Opening remarks Beni Stabili Investor Day

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1 Opening remarks Beni Stabili Investor Day Milan, June 6 th 2012

2 ALDO MAZZOCCO CEO Since 2001 CEO of Beni Stabili Siiq Since 2011 Deputy General Manager (Directeur Général Délégué) of Foncière des Régions Since 2011 Chairman of Assoimmobiliare Degree in Engineering from Padua University MBA from Bocconi University in Milan Previous work experience: CEO of Compagnia Finanziaria di Investimento General Manager of the building company G. Pivato Milan, Via Amedei 2

3 Beni Stabili Siiq: the Italian leading REIT Beni Stabili Siiq 56% Aedes 6% Foncière des Régions 51% Credit Agricole 6% Morgan Stanley 2% APG 2% IGD 17% Gabetti 1% Brioschi 5% Risanamento 6% Prelios 9% Market 39% Who is Beni Stabili Siiq (BNS IM) The leading Italian real estate property company Now the largest REIT in Italy, listed on Milan and Paris stock exchange Focused on offices and high-standing tenants Focused in Milan and Rome, selective on other main Italian business districts Key figures (31/03/2012) Portfolio value (AuM): 6bn ( 4.4bn BS Siiq + 1.6bn BS SGR) Annual rents: 222m 2011 EPRA Recurring net income: 87m Employees: 122 (97 BS Siiq + 25 BS SGR) 3

4 Beni Stabili Siiq: the organisation CEO Aldo Mazzocco CFO Luca Lucaroni COO Stefano Vittori SERVICE ACTIVITIES Development Alessandro Arvalli Property Legal Office Portfolio Guido Giannetta Telecom Italia Portfolio Alexandre Astier Retail Portfolio Massimo Moretti Fund Management Beni Stabili Gestioni SGR Anna Pasquali Disposals Acquisitions 4

5 Real Estate portfolio: 4.4bn + 1.6bn AuM Total number of assets (298 2 at 31/12/2011): % 35% Milan 42% CORE Number of assets: 237 (237 at 31/12/2011) IAS value: 3,839m (88% of total) Yield: 5.6% (5.9% topped-up) 73% 15% Telecom Italia Rome 2% Milan Other cities 90% Rome 10% Occupancy: 97.2% (98.8% occupancy adj. for pre-lettings) 13% 14% 10% North Centre South&Islands 1 Offices Retail DEV IAS value: 317m (7% of total) Number of projects: 4 2 (4 2 at 31/12/2011) DYN IAS value: 209m (5% of total) Number of assets: 55 (57 at 31/12/2011) SGR AuM: 1.6bn Number of funds: Annual fees: 13.8m 1 Offices includes also the C.so Matteotti Hotel 2 Considering the three buildings of Garibaldi complex as one project Breakdowns based on IAS accounting value 5

6 Growth arms SOLD As at 31/03/2012: 18 disposals and preliminaries 73% from Dynamic portfolio 32% Telecom Italia assets Actual ASSET ROTATION Actual 2010 Actual Actual Closings ( m) Preliminaries ( m) March 2012 Actual As of today 24.6m disposals closed and 64.4m preliminaries in place DEVELOPMENT GARIBALDI COMPLEX 7m of works during first quarter 2012 On time and in budget Pre-let, 15m of annual rents (from 01/01/2013) committed capex still to be spent: roughly 40m OTHER PROJECTS 1m of works during first quarter 2012 Committed capex still to be spent: roughly 14m Milan, via San Nicolao: delivery expected for December 2013 Milan, via Ripamonti: reclamation works only committed; construction on hold until pre-let is found Milan, via Schievano: reclamation works under management; on hold, construction on hold until pre-let is found PURCHASED No acquisitions 6

7 Key figures as at 31/03/2012 Year 31/12/2011 First quarter 31/03/2012 First quarter 31/03/2011 Accounting rents 220.1m m 55.6m 1 Net result 18.8m 16.3m 16.6m EPRA Recurring net income 87.3m 24.2m 22.1m Accounting net debt 2,233m 2,213m LTV Excluding transfer tax 2 : Including transfer tax 3 : 51.4% 50.4% 50.7% 49.7% EPRA NNNAV (diluted) per share Including penalty of + 1.3m for anticipated rental release 2 Accounting Net Debt/Portfolio IAS Value 3 Accounting Net Debt/Portfolio IAS Value including transfer taxes (2%), in coherence with FdR group standards 7

8 Key figures trend Account gross rents EPRA recurring net income LTV 60% NNNAV per share (diluted) % 50% 49.1% 49.7% 49.7% 48.2% 51.4% 50.7% % % 35% % Q Q2012 8

9 The Italian real estate momentum Demand growth Supply growth Rents (top location only) Transaction volumes Asset values (top location only) M&A activity (SGR market ) Debt offer Cost of debt Selectivity Source: Beni Stabili 9

10 BS Group strategic guidelines Keen management of recurring activities based on full occupancy and increase of yield through: asset rotation (5% of total portfolio) captive development (5% of total portfolio) LTV 50% (45%) Payment of 50% of EPRA Recurring net income as dividend (compliance with SIIQ law requirements) More focus on infrastructural real estate Extraordinary growth [apart from ordinary growth linked to value creation and inflation] with opportunistic approach More aggressive strategy along three main guidelines: Funds for municipalities linked to art. 27 of Legge Salva Italia Funds for social housing New season of retail funds (?) Maybe good opportunities linked to the peculiar configuration of today s Italian real estate market New BoD, reinforced with the appointment of new three high standing independent board members (deal makers) 10

11 Investor day agenda 9.30: The Italian office real estate market: focus on Milan and Rome by Alessandro Mazzanti, CEO CBRE Italy 10.00: Introduction to business activity by S. Vittori, COO 10.00: Presentation on Beni Stabili office portfolio by G. Giannetta, Office Portfolio 10.30: Presentation on Beni Stabili development pipeline by A. Arvalli, Development Services 11.00: Presentation on Telecom Italia portfolio by A. Astier, Business Development and Telecom Italia Portfolio 11.30: Presentation on Beni Stabili retail portfolio by M. Moretti, Retail Portfolio 12.00: Briefing on the Italian financial environment and Beni Stabili financing by L. Lucaroni (CFO) and E. Gruber (Corporate Finance) 12.20: Closing remarks by Aldo Mazzocco (CEO) 12.40: Buffet lunch 13.40: Site visits 17.30: Drink reception 11

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