See page 9 for full disclosures and analyst certification Banca IMI is Specialist to Uni Land Uni Land Solid Balance Sheet in a Weak Scenario Uni Land - Key estimates and data Y/E December 2008A 2009E2010E2011E Revenues EUR M 11350.00 16389.8229618.6438808.28 EBITDA EUR M 2150.00 4545.4616013.0824752.91 EBIT EUR M -2254.00 2901.4310753.9917317.43 Net income EUR M -6845.00 -5367.032084.324099.21 Dividend ord. EUR 0.00 0.000.000.00 Adj. EPS EUR -0.05 -0.040.010.03 EV/EBITDA x 110.38 56.3218.0612.25 Adj.
P/E x -18.29 -25.6566.0633.59 A: actual; E: estimates; Source: Company data and Intesa Sanpaolo Research 1H09 results . 1H09 revenue was EUR 11.4M, more than double that of 1H08. In detail: 1) House Building: revenues were EUR 10.8M, significantly higher vs.
1H08 (2.3x), and almost reached the value posted in FY08 (EUR 11.6M); 2) Franchising & Services: revenues were EUR 0.6M, up vs. 1H08 (EUR 0.2M), but far from the value achieved in FY08 (EUR 1.8M); 3) Holding & Development: revenues were immaterial, EUR 0.07M. Efficiency actions were implemented, with service costs down by around 55% (also due to a slow down in operations) and labour costs by around 19%.
EBIT was affected by a write-down of real estate assets for EUR 2.4M and came in at a EUR 3.2M loss ... more. less.
(a EUR 0.4M loss net of write-down), which compares with a EUR 0.6M profit in 1H08. Net loss was EUR 4.4M (a EUR 2.0M loss in 1H08), incorporating EUR 1.6M positive deferred taxes. The company has a solid balance sheet, with a net worth of EUR 346M, slightly down vs.<br><br> FY08 (EUR 357M), and a net debt of EUR 104.7M (decreasing by EUR 7.1M vs. FY08). Portfolio valuation and outlook .<br><br> An independent appraisal pointed to a real estate portfolio value of EUR 626M, a 6.8% decrease vs. FY08. In particular inventories declined also because of the disposal of Immobiliare Italia Servizi which decreased the buildings available for disposal by around EUR 28M.<br><br> The portfolio book value amounted to EUR 570M, a 6.6% decline vs. FY08, mainly attributable to the abovementioned disposal of Immobiliare Italia Servizi. We positively view the photovoltaic and wind farm development, which aims to create a revenue base for the group, as currently the group derives all of its revenues from trading activities.<br><br> At the moment three initiatives are ongoing in Emilia Romagna, Liguria and Puglia. Estimates and valuation . We updated our valuation, based on a NAV and multiples valuation methodology.<br><br> We derived a target price of EUR 0.90/share (vs. EUR 0.92/share previously) . We confirm our HOLD recommendation .<br><br> Key risks . We believe the main risks for Uni Land are: 1) other potential devaluations in the real estate portfolio from independent market appraisals, after three consecutive quarters of downward adjustments; 2) the timely execution of the energy division development projects; 3) the low free float; and 4) refinancing risks as the credit market difficulties continue. 14 September 2009 HOLD Target Price: EUR 0.90 (from EUR 0.92) Real Estate Company Update Intesa Sanpaolo Research Department Alberto Francese Research Analyst +39 02 7261 2707 Marta Caprini Research Analyst +39 02 7261 5607 Price performance, -1Y 14/09/09 SONDJFMAMJJAS 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 UNI LAND FTSE ITALIA ALL SHARE - PRICE INDEX Source: Thomson Reuters Data priced on 11.09.2009 Target price ( ¬ ) 0.90 Target downside (%) -9.09 Market price ( ¬ ) 0.99 52-week range ( ¬ ) 1.2/0.4 Market cap ( ¬ k) 137682.27 No.<br><br> of shares (k) 139073.00 Free float (%) 27 Major shareholder (%) Mezzini A., 70 Reuters UNL.MI Bloomberg UNL IM FTSE It All Shares 23504 Performance % Absolute Rel. to FTSE All Sh -1M 0.2 -1M -8.0 -3M -11.5 -3M -22.3 -12M -20.0 -12M -2.4 Source: Intesa Sanpaolo Research estimates and Thomson Reuters Equity Company Note Uni Land 14 September 2009 2 Intesa Sanpaolo Research Department 1H09 Results 1H09 revenue was EUR 11.4M, more than double that of 1H08. In detail: House Building: revenues were EUR 10.8M, significantly higher vs.<br><br> 1H08 (2.3x), and almost reached the value posted in FY08 (EUR 11.6M); Franchising & Services: revenues were EUR 0.6M, up vs. 1H08 (EUR 0.2M), but far from the value achieved in FY08 (EUR 1.8M); Holding & Development: revenues were immaterial, EUR 0.07M. Key financial data EUR k 1H08A 1H09A% chg Revenue 5,638 11,435102.8 House building 3,281 10,846230.6 Franchising&services 244 576136.1 Holding&Development 2 6200.0 EBIT 556 -3,172NM Net income -1,955 -4,412NM Net worth 345,521 Net debt 104,675 NM: not meaningful; Source: Company data The purchase costs of plots of land and/or buildings amounted to EUR 2.4M, down EUR 3.2M vs.<br><br> 1H08. Service costs, mainly related to building sites and planning, decreased by over 55%, because of a more limited activity carried out in 1H09 vs. 1H08, as a consequence of the current weak economic scenario.<br><br> Labour costs decreased by around 19% to EUR 1.2M, due to fewer employees and the disposal of some subsidiaries. EBIT was affected by a write-down of real estate assets for EUR 2.4M and came in at a EUR 3.2M loss (a EUR 0.4M loss net of write-down), vs. a EUR 0.6M profit in 1H08.<br><br> Financial charges decreased by over 22% to EUR 2.4M due to a lower average debt, in line with the company strategy and to the decrease of interest rates. The cost of debt was 2.09% in 1H09, which implies 4.23% for the year. The net loss was EUR 4.4M (a EUR 2.0M loss in 1H08), incorporating EUR 1.6M of positive deferred taxes.<br><br> The company has a solid balance sheet, with a net worth of EUR 346M, slightly decreasing vs. FY08 (EUR 357M), and a net debt of EUR 104.7M (down by EUR 7.1M vs. FY08).<br><br> The portfolio and its NAV An independent appraisal pointed to a real estate portfolio value of EUR 626M, down by 6.8% vs. FY08. In particular inventories declined also because of the disposal of Immobiliare Italia Servizi which decreased the buildings available for disposal by around EUR 28M.<br><br> The portfolio book value amounted to EUR 570M, a 6.6% decline vs. FY08, mainly attributable to the abovementioned disposal of Immobiliare Italia Servizi. Uni Land 14 September 2009 Intesa Sanpaolo Research Department 3 The portfolio Fair value Book value EUR M FY08 1H09 % chgFY081H09% chg Fixed assets+inventories 573 534 -6.8512479-6.4 Financial investments 99 92 -6.89992-7.3 Total 672 626 -6.8610570-6.6 Source: Company data In the following table we report the fair value divided by destination and business unit.<br><br> Fair value by destination (%) Fair value by business unit (%) Lands- residential 17 Lands- commercial* 64 Working sites- residential 4 Working sites- commercial 4 Renewable energies 4 Lands- "Borghese" 1 Completed buildings- residential 5 Completed buildings- commercial 1 House building 41 Holding&development 41 Financial investments 14 Renewable energies 4 Source: Company data * Including cBlu d fund Source: Company data Lastly, in the table below we report the NAV comparison at 1H09A and FY08A. NAV comparison 1H09 vs. FY08 FY08A1H09A% chg Fair value of owned assets 573534-6.7 Financial investments 9992-7.2 Fair value 672626-6.8 Net debt -112-105-6.7 Net NAV 559521-6.8 Deferred taxes -114-113-1.2 tax effect on capital gains not posted -19-17-9.2 Net net NAV 426391-8.2 Source: Company data The development of renewable energy We positively view the photovoltaic and wind farm development, which aims to create a revenue base for the group, as currently the group derives all of its revenues from trading activities.<br><br> Regarding wind farm development, our estimates show a total maximum contribution of EUR 11M revenue and a EUR 2M net profit by 2011E, based on the total 36MWp installation. However, in FY09E-10E, we expect the bottom line to be weighed down by higher financial costs related to the EUR 57M wind farm investment, assuming all 36MWp are installed by 2010E. Wind farm earnings contribution (assuming 36 MWp installed by 2010E) EUR k 2011E2012E2013E Revenues 10,854 10,956 11,060 EBITDA 10,114 10,204 10,297 Net profit 2,453 2,635 2,823 Source: Company data, Intesa Sanpaolo research estimates Ongoing activities on renewable energies are: A maximum 36MWp wind farm in Bologna.<br><br> The agreement is subject to approval by the Bologna local council. The total cost for the installation of 36MWp is EUR 57M and could be financed through project finance with 15% equity and 85% banking loans; Stable long term revenues High short term financial costs Uni Land 14 September 2009 4 Intesa Sanpaolo Research Department A wind power generation park in Plodio (Liguria), the size of which will be established on the basis of further tests and surveys. The building and management concession will last for 35 years, in return the municipality will receive 3.2% of the energy produced yearly in addition to other less important "one off" amounts.<br><br> The cost to build a wind power generation station is, on average, about EUR 1.5-2M per installed MW, which will be partially financed thanks to the EUR 20M capital increase announced in mid-March and through project financing or leasing; The installation of a 4MWp photovoltaic plant in Puglia (EUR 13M investment) waiting for connection to electricity grid. Sale of plots of land Uni Land has sold a 60% stake in an almost-completed building site in Como Camerlata (30,000 sqm and 153 apartments) and acquired two plots of land with building permission in Modena and Ferrara (8,000 and 5,000 sqm, respectively), which are expected to be developed in the medium term, thus postponing the group 9s short-term investment plans. The Como preliminary sale was for EUR 6M (EUR 4.5M book value in March 2009) for the entire stake (60%) in the company Immobiliare Italia Servizi S.p.A.<br><br> (IIS S.p.A.) to the group 8Pi.Ca. Costruzioni S.p.A 9. Completion of the sale is expected by July 2009 and is subject to due diligence.<br><br> After the sale, the group expects to improve its net debt by EUR 27.5M and decrease its net financial charges by EUR 1.2M. Uni Land has signed a preliminary agreement to sell a 16,045 sqm plot of land located in Montecalvo (Bologna) for EUR 1.168M. The transaction implies a price of EUR 70/sqm, which compares with a book value of EUR 51.7/sqm (appraised by CB Richard Ellis).<br><br> Finalisation of the agreement is expected by 31 March 2010, and no debt is attached to this real estate asset. Uniland posted a 36% gross margin on the sale of the plot, with a value of around EUR 0.295M. Considering that the plot is part of a wider plot of around 165,000sqm, this transaction implies a potential gross margin of EUR 2.7M related to the remaining land.<br><br> The rights issue Uni Land SpA 9s free share capital increase was issued for a total amount of EUR 26.550.472.41, or 10% of the total share capital, and was executed partially using the Share Premium Reserves. The group issued 12,643,082 new ordinary shares, without a nominal value. The new shares issued are free and assigned to each shareholder in the ratio of one new free share for each ten shares owned at 11 July 2009.<br><br> The new capital is made up of 139,073,903 shares. This capital increase is the fourth after the free issue for the years 2006, 2007, 2008 (already executed) and 2009. Como Camerlata Montecalvo Uni Land 14 September 2009 Intesa Sanpaolo Research Department 5 Valuation We updated our NAV and peers multiples valuation, to which we apply a 70% and 30% weighting, respectively.<br><br> In our NAV valuation, we applied the same discount that the market is currently applying to the group 9s real estate activities. As a result, the discount to the appraisal value decreased to 44%, vs. 46% previously, which, all things being equal, implies a 66% discount to the real estate NAV of EUR 133.1M; and In our multiples comparison, we use the average 2009E peers multiples in terms of Price/cash flow, EV/EBITDA and price to book as shown in the multiples comparison below.<br><br> We derived a EUR 0.90/share target price (vs. EUR 0.92/share previously). We confirm our HOLD recommendation.<br><br> Valuation summary EUR M Value Weight % NAV 133.170 Multiples 106.330 Average 125.0 Current shares (M) 139.1 Target price (EUR/share) 0.90 Current price (EUR/share) 0.99 Premium / - discount % -9 Source: Intesa Sanpaolo Research estimates Peers multiples comparison Below we show our peers comparison with a basket of Uni Land 9s European peers in the real estate sectors. Given Uni Land 9s current business model, based totally on the cyclical trading activity, a P/E and price/cash flow multiples comparison are not favourable for Uni Land. On the other hand, we highlight the significant discount to peers 9 average P/BV.<br><br> Peers multiples comparison Price Market cap.Price/cash flowP/EEV/EBITDA Price/book EUR M2009E2009E2009E 2009E Metrovacesa SA 22.80 1,58843.093.4 0.8 Maisons France Confort SA 25.50 17711.714.56.9 1.9 Vivacon AG 0.69 1465.5 0.4 JM AB 7.87 65631.932.320.7 2.0 Average 28.923.446.7 1.3 Uniland * 0.94 137Neg.Neg.56.3 0.4 NA: not available; Source: *Intesa Sanpaolo Research estimates, JCF Uni Land 14 September 2009 6 Intesa Sanpaolo Research Department Uni Land - Key figures Ordinary Rating Sector Real Estate Mkt price EUR/Share0.99 HOLD REUTERS CODE UNL.MI Target price EUR/Share0.90 Values per share (EUR) 2007A2008A2009E2010E 2011E No. ordinary shares (k) 1075547.00126430.82139073.00139073.00 139073.00 No. NC saving/preferred shares (k) 0.000.000.000.00 0.00 Total no.<br><br> of shares (k) 1075547.00126430.82139073.00139073.00 139073.00 Adj. EPS 0.00-0.05-0.040.01 0.03 CFPS 0.02-0.02-0.030.05 0.08 BVPS 0.322.802.612.62 2.65 Dividend Ord 0.000.000.000.00 0.00 Dividend SAV Nc 0.000.000.000.00 0.00 Income statement (EUR M) 2007A2008A2009E2010E 2011E Sales 19582.0011350.0016389.8229618.64 38808.28 EBITDA 2562.002150.004545.4616013.08 24752.91 EBIT -18798.00-2254.002901.4310753.99 17317.43 Pre-tax income -22461.00-9124.00-4012.522119.97 7015.15 Net income 4825.00-6845.00-5367.032084.32 4099.21 Adj. net income 4825.00-6845.00-5367.032084.32 4099.21 Cash flow (EUR M) 2007A2008A2009E2010E 2011E Net income before minorities 4825.00-6845.00-5367.032084.32 4099.21 Depreciation and provisions 21360.004404.001644.025259.08 7435.47 Change in working capital -121565.00-16279.00-3969.0010390.00 34777.74 Operating cash flow -95380.00-18720.00-7692.0017733.41 46312.43 Capital expenditure -1359.00-19946.0011500.00-14000.00 -29500.00 Other (uses of Funds) -18543.00-13000.00-40000.00-37000.00 -31000.00 Free cash flow -115282.00-51666.00-36192.00-33266.59 -14187.57 Dividends and equity changes 0.00-1081.000.000.00 0.00 Net cash flow -115282.00-52747.00-36192.00-33266.59 -14187.57 Balance sheet (EUR M) 2007A2008A2009E2010E 2011E Net capital employed 431691.00468697.00489522.98524873.89 543160.68 of which associates 0.000.000.000.00 0.00 Net debt/-cash 82876.00112150.00118315.08151497.98 165495.37 Minorities 8783.002991.008783.008783.00 8783.00 Net equity 340032.00353556.00362424.90364592.91 368882.30 Market cap (k) 1064791.53125166.51137682.27137682.27 137682.27 Minorities value 0.000.000.000.00 0.00 Enterprise value (*) 1147667.53237316.51255997.35289180.25 303177.64 Stock market ratios (x) 2007A2008A2009E2010E 2011E Adj.<br><br> P/E 220.68-18.29-25.6566.06 33.59 P/CEPS 40.66-51.28-36.9818.75 11.94 P/BVPS 3.130.350.380.38 0.37 Dividend yield (% ord) 0.100.000.000.00 0.00 Dividend yield (% sav) EV/sales 58.6120.9115.629.76 7.81 EV/EBITDA 447.96110.3856.3218.06 12.25 EV/EBIT -61.05-105.2988.2326.89 17.51 EV/CE 2.660.510.520.55 0.56 D/EBITDA 32.3552.1626.039.46 6.69 D/EBIT -4.41-49.7640.7814.09 9.56 Profitability & financial ratios (%) 2007A2008A2009E2010E 2011E EBITDA margin 13.0818.9427.7354.06 63.78 EBIT margin -96.00-19.8617.7036.31 44.62 Tax rate 121.4824.98-33.761.68 41.57 Net income margin 24.64-60.31-32.757.04 10.56 ROE 1.42-1.94-1.480.57 1.11 Debt/equity ratio 0.240.310.320.41 0.44 Growth (%) 2008A2009E2010E 2011E Sales -42.0444.4080.71 31.03 EBITDA -16.08111.42252.29 54.58 EBIT 88.01228.72270.64 61.03 Pre-tax income 59.3856.02152.83 230.91 Net income -241.8721.59138.84 96.67 Adj. net income -241.8721.59138.84 96.67 (*) EV = Mkt cap+ Net Debt + Minorities Value - Associates A: actual; E: estimates; Source: Company data and Intesa Sanpaolo R esearch Uni Land 14 September 2009 Intesa Sanpaolo Research Department 7 Notes Uni Land 14 September 2009 8 Intesa Sanpaolo Research Department Notes Uni Land 14 September 2009 Intesa Sanpaolo Research Department 9 Disclaimer Analyst certification The financial analyst who prepared this report, and whose name and role appear on the first page, certifies that: (1) The views expressed on companies mentioned herein accurately reflect independent, fair and balanced personal views; (2) No direct or indirect compensation has been or will be received in exchange for any views expressed. Specific disclosures 1.<br><br> Neither the analyst nor any member of the analyst 9s household has a financial interest in the securities of the Company. 2. Neither the analyst nor any member of the analyst 9s household serves as an officer, director or advisory board member of the Co mpany.<br><br> 3. The analyst named in the document is a member of AIAF. 4.<br><br> The analyst named in this document is not registered with or qualified by FINRA, the U.S. regulatory body with oversight over B anca IMI Securities Corp. Accordingly, the analyst may not be subject to NASD Rule 2711 and NYSE Rule 472 with respect to communicates w ith a subject company, public appearances and trading securities in a personal account.<br><br> For additional information, please contact th e Compliance Department of Banca IMI Securities Corp at 212-326-1133. 5. The analyst of this report does not receive bonuses, salaries, or any other form of compensation that is based upon specific in vestment banking transactions.<br><br> 6. The research department supervisors do not have a financial interest in the securities of the Company. This research has been prepared by Intesa Sanpaolo SpA and distributed by Banca IMI SpA Milan, Banca IMI SpA-London Branch (a m ember of the London Stock Exchange) and Banca IMI Securities Corp (a member of the NYSE and NASD).<br><br> Intesa Sanpaolo SpA accepts full responsi bility for the contents of this report and also reserves the right to issue this document to its own clients. Banca IMI SpA and Intesa Sanpaol o SpA, which are both part of the Intesa Sanpaolo Group, are both authorised by the Banca d'Italia and are both regulated by the Financial Servi ces Authority in the conduct of designated investment business in the UK and by the SEC for the conduct of US business. Opinions and estimates in this research are as at the date of this material and are subject to change without notice to the rec ipient.<br><br> Information and opinions have been obtained from sources believed to be reliable, but no representation or warranty is made as to their acc uracy or correctness. Past performance is not a guarantee of future results. The investments and strategies discussed in this research m ay not be suitable for all investors.<br><br> If you are in any doubt you should consult your investment advisor. This report has been prepared solely for information purposes and is not intended as an offer or solicitation with respect to t he purchase or sale of any financial products. It should not be regarded as a substitute for the exercise of the recipient 9s own judgment.<br><br> No Intesa S anpaolo SpA or Banca IMI SpA entities accept any liability whatsoever for any direct, consequential or indirect loss arising from any use of m aterial contained in this report. This document may only be reproduced or published together with the name of Intesa Sanpaolo SpA and Banca IMI SpA. Intesa Sanpaolo SpA and Banca IMI SpA have in place a Joint Conflicts Management Policy for managing effectively the conflicts of interest which might affect the impartiality of all investment research which is held out, or where it is reasonable for the user to rely on t he research, as being an impartial assessment of the value or prospects of its subject matter.<br><br> A copy of this Policy is available to the recipient of th is research upon making a written request to the Compliance Officer, Intesa Sanpaolo SpA, 90 Queen Street, London EC4N 1SA. Intesa Sanpaolo SpA has for malised a set of principles and procedures for dealing with conflicts of interest ( cResearch Policy d). The Research Policy is clearly explai ned in the relevant section of Intesa Sanpaolo 9s web site (www.intesasanpaolo.com).<br><br> Member companies of the Intesa Sanpaolo Group, or their directors and/or representatives and/or employees and/or members of the ir households, may have a long or short position in any securities mentioned at any time, and may make a purchase and/or sale, or offer to make a purchase and/or sale, of any of the securities from time to time in the open market or otherwise. Intesa Sanpaolo SpA issues and circulates research to Qualified Institutional Investors in the USA only through Banca IMI Secur ities Corp., 1 William Street, New York, NY 10004, USA, Tel: (1) 212 326 1230. Residents in Italy: This document is intended for distribution only to professional investors as defined in art.31, Consob Regu lation no.<br><br> 11522 of 1.07.1998 either as a printed document and/or in electronic form. Person and residents in the UK: This document is not for distribution in the United Kingdom to persons who would be defined as private customers under rules of the FSA. US persons: This document is intended for distribution in the United States only to Qualified Institutional Investors as define d in Rule 144a of the Securities Act of 1933.<br><br> US Customers wishing to effect a transaction should do so only by contacting a representative at Banca IMI Securities Corp. in the US (see contact details above). Coverage policy and frequency of research reports The list of companies covered by the Research Department is available upon request.<br><br> Intesa Sanpaolo SpA aims to provide continu ous coverage of the companies on the list in conjunction with the timing of periodical accounting reports and any exceptional event that affect s the issuer 9s operations. The companies for which Banca IMI acts as sponsor or specialist are covered in compliance with regulations issued b y regulatory bodies with jurisdiction. In the case of a short note, we advise investors to refer to the most recent company report published by Intesa Sanpaolo SpA 9s Research Department for a full analysis of valuation methodology, earnings assumptions, risks and the historical of recom mendation and target price.<br><br> Research is available on Banca IMI 9s web site (www.bancaimi.com or www.intesasanpaolo.com) or by contacting your sales representative. Uni Land 14 September 2009 10 Intesa Sanpaolo Research Department Valuation methodology (long-term horizon: 12M) The Intesa Sanpaolo SpA Equity Research Department values the companies for which it assigns recommendations as follows: We obtain a fair value using a number of valuation methodologies including: discounted cash flow method (DCF), dividend discoun t model (DDM), embedded value methodology, return on allocated capital, break-up value, asset-based valuation method, sum-of-the-parts, and multiples-based models (for example PE, P/BV, PCF, EV/Sales, EV/EBITDA, EV/EBIT, etc.). The financial analysts use the above va luation methods alternatively and/or jointly at their discretion.<br><br> The assigned target price may differ from the fair value, as it also takes in to account overall market/sector conditions, corporate/market events, and corporate specifics (ie, holding discounts) reasonably considered to be possible drivers of the company 9s share price performance. These factors may also be assessed using the methodologies indicated above. Equity rating key: (long-term horizon: 12M) In its recommendations, Intesa Sanpaolo SpA uses an cabsolute d rating system, which is not related to market performance and wh ose key is reported below: Equity rating key (long-term horizon: 12M) Long-term rating Definition BUY If the target price is 20% higher than the market price ADD If the target price is 10%-20% higher than the market price HOLD If the target price is 10% below or 10% above the market price REDUCE If the target price is 10%-20% lower than the market price SELL If the target price is 20% lower than the market price RATING SUSPENDED The investment rating and target price for this stock have been suspended as there is not a sufficient fundamental basis for determining an investment rating or target.<br><br> The previous investment rating and target price, if any, are no longer in effect for this stock. NO RATING The company is or may be covered by the Research Department but no rating or target price is assigned either voluntarily or to comply with applicable regulations and/or firm policies in certain circumstances, including when Intesa Sanpaolo is acting in an advisory capacity in a merger or strategic transaction involving the company. TARGET PRICE The market price that the analyst believes the share may reach within a one-year time horizon MARKET PRICE Closing price on the day before the issue date of the report, as indicated on the first page, except where otherwise indicated Historical recommendations and target price trends (long-term horizon: 12M) Target price and market price trend (-1Y) Historical recommendations and target price trend (-1Y) 0 1 2 3 4 Sep-08Jan-09May-09Sep-09 I:PLR(P) Target Price Date Rating TP Mkt Price 15-Sep-08 BUY 3.47 1.40 6-Oct-08 BUY 3.47 0.90 21-Nov-08 BUY 1.33 0.71 20-Mar-09 HOLD 0.55 0.49 20-Mar-09 HOLD 0.55 0.49 12-May-09 HOLD 0.55 0.61 15-May-09 HOLD 0.73 0.70 29-Jun-09 HOLD 0.92 0.73 Note.<br><br> Chart non-meaningful due to share price recalculation following share regrouping. *Note. In July 2008, Uni Land carried out a share regrouping.<br><br> Equity rating allocations (long-term horizon: 12M) Intesa Sanpaolo Research Rating Distribution (at 1 August 2009) Number of companies subject to recommendations: 101 (**)BUY ADD HOLD REDUCE SELL Total Equity Research Coverage % 21 25 44 4 6 of which Intesa Sanpaolo 9s Clients % (*) 71 48 42 -- 33 (*) Companies on behalf of whom Intesa Sanpaolo and the other companies of the Intesa Sanpaolo Group have provided corporate an d Investment banking services in the last 12 months; percentage of clients in each rating category. (**) The total number of companies covered is 110 Valuation methodology (short-term horizon: 3M) Our short-term investment ideas are based on ongoing special market situations, including among others: spreads between share categories; holding companies vs. subsidiaries; stub; control chain reshuffling; stressed capital situations; potential extraor dinary deals (including capital increase/delisting/extraordinary dividends); and preys and predators.<br><br> Investment ideas are presented either in relative terms (e.g. spread ordinary vs. savings; holding vs.<br><br> subsidiaries) or in absolute terms (e.g. preys). The companies to which we assign short-term ratings are under regular coverage by our research analysts and, as such, are subje ct to fundamental analysis and long-term recommendations.<br><br> The main differences attain to the time horizon considered (monthly vs. yea rly) and Uni Land 14 September 2009 Intesa Sanpaolo Research Department 11 definitions (short-term 8long/short 9 vs. long-term 8buy/sell 9).<br><br> Note that the short-term relative recommendations of these inve stment ideas may differ from our long-term recommendations. We monitor the monthly performance of our short-term investment ideas and follow the m until their closure. Equity rating key (short-term horizon: 3M) Equity rating key (short-term horizon: 3M) Short-term rating Definition LONG Stock price expected to rise or outperform within three months from the time the rating was assigned due to a specific catalyst or event SHORT Stock price expected to fall or underperform within three months from the time the rating was assigned due to a specific catalyst or event Company specific disclosures Banca IMI discloses interests and conflicts of interest, as defined by: Articles 69-quater and 69-quinquies, of Consob Resoluti on No.11971 of 14.05.1999, as subsequently amended and supplemented; the NYSE 9s Rule 472 and the NASD 9s Rule 2711; the FSA Policy Statement 04 /06 cConflicts of Interest in Investment Research 3 March 2004 and the Policy Statement 05/03 cImplementation of Market Abuse Direc tive d, March 2005.<br><br> The Intesa Sanpaolo Group maintains procedures and organisational mechanisms (Information barriers) to professionally man age conflicts of interest in relation to investment research. We provide the following information on Intesa Sanpaolo Group 9s conflicts of in terest: 1 The Intesa Sanpaolo Group has a conflict of interest inasmuch as it plans to solicit investment banking business or intends to seek compensation from the Company in the next three months. 2 The Intesa Sanpaolo Group is one of the main financial lenders of UNI LAND and its parent and group companies; 3 Banca IMI is a specialist relative to securities issued by UNI LAND.<br><br> Uni Land 14 September 2009 12 Intesa Sanpaolo Research Department Intesa Sanpaolo Research Department 3 Head of Research Gregorio De Felice Head of Equity & Credit Research Giampaolo Trasi +39 02 7261 firstname.lastname@example.org Equity Research Monica Bosio +39 02 7261 email@example.com Luca Bacoccoli +39 02 7261 firstname.lastname@example.org Marta Caprini +39 02 7261 email@example.com Sergio Ciaramella +39 02 7261 firstname.lastname@example.org Manuela Meroni +39 02 7261 email@example.com Gian Luca Pacini +39 02 7261 firstname.lastname@example.org Bruno Permutti +39 02 7261 email@example.com Fabio M. Picardi +39 02 7261 firstname.lastname@example.org Roberto Ranieri +39 02 7261 email@example.com Lorenzo Re +39 02 7261 firstname.lastname@example.org Corporate Broking & MAC Research Alberto Francese +39 02 7261 email@example.com Laura Carmignani +39 02 8021 firstname.lastname@example.org Serena Polini +39 02 7261 email@example.com Research Production Anna Whatley +39 02 7261 firstname.lastname@example.org Cinzia Bovina +39 02 7261 email@example.com Bruce Marshall +39 02 7261 firstname.lastname@example.org Annita Ricci +39 02 7261 email@example.com Banca IMI Institutional Sales Nicola Maccario +39 02 7261 firstname.lastname@example.org Carlo Cavalieri +39 02 7261 email@example.com Francesca Guadagni +39 02 7261 firstname.lastname@example.org Gregory Halvorsen +39 02 7261 email@example.com Claudio Manes +39 02 7261 firstname.lastname@example.org Nicola Mastrototaro +39 02 7261 email@example.com Robert Meier +39 02 7261 firstname.lastname@example.org Daniela Stucchi +39 02 7261 email@example.com US Institutional Sales Jack Del Duca +1 212 326 1234DelDucaJ@bancaimius.com Barbara Leonardi +1 212 326 1232LeonardiB@bancaimius.com Sales Trading Roberto Gussoni +39 02 7261 firstname.lastname@example.org Adele Marchetti +39 02 7261 email@example.com Lorenzo Pennati +39 02 7261 firstname.lastname@example.org Stefano Rivarola +39 02 7261 email@example.com Mark Wilson +39 02 7261 firstname.lastname@example.org Securities Lending Carlo Antonioli +44 207 894 email@example.com Corporate Brokerage Danilo Brusa +39 02 7261 firstname.lastname@example.org Fabrizio Speroni +39 02 7261 email@example.com Market Hub 3 Brokerage & Execution Italian Equities - Sergio Francolini +39 02 7261 firstname.lastname@example.org Foreign Equities - Francesco Riccardi +39 02 7261 email@example.com Market Hub 3 Exchange Traded Derivatives Matteo Massardi +39 02 7261 firstname.lastname@example.org Biagio Merola - Milan +39 02 7261 email@example.com Duncan Barker - London +39 02 7261 firstname.lastname@example.org Market Hub 3 @ sales Giovanni Spotti +39 02 7261 email@example.com Banca IMI SpA Piazzetta Giordano Dell 9Amore, 3 20121 Milan, Italy Tel: +39 02 7261 1 Banca IMI Securities Corp. 1 William Street 10004 New York, NY, USA Tel: (1) 212 326 1230 Banca IMI London Branch 90 Queen Street London EC4N 1SA, UK Tel +44 207 894 2600<br><br>