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  • III.

    Real Estate Strategy & Going Forward

    • A.

      Investment Strategy and Market environment (2/2)

Globalization to continue Objective to secure cash flow on existing assets Some yield recompression across markets

Market timing is key in Euro zone and USA as more mature

Urbanization at an unprecedented speed in China and India

Real estate debt to be refinanced in the next years might generate opportunities

Market and risk monitoring to support expected returns

Strategy has to be adapted to uncertain market environment

More balanced RE Portfolio to benefit from different market timing

Significant investment opportunities in Real Estate

  • Attractive returns where cycle is most advanced (USA)

  • Quality assets at affordable prices in core countries (France, Italy, Germany) due to distressed sellers

  • China: Entering real estate after markets have cooled down

  • India: Take advantage of fast urbanization process

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

35

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