Telecom Italia Portfolio Beni Stabili Investor Day

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1 Telecom Italia Portfolio Beni Stabili Investor Day Milan, June 6 th 2012

2 Core Office Portfolio / Beni Stabili Investor Day / Milan, June 6 th 2012 ALEXANDRE ASTIER Business Development & Telecom Italia Portfolio Since 2008 in Beni Stabili Siiq, at present Head of Business Development & Telecom Italia Portfolio Degree in Engineering from La Sapienza University in Rome MBA from London Business School Previous work experience: Head of Real Estate Corporate Finance at BNP Paribas Real Estate M&A at Lehman Brothers Fixed Income Sales and Trading at JP Morgan Rome, Corso Vittorio Emanuele 2

3 Telecom Italia portfolio: overview In December 2000 Beni Stabili acquired the portfolio of the first sale&lease back of Telecom Italia ( TI ) assets, worth approximately 2.9bn at the time Over 400 properties located in key economic regions and major cities throughout Italy Constituting the Italian telecom infrastructure network Leased back by TI over long term double net leases (21 years plus 6 years) Currently BS s TI portfolio accounts for 185 assets, worth 1.85bn (42% of the total portfolio) generating 120.5m of annual rents (54% of total portfolio) 3

4 Telecom Italia portfolio: our mission Maintain high levels of recurring cash flows from the portfolio Improve the partnership with TI providing full landlord support and maintaining an open dialogue Active asset management in order to re-balance the overall Group exposure to single tenant risk, preserving the real estate quality of the portfolio 4

5 Our activity: providing full landlord support to TI for all their needs in order to foster the partnership Vicenza, Palazzo Porto Breganze Milan, corso Monforte Mantova, via Corridoni 5

6 Telecom Italia Portfolio: a partnership with TI on the telecom infrastructure of the Italian country 0.8% Valle d Aosta 6.0% Piemonte 2.4% Liguria 0.3% Sardegna 22.9% Lombardia 2.8% Trentino Alto Adige 11.6% 5.3% Veneto Emilia Romagna 1.2% Friuli Venezia Giulia 4.3% 0.6% 0.7% Toscana Marche Umbria 16.9% 1.0% Abruzzo 0.2% Molise 1.1% 12.5% Lazio Puglia 1.5% Basilicata Campania Portfolio Stats: # assets: 185 Annual rent: 120.5m Market value: 1,851.1m GLA: 1,236,120sqm Yield: 6.5% Occupancy: 100% Value per sqm of GLA: 1,498 Tenant: Telecom Italia (Baa2, BBB, BBB) Range # assets IAS value ( m) Between 0m and 5m Between 5m and 10m Between 10m and 20m Between 20m and 50m Higher than 50m TOTAL 185 1, % Calabria 5.8% Figures as at 31/03/2012 (geographical breakdown based on IAS values) Sicilia 6

7 A balanced mix 100% 90% 80% 70% 60% South & islands South & islands Centre Centre Others Others Periphery & outskirts 50% 40% North Rome Inner ring 30% 20% North Milan Rome City centres 10% Milan 0% 7

8 14% of value located in Milan % on Telecom Italia portfolio: 14% Number of assets: 10 Total GLA: 121,939sqm Physical occupancy: 100% Average lease expiry: 9.8 years Asset location: 16% central Market value: 251.3m City centre Inner ring Periphery On a 1:2 km scale 8

9 15% of value located in Rome % on Telecom Italia portfolio: 15% Number of assets: 14 Total GLA: 135,024sqm Physical occupancy: 100% City centre Inner ring Periphery On a 1:2 km scale Average lease expiry: 9.8 years Asset location: 21% central Market value: 280.7m 9

10 Our activity: reduction of TI exposure through disposals Latina, via Monti Lepini Latina, via Duca del Mare Disposals by timeline ( m): more than 230m of disposals with an average exit cap rate of 5.5% FY 2008 FY 2009 FY Q Q Q Q Q Q 2012 Preliminaries in place

11 Benchmarking of telecom asset disposals in Italy ( ) Annual disposals (identified assets only) m Average exit yields 7% 6.7% % 5.8% 6.0% 5.5% % 4.9% 5.3% 5.5% % 4.5% Beni Stabili The market Beni Stabili The market (weighted) Source: fund data and BS estimates 11

12 Portfolio financing: overview Portfolio open market value (OMV): 1,851m Outstanding debt (as at 31-mar-2012): 686m Original debt (nov-2002): 1,168m Periphery The loan was securitised in nov-2002 with the emission of 12 different tranches of CMBS & of different Centre Others maturities and risk profiles as shown in the table below outskirts In the first half of 2009, Beni Stabili bought back just under 110m of ImSer notes capturing a significant discount due to the stressed market conditions of CMBS issues in the midst of the subprime crisis Inner ring North Rome Class of Notes Rating Fixed / Original Amount Completely Amount Outstanding Spread / Fixed Floating Outstanding ( m) reimbursed by 31-Mar-12 ( m) Rate A1a NR Floating Mar % A1b NR Floating Mar % Milan City A2a A Floating Sep % A2b AA- Floating Sep centers 0.36% A3a A Fixed Sep % A3b A Floating Mar % B1 BBB Fixed Sep % B2 BBB Floating Mar % B3 BBB Floating Mar % B4 BBB Floating Jun % B5 BBB Fixed Sep % C NR/NR/NR Fixed Sep % Total 1,

13 A success story Examples of asset management activities with value creation for BS (and for TI): Cortina Largo Poste: disposal price allowing a large capital gain, to an acquirer interested in a re-development into residential units Periphery & Centre Others outskirts Milano via Compagnoni: disposal of only a non-used portion of the asset for residential use and pro-rata reduction of rents for TI Schio via Veneto: asset not strategic for TI was sold to a final user. Following Inner the ring disposal TI vacated the property and stopped paying the rent Firenze piazza Costituzione: following the disposal the lease agreement was substituted with a shorter 6 years + 6 years lease more favourable to TI as the acquirer had medium term projects on the asset Cortina, largo Poste Milano, via Compagnoni Schio, via Veneto Firenze, piazza Costituzione 13

14 Why we have high confidence in the future Strengths Strategic Assets for TI (Italian Telecom Infrastructure) Strong covenant Long term double net lease Low value per sqm Strong relationship with TI Consolidated and skilled divesting team Weaknesses Operating in a fragmented real estate market with competing sellers Opportunities Strong relationship with the tenant Significant unexpressed real estate value Threats Evolving technology 14

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