Beni Stabili SpA SIIQ : Pricing of equity-linked bonds,

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Pricing of equity-linked bonds, which - subject to the approval, by the extraordinary general meeting, of the capital increase to service the conversion - will become convertible into ordinary shares of Beni Stabili S.p.A. SIIQ

Rome, 8 January 2013 - Following the press release issued earlier today, Beni Stabili S.p.A. SIIQ

("Beni Stabili" or the "Company") announces the pricing of an equity-linked bond issue reserved for Italian and/or foreign qualified investors announced therein. The placement was arranged by Banca IMI S.p.A., BNP Paribas, JP Morgan, Mediobanca - Banca di Credito Finanziario S.p.A., acting as Joint Bookrunners.

The equity-linked bonds, with a nominal amount of EUR 100,000.00 each, shall be issued at par in the aggregate amount of EUR 150 million, which may be increased up to EUR 175 million in the event of the exercise in full of the over-allotment option granted to the Joint Bookrunners exercisable prior to 15 January 2013.

The bond issue shall have a duration of 5 years and shall pay a fixed coupon of 3.375 per cent. per annum.

The bonds may be converted into ordinary shares of the Company subject to the approval by the Company's extraordinary general meeting, to be held no later than 30 June 2013, of a capital increase with no option right pursuant to article 2441, paragraph 5, of the Italian civil code to be solely reserved for the service of the conversion of such bonds (the "Capital Increase"). Under the terms of the Bonds, and following delivery of the Settlement Notice, the Company will have the right to elect to settle any exercise of conversion rights in shares, cash or a combination of shares and cash.

After such approval, the Company shall issue the relevant notice to the bondholders. The final terms of the proposed Capital Increase to service the bond issue shall be disclosed to the public promptly, as soon as they are determined. The explanatory report of the Company's Board of Directors prepared pursuant to article 2441, paragraph 6, of the Italian civil code and to article 72 of CONSOB resolution No. 11971 of 14 May 1999 shall be made available to the public according to the time limits provided for by the law.

Not for publication or distribution, directly or indirectly, in or into the United States of America, Canada, Australia, Japan or South Africa or in other countries where offers or sales would be forbidden under applicable laws or to residents thereof.

The initial price for the conversion of the bonds into ordinary shares of the Company shall be EUR

0.5991, corresponding to a 32 per cent. premium above the volume weighted average price of the

Beni Stabili shares on the Borsa Italiana between launch and pricing.

The conversion price will be downward adjusted to take into account any cash distributions paid by the Company in each 12-month period from the date of issue of the bonds, for amounts exceeding EUR 0.022 per share.

Today Foncière des Régions has also announced to the market its intention of voting in favour of the proposed Capital Increase.

An application will be made to admit the bonds to trading on an internationally recognized, regularly operating, regulated or non-regulated, stock exchange as determined by the Company no later than 30 June 2013.

* * *

In the context of the transaction the Company and the majority shareholder, Foncière des Régions (the latter with reference to an interest not lower than approximately 50.857% and permitting intragroup transactions), have undertaken lock-up obligations for a duration of 90 days.

The bond issue will enable the Company to obtain greater diversification of financial sources through the sourcing of financial funds in the capital market. Such resources will be applied mainly to the optimization of the financial structure and the cost of capital of the Company.

* * *

This press release is published for information purposes only pursuant to Italian law and shall not be meant to be an investment proposal and, in any case, it may not be used as or deemed to be a sale offer or an invitation to offer or purchase or sell securities to the public.
The documentation relating to the offer of the bonds shall not be submitted to CONSOB (the Italian Securities Exchange Commission) for approval pursuant to the applicable laws and regulations and, therefore, the bonds may not be offered, sold or distributed to the public in the territory of the Republic of Italy other than to qualified investors, as defined by article 100 of Legislative Decree No. 58 of 24 February
1998, as subsequently amended (the "Financial Services Act"), and pursuant to article 34/3, paragraph
1(b) of CONSOB Regulation No. 11971 of 14 May 1999, as amended from time to time (the "CONSOB Regulation"), or in the other circumstances provided for by article 100 of the Financial Services Act and by the CONSOB Regulation.
This press release shall not be distributed, whether directly or indirectly, in the United States of America (as defined in Regulation S contained in the US Securities Act of 1933, as subsequently amended - the "US Securities Act"), in Canada, Australia, Japan, South Africa, or in any other country where the offer or the

Not for publication or distribution, directly or indirectly, in or into the United States of America, Canada, Australia, Japan or South Africa or in other countries where offers or sales would be forbidden under applicable laws or to residents thereof.

sale would be forbidden by the law. This press release is not, and is not part of, an offer for sale of securities to the public or a solicitation to purchase securities, and there will be no offer of securities in any jurisdiction where such offer or solicitation would be forbidden by the law. The securities mentioned in this press release have not been and will not be registered under the US Securities Act and may not be offered or sold in the United States of America without a registration or a specific exemption from registration under the US Securities Act. No offers of the securities to the public shall be made in the United States of America or in any other country.
This press release was not and shall not be mailed or otherwise given, distributed or sent to or from the United States of America or to or from any other country in which such mailing would be forbidden, or to publications with wide circulation within such countries, and the recipients of such press release (including any depositaries, delegated persons and trustees) shall refrain from mailing or otherwise forwarding, distributing or mailing the press release to or from the United States of America or to or from any other country where such sending would be forbidden, or to publications with a general circulation within such countries.
In the context of the offer of the bonds, each of the Joint Bookrunners and the respective subsidiaries, acting as investors for their own account, may subscribe the bonds or shares and for such reason hold in their portfolios, purchase or sell such securities or any security of the Company or make any related investment; furthermore, they may also offer or sell such securities or make investments other than in the context of the offer of the bonds. The Joint Bookrunners do not intend to disclose the amount of such investments or transactions other than to the extent required by the applicable laws and regulations.
With reference to the bonds, the Joint Bookrunners shall act solely and exclusively in the name and on behalf of the Company and shall not be held liable vis-à-vis any third parties for the support provided to their clients or for the advice given in relation to the bonds.
No action has been taken to allow for the offer of the bonds or the receipt or distribution of this press release in countries where action for such purposes is required. The persons receiving this press release have an obligation to enquire about and comply with the above-mentioned restrictions.
This press release and the offer, once made, shall be solely intended, in the Member States of the European
Economic Area who implemented Directive 2003/71/EC, amended, as the case may be, by Directive
2010/73/EU (the "Prospectus Directive") (each of them, a "Relevant Member State), for Qualified Investors, as defined in article 2(1)(e) of the Prospectus Directive and in compliance with the implementing laws and regulations adopted by each of the Relevant States (the "Qualified Investors").
Each initial purchaser of the bonds or each person to whom the offer may be addressed will be deemed to have represented, acknowledged and agreed that it is a Qualified Investor as defined above.
Furthermore, in the United Kingdom this press release shall be solely distributed and addressed to Qualified
Investors: (i) having professional experience of matters relating to financial investments pursuant to article
19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the

Not for publication or distribution, directly or indirectly, in or into the United States of America, Canada, Australia, Japan or South Africa or in other countries where offers or sales would be forbidden under applicable laws or to residents thereof.

"Order") or (ii) falling under the scope of the definition mentioned in article 49, paragraphs 2(a) to (d) of the Order, or (iii) to whom this press release may be legally sent under the laws in force (together, the "Relevant Persons"). This press release shall not be acted or relied upon: (i) in the United Kingdom, by any persons other than the Relevant Persons, and (ii) in the other Member States of the European Economic Area, by any persons other than the Qualified Investors.
Should the offer of the bonds be addressed to an investor in its capacity as a financial intermediary as defined in article 3(2) of the Prospectus Directive, such investor shall be deemed to have represented and accepted not to purchase the bonds in the name and on behalf of any persons within the European Economic Area other than Qualified Investors, or any persons in the United Kingdom or in other Member States (where similar laws and regulations are in force) vis-à-vis whom such investor may make decisions in its absolute discretion, and not to purchase the bonds in order to offer or resell them in the European Economic Area, where such circumstance would require the publication by the Company, by the Joint Bookrunners, or by any other director, of a prospectus pursuant to article 3 of the Prospectus Directive.
In relation to the issue of the bonds, Mediobanca - Banca di Credito Finanziario S.p.A. (the "Stabilising Manager") or any other person acting on behalf of the Stabilising Manager may make an over-allotment of the bonds or carry out transactions to maintain the market price of the bonds higher than the level that would otherwise prevail. However, there is no assurance that the Stabilising Manager shall undertake stabilisation action. Any stabilisation action, where actually started, may be ended at any time and is required to be concluded within a limited period of time.

For further information, please contact:

Beni Stabili Siiq

Investor Relations - Lorenza Rivabene - +39.02.3666.4682 - [e-mail]
Media Contact - Barbara Ciocca - +39.02.3666.4695 - [e-mail]

PMS Media Relations

Giancarlo Frè - +39.329.4205000 - [e-mail]
Andrea Faravelli - +39.328.4909501 - [e-mail]