Immobiliare Grande Distribuzione SIIQ S p A : 1Q 2021 results presentation

Result presentation as at 31/03/2021

Conference call May 6°, 2021

Disclaimer

This presentation does not constitute an offer or an invitation to subscribe for or purchase any securities.

The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful. The securities may not be offered or sold in the United States or to U.S. persons unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Copies of this presentation are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan.

This presentation contains forwards-looking information and statements about IGD SIIQ SPA and its Group.

Forward-looking statements are statements that are not historical facts.

These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding plans, performance.

Although the management of IGD SIIQ SPA believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of IGD SIIQ are cautioned that forward-looking information and statements are subject to various risk and uncertainties, many of which are difficult to predict and generally beyond the control of IGD SIIQ; that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward- looking statements.

These risks and uncertainties include, but are not limited to, those contained in this presentation.

Except as required by applicable law, IGD SIIQ does not undertake any obligation to update any forward-looking information or statements.

What's happened in 1Q 2021:

Covid restrictions still impact

	January	February	March
	Normal activity	Normal activitiy	lockdown
2020
«non-essential» activities in IGD's shopping malls
	were closed about 25% of the possible days of operation
		vs
	Restrictions and variable	Restrictions and variable	Restrictions and variable
2021	closures	closures	closures
non-essential» activities in IGD's shopping malls
	were closed about 48% of the possible days of operation
	(with differences based on the location)*

Ø

economic

impact on 1Q 2020

€5.4 mln

one off Covid

impact

on 1Q 2021

*For more information see slides 32 - 33 in the attachments	3

Highlights

Rental Income*	Net Rental Income
36.9€ mn	26.2€ mn
-3.9%	-20.7%

Core business Ebitda	Funds From Operation (FFO)
23.8€ mn	13.8€ mn
-21.6%	-33.3%

Include Covid-19one-off

net impact on 1Q2021

*The value is gross of COVID net impac for €5.4mn; including it, rental income amount to €31.5 (-18.1% - 6.9€mn).	4

1Operating performance