March 20 to 30 is expected the capital increase of 30 million CHF. For the month of April is expected to purchase two buildings for a total of about 20 millions: one in the center of Lugano, the other in a residential area in Locarno. Both have a good profitability. In these days we are trying to close the negotiations for the purchase of another property, already reserved with a gentlemen's agreement, for additional 8-10 million CHF.

Purchase of a building of 25 apartments, with good profitability and in good conditions, in Giubiasco. This purchase brings the fund to manage properties and lands for 54.3 million CHF leading the leverage of the fund to 35%.

We held a competition between four architects for the realization of a building of 8-10 flats in the town of Giubiasco. The land is located in a residential area outside of Bellinzona and is well suited for an income investment.

We are pleased to announce that the real estate fund Residentia was listed on the Zurich stock exchange (SIX) the November 30, 2011. This is an important milestone that drives us to continue the work with seriousness and dedication to the improvement fund.

Purchase of a building of 12 apartments in Lamone fully leased, the building is in good location at 5 minutes from the train station. We also submitted the application for authorization of the construction of a building of 22 apartments in the town of Massagno: we plan to obtain the building authorization and start with the construction during the year 2012.