PROVINCE. Lombardy - Italy. Copyright 2013 World Capital. All Rights Reserved.

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3 MONZA & BRIANZA PROVINCE Real Estate Market -1st Semester 2013 Lombardy - Italy Index: Introduction Office real estate market Province and Municipality Lease Trend - Across the Globe Retail real estate market Retail High-street market Industrial real estate market Province Europe prime industrial cities - lease rate Hotel real estate market Hotel & tourism attractions Tourism flows Hotel investment Appeal Index

4 France Switzerland Austria Slovenia ITALY 1

5 Maggiore Lugano Como Varese Idro Garda LOMBARDY REGION 2

6 Lombardy s GDP GDP Year GDP Millions of euro GDP per capita-euro , , , , , , , , , , , , , , , , , , , , , , , ,5 Source: ISTAT, Italian National Institute of Statistics Provinces of Lombardy Province Population Area (km²) Municipalities (n ) Bergamo Brescia Como Cremona Lecco Lodi Mantua Milan Monza & Brianza Pavia Sondrio Varese Lombardy ,62 Italy Source: ISTAT, Italian National Institute of Statistics 3

7 A51 A9 A26 Maggiore Lugano Como A22 Varese PEDE MONTANA Idro Garda A4 BREBEMI A4 A21 Borni- Mortara A1 A7 Regional Road Transport System 4

8 Monza & Brianza Province The province of Monza and Brianza is a driving force for the development and growth of the Italian economy. With more than 90,000 firms, 64,000 active concerns in 2011 and an increase of 1.1% in one year, the flourishing economy of Monza and Brianza is proof of the vitality of its business environment and the appeal it holds for foreign investors.

9 Foreign companies percentage by sector Metalworking (inc, alloys) 2,10% 1,50% precision mechanics equipment Plastic products 2,10% 1,50% food derivatives Transport & logistics 2,70% 1,50% Other professional services Metal production 3,00% Electricity, gas & water 5,11% Machinery & mechanical equipment 9,01% Other 19,02% 52,45% Wholesale trading Source: ISTAT, Italian National Institute of Statistics Philippines Morocco 5% 7% Ukraine 7% Romania 17% Foreign Citizens Population First 10 Nationalities Source: ISTAT, Italian National Institute of Statistics Sri Lanka 9% 12% Ecuador Bangladesh 9% Egypt 10% 12% Albania 12% Peru 6

10 OFFICE real estate market Monza & Brianza Province - Office Lease Rate /m²/year Pro-business culture is one of the main assets of the area. Monza and Brianza is known for its creative and innovative entrepreneurs, a business-friendly environment for investors and the economic advantage of "made in Italy" products. Monza and Brianza scores very highly in the Trade Openness Index. Its rating of 120% is higher than Lombardy (62%) and the whole of Italy (43%), proof that the province can contribute to the economic growth and prosperity. It boasts a skilled and dedicated workforce in each of the engineering, electrical equipment, biomedical equipment, furniture, woodwork and high-tech sectors. This is a real asset to businesses and a major factor in the economic success of the region. LEGEND Lecco Sondrio OFFICE CENTRE INFRASTRUCTURE UNDER CONSTRUCTION ACTUAL INFRASTRUCTURE A4 HIGHWAY A51 HIGHWAY RAILWAY LINE Average annual lease price Monza 170 /mq TANGENSIALE EST Bergamo Brescia Venice 140 /mq 110 /mq 90 /mq 70 /mq Milan Milan Monza Municipality - Office Lease Rate /m²/year 240 /mq 220 /mq 200 /mq 180 /mq 160 /mq 140 /mq 120 /mq 100 /mq 80 /mq No office market Streets Highway 300 /mq 240 /mq 220 /mq 200 /mq 180 /mq 160 /mq 140 /mq 120 /mq 100 /mq No office market Streets Highway A4 Highway Min annual lease rate /m²/year A4 Highway Max annual lease rate /m²/year 7

11 1st semester Monza & Brianza Province Lease Trend - Across The Globe Lease rate /sq.m/year Sao Paulo Rio de Janeiro San Francisco Bogota Vancouver Lima London Brussels Moscow Paris Frankfurt Warsaw Madrid Prague Monza Budapest Hong Kong Tokyo Beijing Delhi Singapore Shanghai Mumbai Kuala Lumpur Seoul Sydney Melbourne Latin America- America-Canada Europe Asia Australia Growth Rate% Beijing 20 Sao Paulo Stockholm 5 0 New York Shanghai London Dubai Frankfurt Monza Rome -5 Moscow Barcelona Brussels Madrid -10 Paris -15 Hong Kong Vacancy rate % 31% San Francisco Sao Paulo Rio de Janeiro Vancouver Bogota Lima Budapest Prague Frankfurt Monza Brussels Warsaw Moscow Madrid Paris London Hong Kong Tokyo Beijing Delhi Singapore Shanghai Mumbai Kuala Lumpur Seoul Sydney Melbourne Latin America- America-Canada Europe Asia Australia 8

12 RETAIL real estate market Monza city- Retail High streets Via Vittorio Emanuele II Lease: /m²/year Examples of existing brands: Benetton - Yamamay MaxMara - ORIGINAL MARINES LIO.JO - Coin Accessorize - MAX&Co LACOSTE - MONDADORI Pedestrian Zone Historical Centre Zone Via Italia Lease: /m²/year Examples of existing brands: Foot locker - STEFANEL MARILENA - GEOX goldenpoint - MaxMara ZARA - TEZENIS - Max&Co Luisa Spagnoli - intimissimi 9

13 1st semester Monza & Brianza Province Lease Rate - Monza City /m²/year Country City Prime street Italy Monza Via Vittorio Emanuele II Via Italia Lease Trend - Across The Globe /m²/year Country City Prime Street China Hong Kong Causeway Bay 12,644 22,307 22,764 U.S.A New York Fifth Avenue 18,003 22,047 22,340 U.K London Oxford Street - West 9,353 13,406 13,103 France Paris Avenue des Champs-Elysées 7,310 10,375 11,229 Switzerland Zurich Bahnhofstrasse 7,997 8,164 8,216 Italy Monza Via Italia Australia Sydney Pitt Street Mall 7,544 7,243 7,141 Belgium Brussels Rue Neuve 7,800 7,409 7,115 Russia Moscow Tverskaya 5,769 5,669 5,718 Japan Tokyo Ginza (Chuo Street ) 5,108 5,116 4,965 Germany Munich Kaufingerstraße 4,346 4,103 4,083 Germany Frankfurt Zeil 3,550 3,609 3,620 Germany Hamburg Spitalerstraße 3,157 3,483 3,470 Germany Berlin Tauentzienstraße 2,889 2,738 3,100 China Shanghai Nanjing Road West 2,730 2,772 2,851 China Beijing Wangfujing 2,152 2,495 3,324 S.Corea Seoul Myeongdong 2,085 2,090 2,062 Spain Madrid Puerta del Sol Preciados 2,303 2,487 2,343 India Delhi Khan Market 2,319 2,169 2,174 Brazil Rio de Janeiro Garcia D`Avila 1,340 1,532 1,570 U.A.E Dubai Sheikh Zayed Road BRIC countries Lease /sqm/year 25,000 20, ,000 10,000 5,000 0,000 Hong Kong New York London Paris Zurich Brussels Sydney Rome Moscow Tokyo Munich Frankfurt Hamburg Beijing Berlin Shanghai Seoul Madrid Delhi Rio de Janeiro Monza Dubai 10

14 INDUSTRIAL real estate market Real estate Industrial Key Sectors Engineering Furniture and Design Chemicals (rubber and plastics, biotechnology and pharmaceuticals) ICT Industry is crucial to the economy of the province. This is highlighted by the high number of registered businesses in the sector (22,818), 9,979 of which specialise in manufacturing. Although industry is what 35.5% of the total number of companies in the province specialise in, even more opportunities for investment are to be had in the traditionally strong craft sector. A total of 23,203 registered firms in this sector equates to 36.1% of all enterprises operating in the area. In June 2011, craft sector growth was up 0.6% from the previous year. Brianza lies between Milano (excellent transport links exist between the two) and the towns at the foot of the Alps. It makes an excellent base for exploring the region, the jewel in Lombardy's crown. Monza and Brianza has been selected by the Lombardy regional government as an area for broadband system implementationas well. Monza & Brianza province - industrial zones /m²/year Average annual lease price Legend 55 /mq 52 /mq 49 /mq 46 /mq 43 /mq Lecco Sondrio LOGISTIC HUB INFRASTRUCTURE UNDER CONSTRUCTION ACTUAL INFRASTRUCTURE A4 HIGHWAY A51 HIGHWAY RAILWAY LINE Monza Bergamo Brescia Venice TANGENSIALE EST Milan Milan All values are expressed in / sq m / year and may be increased or decreased up to 25% in relation to the characteristics and location of the property, the law, and the state of conserv -ation. In particular, the analyzed sample took into account property from 5,000 to 20,000 square meters for logistics. It must be considered that for properties with the courier / transport use values can vary from a minimum of 10% to a maximum of +40%. 11

15 1st semester Monza & Brianza Province International trade 2012 EXPORT IMPORT 5,177 Millions of 7,223 Millions of Europe prime industrial cities - lease rate /m²/year 140,00 120,00 100,00 80,00 60,00 40,00 20,00 Oslo Zurich Stockholm Moscow London St. Petersburg Tel Aviv Monaco Glasgow Frankfurt Amsterdam Barcelona Manchester Madrid Paris Istanbul Dublin Warsaw Rotterdam Berlin Kiev Vienna Rome Monza & Brianza Riga Athens Prague Brussels Bucharest 12

16 HOTEL real estate market Monza & Brianza Province - Hotel & touristic attractions Valle Lambro Park National Race Track of Monza Touristic attractions: LEGEND Golf club Horse riding club Spa Borromeo D Adda Villa Hotel concentration number/municipality Low High Monza Royal Villa of Monza Monza Park 13

17 1st semester Monza & Brianza Province Monza & Brianza Province - Tourist flows Touristic Places Italians Foreigners Total Arrivals Night spent Arrivals Night spent Arrivals Night spent Monza e della Brianza Other municipalities TOTALE Istat, Italian National Institute Of Statistics Monza City Centre - Hotel investment appeal index A tool for evaluation of different investment options is highly essential for a safe investment. Due to this fact it is provided an appeal index for Hotel real estate investments in Italy. This Index indicates the appeal of investment and initiation of a hotel business in a specific zone of the city. In calculation process of investment appeal Index many important parameters has been taken in to consideration among those we can mention ; Location in a city, annual occupational rate depending on the hotel stars, annual lease price, annual rooms revenue, room numbers, hotel services and so on. Min room revenue *1 /night Annual occupation rate *2 Lease price /m2/year *3 Room revenue /per year Room lease /year Hotel investment appeal index 3 Stars Hotel 4 Stars Hotel ,90% , , , ,00 0,65-0, ,10% , , , ,00 0,70-0,74 Primary Sources *1- Booking.com *2- Istat, Italian National Institute Of Statistics - Federturismo Confindustria - Italian Hotel Monitor - Trademark Italy *3- World Capital 14

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19 Our Expertise for your business Phase 1 Identifying needs: - Location - Type of property - Budget - Timing Phase 2 RESEARCH AND SELECTION: A network of local real estate consultants, according to a specific search criteria, individualize a series of real estate opportunities in order to propose the best solutions to customers. Phase 3 EVALUATION AND CONCLUSION OF THE CONTRACT: The client consider the best market opportunities to choose the one suits his needs and then formulate the lease or purchase proposal. The customer will be companied until the conclusion of the final contract. Phase 4 REAL ESTATE INVESTMENT: Completed the contractual definition, World Capital individualizes, in the case of lease, the investor (private, company, real estate found etc) that is interested in purchasing the asset. A G E N C Y - C O N S U L T IN G - P R O P E R T Y - IN V E S T M E N T Piazza Maestri del Lavoro, C ernusco sul Naviglio (MI) Tel research@worldcapital.it Phase 5 EQUIPMENT, PLANNING, REALIZATION AND COMPLEMENTARY SERVICES: Based on the customer request, World Capital provides technical advice about the property.

20 Via Restelli, 3/7 (MI) Milan Tel Fax Neda Aghabegloo Research Department WORLD CAPITAL IN THE WORLD MILAN SHANGHAI BEIJING MOSCOW NEW YORK SAO PAULO PRAGUE LONDON BUENOS AIRES We value your business Via Camperio, Milan Tel Fax info@investinlombardy.com