2014-2016 Business Plan presentation

Targets included in the new plan:

• CAGR for income from rental business of+2.6% (+1.5%  LFL);
• Ebitda Margin Freehold Management at the end of the period: > 80%;
• Expected investments of approximately €195 million expected, €110 million for  capex and expansion of the current perimeter and approximately €85 million for the development of the pipeline;
• Disposals for approximately € 190 million, of which €150 million from disposals and about €40 million from sales of Porta a Mare project;
• Reduction of financial leverage,gearing ratio and loan to value at the end of the plan  of <1.2X and approximately 54%, respectively;
• FFO €30/35 million.

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