Sansedoni Group Investment & Asset Management Company. February 2015

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1 Sansedoni Group Investment & Asset Management Company February

2 Index Business Service Lines Key Facts & Figures Who we are Shareholders Management team History & Background Selected Transaction & Case Studies Value add, Repositioning,Break up unit sales Investment & Acquisition Development Contacts pag 3 pag 4 pag 5 pag 6 pag 8 pag 9 Pag 10 pag 11 pag 12 pag 13 2

3 Business - Service Lines Sansedoni is an integrated Real Estate company with significant experience in all major asset classes and at different stages of property transactions. Sansedoni aims to a vertical integration of services to retain control over portfolios and to maximise asset value. Deal Sourcing, Advisory & Structuring innovative solutions for property transactions best corporate and financial structure identification of the best investment and creation value/recovery options Investment & Strategic Co-Investment selection of investment opportunities with active risk management control of execution privileged access to market transactions (both sides) Asset Property Project integrated services for strategic and operational property management maximisation of property portfolio income planning and supervision of development projects Agency placement through suitable distribution channels commercial communication and marketing positioning value & potential price and sales timing assessment 3

4 Business - Key Facts & Figures Sansedoni provides advisory, investment and management expertise to deliver best value proposition. Assets under management: Approx. 560 M Approx. 800,000 m 2 Trading portfolios: Approx. 270 M Approx. 620,000 m main assets Development projects: Approx. 140 M Approx. 130,000 m 2 (GFA) 4 Development areas Investment income properties: Approx. 150 M Approx. 85,000 m 2 7 main assets Offices SIENA (headquarter) FLORENCE MILAN ROME Operations across Italy Sales Revenues and Services: 18 M Equity: 38 M 22 Employees Sansedoni Group: 1 Holding 5 Subsidiaries 4

5 Who we are - Shareholders Sansedoni has a unique shareholder mix: INSTITUTIONAL INVESTOR - Monte dei Paschi Foundation (61%) The Monte dei Paschi Foundation is one of the most relevant shareholders of Monte dei Paschi di Siena Bank. It was established on 28 August 1995 when the banking activities of the public-law credit institution were transferred to Monte dei Paschi Bank, Inc. With the approval of its new charter on 8 May 2001, the Foundation assumed the juridical status of a private nonprofit organization with full statutory and management autonomy. FINANCIAL INSTITUTION - Monte dei Paschi di Siena Bank (21,8%) Monte dei Paschi di Siena is one of the main banks in Italy. It is the flagship of the MPS Group, which is a leader on the domestic market in terms of market share. Since June 1999, Banca Monte dei Paschi di Siena shares are traded on the Mercato Telematico Azionario (screen-based trading market) of the Italian Stock Exchange, and since September 1999 it is listed on the market s most representative index, FTSE MIB. INDUSTRIAL GENERAL CONTRACTOR - Unieco (11,2%) Constant growth in the construction world since 1904 placed Unieco among the top ten Italian General Contractors. In addition to the historical nucleus of activities in construction, real estate and project financing, specialist divisions have been established for the production of bricks, railway works and the environment. In 2006 Unieco was qualified as a Level II General Contractor, for contracts of up to 700 million Euros. 5

6 Who we are History & Background 1999 Spin off from Banca Monte dei Paschi real estate portfolio. Fondazione MPS is the controlling shareholder Shareholders: Fondazione MPS, Banca MPS, Unieco, Gruppo Toti Development Siena Biotech (scientific labs) 2007 Acquisition Opa Fondo Beta 2006 Development Borgo di Cuna (residential complex) 2008 Sansedoni Agency Incorporation (brokerage and consultancy Co) Acquisition Valorizzazioni Immobiliari 2008 Acquisition Duccio Immobiliare 2008 Development Palazzo Portinari Gruppo Toti leaves the Sansedoni shareholder structure 2010 Acquisition Penny 2010 Development Tenuta della Torre 2011 Venticello srl Incorporation (renewable energy Co) COMPANY HISTORY COMPANY ACTIVITTIES AND BACK GROUND 2010 Development RSA (eldercare home) Development Medioevo (boutique hotel)

7 Selected transactions & Case studies Transaction Immobiliare Centro Milano Valorizzazioni Immobiliari OPA Fondo Beta Duccio Immobiliare Tenuta della Torre Palazzo Portinari Value of the transaction 280 M 90 M 220 M 26.7 M 74 M 48.2 M Type Value Add - Repositioning - Break up unit sales Value Add - Repositioning - Break up unit sales Advisory Co-Investment Proprietary Investment Development Development Date Deal Type Joint Venture Joint Venture Joint Venture Acquistition Acquistition Acquistition Partners MPS - Italease Lehman Bros. Gruppo Ligresti Gruppo Toti Feidos Lehman Bros. 100% Sansedoni 100% Sansedoni 100% Sansedoni Advisory & Structuring Asset & Development Mgmt Agency & Marketing Project Mgmt Property & Facility Mgmt Corporate Services 7

8 Selected transactions & Case studies - Value add, Repositioning,Break up unit sales IMMOBILIARE CENTRO MILANO Deal features: (i) JV Sansedoni-Banks (MPS/Italease); (ii) innovative transaction involving active management of distressed assets and following trading and break-up sales Property features: prime and diversified property portfolio in Milan including a big asset repositioning and renovation (Milan,C.so Buenos Aires) o Origination and transaction structuring o Asset disposal management o Marketing & Agency o Administrative and operational management of JV Outcomes ( ): o Sale & Rent incomes: 63 M o 60 units sold o FCFO: 42 M o Debt Service: 36 M VALORIZZAZIONI IMMOBILIARI Deal features: (i) JV Sansedoni-Lehman Bros.; (ii) granular portfolio break up Property features: properties of average quality across Italy o Origination and transaction structuring o Asset disposal management o Marketing & Agency o Administrative and operational management of JV Outcomes ( ): o Sale & Rent incomes: 39 M o 220 units sold o FCFO: 25 M o Debt Service: 20 M 8

9 Selected transactions & Case studies Investment & Acquisition BETA FUND Deal features: (i) JV Sansedoni-Lehman Bros.-Feidos-Gruppo Toti- Imm.Lombarda; (ii) take-over bid Transaction value: 220 M o Transaction structuring (joint/partners ) o Co-investment DUCCIO IMMOBILIARE Deal features: Sale and Lease back (100% SSDN Investment) Property features: Industrial (approx. 40,000 m 2.) let to investment grade international single-tenant o Structuring, financing and acquisition o Asset management o Property management o Administrative and tax servicing Outcomes ( ): o Rent incomes: 17 M o Debt Service: 7 M 9

10 Selected transactions & Case studies - Development TENUTA DELLA TORRE Deal features: (i) Proprietary investment; (ii) Green field development Property features: green field residential development o Project design o Project management o Asset management o Marketing & Agency o Administrative and tax servicing Outcomes ( ): o Building Licenses: 42,000 m 2 GFA o Built up today : 14,200 m 2 GFA (160 units) o Sale incomes: 16 M (90 units) o Debt Service: 11 M PALAZZO PORTINARI Deal features: (i) Proprietary investment; (ii) Full refurbishment & break-up sale Property features: trophy building in the old centre of Florence (9,000 m 2 ). High-end residential, high-street retail and bank branch o Structuring of acquisition and financing o Definition and implementation of town planning procedure o Asset management and Property management o Administrative and tax servicing Outcomes ( ): o Building Licenses: 9,000 m 2 GFA o Lease contract: /y 1,5 M o Rent incomes: 9 M o Debt Service: 6 M 10

11 Contacts Sansedoni Siena SpA Registered office: Via Banchi di Sotto, Siena Headquarters: Via Garibaldi, Siena Tel Fax Sansedoni Agency srl Via Garibaldi, Siena Tel Fax Milan Branch Office Via del Vecchio Politecnico, Milan Tel Fax This document ( The Document ) and all the information contained herein are strictly confidential. The document as well as the data, information, assumptions, estimates and projections contained herein may not be used for other purposes nor distributed, disclosed to or delivered to third parties (unless required under the law or applicable regulations), nor be reproduced or singled out or read in partial form without the prior written consent of Sansedoni Siena SpA. Sansedoni has entrusted the audit function pursuant to Art 2409(b) of the Civil Code to a leading audit firm. The data and information contained in the Document (taken from the management accounts or reclassifications of accounting data from a managerial viewpoint) have not, however, been reviewed by an auditor even though they have been prepared with due diligence and accuracy. In any event, this Document shall not give rise to, nor should be construed as to imply, a constraint for (or any reliance by anyone on) Sansedoni Siena SpA with regard to the implementation of what is set out therein and nor may any responsibility in this regard be ascribed to its directors, officers and employees. 11

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