Coima Res S p A : Board of Directors approves results as of December 31st, 2021

COIMA RES - PRESS RELEASE

BOARD OF DIRECTORS APPROVES RESULTS AS OF DECEMBER 31st, 2021

SARCA PROPERTY SALE CRYSTALLISES 39% PERFORMANCE

PIRELLI 32 ACQUISITION IN LINE WITH PORTFOLIO CONSOLIDATION STRATEGY IN

PORTA NUOVA

NET OPERATING PROFIT (EPRA EARNINGS) IN LINE WITH GUIDANCE

EPRA NET TANGIBLE ASSET GROWTH OF 2.7%

LTV STOOD AT 30.5%, AMPLE LIQUIDITY WITH OVER EURO 90 MILLION OF CASH ON

BALANCE SHEET

RECOMENDED DIVIDEND OF EURO 0.30 PER SHARE, IN LINE WITH LAST TWO YEARS

Highlights of 2021 financial results

• Collected 100.0% of 2021 rent due (vs 99.4% in 2020)
• Like for like rental growth of +2.3% for office portfolio, excluding Monte Rosa
• Monte Rosa's redevelopment started following scheduled PWC release
• EPRA Earnings at Euro 15.0 million (or Euro 0.42 per share) in line with guidance
• Net profit up by ca. 50% to Euro 23.1 million
• EBITDA up by 40.6% to Euro 31.5 million
• EPRA Net Tangible Assets per share up by 2.7% to Euro 12.75
• Net LTV 7.8 p.p. lower at 30.5% (vs 38.3% at Dec-20)
• Ample liquidity with Euro 90.6 million of cash on balance sheet, primarily to fund capex plans
• Recommended dividend of Euro 0.30 per share, in line with last two years

Resilient real estate portfolio

• Portfolio focussed on offices (88%), Milan (92%) and Porta Nuova (59%)
• Sarca property disposal worth Euro 82.5 million at 36% premium vs purchase price
• Total disposals at a weighted average premium of 10% over the purchase price
• Acquisition of Pirelli 32 office complex in Milan's Porta Nuova
• Strong sustainability profile with 66% of portfolio LEED certified; a further 26% is eligible for LEED certification following refurbishment projects
• Leased/renewal ca. 12,800 sqm in 2021 with a stabilized rent of approx. Euro 6.8 million
• Corso Como Place project successfully launched in September with Accenture
• Approx. 25% of current portfolio value added to be repositioned in the medium term
• Potential for meaningful aggregate rent reversion on the back of refurbishments

Milan office market in 2021

• Prime yield tightening to 2.90% in 2021
• Rental volumes up 29%, rents up in Porta Nuova and Centro and stable in other sub- markets
• Slower investment market in 2021 with volumes down 32%

Manfredi Catella, Founder and CEO of COIMA RES, commented: "In 2021, we continued our strategy of consolidating the quality and positioning of the portfolio, selling Sarca with a performance 1

of 39% and buying Pirelli 32 increasing exposure to the Porta Nuova district to 62%. We composed a portfolio consistent with the COIMA platform's extensive experience in creating value by repositioning properties, putting at the heart of these projects quantitative environmental impact objectives in terms of reduced energy consumption and CO2 emissions aligned with the European taxonomy that allows the company to have a LEED certified office portfolio, including ongoing developments, of 100%."

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Milan, February 25th, 2022 - The Board of Directors of COIMA RES approved the consolidated financial statements as at December 31st, 2021, at a meeting held under the chairmanship of Massimo Capuano.

Financial Highlights, as of December 31st, 2021

Balance Sheet (Euro million)	Dec-21	Dec-20	Delta (%)	Delta
Real Estate Properties	687.1	758.1	(9.4)%	(71.0)
EPRA Net Reinstatement Value	481.2	466.9	3.1%	14.3
EPRA Net Tangible Assets	460.5	448.3	2.7%	12.2
EPRA Net Disposal Value	456.1	442.8	3.0%	13.3
Net Asset Value (IAS / IFRS)	458.7	445.5	3.0%	13.2
EPRA Net Reinstatement Value per share (Euro)	13.33	12.93	3.1%	0.40
EPRA Net Tangible Assets per share (Euro)	12.75	12.42	2.7%	0.33
EPRA Net Disposal Value per share (Euro)	12.63	12.26	3.0%	0.37
Net Asset Value (IAS / IFRS) per share (Euro)	12.70	12.34	2.9%	0.36
Net LTV	30.5%	38.3%	n.m.	(7.8) pp

Income Statement (Euro million)	2021	2020	Delta (%)		Delta
Gross Rents	41.2	44.4	(7.2)%	(3.2)
Net Operating Income (NOI)	36.7	40.3	(8.9)%	(3.6)
NOI margin	89.0	90.8%	n.s.		(180) bps
EBITDA	44.3	31.5	40.6%	12.8
Net profit	23.1	15.6		48.1%	7.5
Net operating profit (EPRA Earnings)	15.0	17.5	(14.3)%	(2.5)
Recurring FFO	20.1	24.2	(16.9)%	(4.1)
	Net operating profit (EPRA Earnings) per share (Euro)		0.42			0.49		(14.3)%			(0.07)
	Recurring FFO per share (Euro)		0.56			0.67		(16.4)%			(0.11)
EPRA Cost Ratio (including direct vacancy costs)	33.2%	30.5%	n.s.		2.7 pp
EPRA Cost Ratio (excluding direct vacancy costs)	31.7%	28.2%	n.s.		3.5 pp

Other Data	Dec-21	Dec-20	Delta (%)	Delta
EPRA Net Initial Yield	4.5%	5.1%	n.m.	(60) bps
EPRA Topped-up Net Initial Yield	5.2%	5.3%	n.m.	(10) bps
EPRA Vacancy Rate	13.2%	2.5%	n.m.	n.m.
WALT (years)	4.0	4.3	n.m.	(0.3)

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Highlights of 2021 financial results

The 2021 results mainly reflect the sale of the Sarca property and PwC's planned release of approximately 8,000 sqm of the Via Monte Rosa property. The release will allow for the renovation of the Monte Rosa property resulting in a substantial improvement in the quality of the building and a potential increase in rents downstream of the renovation.

EBITDA increased by 40.6% to Euro 44.3 million mainly due to gain deriving from the disposal of the Sarca property. Financial expenses are substantially in line with last year.

Net profit increased of almost 50% to Euro 23.1 million due to the gain deriving from the disposal of the Sarca property. Recurring FFO and net operating profit (EPRA Earnings) declined respectively by 16.9% to Euro 20.1 million and by 14.3% to Euro 15.0 million, mainly due to lower NOI partially offset by lower recurring financial expenses.

As of February 24th, 2022, COIMA RES collected 100% of 2021 rents due (99.4% at the same date in 2021). On a like for like basis, gross rents for office portfolio increased by 2.3% (excluding Monte Rosa) on which the value generation project is launched.

In absolute terms, gross rents declined by 7.2% in 2021, the Net Operating Income (NOI) by 8.9% and the NOI Margin by 180 bps (to 89.0%), due to the release of PWC, which allows the start of the value generation of the Monte Rosa property, and to the positive results of the bank branches and Sarca property disposals program, partially offset by the evolution of rents on the properties in the portfolio.

G&A expenses are substantially in line with last year and equal to Euro 8.6 million.

Following of the Sarca property and a bank branch disposal, net of Euro 6.5 million of capex (on a pro-quota basis) and Euro 4.4 million of negative fair value change (on a pro-quota basis), the value of the portfolio declined in 2021 (on a pro-quota basis) to Euro 641.8 million, equal to 6.8% compared to December 31st, 2020.

EPRA Net Tangible Assets, as of December 31st, 2021, stood at Euro 460.5 million (or Euro 12.75 per share), an increase of 2.7% in 2021. The increase is mainly related to net operating profit (EPRA Earnings) of Euro 15.0 million, gain deriving from Sarca property disposal of Euro 13.0 million and negative revaluations for Euro 4.4 million (on a pro-rata basis), partially offset by the dividend payment of Euro 10.8 million. As of December 31st, 2021, the net LTV of COIMA RES stood at 30.5% (on a consolidated basis), a level 780 bps lower compared to December 31st, 2020. The consolidated cash position of COIMA RES as of December 31st, 2021, stood at Euro 90.6 million.

On the basis of the current portfolio perimeter, COIMA RES estimates to reach in 2022 a level of net operating profit (EPRA Earnings) equal to Euro 0.30 per share. The estimate reflects the release of approximately half of the Monte Rosa property by PwC during Q1 2021, the release of the Tocqueville property by Sisal during Q1 2022, the release of the Deruta property by BNL during Q2 2022 and other prudential considerations. The net operating profit (EPRA Earnings) guidance will be updated during the course of 2022 to reflect the evolution of COIMA RES' activity during the year.

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Dividend for 2021 of Euro 0.30 per share

The Board of Directors of COIMA RES resolved to propose to shareholders a dividend for the fiscal year 2021 of Euro 0.30 per share (amounting to Euro 10,831,967.40), in line with the dividend distributed in the last two years. An interim dividend of Euro 0.10 per share has already been paid on November 17th, 2021. The final dividend of Euro 0.20 per share will be distributed with an ex- dividend date on April 25th, 2022, record date on April 26th, 2022, and payment date on April 27th, 2022.

Financing

Microsoft: During the month of February 2021, the extension and amendment of the Euro 22.0 million financing of the Microsoft headquarters (provided by Intesa Sanpaolo) was finalised. The maturity of the financing was extended for a period of 3 years, i.e. from December 21st, 2020, to December 21st, 2023, and the margin was reduced by c. 15 basis points. In addition, the amended agreement provides the possibility of increasing the amount of the financing provided by Intesa Sanpaolo to a maximum of Euro 49.5 million at the same economic conditions.

COIMA RES: In December 2021, COIMA RES has agreed to enter into a new financing agreement with Crédit Agricole Corporate and Investment Bank (Agent), BNP Paribas, ING Bank and UniCredit for Euro 165.0 million for the financing of the real estate portfolio (for Euro 120.0 million) and the granting of a new line, for Euro 45.0 million, to support the capex plans relating to the Monterosa, Tocqueville and Deruta properties. The new loan is secured by the 100% directly and indirectly held properties and has a maturity of 5 years and an "all in" cost of c. 2.1%.

The financing was structured, with the support of ING Bank as green advisor, considering the alignment with the European taxonomy of environmentally sustainable economic activities on the basis of what was approved by the European Commission on April 21st, 2021, formally adopted on June 4th, 2021.

Real estate portfolio

As of December 31st, 2021, the COIMA RES portfolio consists of eight real estate properties mainly for office use located in Milan and 58 bank branches located in the North and Centre of Italy. The portfolio is valued at Euro 641.8 million (on a pro-quota basis), 92% of which is in Milan, 59% in Milan Porta Nuova and 88% is for office use. COIMA RES' portfolio has a high sustainability profile as approximately 66% of the portfolio is LEED certified; a further 26% is eligible for LEED certification following refurbishment projects. COIMA RES' portfolio of tenants is mostly comprised of mid to large sized multinational corporations: the list of the ten largest tenants (representing 89% of the stabilised rent roll on a pro-quota basis) includes Vodafone, Sisal Group, Deutsche Bank, BNP Paribas, Microsoft, IBM, Accenture, Techint, NH Hotel and Bernoni Grant Thorton. In line with its business model and strategy, COIMA RES is considering further disposals of mature, non-core and non- strategic assets as well as the refurbishment and repositioning of selected assets within its portfolio in order to align them to the evolution of tenants' demand and to generate rental growth.

Leasing

Microsoft: On April 6th, 2021, a new lease agreement was signed for ground floor retail in the Microsoft property (about 400 sqm), previously occupied by Microsoft. The new agreement has a duration of nine years (with eight months of free rents) with an annual rent, for the first two years, amounting to Euro 200 thousand and, for the following years, amounting to Euro 280 thousand.

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