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  • I.

    Generali Portfolio

  • B.

    Real Estate within Generali: Operational features and tenancy (2/2)

High quality source of income Low Counterparty Risk

  • No exposure to a major tenant at Group level

  • Good diversification of tenant’s activity sector (financial institutions, retail, state organizations, food, fashion …)

  • High quality of tenants (credit risk analysis by tenant are performed at country level)

  • Quality buildings attraction for quality and branded tenants: new buildings in business area and historical building in prime and downtown locations

  • Multitenancy prevails

  • Key tenant relation as a priority

  • Low concentration of expiry date of lease (10-15% per year)

Tenants concentration in main countries

  • Italy

    • Top 10 tenants represent ca. 15% of passing rent

    • Economic sector: Financial institutions, Telecom and media, state organization, services

  • France

    • Top 10 tenants ca. 35% of passing rent

    • Economic sector: IT and services, food, media, state organization, financial institutions

  • Germany

    • Top 10 tenants represent ca. 20% of passing rent

    • Economic sector: Retail, IT and services, media, financial institutions

Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

14

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