Fund & Asset Manager Rating Group

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1 Full Rating Report Real Estate Asset Managers / Italy Asset Management Rating (Real Estate) Rating Criteria Company & staffing Risk management & controls Investment selection Portfolio management Source: Fitch Investment administration M3 Rating Definition Asset manager operations demonstrating limited vulnerability to operational and investment management failure Key Rating Drivers Established Manager, Domestic Franchise: s (Fabrica) rating reflects the company s experience and track record, institutional focus and domestic franchise as the country s sixth largest real estate management company. However, it also accounts for the weaker financial profile of Fabrica s key shareholders, Banca Monte dei Paschi di Siena SpA (BMPS; BBB/Stable/F3) and FGC SpA (Caltagirone Group, unrated). Strategic Partnership, Diversification Ahead: A strategic partnership with CBRE Global Investors was signed in December 2012 to promote co-branded funds and investments outside Italy. Fitch considers this to be a key milestone in the company s development as it opens geographic diversification opportunities. Tax Reform Impedes Growth: The enforced liquidation of two funds to end-2016 due to a change in the tax regime of Italian real estate investment funds will lower Fabrica s assets under management (AuM), weaken financial resilience and dent its track record of profitability. Fitch believes, however, fund growth will resume in the next couple of years with new institutional mandates and additional offerings should market conditions improve. Furthermore, the average fund duration of the company is above its peers. Systematic Risk Management: Fabrica has an established three line defence model based on internal risk management, compliance and internal audit. The score benefits from a systematic operational risk management, including staff self-assessments. Fitch expects more input from the application of stochastic risk models and stress testing by the newly hired head of risk management. At the same time, it is essential to build upon the quality of the established bottom-up risk analysis. Research-Oriented Approach: The firm has research-oriented investment expertise which covers a broad set of different real estate property types and strategies. It benefits from process-driven asset selection and portfolio management, supported by a well-structured operational platform and workflow management. Disciplined Portfolio Management: Fabrica s ex-ante fund budget planning, with its integrated control and review cycle, is the key management tool for portfolio staff. Non-core functions (facility and property management) are outsourced based on service level agreements and key performance indicators. There is consistency in the management approach and strength in tenant management. The financial management is conservative as demonstrated by low leverage compared with the market and the lack of financing risk to Institutional Mindset: Fabrica has a well-established investor servicing capacity. Reporting largely reflects regulatory requirements. Transaction processing benefits from a dedicated middle office function and tested routines. There is an improved level of automation and an increased capacity to convert accounting/administration data straight into control data. Valuations and their underlying approaches are actively monitored. Analysts Roger Schneider Alastair Sewell Partnership, Funds Need Developing: The strategic partnership is in its early stages and needs to be developed to increase the company s competitive edge. The envisaged launch of new funds and execution of existing funds business plans is potentially constrained by illiquid markets. Fabrica also needs to maintain stability and maximise the benefits from increased analytical resources and client outreach, given staff turnover in

2 Manager Profile Fabrica was created in 2003 and started operations in July The company is dedicated to the development, promotion and management of (closed-end) real estate investment funds for institutional clients and private savers. At end-june 2012, Fabrica managed one retail fund and eight funds for qualified investors, both in the form of ordinary funds as well as contribution funds, with gross AUM of EUR2.5bn. The strategic focus of the company is on core and value-added property investments located exclusively in Italy, across various regions. Two of its funds follow opportunistic strategies. The company has special expertise in residential development projects. Property types span primarily offices and residential investments, but also include diversified exposure in clinics, health care properties and universities. Address Via Barberini Rome, Italy Parent/affiliates Website CEO Marco Doglio Type of organisation Real estate asset management Head of strategy Paolo Zappacosta company and development Year founded 2003; operational in July 2004 CFO Head of risk 49,99 % Fincal S.p.A 49,99 % Banca Monte dei Paschi di Siena SpA, 0,02 % Individual Investor Nicola Fobia Luca D Antrassi Riccardo Corsi planning and control Domicile, place of incorporation Italy Key portfolio manager Alessandro Belli Luca Petrichella Vincenzo Zubbo Registration(s)/jurisdiction(s) Bank of Italy; Consob No. of portfolio managers 11 (at end-2012) Ownership No. of employees 40 (at end-2012) Assets Under Management AUM Growth (Gross) Institutional funds (EURm) 3,000 2,500 Retail funds Breakdown by Region (As at end H112) South 5% North-East 4% 2,000 1,500 1, North-West 25% Center (Rome) 66% H Source: Fabrica Source: Fabrica AUM Breakdown by Property Use (As at end H112) Campus/Universities 10% Health facilities 12% Other 2% Offices 34% NAV Breakdown by Fund Unit-Holder (As at end H112) Cooperatives 4% Financial institutions 6% Retail 4% Other 2% Pension funds 48% Retail 13% Residential 29% Private investors 36% Source: Fabrica Source: Fabrica Related Criteria Rating and Reviewing Real Estate Asset Managers (June 2009) 2

3 Rating Key rating drivers M3+ Strengths Experienced and recognised Italian real estate management company; diversification opportunities to promote investments outside Italy following the recent partnership with CBRE Global Investors Research-oriented investment expertise over a broader set of different real estate property types and strategies Process-driven asset selection and portfolio management, well-structured operational platform and workflow management Challenges Developing the strategic partnership with CBRE Global Investors to gain leverage for a stronger competitive edge Launching new funds and execute existing funds business plans in less liquid markets Maintaining staff stability and maximise benefit from increased analytical resources and client outreach Score Company & staffing 3.00 Weakened financial profile of Fabrica s key shareholders (BMPS; BBB/Stable/F3) and FGC SpA (Caltagirone Group) Accomplishment of a key milestone by forming a strategic partnership with CBRE Global Investors for development and management of cobranded funds Track record in real estate fund management, institutional focus; Italy s sixth largest real estate company Liquidation of two funds due to a change in tax regime of Italian real estate investment funds weakening Fabrica s financial resilience despite current profitability Challenge to extend average fund duration with new institutional mandates Quality of staff, despite heightened turnover in key functions in 2012; good replacement capacity Challenges for new staff to adapt to the existing workflow framework; particularly in risk management Risk management & controls 2.75 Established three line defence model: internal risk management, compliance and internal audit Effective compliance and internal audit controls performed on formal plans, approved by audit board; tight follow up on recommendations Systematic operational risk management procedures based on comprehensive risk mapping including self- assessments Good third party service oversight based on service level agreements and key performance indicators More input from stochastic risk models and stress testing by newly hired new head of risk management; adherence to established bottom up risk analysis remains essential element for quality of risk surveillance Thorough financial risk identification; limited leverage compared to market peers Strong capacity to challenge valuations of independent experts based on proprietary models Investment selection 2.75 Diligent ex-ante evaluation of fund strategy and objectives (both for collection and contribution); prudent assessment of return expectations Research driven approach with added resources; extensive proprietary data base for market and property type evaluation Opportunities to leverage on CBRE Global Investors market insight Competitive access to on- and off-market transactions enhanced through CBRE partnership Disciplined and organised multi-step selection process based on in-depth evaluation and analysis of properties Formal (external), systematic technical due diligence procedures Challenge to perform funds business plan disposals in less liquid conditions; responsive to align prices to market Portfolio management 3.00 Structured workflow based on ex-ante fund budget planning as key management tool; integrated control and review cycle All non-core functions outsourced (facility and property management, technical due diligence) Intensive tenant management as key value driver Additional specialist expertise expected from CBRE Global Investors relationship acting as advisor Conservative financial management; low fund leverage, no refinancing risk to 2015 Investment administration 2.75 Institutional mindset and servicing capacity; reporting standards reflecting regulatory requirements Established middle office function enabling routine in transaction processing; cooperation with recognised custodians and administration service providers Improved and good level of automated transformation from accounting/administration data to control data; further progress expected Active role in reviewing and streamlining valuation approaches without compromising independency of valuation agents 3

4 Tri-party ownership Weaker financial profile of main shareholders Fabrica profitable Company & Staffing Shareholding & Financial Standing (Fabrica), based in Rome, was founded in 2003 as a joint venture between Caltagirone Group and Montepaschi Group and became operational in July It has had a tri-party ownership base since July 2010 when the Bank of Italy approved related transactions to exercise call options on the stake of a previous shareholder (Management Immobiliare S.r.l.). A stake of 49.99% is owned by Fincal SpA, a subsidiary of FGC SpA (Caltagirone Group), a stock exchange listed industrial conglomerate active in construction, cement, media, real estate and financial services. FGC SpA (unrated) reported a consolidated loss of EUR1.6m for the first nine months of 2012 following a profit of EUR22.3m over the same period last year. Figure 1 Fabrica SGR - Shareholder Structure (As at end June 2012) Banca Monte dei Paschi di Siena 49.99% Source: Fabrica Individual investor 0.02% Fincal S.p.A 49.99% Another stake of 49.99% is owned by BMPS following a merger by incorporation of the previous stakeholder MPS Investments SpA in December BMPS is Italy s third-largest banking group with a significant market share in customer deposits and lending. Fitch affirmed BMPS's IDRs at BBB, Support Rating at 2 and Support Rating Floor at BBB on 1. It reflects Fitch's view that there is a high probability that the Italian authorities will continue their support to BMPS beyond the current undertaking to provide about EUR4bn of capital in the form of hybrid instruments. The new hybrid instruments that the bank is expected to issue include an option for the bank to convert them into common shares, which underpins Fitch's view that the authorities would provide support to the bank. The remaining small share of 0.02% is owned by Alessandro Caltagirone. Although formally no majority shareholder exists, Fitch sees the interests of the private shareholder aligned with those of Caltagirone Group. Fitch considers the financial profile of Fabrica s key shareholders as comparably weak. Fabrica essentially needs to rely on its own revenue generation to fund its growth or alternatively search for additional shareholders. Fabrica has a track record of profitability and reported an operating profit before taxes of EUR2.1m at end-june However, Fitch expects the financial profile of the company to weaken as the unplanned liquidation of two funds related to changes of the tax regime for Italian real estate funds will impact its revenues significantly in the next two years. Fitch expects such growth to resume organically with new institutional mandates but also sees risks from current unfavourable market conditions, as reflected in the score. A strategic partnership with CBRE Global Investors has been signed in December 2012 which in Fitch s view is a key milestone to broaden further Fabrica s business. The agency also takes comfort from the fact that Fabrica s average fund duration of about ten years is above peers. Recognised market player Institutional profile Broad offerings across property type and risk spectrum Experience in the Asset Management Industry Fabrica is Italy s sixth largest real estate asset manager. The company launched its first two funds in One is dedicated to greenfield residential developments and the other is specialised in construction of university buildings and other areas with high social content. Both have remained a key expertise of Fabrica. Following detection of certain organisational weaknesses, Fabrica s board implemented a strategic repositioning project in 2009 under a new CEO. It took a needed step to institutionalise its business, improve transparency and governance and reach out to noncaptive private and institutional investors. This project is by now fully completed and has resulted in a strong organisational framework with tightly monitored business processes. It gives Fabrica the needed flexibility to analyse and propose real estate based investments with an unbiased view, underpinned by a structured and experienced asset management. 4

5 In November 2010 the company accomplished a key milestone for an Italian pension fund institution with the launch of a cash subscription fund. It was followed by a similar fund in Activities today span wider offerings across property types and the risk spectrum but essentially remain anchored on income generation through core and-value added properties. At end-june 2012, Fabrica managed one retail offering and eight reserved funds dedicated to institutional investors of which three, however, will be run-off. It launched a new institutional fund specialised in university/campus buildings in November 2012 which started operations in December The strategic partnership with CBRE Global Investors to promote co-branded funds and investments outside Italy will open geographic diversification opportunities. CBRE Global Investors is one of the world s largest real estate investment management firms with USD92.0bn AuM at end Fitch recognises the strength and global reach of this partner despite the fact that the relationship is in its early stages and needs to be developed to increase Fabrica s competitive edge. Regulated asset manager Asset management sole focus Established corporate governance Corporate Independence and Governance Fabrica is regulated by Italy s supervising authorities, the Bank of Italy and CONSOB. The CEO and management team pursue daily operations independently while strategically focusing on three year business plans approved by the board. Real estate asset management is the company s sole focus. Fabrica follows established corporate governance procedures. Its board of directors, currently seven members, comprise two independent directors. Investment decision making is supported by an investment committee of five members of which four are non-board members. However these are directly or indirectly linked to the main shareholders. As stipulated by regulation a board of auditors is in place consisting of three permanent specialists and two supporting members. Fabrica has given itself a defined code of ethics and adheres to provisions set by Assogestioni, Italy s asset manager association, in its code of best practices for asset management companies (protocollo di autonomia). All of its funds are externally audited by a recognised global firm as well as the company itself. Staff turnover in 2012 Good replacement capacity Key man risk prevailing Staffing Fitch considers Fabrica s staffing adequate for the current size of the company and in line to accomplish the required segregation of responsibilities. Nevertheless, capacity constraints can occur in areas that are demand sensitive such as business development (project planning) and result in high workloads. Senior staff is experienced and qualified. However, Fabrica hasn t reached its desired level of stability since a new team took over responsibility in 2008/2009 due to the competitive nature of the industry with strong demand for related qualifications. In 2012 key staff such as the head of risk, head of compliance and a research specialist left the firm. Nevertheless, Fabrica demonstrated a strong replacement capacity with new hires in a reasonably short time frame. Integration of such staff is swiftly accomplished by the strong organisational framework of the company that clearly defines staff roles, scope of activities, reporting and workflows. Systematic risk management framework Effective compliance and internal audit Fitch recognises that key man risk is prevailing at Fabrica as is the case for companies of similar size. However, the strategic partnership with CBRE Global Investors offers opportunities to share knowledge and allow insight into each other s specialist expertise. Risk Management and Controls Control Organisation Structure Fabrica has tightly organised its risk management framework. It applies a three line defence 5

6 model: The risk management function covers an established inventory of key risks with a particular focus on tenant monitoring. The compliance and audit functions operate separately, all being fully independent. Fabrica has consistently built and integrated its internal risk and control oversight into its operational framework. It benefits from bottom-up risk planning and, compared with its peers, from an advanced level of automated risk data generation. Risk oversight is also facilitated by the fact that the number of funds and individual properties to be monitored remains low despite the general scalability of risk processes. In Fitch s view it renders the need for a dedicated risk committee beyond regulatory board/audit board oversight as practically all relevant information is gathered and shared among key staff. Fitch considers Fabrica s risk and control organisation well suited to meet its obligations and fiduciary responsibilities towards its clients assets. Strong operational risk management Risk mapping and staff selfassessments Tight control on third party services Compliance, Procedures and Controls Fabrica s compliance and a separate audit function systematically perform their duties based on formal plans approved by the audit board. Both ensure control effectiveness particularly in the sensitive risk areas such as compliance with the country s anti-money-laundering provisions or monitoring of conflicts of interests. Fabrica s control oversight leverages on its strong operational risk management which in Fitch s view ranks the company ahead of its peers. The company has systematically mapped 12 instrumental processes with defined control entry points and follow up procedures. A regular yearly self-assessment as part of best practice is conducted with staff to assess the quality of controls. All findings are thoroughly documented and reported to the board which is the ultimate body for resolution. Audit keeps a tight track of recommendations. Fitch also considers the monitoring and controls of services provided by third party agents as strong. Based on a formal policy all such relationships are covered by service level agreements and include key performance indicators. Unsatisfactory business performance will be directly reported to the board which Fitch believes is essential given the level of services that are outsourced. Fabrica actively monitors accuracy of property prices particularly as some of its properties like universities or health facilities lack comparable peers unlike offices. This obligation by law is delegated to independent external valuation experts operating under the provisions of the Bank of Italy. Second level controls include an assessment of the underlying methods and assumptions that lead to the final valuation price. Fabrica supports this process which has been challenging by the lack of market liquidity in 2012 with the insight of its research team and a working relationship with Investment Property Databank (IPD) Italy. Careful ex-ante risk evaluation Blended top-down/bottom-up real estate risk management Stress testing and scenario analysis Real Estate Risk Management A careful and diligent ex-ante risk evaluation of projects and planned fund launches is an integral part of Fabrica s business planning. Funds are clearly categorised by their risk-return expectations and individual key performance indicators are set to effectively conduct the monitoring. Fitch recognises in particular the consistent risk documentation of Fabrica s funds. Fabrica blends top down considerations evaluated from the market and sector monitoring of its research team with a bottom-up generated broad set of measures for individual risk identification. These refer both to portfolio managers obligations as well as the dedicated risk manager. Fitch therefore believes that a holistic view on property risks is ensured. The newly hired risk manager brings in a model based approach to check consistency of the funds underlying business plans. It adds forward looking elements and identifies deviations at an early stage. He will also enhance the top-down inputs from the application of stochastic risk 6

7 models and simulation-based stress testing. Fitch has not evaluated the effectiveness of these models as part its on-site review as the risk manager at that time has just started his job. However, Fitch expects him to build upon the quality of the established bottom-up risk analysis. Fabrica has developed a proprietary grading approach for evaluation of its tenant s credit and solvency profile. Fitch recognises its quality which is instrumental as a number of properties are mono-tenant. In such cases rental delays or delinquencies of cash flows can be very detrimental to fund performance. Liquidity risk monitoring key in current environment Italian closed-end funds by their design and over their life have limited liquidity risks as they are not impacted from fund redemptions. However the current market illiquidity threatens funds coming closer to maturity that may struggle to generate the cash needed from sales for final pay-out. Despite regulatory provisions for such cases (grace periods), it highlights a key challenge for all Italian management companies. The stressed environment in 2012 has Fabrica led to actively review adequacy of the funds underlying business plans and refine those for funds moved into liquidation. Fabrica generally applies a conservative approach regarding the use of leverage in its funds. Its average 22 % loan to value ratio end-h112 has remained notably below the average market level. Fabrica s funds have no refinancing risk of maturing loans before end Investment Selection Strong contribution from proprietary research Good market access Recognised external specialists used for due diligence Fabrica investment selection capacity as well as the asset allocation of existing funds is supported by its research-driven approach. In July 2012 the company added an additional analyst. The team manages a comprehensive proprietary database for market and property type evaluation. It practically screens all direct investment transactions and rental agreements including such private information. The team has established relationships with external research bodies such as IPD, the Royal Institution of Chartered Surveyors (RICS) but also CBRE Global Investors. There is a high degree of integration within this team allowing it to arrive at informed and tailormade investment decisions. It well reflects the fact that the majority of funds is based on cash contributions rather than contributed assets. The depth of analysis also allows Fabrica to credibly propose different property types to meet sponsors fund objectives without necessarily having invested in them before. Fabrica has demonstrated a skill to propose reasonable and achievable expected return targets within a consistent fund strategy. All planning includes risk considerations and the required level of capital expenditures, an important performance driver for contribution funds, is carefully evaluated to match the given return objective. Fabrica has good market access for both on- and off-market transactions. Despite the already established network, Fitch expects this to intensify given the partnership with CBRE Global Investors primarily for advice on property outside Italy which otherwise would be more difficult to accomplish. Fabrica has outsourced legal and technical due diligence to recognised external specialists. Fitch finds the relevant documentation overall systematic, complete and a solid base for decision making. The process to conclude transactions is quite similar to other real estate companies. Various steps are performed from identification of opportunities, requirements to move to the next level (investment committee) until final board approval for acquisition/disposal. This process is well structured, systematic and supported by a consistent documentation of the key investment driver, financial analysis and risk evaluation. 7

8 Experienced hands-on management Focus on key value drivers Reliable outsourcing partner (property/facility management) Portfolio Management Property Management Fabrica has three dedicated team leaders in portfolio management and applies a structured and hands-on approach. Managers core task is the execution of the funds asset allocation and pre-defined enhancement/maintenance strategy which is detailed in every individual fund s planning document. Portfolio managers work bottom-up with a focus on monitoring of the funds key value drivers, for example a deep knowledge of tenant requirements to provide optimal spacing. Despite the fact that Fabrica works with a reliable outsourcing partner for property and facility management PMs relationship management is instrumental for enforcement and timely delivery of services. In Fitch s view Fabrica can still afford to refrain from centralised functions given the lower number of their funds. Management benefits from strong internal communication including liaison with research staff and risk management. The establishment of the middle office has also lowered the administrative burden although a certain degree of manual tasks prevails. Like for its peers, the drop in market liquidity has led to an interim review of business plans and expected internal rate of return (IRR) targets which required adjustment to the stressed environment. Also other economic measures that impact the future value of the fund such as rent assumptions have been critically reviewed. In particular risks on timely disposals for funds that mature in the next two years have increased and in some cases made price concessions necessary. Financial Portfolio and Liquidity Management Fabrica s administration and finance department is the central point for initiation of all payments. Cash flow and liquidity management is integrated into the fund planning document and is fairly predictable (except for the increase in property taxes). It includes the calculation of working capital required, for which the portfolio manager takes responsibility. Fabrica does not seek to optimise the financial part of portfolios by taking interest rate risks beyond 1-month time deposits. It typically transacts with a small selected number of banks including BMPS. Such transactions are conducted on a modern e-banking platform. For one of its funds the financial management is outsourced to a different management company. The financial structure and leverage of the funds requires board approval. As mentioned, Fabrica on aggregate applies a lower level of portfolio leverage when compared to the industry, based on information provided by Assogestioni. Loan-to-value ratios are tightly controlled. Fabrica uses very few financial derivatives. At end-h112 it had just one interest rate swap outstanding. Sales Process Fabrica s property sales processes are well structured. The sales planning is supported by the firm s research team. Their monitoring provides for optimisation of market timing depending on investor demand and liquidity. Institutional mindset and servicing capacity Standard reporting Investment Administration Reporting and Communication Fabrica is a recognised name in Italy s real estate market but not commonly known outside its home market. The company is committed to provide best practice on transparency. It maintains an updated web page for general and public information and a dedicated reserved area for institutional investors for detailed fund information. 8

9 Fabrica s dedicated small team for business development and investor relations is customer centric and provides good servicing capacity. However, the company needs to extend outreach further to attract a larger number of institutional investors and to discuss more intensely their specific requirements. Given the related costs and time required for project planning the company needs to achieve a reasonable hit-ratio on its proposal to investors which is challenged in the current market environment. Fabrica like other real estate managers prefers to focus on direct contact communication rather than expressing market views more publicly. The company provides uniform but standard investor reporting following board approval of the funds financial accounts in line with its peers. Intervals are typically semi-annual. However, a clear rationale for an investment decision is given. Fitch believes that despite the fact that reporting is generally not considered a source of value-added in Italy, the application of European standards will enforce more granularity, particularly on risk considerations and metrics. Centralised middle office team Recognised custodians and administration service provider Established workflow for transaction processing Operating Processes and Procedures Fabricas operational model is robust and largely based on the services provided by key outsourcing partners. This comprises property and facility management, technical support, and due diligence services. Custodians and support for accounting are executed by recognised specialists. Vulnerability in such operating process is limited by the experience of such providers and a stringent quality review process Fabrica has implemented a central middle office team of three staff which act as intermediate between third parties, fund managers and accounting. This not only lowers the burden on portfolio managers, but also allows central oversight and generation of clean data. Second level controls are, as per regulation, additionally performed by the custodian bank. Fabrica applies a monthly shadow book-keeping and reconciliation process in liaison with its administration service provider. The company copes well with the lack of uniform and standardised valuation approaches by individual appraisers. However, the firm s research strength, a database for specific sector comparables, adds needed insight without compromising the independency of valuation agents. Ultimately all valuations are subject to board approval. Modernised IT platform Improved level of automation More control data directly generated IT Fabrica s IT platform was modernised in 2011 to effectively support its business processes. The company uses two core software applications and databases: Esse-RE, the related database for property management and the lease cycle, and NAV Square, the accounting engine. Interfaces are established for direct access of service providers into Esse-RE. The middle office function first validates and clears data before submitting to the accounting tool. The interconnection between the two databases itself has been brought to an advanced level that simplifies extraction of quality data. There is an improved level of automation, lower use of spread-sheets and an increased capacity to convert accounting/administration data straight into control data. The platform supports the current number of funds and relatively low number of properties in total, but equally provides the necessary scale for further business growth. Fabrica has basic business continuity procedures in place largely for data recovery. It can access an alternative working site in its neighbourhood. 9

10 Appendix Figure 2 Fabrica s Closed-End Real Estate Funds Funds (as of end-june2012) Inception AuM (EURm) Type End date (initial) Retail funds Fondo Socrate 26 Mar Cash subscription 31 Dec 17 Fund reserved for qualified investors Fondo Aristotele 11 Jul 05 Non public Cash subscription 18 Jul 30 Fondo Seneca 01 Sep 05 Non public Asset contribution 01Sep 35 Fondo Pitagora 27 Jul 06 Non public Cash subscription 12 Oct 15 Fondo Etrusco 21 Dec 06 Non public Asset contribution 31 Dec 16 Fondo Naviglio 27 Jun 07 Non public Asset contribution 27 Jun 17 Fondo Forma Urbis 02 Aug 07 Non public Asset contribution 03 Aug 37 Fondo Inarcassa RE 19 Nov 10 Non public Cash subscription 31 Dec 31 Fondo Cartesio 04 Apr 11 Non public Cash subscription 04 Apr 26 Source: Fabrica SGR 10

11 The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. Copyright 2013 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza, NY, NY Telephone: , (212) Fax: (212) Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch s ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed. The information in this report is provided as is without any representation or warranty of any kind. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion is based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at anytime for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. 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