A Transforming Deal on Telecom Italia Portfolio

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1 A Transforming Deal on Telecom Italia Portfolio 1

2 TELECOM ITALIA PORTFOLIO HAS BEEN KEY FOR In 2000, Beni Stabili invested in Telecom Italia s first sale and lease-back ( 2.9bn portfolio) The portfolio included Telecom Italia most strategic properties Sale & lease-back > 227 asset > 21 year leases Portfolio refinancing - Securitisation Termination of securitisation Major lease extension 15-year firm > Lease extension from 6.4 to >15 years > Agreed capex plan on selected strategic assets ( 38 m) Landmark re-financing of Telecom Italia portfolio ( 810 m) Acceleration of Beni Stabili announced strategy 67% of Beni Stabili total portfolio > Buyback by TI of large technological assets at OMV ( 126 m) 41% of Beni Stabili total portfolio 2

3 AND TODAY IT IS A QUALITATIVE APPEALING INVESTMENT Geographically Diversified Portfolio with Strong Concentration in Northern Italy 145 assets let to TI 100% Italy 98m passing GRI 100% occupancy 14+6 years average lease maturity Attractive location Macro: 80% (by value) in top 4 cities + Northern region Valuation levels Low capital values (c. 1,500 / sqm) and passing rents (c. 92 / sqm) - 1.5bn total portfolio value 6.4% gross yield Risk diversification c. 40 large assets in Northern regions / large cities c. 100 smaller assets with proven liquidity Other Centre & South 20% Other North 39% Vale D Aosta <1% 6% Piemonte Milan 17% Rome 10% Naples 11% Turin 3% 3% Lombardia 27% Llguria Sardegna <1% 3% Veneto 12% 6% Trentino Alto Adige 1% Friuli Venezia Giulia Emilia-Romagna Toscana 4% Umbria 1% Marche 1% Lazio 12% 1% Abruzzo <1% Molise Campania 12% 6% Sicilia 1% Puglia 2% Basilicata 2% Calabria 3

4 TO ALLOW FOR A TRANSFORMING TRANSACTION Creation of a New Dedicated SICAF 1 to manage the TI portfolio Transaction Structure New internally managed SICAF controlled by Beni Stabili, to host entire Telecom Italia portfolio SICAF incorporation process in advanced stage: Objective to obtain approval from Bank of Italy by early % 20% 20% Contribution of the entire TI portfolio at value in line with June 2016 appraisal values by 1Q2017 ( 1.54 bn) Transfer of mortgage loan together with the assets ( 810 m) Beni Stabili will keep 60% of the SICAF share capital, while two major international investors, Crédit Agricole Assurances and EDF Invest, will each acquire a 20% stake Real estate service contract SICAF New Mortgage Debt Beni Stabili will provide real estate services to the SICAF The transaction represents an equivalent of around 620 million of Telecom Italia assets Telecom Italia Portfolio A landmark transaction confirming the appeal of Italian real estate for long-term international investors 1 Società di Investimento a Capitale Fisso ( SICAF ) is a closed-ended collective investment vehicle ( organismo di investimento collettivo del risparmio chiuso ) with the legal form of a limited company ( Società per Azioni ) with fixed capital, authorized by the Bank of Italy (after consulting Consob). 4

5 IMPLEMENTING STRATEGY IN THE NEW SICAF Portfolio Today Portfolio strategy Total Portfolio GAV 1,54bn Active asset management Geographical Breakdown 20% Top 4 Cities (1) Other North Other Centre & South 39% 41% Focus on Core assets in top 4 cities + Northern Italy # Assets 145 Reduce number of assets WALB 14.1 years Maintain a high lease duration Continue a dynamic asset management strategy enabling to extract value Notes 1. Milan, Rome, Turin, Naples 5

6 WHILE OPENING A NEW CHAPTER FOR GROWTH AND VALUE CREATION IN THE GROUP Proforma Diversify tenant base Target 2020 > 20% of TI portfolio vs 39% in June % Reduce LTV Target 2020 > Below 45% LTV vs 50% in June points Focus in Milan Target 2020 > 80% of the portfolio vs 51% in June % A completely reshaped and improved real estate and financial profile 6

7 CLOSING REMARKS To sum up, this milestone transaction A better quality portfolio: improved real estate and balance sheet quality In line with European peers It is just the beginning: stronger capacity for the development pipeline/acquisition plan A new stage of the announced company strategy 7

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