Real estate and other investments

Immsi S.p.A. operates in the real estate sector both directly (through the management of a building in Rome) and indirectly (through the stakes owned in subsidiaries, in their turn involved in real estate projects).

The aforementioned building is located in the centre of Rome (Via Abruzzi), within the so-called “Quartiere Sallustiano”, a particularly renowned area also at an international level. This building is made up of several units mainly used as offices by the tenants: built in the 1950’s – 1960’s, with a mixed destination, the real state complex consists of eight floors in addition to other two underground floors, with a rectangular shape. With a total commercial surface of over 11 thousands square meters, the building is currently rented to tenants of primary standing, generating Net revenues from rents for more than 3 million euros. The building is booked on Immsi S.p.A.’s balance sheet at an overall value of more than 73 million euros.

As already mentioned, the Company has also invested in the following real estate development projects:

Is Molas project

Through its subsidiary Is Molas S.p.A., Immsi manages the Is Molas resort, located in southern Sardinia about half an hour from Cagliari airport.

The resort attracts golf-oriented customers thanks to:

• a 27-holes club (an 18-holes par 72 championship course which has hosted four Italian Opens and a 9-holes course par 36). The club currently counts over 400 members; and

• a 4 star hotel with 80 rooms, restaurant and outdoor swimming pool with bar.

On October 2004, Immsi S.p.A. acquired Is Molas S.p.A. from a bankruptcy auction. A development project of the existing resort is now ready to be implemented providing for:

• the construction of another 18 hole course, designed by Gary Player, extending the golf facilities up to 45 holes;

• the building of a new 5 stars hotel with 80 rooms (instead of the existing one), a new 5 stars suite-hotel with 39 suites, a new 9,400 sqm clubhouse and a 2,500 sqm Spa;

• the construction of 9 RTA (Residenze Turistico Alberghiere, i.e. tourist apartment hotels) with 3 or 4 apartments for rent;

• the renovation of the existing residential complex called “Le Ginestre”, consisting of 50 apartments, for a subsequent sale;

• the construction of about 220 luxury villas designed by Massimiliano Fuksas, one of Europe’s best known architects, with commercial surfaces from 350 sqm to 700 sqm (inner, terrace and veranda surfaces).

Pietra Ligure project

The project refers to a shipbuilding area in Pietra Ligure (Savona) that – in the project of the Company – will be converted into a real estate investment with apartments, hotels, shipyards, shops and other facilities. To date, the area has been assigned to Immsi through a public tender in 2007 and the development program is under scrutiny by the local competent authorities for further advancements.

Apuliae project

The project involves the restructuring of the building ex Colonia Scarciglia in Santa Maria di Leuca (Lecce) for the construction of a hotel and a wellness centre. The property restructuring activities have been suspended as of March 2005 following investigations by the legal authorities that are still ongoing.

Moreover, the Holding company Immsi S.p.A. owns other financial investments such as the minority stake in Alitalia – Compagnia Aerea Italiana S.p.A. (acquired in 2008 within the framework of the project for integrating and relaunching the business of Alitalia with a total cash-out of 80 million euros) and in Unicredit S.p.A. with an investment of approx. 11,2 million euros.

Is Molas Resort