The Board of Directors approved: the financial statements, the consolidated financial statements and the pro-forma consolidated income statement as of december 31, 2018

Comunicato Stampa Press Release

THE BOARD OF DIRECTORS OF AEDES SIIQ APPROVED:

THE FINANCIAL STATEMENTS, THE CONSOLIDATED FINANCIAL STATEMENTS

AND THE PRO-FORMA1 CONSOLIDATED INCOME STATEMENT AS OF DECEMBER 31, 2018

−ALL THE PRO FORMA ECONOMIC INDICATORS ARE POSITIVE: REVENUES, EBITDA AND FINANCIAL DEBT IMPROVED COMPARED TO 2017

•Total revenues: € 20.4 million (€ 19.2 million) 2 +6%

•EBITDA: € 2.0 million (€ 1.1 million)

•Group profit: € 9.0 million (€ 15.4 million) due to lower fair value revaluations and higher financial charges due to the increase in financial debt in the first half of 2018

•Net financial debt: € 203.7 million LTV 46% 3 (€ 214.8 million, LTV 49%)

•Group GAV: € 573 million and Consolidated GAV € 451.8 million 4

Milan, 3 April 2019 - The Board of Directors of Aedes SIIQ S.p.A. (MTA: AED), which met today under the chairmanship of Carlo A. Puri Negri, approved the Draft Financial Statements, Consolidated Financial Statements, and the Pro-forma Consolidated Income Statement at December 31, 2018.

CONSOLIDATED INCOME STATEMENT AT 31 DECEMBER 2018

Total revenues as at 31 December 2018 amounted to € 20.4 million, up 6% compared to the figures for the previous year. The weight of revenues from rentals is reduced to 77% of total consolidated revenues compared to 91% in the previous year, following the sale of a property located in Milan.

Gross rental income amounts to € 15.7 million compared to € 17.4 million at December 31, 2017. The decrease of € 1.7 million is due to lower rents on some properties subject to redevelopment, therefore vacant during 2018 (€ 0.6 million), and lower rents on a property sold during 2018 (€ 1 million) and lower rents on the building in Via Veneziani (€ 0.4 million), only partially offset by higher revenues in the Serravalle Retail Park (acquired in May 2017).

The property sales margin of € 2.7 million includes proceeds from sales of real estate investments for € 2.3 million (€ 0.8 million in 2017), and property inventories totaling € 0.4 million (none in 2017).

Direct external costs amounted to € 7.0 million at 31 December 2018, compared to € 6.3 million at 31 December 2017, an increase of € 0.7 million, mainly attributable to higher property taxes as a result of the growth of real estate assets that took place after the first quarter of 2017 (purchase of Serravalle Retail Park in May 2017 and purchase of two office towers in Milan in Viale Richard in December 2017), in addition to the losses for vacant and non-chargeable costs attributable to the properties waiting for the conclusion of

1 Following the Demerger and listing operations of Aedes SIIQ that took place on December 28th, to give a better and clearer representation of the management situation, the figures in the 2018 and 2017 income statements have been restated to report the proforma performance of the SIIQ business complex.

2The economic and financial data in brackets refer pro forma data at 31 December 2017

3LTV calculated as the ratio between gross debt and consolidated GAV

4Group and per share NNNAV and Epra performance indicators will be published in a forthcoming press release

refurbishment activities.

The Net Operating Income of € 13.4 million improved by € 0.5 million compared to € 12.9 million at December 31, 2017.

The cost of direct personnel as at 31 December 2018 increased compared to 31 December 2017, as a result of the strengthening of the organizational structure following the expansion of the rental portfolio and the pipeline for the construction of properties for rent. The item direct internal capitalized costs at 31 December 2018 mainly relates to the capitalization of management costs relating to the design and construction of Phase C of Serravalle Retail Park not present in the previous year.

General expenses amounted to € 10.1 million compared to € 10.9 million at December 31, 2017, down €

0.8million. The reduction in the cost of head office staff and overheads is mainly attributable to lower variable fees, in addition to € 0.3 million of net income generated by the release of the accounting effects of the normalization of the rent of the previous registered office. The increase in structural consultancy is attributable to the costs of the listing transaction for € 0.9 million.

The EBITDA, following the items listed above, is positive for about € 2 million and up by about € 0.9 million compared to December 31, 2017.

In 2018, real estate investments recorded positive fair value adjustments of € 12.2 million, compared to a positive € 20.9 million in the previous year.

The adjustments to the fair value of the 2018 financial year are mainly due to the revaluation of some commercial buildings following the signing of new company rental and lease contracts, of the development area located in the municipality of Caselle, of the Milan office buildings located in Via Richard, and of some areas destined for development previously classified among the inventories.

Amortization, depreciation, provisions and other non-real estate write-downsat 31 December 2018 amounted to € 1.7 million (essentially nothing in 2017).

The Item Income / (Charges) from associates as at 31 December 2018 shows a positive balance of € 3.5 million (€ 0.6 million of positive balance as at 31 December 2017) mainly attributable to the adjustment to higher market values of the assets held by the same investments, in line with the policies adopted by the Group.

The EBIT is positive for € 16 million, compared to € 21.2 million in 2017; this change is essentially linked to lower fair value adjustments made in 2018.

Financial charges net of financial income and the effects of adjusting the fair value of derivative instruments to hedge interest rate risk, are equal to € 7.5 million in charges (€ 5.3 million in 2017) as a result of the higher average financial debt, despite the year-end reduction.

The item is mainly composed of:

−financial income: € +0.5 million, (€ +0.8 million in 2017);

−financial charges: € -8 million (€ -6.2 million in 2017); the increase is a consequence of the increase in securities debt (bonds issued in April and December 2017);

−fair value adjustment of derivative instruments: essentially zero (€ +0.1 million in 2017).

The Group net result in 2018 shows a profit of € 9.0 million compared to € 15.4 million, this reduction

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compared to the previous year is attributable, as already mentioned, essentially to lower fair value adjustments of real estate investments.

CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 2018

Invested capital is equal to € 502.9 million and is financed by:

−shareholders' equity for € 298.3 million (59%),

−net financial debt for € 203.8 million (41%),

−and other non-current net liabilities for € 0.9 million

Invested Capital is composed of:

Fixed capital of € 508.3 million and is mainly composed of:

−real estate investments and other tangible assets for € 445 million;

−capital invested in associated investments and joint ventures for € 63.3 million. Net working capital is negative for € 5.4 million, and consists of:

−inventories for € 8.6 million;

−trade receivables and other receivables for € 9 million;

−trade payables and other payables of € 23 million, this item includes the adjustment of € 2.3 million due to Restart SIIQ SpA following completion of the demerger.

The consolidated shareholders' equity, entirely attributable to the Group, is € 298.3 million and derives for € 0.2 million from the equity of Aedes SIIQ S.p.A. prior to the demerger operation (excluding the result), for € 298.5 million from the completion of the demerger transaction and the consequent transfer of the equity investments included in the consolidation area, for € 0.3 million from the loss of the financial year and € 0.1 million to actuarial losses.

The Group's net financial debt at December 31, 2018, amounting to € 203.7 million, is the result of a difference between gross debts of € 207.3 million and bank deposits of € 3.6 million.

The gross debt at December 31, 2018 has an average duration of 1.98 years consisting of variable-rate debt for 46.8%.

At the date of approval of the draft financial statements and the consolidated financial statements, there were no significant events regarding the applicability of the contractual covenants that entail limits to the use of financial resources, within the existing exposure.

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GROUP PORTFOLIO

At 31 December 2018, the Consolidated GAV (Gross Asset Value) is € 451.8 million, the Total GAV - including the portion pertaining to properties owned by non-controlling subsidiaries and real estate funds - is € 573 million.

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		GAV				NAV
	Consolidated	Not	Total	% on Total	Consolidated	Not	Total	% on Total
€/000		consolidated				consolidated
			Portfolio	Portfolio			Portfolio	Portfolio
		Funds & JV				Funds & JV
Retail	152.730	77.912	230.642	40,3%	94.768	39.439	134.207	33,9%
Office	141.280	-	141.280	24,7%	89.655	-	89.655	22,6%
Other Uses	11.256	-	11.256	2,0%	6.761	-	6.761	1,7%
Rented Assets	305.266	77.912	383.178	66,9%	191.184	39.439	230.623	58,2%
Retail Development for Rent	109.897	43.210	153.107	26,7%	93.388	43.210	136.598	34,5%
Other Uses Development for Rent	27.700	-	27.700	4,8%	21.562	-	21.562	5,4%
Development for Rent	137.597	43.210	180.807	31,6%	114.950	43.210	158.160	39,9%
Sub Total Portfolio Rented/for rent	442.863	121.122	563.985	98,4%	306.134	82.649	388.783	98,2%
Other Uses	8.954	-	8.954	1,6%	7.196	-	7.196	1,8%
Sub Total Portfolio to be sold	8.954	-	8.954	1,6%	7.196	-	7.196	1,8%
TOTAL GROUP PORTFOLIO	451.817	121.122	572.939	100,0%	313.331	82.649	395.979	100,0%

RENTED ASSETS

At 31 December 2018, the rented asset portfolio at market value amounted to € 305.3 million and represents 67.6% of the consolidated portfolio. The breakdown by use, on the consolidated Rented portfolio, shows 50.0% of retail properties, 46.3% of Office properties and 3.7% for Other Uses.

DEVELOPMENT FOR RENT

The portfolio denominated Development for Rent, equal to € 137.6 million as at 31 December 2018, consists of development areas, mainly for commercial use, which are expected to be developed in the short term and subsequently generate income.

ASSET TO BE SOLD

The consolidation value of the assets to be sold portfolio, which is expected to be sold during the Plan period, is equal to € 8.9 million.

OTHER SERVICES

The Aedes Group has decided to concentrate on activities aimed only at the Group's investments through Praga RES (born from the merger of Praga Service Real Estate in Praga Construction) operating in the organization and development of master plans, in the project and construction management, in the editorial staff and verification of PEC and Agreements, in the coordination and development of building permits, in the management of commercial authorizations and environmental verification, in the technical direction / tenant coordinator, and in facility management, mainly within the group.

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ECONOMIC AND FINANCIAL DATA AT 31 DECEMBER 2018 OF THE PARENT COMPANY AEDES SIIQ SPA

The Parent Company, Aedes SIIQ SpA, closed the 2018 financial year with a loss of € 0.3 million, compared to € 0.2 million at December 31, 2017.

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The Company's equity amounts to € 267.5 million, against a negative value of € 0.1 million at the end of 2017. The change is almost entirely attributable to the partial proportional demerger which became effective on December 28, 2018 as a result of the listing of the Parent Company Aedes SIIQ SpA.

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SIGNIFICANT EVENTS DURING THE 2018 FINANCIAL YEAR OF THE SIIQ COMPENDIUM BEFORE THE DEMERGER

February 28, 2018 - Following the framework agreement signed in December 2017, Aedes SIIQ completed the lease agreement for the entire Tower located in Milan, Viale Richard 3, with WPP Marketing Communications (Italy) Srl, a WPP Group company, a leading multinational communic ations group, whose parent company WPP PLC is listed on the NYSE. The lease will have a renewable term of 9 years of additional 6 years, with a fee of € 1.8 million per year.

June 14, 2018 - Aedes SIIQ has inaugurated the renewed and expanded Serravalle Retail Park, following the acquisition by Aedes SIIQ in 2017.

June 25, 2018 - Aedes SIIQ has communicated that on 22 June 2018 Sator Immobiliare SGR SpA, management company of the Petrarca Real Estate Fund, of which Aedes holds 100% of the shares, signed the final sale contract for the building located in Milan in Viale Umbria 32. The transaction, which saw as a counterparty the Abitare In Development 3 srl company, wholly owned by Abitare In SpA, listed on the AIM Italia / Alternative Capital Market, took place at a price of € 3.7 million in line with the fair value of the property as of December 31, 2017.

June 29, 2018 - Aedes SIIQ has signed, with a primary institutional investor, the contract for the sale of the building located in Milan in Via Agnello 12, at a price of € 50.75 million, equivalent to a Net Cap Rate of approximately 3.3%.

August 8, 2018 - The Board of Directors of Aedes SIIQ approved the demerger plan of the company aimed at separating the typical activities of a SIIQ from trading and opportunistic real estate.

September 19, 2018 - The Board of Directors of Aedes SIIQ approved the long-term plans of the demerged company and the beneficiary company.

September 27, 2018 - The Extraordinary Shareholders' Meeting of Aedes SIIQ approved: The regrouping of the ordinary shares of Aedes SIIQ S.p.A in the report no. 1 to 10 and the partial and proportional demerger of Aedes SIIQ S.p.A in favor of Sedea SIIQ S.p.A., which with effect from the demerger will change the name to Aedes SIIQ S.p.A.

October 31, 2018 - The bond loan of € 15 million and the shareholder loan granted by the controlling shareholder Augusto S.p.A. were extended for a further 18 months, expiring on April 30, 2020. of € 10 million.

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