CPI Property S A : CPIPG Communication Concerning Mandatory Offer on Nova RE Shares – Publication of Provisional Results after Reopening of Terms

CPI PROPERTY GROUP (société anonyme)

40, rue de la Vallée L-2661 Luxembourg

R.C.S. Luxembourg: B 102 254

PRESS RELEASE

CORPORATE NEWS

Luxembourg, 22 January 2021

Mandatory public tender offer promoted by

CPI Property Group S.A. on all ordinary shares of NOVA RE SIIQ S.p.A.

Provisional results of the Offer after the Reopening of the Terms

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PRESS RELEASE

Luxembourg, January 22, 2021 - In relation to the mandatory tender offer (the "Offer") promoted by CPI Property Group S.A. (the "Offeror"), pursuant to articles 102, 106 paragraph 1 and 109 of Legislative Decree no. 58, dated 24 February 1998, as subsequently amended and supplemented ("TUF"), on maximum 10,974,349 ordinary shares with no nominal value issued by NOVA RE SIIQ S.p.A. ("NOVA RE" or the "Issuer"), the Offeror announces that the period of Reopening of the Terms (started on January 18, 2021) has ended today.

Capitalized terms unless otherwise defined have the meaning attributed to them in the offer document approved by Consob with resolution no. 21620 of December 9, 2020 and published on December 11, 2020 (the "Offer Document").

Based on the provisional results communicated by Società per Amministrazioni Fiduciarie "SPAFID" S.p.A., as Intermediary Appointed for Coordinating the Collection of Acceptances, during the Reopening of the Terms 460,809 ordinary shares of NOVA RE, equal to approximately 2.092 % of the Issuer's share capital and approximately 4.2% of the ordinary shares of NOVA RE subject to the Offer, have been tendered to the Offer.

Please note that, in the period between the date of the Offer Document and today's date, the Offeror and the Persons Acting in Concert with the Offeror have not made, either directly or indirectly, any purchases of NOVA RE ordinary shares outside the Offer.

Based on the aforementioned provisional results and taking into account 19,899,764 shares of NOVA RE already held by the Offeror, at the end of the Offer (including the Reopening of the Terms) the Offeror will come to hold in total 20,360,573 ordinary shares of NOVA RE, equal to approximately 92.44 % of the relevant share capital.

Moreover, taking into account 38,205 treasury shares of the Issuer (equal to approximately 0.17% of the relevant share capital), pursuant to art. 44-bis, paragraph 5 of Consob Regulation 11971/99, as amended, reference should be made to 20,398,778 shares, equal to approximately 92.62% of the share capital, i.e. higher than 90% but less than 95% of the Issuer's share capital. In this regard, the Offeror - as already stated in the Offer Document - intends to re-establish within 90 days a free float sufficient to ensure the regular trading performance - such as, for example, transfers of ordinary shares of NOVA RE, Accelerated Book Building (ABB), capital increases reserved to persons other than shareholders who hold significant shareholdings pursuant to art. 120 of the TUF, with partial or total exclusion of preemption rights -, in the manner deemed most appropriate in light, inter alia, of market conditions.

The Offeror also announces that, as already stated in the Offer Document, for the purposes of maintaining the special tax regime applicable to Listed Real Estate Investment Company (so- called SIIQ regime), pursuant to Article 1, paragraphs 119 et seq. of 2007 Financial Law, it will adopt any useful initiative aimed at reducing its shareholding below the threshold of 60% of voting rights in the ordinary shareholders' meeting and of the profit participation rights.

The final results of the Offer following the Reopening of the Terms will be announced in a separate notice to be issued by the Offeror by January 28, 2021, pursuant to Article 41, paragraph 6, of the Issuers' Regulations.

The Consideration due to the holders of the Issuer's ordinary shares tendered to the Offer during the Reopening of the Terms, equal to Euro 2.36 per share, will be paid to the accepting shareholders on January 29, 2021, against the simultaneous transfer of the ownership of such shares to the Offeror.

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The Offer is launched exclusively in Italy. The Offer is not launched nor disclosed, directly or indirectly, in the United States, Australia, Canada, Japan or in any other country where the Offer is not permitted in the absence of authorization from the competent local authorities or would not be in compliance with any laws or regulations (the "Other Countries"), nor using instruments of communication or international commerce (including, by way of example, the postal network, fax, telex, e-mail, telephone and Internet) of the United States, Australia, Canada, Japan or of the Other Countries, through any structure of any of the financial intermediaries of the United States, Australia, Canada, Japan or Other Countries or in any other way.

Copies of the Offer Document, or any portion thereof, or any copy of any other document relating to the Offer, are not to and must not be sent, or in any way transmitted, or in any case distributed, directly or indirectly, in the United States, Australia, Canada, Japan or in the Other Countries. No party receiving the aforesaid documents may distribute, send or transmit them (by mail or any other means or instrument of communication or international commerce) in the United States, Australia, Canada, Japan or in the Other Countries. This press release, the Offer Document, as well as any other document relating to the Offer, does not constitute and shall not be interpreted as an offer of financial instruments directed to parties domiciled and/or resident in the United States, Australia, Canada, Japan or in the Other Countries. No instrument may be offered or sold in the United States, Australia, Canada, Japan or in the Other Countries in the absence of a specific authorization in compliance with the applicable provisions of the local law

of the above mentioned countries or of the Other Countries or as an exemption from said provisions.

Tendering in the Offer by parties residing in countries other than Italy may be subject to specific obligations or restrictions provided by law or regulation. Recipients of the Offer are solely responsible for complying with such provisions and, therefore, before tendering in the Offer, they are responsible for determining whether such provisions exist and are applicable by relying on their own advisors. Any acceptance of the Offer will not be accepted as a result of solicitation activities carried out in violation of the above limitations.

Press release issued by CPI Property Group S.A. and distributed by NOVA RE SIIQ S.p.A. upon request of CPI Property Group S.A.

For more on CPI PROPERTY GROUP, visit our website: www.cpipg.com

For further information please contact:
INVESTORS
CPI PROPERTY GROUP	CPI PROPERTY GROUP
David Greenbaum	Joe Weaver
Chief Financial Officer	Director of Capital Markets
[e-mail]	[e-mail]