Accademia SGR SpA

from Annual Report 2008

Balance sheet

The Company

Accademia SGR is an asset-management company specialized in real estate funds, combining the international experience accumulated in real estate and the asset management business generated by Banca del Sempione in over forty years. Providing asset management services through a real estate fund allows the Banca del Sempione Group to enhance its range of products and services.

The Mission

Accademia SGR has inherited the Group ’ s attention to the needs of the individual. In fund management, this means forging tools designed for use by a restricted number of qualified investors. The Accademia SGR mission is to give investors maximum transparency in the management of their funds. As a result, investors have the opportunity to participate in highly attractive real estate initiatives. Said tools are directly managed by the company, with the advice of real estate industry experts, and give investors the comfort of the guarantees afforded by the control structure, under Italian law.

Real Estate Funds

In 2008, Accademia SGR obtained authorisation to distribute two new closed-end real estate funds reserved to qualified investors; these are in addition to the three whose assets have already been invested by our Italian affiliate. During the year, the company strengthened its staff, adapting it to growing operational needs, and with the development of the new projects it completed the start-up stage.

Accademia SGR mainly deals in the following types of funds:

Real Estate:

real estate assets, real estate rights, and/or equity investments in real estate companies;

Closed-End:

the fund regulations set the timetable and procedures for investing in shares and their duration; the investor has the option of early redemption of the shares only through a specific resolution by the SGR’ s board of directors;

Reserved:

investment is restricted to certain “ qualified investors ” , defined in the fund’ s regulations in the framework of Italian law. This type of fund allows for the initial identification of the investors and exemptions from investment diversification standards prescribed by the Bank of Italy for most mutual funds.

Investing In Our Funds

The real estate funds are an ideal tool for transforming savings into a real fruitful and safe investment, far from securities market fluctuations because of value growth over time and sizable returns. Since these funds are reserved for “ qualified investors ” , they are allowed to maintain a higher investment concentration, a feature that makes them similar to a personal inheritance and not an anonymous mutual investment fund.

Investor Profile

Accademia SGR targets a small circle of “ qualified investors ” with experience in real estate investment and who are willing to delegate management of their capital to participate in real estate transactions in association with other investors with the same qualifications. Ministerial Decree no. 228 of 24 May 1999 defines a “ qualified investor ” . The definition includes institutional investors, both natural and legal persons who have specific skills and experience in the fund’ s target investment.

With Accademia SGR S.p.A., Banca del Sempione Group provides another option in its array of asset management services.

ACCADEMIA

SGR