summary report for fund unit-holders first semester 2009 filepresentationofthefund fondo beta is a...

Summary report for Fundunit-holders

First semester 2009

Presentation of the Fund

Fondo Beta is a closed-end public contribution real estate

fund set up by Fimit SGR on 18 February 2003. The Fund

consist of real estate assets contributed by INPDAP, which,

basing on the previous experience of the Fondo Alpha real

estate fund, on 29 December 2003 decided to contribute a

part of its assets to be managed by Fimit SGR. The Fund is

operative since 1 January 2004; a part of the Fund units were

subscribed by retail investors and, on 24 October 2005, the

Fund was listed on the Italian Stock Exchange.

Summary Report for Fund unit-holders

Fund Characteristics

Type of fund Public Contribution

Entity contributing the

propertyINPDAP

Type of real estate Offices (62%)

Duration 8 years

Investors Retail and Qualified Investors

Date of contribution 01/01/2004

Management activities

Leases

Property letting activities focused on the regularization of the

situations in the Fund’s real estate portfolio that give rise to

occupation-related charges, and on the objective of

exploiting the (albeit limited) number of vacant premises for

revenue producing purposes, with a view to increasing rent

levels.

Capital value enhancement of real estate assets

In first half 2009, projects were implemented with a view to

enhancing the value of the properties and bringing them up

to standard, in line with the improvement and upgrading

targets set out in the business plan of the Fund. Overall, the

extraordinary maintenance works carried out in the half-year

period totalled ca. 639,000 euros, with respect to the

properties still owned by the Fund with the exception of the

Forte Village Resort. The buildings requiring the highest

capital expenditure were those situated in Rome, Via Cavour

6 e Via Eugenio Grà 19 and in Spoleto, Viale Trento e

Trieste 136. During the semester, works for the extension

First Half 2009

Date of contribution 01/01/2004

Expiration date 18/02/2011

Number of units

issued at contribution268,474

Profit distribution

Yearly, or on an interim basis, in an

amount not lower of 70% of the

distributable profits

QuotationSegmento Fondi Chiusi of MIV since

24/10/2005

Unit value of fund

units at 30/06/2009

(€)

597.437

Initial value (€) 268,474,000

NAV at 30/06/2009

(€)160,396,248

Total assets at

30/06/2009 (€)234,984,808

Market value of fund-

owned properties at

30/06/2009 (€)

180.038.122

Trieste 136. During the semester, works for the extension

and requalification of Forte Village Resort for a total amount

of 2.2 million euros, were completed.

Investment & divestment policies

During the first semester of the current year, on 27 February

2009, the Fund continued its divestment policy selling a

building located in Largo Salvo d’Acquisto 1, Siena, for the

price of 5.55 million euros, generating a capital gain (taking

into account the extraordinary maintenance works carried

out) of 2.083 million euros (+68.7%).

Moreover, on 9 march 2009 Fondo Beta dismissed units of

Fondo Omicron Plus, a closed-end Fund reserved to qualified

investors managed by Fimit SGR, with a capital gain equal to

1% of the purchase price.

Summary of financial statements at 30/06/2009 (€)

From the date of contribution of the property to the Fund to

the end of the first half of 2009, the unit value of the Fondo

Beta units dropped by 40.2%, compared to profit

distributions and unit repayments from the 1st year of listing.

Considering profits distribution (527,97 euros per unit) and

repayments per unit (475,75 euros per unit), total increase is

64.62%.

For first half 2009, the Fund will distribute earnings for 3.074

million euros.

Performance

INCOME STATEMENT jun-09

Gross results from typical operations 4.849.332

Financial instruments -1.006.400

Rents receivable and other revenues 7.601.609

Valuation gains/losses -1.432.974

Property management expenses -507.678

Summary Report for Fund unit-holdersFirst Half 2009

1,228

331€ 400

€ 600

€ 800

€ 1.000

€ 1.200

€ 1.400

Units value and distributed earnings

1,149 1,1501,1121,195 1,179

676

598

BALANCE SHEET jun-09 %

Asset 234.984.808 100%

Real estate and beneficial rights in real estate 180.038.122 77%

Stakes in real estate companies 8.897.378 4%

Movable property and cash 7.442.832 3%

Other assets 38.606.476 16%

Liabilities 74.588.560 100%

Loan 40.216.246 54%

Payable and other liabilities 34.372.314 46%

Net asset value (NAV) 160.396.248

Unit value of fund units 597,437

IRR 11.57%

Dividend

Yield11.89%

Financial Statements at 30/06/2009Key Financial Ratios

At 30/06/2009, the average annual dividend yield,

determined as the ratio of the earnings distributed by the

Fund to the unit value at the placement date, stood at

11.89%. From the property contribution date to the first

semester of 2009, the Fund posted an Internal Rate of Return

(IRR), based on the initial value, outgoing cash flows and NAV

at 30 june 2009, of 11.57%.

Balance sheet figures show that over 77% of the Fund’s assets

are invested in real estate assets and real property rights,

while the 4% is invested in interests in real estate companies.

The gross operating results from typical operations totals 4.8

million euros.

With regard to the value of the properties held by the Fund,

the loan to value ratio totals approx. 22.34%.

At 30/06/2009, the total debt of Fondo Beta – equal to 40.2

million euros – consists of the loan taken out by the Fund to

purchase the Forte Village Resort.

Leverage

0

50.000

100.000

150.000

200.000

250.000

2005 2006 2007 2008 giu-09

Leva Max utilizzabile Leva esercitata

LTV

0%

LTV

0%

LTV

22,3%

LTV

17,2%

LTV

21,8%

-507.678

Other 194.775

Financial expenses -761.722

Net results from typical operations 4.087.610

Management expenses -1.774.467

Other revenue and expenses -129.868

Operating results before tax 2.183.275

Profit 2.183.275

Maximum

Leverage

Leverage of the

Fund

169

1880

11 34

18873

11

130

331

14

€ 0

€ 200

H2 05 H1 06 H2 06 H1 07 H2 07 H1 08 H2 08 H1 09

Profits Repayments Unit value minus profits and repayments

The Real Estate Portfolio

The property assets directly owned by Fondo Beta comprise the buildings as follows:

The Portfolio comprises 8 buildings located in central Italy, primarily Rome, with a total area of approx. 92,121 mq.

In addition to the assets above, Fondo Beta also holds a joint investment in the Forte Village Resort, consisting of a 27% interest

in the property, from which it receives rents totalling 3.240 million euros, and a controlling stake in “Da Vinci S.r.l.”.

The Portfolio (including the stake in the forte Village Resort) features an overall average occupancy of 97.3 %, with annual rents

of approx. 14.3 million euros, equivalent to about 131 euro/sq.m. per year (calculated based on the useful area).

Rents are guaranteed by 33 property leases 26 of which relating to tenants belonging to the private sector and 7 to tenants

consisting of public-sector entities, with diversified lease expiry dates, which reduces the risk of excessive exposure resulting

from simultaneous or excessive lease expiries.

Breakdown by type of investment Breakdown by geographical area

1) Rome, Via Eugenio Grà n. 19 5) Rome, Via Odone Belluzzi n. 11 - 31

2) Rome, Via Prospero Alpino n. 16-20 6) Latina, Viale P.G. Nervi n. 270

3) Rome, Via Cesare Balbo nn. 39-41 7) Perugia, Via Palermo n 108

4) Rome, Via Cavour n. 6 8) Spoleto, Viale Trento e Trieste n. 136


Core

88,3%

Development

11,7%

Centre

71,1%

South &

Islands

28,9%

Offices

62,1%Retail

1,4%

Hotels

28,9%

Other

7,6%

Breakdown by property use

Private

Companies

32%

Public

Administrati

on 68%

Breakdown of rents by type of tenant

Breakdown by type of investment Breakdown by geographical area

Latina,

Via P.L.

Nervi 270

Il Portafoglio Immobiliare


Type of tenant Industrial, retail

Area of leased premises (sqm) 4.329

Lease expiration 2015-2016

Total rents 30/06/2009 (€) 295.026

Type of tenant Public Administration


Lease expiration 31/12/2010

Total rents 30/06/2009 (€) 1.342.000

Type of tenant Industrial, retail

Area of leased premises

(sqm) 9.274


Total rents 30/06/2009 (€) 853.691

Perugia,

Via Palermo

108


Area of leased premises

(sqm) 37.721


Total rents 30/06/2009 (€) 3.360.056

Spoleto,

Viale Trento e

Trieste 136

Rome,

Via O. Belluzzi

11-31

Rome,

Via Prospero

Alpino 16-20

Rome,

Via Eugenio

Grà 19

Type of tenant Retail



Total rents 30/06/2009 (€) 220.503




Total rents 30/06/2009 (€) 536.156



Lease expiration 40543

Total rents 30/06/2009 (€) 1.096.876

Type of tenant

Public

Administration



Total rents 30/06/2009 (€) 3.418.741

Rome,

Via Cesare

Balbo 39-41

Rome,

Via Cavour 6

Le Partecipazioni

Fondo Beta holds a 19% stake in Progetto Alfiere S.p.A.,

which itself has a 50% interest in Alfiere S.p.A. The latter

company owns the high-rise development called “Torri

dell’Eur”, in viale Europa 242, in the EUR district of

Rome, and is a key partner in the project for the value

enhancement and refurbishment of the property.

At 30/06/2009, the value of this (non-controlling) stake

was 6.5 million euros.

Progetto

AlfiereForte Village

Resort

Santa Margherita

di Pula (CA)





Total rents 30/06/2009 (€) 3.240.000

Fondo Beta holds a 25% stake (worth approx. 3.8 million euros) in “Da Vinci S.r.l.”.

The purpose of the company – part owned by other Fimit Funds – is to build and then

let/sell office premises in the “Da Vinci Center” office complex. The complex is

located in an office/hotel development area on the “Rome - Fiumicino” motorway, in

a strategic location near the new trade fair “Nuova Fiera di Roma.

The Da Vinci Center development consists of two separate blocks sitting on a

connecting platform; the total area is over 56,600 sqm, of which over 36,400 sqm

dedicated to office space.

The development is scheduled for completion in the first half of 2010.

Da Vinci

Center

Strategy & Outlook

The aim of the Fund is to maximize return on investments for unit holders, which can be achieved by implementing the

policy guidelines as follows:

� pursuance of asset divestment programms, within a timeframe compatible with the remaining life of the Fund;

� systematic distribution of the revenues from the ordinary and extraordinary management of the Fund and partial

proportional repayments to the unit holders, in respect of the property divestments.

According to this outlook, since the Fund has a remaining life of only two years, the divestment plan finalized for the

winding up of the Fund must continue apace.

Considering the current situation of the real estate market, which shows a reverse trend – or just a slowdown – compared

to the upward trend of the previous period, and taking into account the fact that the Fund’s residual life will hardly allow it

to exploit any new market “windows of opportunity”, it would be expedient to accelerate the divestment operations in

2009 and to use the last period for the remaining liquidations without any particular deadline constraints. The Fund

strategic planning report envisages the disposal of 6 on 8 assets, foreseeing also the chance to sell buildings for which the

sale is not yet commissioned.


Disclaimer

This document has been prepared by Fondi Immobiliari Italiani Società di Gestione del Risparmio S.p.A. solely as a study on the development of the Fondo Beta

property fund by parties with a special interest in this type of financial product.

The data set out in this presentation have been extracted from the financial statements as 30 june 2009, and other previous half-year statements, to which

reference should be made for further information.

The information contained in this document has not been audited by an independent body and no implicit or explicit guarantees can be provided with respect

to the fairness, accuracy, completeness and precision of the information and opinions contained herein. Several parts of this presentation contain outlook

statements/data which should be viewed as mere estimates and which might even significantly differ from any actual future results. Neither FIMIT SGR, nor its

directors, employees, consultants or representatives can be held in any way responsible for any damage, charge or loss deriving from the use of this

document, or its contents, or as a result of the use of this document, except in the case of fraud or gross negligence.

The performance figures are the result of estimates made by independent expert assessors. The right to repayment can be exercised only at maturity and

according to the terms and conditions of the Fund Management Rules.

This document does not constitute an offer or an invitation to purchase or subscribe to units of Fondo Beta Immobiliare, nor does it constitute in any way a

contract or a commitment to enter into a contract, and it cannot be used as a basis for entering into any type of contract or committing oneself to any form of

undertaking. Any decision relating to investments in Fondo Beta Immobiliare shall be based exclusively on the analyses and information set out in the relevant

Prospectus and not on the contents of this document.

The Fondo Beta units are traded on the MIV market of Borsa Italiana S.p.A. The relevant negotiation code is QFAL and the ISIN code is IT0003049605.

Before purchasing any units please read the Prospectus/Listing particulars, the Rules, the financial statements and operating reports relating to the Fund.

By accepting this document you agree to be bound by the foregoing limitations and/or prohibitions.

summary report for fund unit-holders first semester 2009 filepresentationofthefund fondo beta is a...

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