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Un Bell’affare 'Lucrativo': Real Estate investment in Northern Italy WSM Group




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Calculation example

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Risk Profile

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Benvenuto Welcome to the WSM brochure. Here you'll find information on investing in rights of use on properties in Italy. Through its unique combination of sales and rentals of rights of use, Bell'affare offers you the opportunity to discover the land of sun, snow, design and cuisine, both personally and financially. WSM has been active as an investor in real estate and project development since 1995. Since 2003, WSM Group's activities have been concentrated on the northern area of Italy, because of its attractive investment climate and the outstanding property rental opportunities. Demand from the tourism industry for luxury holiday homes in the Italian holiday destination areas is growing every year. Travel organisation Fifth Season, a subsidiary company of WSM, is specialised in the rental of these properties. The region is extremely attractive from a commercial point of view because of its double rental season. Northern Italy (Alto Adige) enjoys a fabulous climate in the summer, with countless outdoor sports opportunities for tourists. In the winter, the area boasts the most modern ski destination in Europe, and the winter sports enthusiast can enjoy pistes with guaranteed snow, as well as all the sun and charm of Italy.

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Bell’affare Bell'affare offers security, thanks to the stable market in real estate in Italian holiday destinations. WSM purchases new luxury properties exclusively in top locations, and rents them via Fifth Season to leading national and international travel organisations. With this winning formula, WSM has been offering a stable product for the private and corporate market, with a return of 8.5%, since 2003.

Lucrativo or Vacanze?

The Bell'affare product is based on the sale of rights of use on Italian real estate. A right of use is equivalent to one holiday week in a luxury holiday home to the value of 5.000,- euro or 10.000,- euro. You can rent out these rights of use to Fifth Season (from 50.000,- euro), or you can make use of the holiday weeks yourself. For this reason Bell'affare is divided into Bell'affare Lucrativo and Bell'affare Vacanze*. * Ask for the Bell'affare Vacanze brochure 6 | 7

Calculation example Calculation example

Bell’affare Lucrativo With a Bell'affare Lucrativo investment, you do not make any physical use of WSM's holiday homes. Instead, you rent out your holiday weeks to Fifth Season, and receive a fixed rental payment in return. This rental income amounts to 8.5% of the purchase price of the rights of use per year. Bell'affare Lucrativo investment opportunities start from a minimum investment of 50.000,- euro.

When you rent out your rights of use to Fifth Season you receive a fixed monthly payment in return: Purchase price Monthly rental income (8.5%) Yearly rental income (8.5%)

€ 50.000,00 € 354,16 € 4.250,00

The features of Bell'affare Lucrativo: - Unlimited duration - You invest in rights of use on existing real estate - You rent out these rights of use to Fifth Season - You receive 8.5% annual interest - Your rental income is paid to you in monthly instalments - From 50.000,- euro Renting out your rights of use With Bell'affare Lucrativo, you rent out your rights of use to the Fifth Season travel organisation. Fifth Season has built up years of expertise in managing and renting out holiday homes in Italy. Through its close partnerships with top national and international tour operators, it is able to achieve an attractive rate of interest on your investment. Fifth Season pays for the rental of your rights of use with a fixed monthly rental payment of 8.5%. The return on your investment is specified in a rental contract and is not dependent on the level of occupation of the holiday homes. Your rental contract is valid for 1 year, after which it is automatically extended for 12-month periods. Tax consequences For a personal calculation of the tax consequences of your investment, please consult your financial (taxation) advisor.

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Yield and convenience

€ 75.000,00 € 531,25 € 6.375,00

€ 100.000,00 € 708,33 € 8.500,00

Details Calculation example If you want to resell your rights of use, and no longer want to make use of the monthly rental income: Sale of rights of use to WSM after:

5 years

10 years

15 years

Purchase price Annual rental income (8.5%) Total rental income

€ 100.000,00 € 8.500,00 € 42.500,00

€ 100.000,00 € 8.500,00 € 85.000,00

€ 100.000,00 € 8.500,00 € 127.500,00

Refund of purchase price

€ 100.000,00

€ 100.000,00


Total received

€ 142.500,00

€ 185.000,00

€ 227.500,00

An investment of 100.000,- euro yields a monthly income of 708,33 euro. Bell'affare Lucrativo investment opportunities start from a minimum investment of 50.000,- euro.

Sale of rights of use

Crescere means growing

Your rights of use on properties have no time limit. You can offer your rights of use to be bought back by WSM at any time. WSM is not obliged to buy back your rights of use. If it does not make use of its right of repurchase, WSM will sell on the rights of use to the next new buyer. It is not possible to transfer your rights of use to third parties, or to encumber them with limited rights. Because of this, it may be that your rights of use are temporarily unsaleable. You will continue to receive monthly rental income until your rights of use are sold. If you sell your rights of use to WSM after five years, you will receive 100% of the purchase price in return. If you sell them to WSM within five years, then you receive 75% of the purchase price.

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Risk Profile

Risk profile Any investment, including investments in rights of use, carries a certain risk. If you want to sell your rights of use to WSM, you run the risk that they may be temporarily unsaleable. WSM is not obliged to buy back your rights of use. If WSM does not make use of its right to repurchase, you will receive the fixed purchase price once there is a new buyer. Whether WSM exercises its repurchase rights or not is dependent on WSM's financial situation at the time, as determined by its solvency and liquidity.


In the event of the bankruptcy of WSM, your investment may be wholly or partially lost. You then have a competitive claim together with other creditors. In the event of bankruptcy of Fifth Season, the custodian may terminate the rental agreement as a consequence of which, you will not be able to receive any rental income from this contract. In the event that Fifth Season is not able to fulfil its payment obligations, this will have no effect on WSM's assessment of the economic value of your rights of use. You retain the possibility of making use of the property yourself and/or renting it out to a third party. For an overview of the risks, and more detailed information, please see the prospectus.

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Disclaimer This brochure is published by WSM b.v., which has its registered premises at Paulus Potterstraat 20 in Amsterdam. The investments on offer as described in this brochure are entirely free of obligation. WSM acts exclusively as the provider of these products, and does not act as your advisor. The products as described in this brochure do not fall under the supervision of the Dutch Authority for the Financial Markets. WSM is not required to hold any permits for the provision of investment properties. Any purchase involves some element of risk. That also applies to purchases of rights of use from WSM, and to the returns on the rental of right of use. It cannot be ruled out that you may lose all of your investment. We suggest that you familiarise yourself with the contents of the prospectus before you purchase any rights of use. You can download the prospectus from the WSM website - - or receive it free of charge from WSM or your intermediary. WSM does not accept any liability for information provided by third parties that is at variance with the information contained in this brochure or the prospectus. Š WSM b.v. 2008

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Space and tranquillity

Contact If you have any further questions concerning the information contained in this brochure we would be glad to hear from you. You can also contact your intermediary for more detailed information. WSM Group Paulus Potterstraat 20 1071 DA Amsterdam The Netherlands T: +31 (0)20-772 63 69 F: +31 (0)20-612 01 40 E: U:

Design and photography Š Cyclone, Amsterdam 2008


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