPONSOR 1 MEDIA PARTNER 39 SPONSORS, PARTNERS & SUPPLIERS OFFICIAL SPONSORS TECHNICAL SPONSOR MAIN PARTNERSHIP (1) MEDIA SPONSOR (1) At 19 September 2003 (2) Fastweb is sub licensee for the season 9

10 + THE ALLIANCE WITH NIKE AGREEMENT Innovative and global partnership which combines the brand strength and the huge fan-base of Juventus with the expertise of Nike in various products/services areas DURATION 1 July June 2015 (1) CONSIDERATION Minimum guaranteed m Products supply m (wholesale value) TOTAL (for the three year period) ROYALTIES Total (2) %-12%-14% on the net revenues deriving from the sale of Juventus-brand products in any given year 50% on the net profits in any given year deriving from the sale of Juventus-brand services and from retail operations PERFORMANCE BONUSES + Max m (1) Nike has the right to terminate the contract at the end of each e three year period if the Nike Group were to find itself in seriously adverse business conditions (2) First year worth 15.4 m against 13.0 m for (Lotto+Mondo Mondo+licensing activities) 10

Naming Rights opportunity NAMING RIGHTS AGREEMENT Naming Rights are the bundle of tangible

name on a sports stadium (Sport Business Group How to develop effective Naming Rights

for the sponsee between 3 and 15 million per year (Sport+Markt AG Naming Rights Study 2002)

11 Naming Rights opportunity NAMING RIGHTS AGREEMENT Naming Rights are the bundle of tangible and intangible benefits that a Sponsor can purchase or acquire as a result of putting its name on a sports stadium (Sport Business Group How to develop effective Naming Rights strategies 2001) The average duration of this agreements is 18 years with a revenue range for the sponsee between 3 and 15 million per year (Sport+Markt AG Naming Rights Study 2002) Naming Rights Agreements are an exclusive and unique opportunity in the sports and entertainment market 11

Restructuring of the stadium and development of commercial areas: STADIUM PROJECT Final agreement with Turin Municipality for the long lease of the Delle Alpi Stadium signed on 15 th July 2003 The

12 Restructuring of the stadium and development of commercial areas: STADIUM PROJECT Final agreement with Turin Municipality for the long lease of the Delle Alpi Stadium signed on 15 th July 2003 The sum agreed is 25 m: 1 m already paid at the stipulation of the notarial agreement, 6 m will be paid within 6 months from the first payment and the remaining 18 m will be paid in nine constant annual instalments starting one year after the first payment Juventus will finalised the technical project in the coming months Start of the restructuring work on May 2004 Thanks to the agreement signed, Juventus is able to: use and restructure the Stadium, including: - 17,000 m 2 of gross floor area for commercial activities related to sport business; - 32,000 m 2 for related services; and - 5,000 m 2 for Company headquarters; build on surrounding area to create: - 20,000 m 2 of gross floor area for commercial activities; and - 5,000 m 2 for a multiplex cinema and entertainment activities 12

13 STADIUM PROJECT September New stands will be built inside the actual stadium structure (on the track) 13

Development of a training centre and of a commercial park comprised of leisure and retail facilities MONDO JUVE PROJECT New zoning and redevelopment plans approved by Vinovo and Nichelino

14 Development of a training centre and of a commercial park comprised of leisure and retail facilities MONDO JUVE PROJECT New zoning and redevelopment plans approved by Vinovo and Nichelino Municipalities New training centre construction will start in the next months. The complex will cover about 150,000 mq 2 and is expected to be completed by the end of season Project related to the commercial areas (85,000 mq 2 of gross floor area) presented to Piedmont Region for examination (very close to the end of the process) The investment for the new training centre will be financed by own funds available or by low- interest long term loan provided by Istituto Credito Sportivo The Commercial Area will be developed through partnerships 14

15 September 2003 MONDO JUVE PROJECT

16 KEY ISSUES AND RESULTS AT 30 JUNE

17 Strong and consistent revenue growth over the last five years (25% CAGR) Total Revenues ( ( m) FINANCIAL TRACK RECORD CAGR: 25% '98/99 '99/00 '00/01 '01/02 '02/03 Seven years in-a-row in the black 8.4 Net income ( ( m) (1) 2.2 '96/97 '97/98 '98/99 '99/00 '00/01 '01/02 '02/03 (1) In 1997 net income was negatively affected by a 8.8 m extraordinary write-off under the Bosman Ruling 17

18 Revenue growth driven by TV rights and U.E.F.A Champions League revenues Successfully evolved from a pure football club into a truly media company REVENUES BREAKDOWN 25.9% % 8.4% m TV, TELEPHONE AND CHAMPIONS LEAGUE RIGHTS 59.3% SPONSORSHIP AND OTHER COMMERCIAL ACTIVITIES GATE RECEIPTS % 10.5% OTHER REVENUES m 25.4% 56.8% 18

19 Most efficient cost control, in particular personnel costs, allowed increasing EBITDA OPERATING COSTS Operating costs 188 m 199 m '01/02 '02/03 Materials, goods and accessories Other operating costs Services Rent, leases and related costs Personnel costs 19

20 Results ( m) FINANCIAL YEAR FINANCIAL YEAR ABSOLUTE CHANGE CHANGE % RESULTS AT 30 JUNE 2003 Total revenues % Ebitda 16.3 (12.8) n.m. Profit before extra items and taxes (30.3) n.m. Net income % Operating activities and player management results ( m) FINANCIAL YEAR FINANCIAL YEAR Operating activities Player management Total Operating activities Player management Total Total revenues Ebitda 25.8 (9.5) 16.3 (12.9) 0.1 (12.8) Profit before extra items and taxes 25.0 (55.3) (30.3) (25.1) Net income

21 Financial highlights RESULTS AT 30 JUNE 2003 Positive net financial position since 1998 ( m) 30/06/03 (a) 30/06/02 (b) CHANGE (a-b) Net invested capital Net financial position, of which: (1) - short-term (69.2) (95.0) medium-long term Shareholders equity (1) Negative items show a liquidity position 21

22 OVERVIEW 22

23 Television, radio and telephone rights m (1) MULTI-YEAR CONTRACTS PayTV and PPV 5.7 Telephone rights PayTV and PPV 6.7 (1) Telephone rights Main Sponsor agreements Official Sponsor Italian Championship Official Sponsor U.E.F.A. C.L. and Italian Cup Technical Sponsor and licensing (2) m 12.9 (3) 12.9 (1) (1) (1) 02/03 03/04 02/03 03/04 02/03 03/04 (1) Guaranteed yearly amounts (2) Including products supply (3) Excluding 4,1 million performance bonus for the first place in the Italian Championship 23

24 Players trading in Summer 2003 Main operations TRANSFER CAMPAIGN - M. Di Vaio and N. Legrottaglie definitive purchase - S. Appiah temporary purchase - M. Salas temporary disposal - M. G. Camoranesi and E. Maresca termination of player sharing - Juventus def. purchase Transfer campaign economic and financial effects at 30 August 2003 ECONOMIC EFFECT Net income Player sharing & options (1.8) FINANCIAL m EFFECT m TIMING 03/04 04/05 05/06 06/ Purchases Disposals (46.6) (22.9) (13.0) (8.8) (1.9) 11.0 (35.6) (3.8) (16.0) (9.9) (8.0) (3.3) (0.3) (0.1) 0.2 (1.7) (0.1) TOTAL 2.3 (39.4) (19.3) (10.2) (8.1) (1.8) Player temporary transfer Purchases (2,0) (1,1) Disposals 0,9 - F. Miccoli temporary transfer termination (1) (1) This operation will not have any impact on the Financial Statements 24

25 Players expected net book value at 30 June 2004 FIRST TEAM NET BOOK VALUE Birindelli Buffon Camoranesi Conte Davids Del Piero Di Vaio Ferrara Fresi Iuliano Legrottaglie Maresca Miccoli Montero Nedved Olivera Pessotto Tacchinardi Thuram Trezeguet Tudor Zambrotta Others ( /000) (1) (2) - 21,144 4, , ,184 2,479 3, ,111 5, ,527 5, ,346 43,334 Total 143,153 CONTRACT EXPIRY 30/06/04 30/06/06 30/06/06 30/06/04 30/06/04 30/06/04 30/06/08 30/06/04 30/06/05 30/06/05 30/06/08 30/06/05 30/06/07 30/06/05 30/06/06 30/06/08 30/06/05 30/06/05 30/06/06 30/06/05 30/06/05 30/06/05 - (1) Based on team players at 30 August 2003 (after the closing of the first phase of the Transfer Campaign) and excluding any additional charges and fees payable in the season (2) Not taking into account any contract renewals 25

26 SOCIAL COMMITMENT 26

27 SOCIAL COMMITMENT The commitment continues.. For the third year running, Juventus is the Serie A club to be awarded the solidarity cup, the Scudetto della Solidarietà, by the weekly VITA non profit magazine Juventus and its players are directly involved in many initiatives of solidarity such as: - 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 have been awarded to students - The construction of a residential centre named after Edoardo Agnelli in collaboration with the Associazione Gruppi di Volontariato Vincenziano - Aid and support over many years for the Fondazione Piemontese per la Ricerca sul cancro - The Company participated at the reconstructuring project of a school which was destroyed by the 31 October 2002 earthquake in Molise (Italy) - Un Sogno per il Gaslini project: fund raising successfully completed for the renovation of an abbey inside Gaslini Hospital in Genoa to create school rooms, playrooms and meeting areas dedicated to long-recovering children and their families 27

28 APPENDIIX 28

29 Reclassified income statement ( m) FINANCIAL YEAR FINANCIAL YEAR ABSOLUTE CHANGE CHANGE % Revenues % Labour cost (131.7) (136.7) % APPENDIX Other operating costs (67.4) (51.4) % Ebitda 16.3 (12.8) n.m. Provisions/other amortisation (2.1) (12.5) % Income on disposal of Players registration rights and sharing Amortisation % (61.6) (68.2) % Income on disposal of Players registration rights less amort. (48.6) n.m. Net financial proceeds 4.1 (1.9) +6.0 n.m. Profit before extra items and taxes (30.3) n.m. Extraordinary items 39.8 (4.2) n.m. Income taxes (7.3) (10.5) % Net income % 29

30 Balance sheet ( m) 30/06/03 30/06/02 CHANGE Total fixed assets (39.4) APPENDIX Players registration rights (46.5) Other assets Working capital (142.8) (225.3) 82.5 Provisions and funds (38.3) (21.1) (17.2) Net capital employed Shareholders equity Net financial position (1) (69.2) (95.0) 25.8 Net equity and net financial position (1) Negative items show a liquidity position 30

31 Cash flow statement ( m) FINANCIAL YEAR FINANCIAL YEAR PPENDIX PENDIX Net cash at the beginning of the period Cash flow Change in working capital 54.9 (82.5) Change in funds Cash flow by operating activities (0.7) Cash flow by investment activities (178.9) (23.0) Dividends (1.1) (1.5) Other changes in shareholders equity 62.0 (0.6) Net cash at the end of the period

ANALYST PRESENTATION MILAN - 30 SEPTEMBER 2002

ANALYST PRESENTATION MILAN - 30 SEPTEMBER 2002 DISCLAIMER This document has been prepared by Juventus F.C. S.p.A. solely for use at the analysts presentation organised by Banca IMI S.p.A. and held on Monday,