TAILIEUCHUNG - INVESTMENT GUIDE: Doing business in Italy

over the years we have worked to embed sustainability concepts and EsG compliance into our investment process. Reflecting our role as fiduciaries, we focus on long-term strategies that enhance asset value and control risk. We can point to numerous achievements around the world, but we are especially proud of our green certifications, and of our involvement in the Greenprint Foundation. Chuck leitner, Chairman of RREEF Real Estate, is the CEo of Greenprint, and RREEF Real Estate submitted 360 properties into Volume 2 of the Greenprint performance index. our sustainability team continues to be active among their peers in further defining. | I INVITALIA I II INVESTMENT GUIDE Illi Doing business in Italy II II II II Illi III mill Illi I Illi Illi II II I II III II II Illi mill Illi Investment Guide Updated March 2010 INVESTMENT GUIDE Index 1. Country s Profile 01 Political System 01 The Judiciary - Jurisdictional System 02 Local Governments 03 Reforms 03 2. Doing Business in Italy 05 Background 05 Starting up a Business in Italy 08 Notary in Italy 25 3. Italy s Real Estate Law 27 Natural and Legal Persons 27 Property Categories 27 Possession and Detention of Real Estate 27 Purchasing Real Estate 29 Rentals 31 Business 32 Investment Funds 33 Listed Real Estate Investment Companies 33 and Industrial Property Rights 35 A Secure Setting for Innovation 35 International IP Agreements Treaties Ratified by Italy 35 Italy s IP Legislation Basic Principles 36 Italy s IP Legislation Recent Developments 38 5. Italy s Tax System 41 Italy s Tax System Reform 41 Taxes and Withholdings 41 Taxation on Corporations Resident in Italy .

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