Finally in safe hands.

Finally in safe hands. AxiA.RE: a consulting firm specialising in Real Estate technical and economic valuation services, with a specific focus on acting as an independent expert for asset management companies and Real Estate investment funds. AxiA.RE: structured valuation services based on extensive expertise, while following international best practices. AxiA.RE: all according to the rules. The company was founded in accordance with Italian Ministerial Decree no. 30 of 5/3/2015, implementing article 39 of the Consolidated Finance Act. AxiA.RE: integrated expertise to ensure a high level of service, offering customers its deep knowledge of the market and experience using highly sophisticated valuation models. AxiA.RE: a comprehensive service, where necessary including Due Diligence, project management and watchdog services. AxiA.RE: meeting the needs of institutional clients, leveraging know-how, innovative technologies and continuous R&D, combined with complete independence from the investment, asset and property management processes. 3

A valuable past, an important present. AxiA.RE was formed from the combined passion and professionalism of some of the leading figures in the Real Estate industry. Bringing together their years of high-level expertise at leading advisory, valuation and Real Estate services companies, they created the only structured company whose core business is valuation and, in particular, acting as an independent expert. To kick-start operations, AxiA.RE acquired the independent expert business unit of Patrigest SpA, a Gabetti Group company specialising in valuation & advisory, with institutionally significant clients including Italy s major asset management companies and a portfolio of large Real Estate investment funds. AxiA.RE s founders immediately applied their professionalism and expertise to the existing organisational and technical structure of the acquired business unit, nurturing existing staff and putting them on a path of excellence. AxiA.RE works with guaranteed success alongside institutional investors, pension funds, insurance companies, banks and financial institutions that invest in and/or finance single assets, portfolios and/or development projects. 4

As a result of the acquisition of Patrigest s independent expert business, AxiA.RE enjoys partnerships with leading asset management companies that date back to 2006. In 2013, the acquired BU valued 45 Real Estate funds as an independent expert on behalf of 16 Italian asset management companies, with a six-monthly analysis of around 2,000 assets worth about 8 billion euros. Between 2008 and 2016, the independent expert business unit acquired by AxiA.RE valued over 40 billion euros of Real Estate, consisting of more than 12,000 assets, including offices, development initiatives and commercial, industrial, retail and residential premises, as well as some specialist asset classes such as RSAs, ports, renewable energy plants, etc. AxiA.RE holds all necessary certifications, reflecting its commitment to observing international valuation standards, combined with a rigorous code of ethics and professional conduct. AxiA.RE is a company regulated by the RICS Royal Institution of Chartered Surveyors and holds UNI EN ISO 9001:2008 Quality Management System certifications.

Piercarlo Rolando CEO Ugo Giordano President Silvano Boatto General Manager

People and expertise make the difference. The Board of Directors of AxiA.RE and its management team comprise professionals of the highest standing with years of experience in the industry in significant senior positions. Ugo Giordano - President Piercarlo Rolando - CEO Silvano Boatto - General Manager 8 Senior Members of staff. The business is well-known for its knowledge of market values and valuation methodologies, capable of assisting clients across even the most complex and specialised Real Estate asset classes (office, residential, retail, manufacturing, hotel & leisure, golf & marina, development, energy, etc.). The company is able to handle major engagements thanks both to its scale and the quality of its people. The team of Appraisers includes more than 10 Senior Professionals located in Milan and Rome. The Due Diligence and complementary services team consists of Supporting the team is a network of more than 200 highly skilled technical experts. Working in the field, the network completes the company s structure and ensures it is able to perform Due Diligence and valuation inspections and technical analyses of large Real Estate portfolios throughout the country. 7

People and expertise make the difference Ugo Giordano - President. Involved in Real Estate throughout his career, Ugo Giordano was the main shareholder and CEO of La Gaiana S.p.A., one of the first Real Estate companies listed on the Italian stock exchange. He then became CEO of Gabetti Property Solutions S.p.A., also listed on the Italian Stock Exchange since 1990. He has also held positions at Gabetti Property Solutions Agency S.p.A., Patrigest S.p.A., Abaco Team S.p.A., Tree Real Estate S.r.l., Gabetti Franchising Agency S.r.l., Professionecasa S.p.A. and Grimaldi Franchising S.p.A. 8

Professionalism and expertise, with a strong propensity for product and process innovation, and a problem-solving approach that takes account of the various inputs from the market. We offer high-quality consultancy at the service of clients. Ugo Giordano - President

People and expertise make the difference Piercarlo Rolando CEO. A major figure in Real Estate since 1992, holding increasingly senior positions in more than twenty years at REAG (Real Estate Advisory Group part of the American Appraisal Group, now Duff & Phelps), leading to his appointment as Group General Manager and Managing Director. At REAG he was also the Founder and CEO of Reag 4 Loans, the leading loan valuation company for banks. In 2014 Rolando became the Director of Strategy and Development for Real Estate Services at the Prelios Group, as well as Head of the Integrated Services Business Unit, acting as Head of Operations for the three Group companies working in these services: Prelios Integra, Prelios Valuation and Prelios Agency. 10

The keywords that characterise our client relationships are: Reliability, Independence, Transparency. We are firm believers in these values, which are the fundamental principles that our people are committed to following in their market-facing operations. Piercarlo Rolando CEO

People and expertise make the difference Silvano Boatto - General Manager. Working in the Real Estate industry for over 15 years, Silvano Boatto began his career as Assistant Professor of Real Estate Development at the University of Innsbruck (Austria). In 2003 he joined REAG (Duff & Phelps) as a Project Manager at the group s Italian and overseas offices. From 2005, as Head of Valuation & Advisory at the Rome office, he was in charge of valuation and strategic consultancy services relating to the investment, management and disposal of individual assets or entire Real Estate portfolios. As an independent expert, he has performed major valuations of Real Estate investment funds on behalf of leading asset management companies. Silvano Boatto has also lectured on many leading Real Estate training programmes and Masters courses at Rome La Sapienza University, Nottingham Trent University (UK), Milan Politecnico, Luiss Business School, CDP (Cassa Depositi e Prestiti) and the State Property Agency. 12

Our strength lies in providing Real Estate investors with accurate and timely analyses that allow them to properly appraise various investment opportunities and, consequently, to make fully-informed strategic decisions. Silvano Boatto - General Manager

The proof is in the numbers. AxiA.RE s core business is valuation. The reliability of the services provided is guaranteed by the professionalism of our people, transparent application of international standards and related valuation methodologies, and the independence deriving from the decision to focus on valuation and technicaleconomic certification services. In the last five years, the business unit acquired by AxiA.RE has performed valuations as an independent expert on a significant number of Real Estate investment funds for major Italian asset management companies, becoming one of the leading players in the market. 14

TRACK RECORD AS INDEPENDENT EXPERT YEAR 2011 5,035 25 2012 2013 2014 2015 MARKET VALUE (Millions of ) 6,953 7,614 6,061 4,379 FUNDS (Number) 38 45 41 33 ASSETS (Number) 1,585 1,926 1,977 1,897 1,700 G L O B A L I N V E S T O R S 15 Asset management companies handled in 2011-2015.

The proof is in the numbers AxiA.RE s head office is in Milan and its operational headquarters is in Rome. In terms of permanent staff, at these offices there are more than 10 Senior Appraisers, 8 Senior Members of staff working in Due Diligence and complementary technical services, each specialising in various areas (leases, urban planning, land registry, construction, systems, safety, environment, etc.). The network of 200 professionals provides comprehensive coverage across Italy. Management and local coordination is the responsibility of the Focal Points in Turin, Florence, Padua, Naples and Bari. All technical staff are registered with the applicable professional association/register and have specific experience and multiple years of training, with diversified expertise in Real Estate, environmental and workplace safety. AxiA.RE is able to operate throughout Europe through a consolidated Professional Network accredited by the RICS Royal Institution of Chartered Surveyors. The main partners of the AxiA.RE European Network are based in London, Amsterdam, Berlin and Budapest.

Head office: Milan Focal Points: Turin Padua Florence Naples Bari Operational headquarters: Rome 17

Portfolio of Services. AxiA.RE provides a comprehensive portfolio of services: l Real Estate valuations l Due Diligence l Project Management l Watchdog Real Estate valuations Independent valuations are conducted using established methodologies and common national and international standards (RICS Red Book and International Valuation Standards, IVS, ABI guidelines), thereby assuring transparency and professionalism: l Determining the Market Value l Determining the Replacement Value l Determining the Current Use Value l Identifying the Market Rent l Reclassifying financial reporting of capital assets in accordance with IAS/IFRS directives l Independent Expert Activities for Real Estate Investment Funds l Valuations for ISVAP (private insurance supervisory body) purposes For Real Estate valuations, AxiA.RE has its own in-house team with proven professional experience, who are able to understand the market and handle the valuation of various types of assets across all market segments and sectors: l Entire buildings or portions of properties used for residential, office, industrial/logistics, retail, hospitality, health and special purposes, etc. l Agricultural land l Building and Real Estate development areas l Golf courses and marinas l Ports and shipment centres l Renewable energy plants 18

In the NPL (Non-Performing Loans) sector, AxiA.RE offers valuations of assets used as collateral for non-performing mortgages and/or leases (doubtful bank loans and/or loans to insolvent borrowers). The company has a dedicated team with specific experience in the NPL and distressed asset sector. The most requested types of valuation include: l Market value l Deposit value l Enforcement value (JV - Judicial Value) l Procedural Value In the Industrial & Machinery industry, AxiA.RE provides valuations of capital goods (buildings, plant, machinery, energy, equipment, etc.). The experience of some of the company s managers and senior appraisers in Italy and internationally working for manufacturing groups, multi-utilities, services companies and public establishments means AxiA.RE is able to lead and manage projects and provide accurate, professional valuations for all major industries. In the Business Valuation industry, AxiA.RE provides its customers with advice in determining the market value of the economic capital, goodwill and know-how of a company, business unit or brand. 19

Portfolio of Services Due Diligence AxiA.RE s technical Real Estate Due Diligence service performs property surveys that combine checks on the actual state of the property as well as documentation and regulations. AxiA.RE Due Diligence ensures compliance with the requirements of national, regional and municipal legislation, through an analysis that covers administrative, land registry, urban planning, construction, structural, technical-plant engineering, preliminary (phase 1) environmental and workplace health and safety issues, as well as the compliance of properties, plant and machinery and the activities performed. The service is aimed at all operators in the Real Estate industry intending to buy/sell/manage a Real Estate asset, tailored to their area of activity/operation. It is also useful for transfers of title and for correct and effective property management. AxiA.RE offers an expert comprehensive service that includes: document retrieval, document inventory, surveys, graphic rendering, scale calculations, technical and regularisation services, and energy certification. The service also includes Project Management and Watchdog activities. 20

The method that gives value. The valuation methods used are: l Market Comparison Approach (MCA) l Composite Income (Direct Capitalisation of rent) l Discounted Cash Flow (DCF) and Internal Rate of Return (IRR) Analysis l Income with Rent Sustainability Analysis on l Transformation Value (using DCF Analysis) l Cost Method l Analysis and determination of the Physical, Functional and Economic obsolescence of the asset l Highest & Best Use Analysis the management of the operations based at the property 21

Types of valuation. l Full valuations with Due Diligence (Valuation with external and internal inspection and technical Due Diligence). Full valuation with technical Due Diligence to analyse the administrative, land registry, urban construction, plant engineering, maintenance and environmental compliance profiles. Recovery of any documentation not provided is also possible. The market value may be presented gross and/or net of the identified adaptation capex and the results of maintenance plans. Due Diligence services are provided by a technical team with specific know-how in the field, with results presented in a report separate from the Valuation. l Full Valuation (External and internal inspection). A detailed valuation of an asset using the documentation provided, but based on an internal and external inspection and planning checks, as well as an in-depth study of the Real Estate market in question. Building dimensions are calculated on the basis of technical documentation provided by the customer. The Valuation is presented in a report that outlines all the information clearly and in detail, in accordance with RICS standards and Bank of Italy and Consob directives. 22

l Drive-by Valuations (only external inspection). The asset is valued based on documentation provided by the customer, using the building dimensions declared by the customer and a purely external inspection of the property, as well as an in-depth study of the Real Estate market in question. l Desk Valuation (document-based). The market value of an asset is estimated based on documentation and information provided, available online and in AxiA.RE database, assuming an average internal/external state of preservation. The valuation protocol does not include any physical inspection of the properties. l Mass Appraisal Valuations (based on statistics). Valuation of large Real Estate portfolios using static and/or dynamic computerised statistical algorithms. l Fairness Opinions. For any given asset, fairness opinions indicate the surveys, critical analysis, standardisation and data processing activities performed by the appraiser to check whether or not the market reflects the valuations made by third-party appraisers or the price offered by a potential buyer. 23

AxiA.RE s database. Good decisions depend on knowledge of the factors that contribute to a valuation and the availability of up-to-date information on the Real Estate market. AxiA.RE stands out because it has access to the vast Database of the Gabetti Research Centre. The Gabetti Group Research Centre, active for over 25 years, is at the service of the market, using complex analysis, research and remodelling to provide a tailored product to meet Real Estate professionals need for knowledge and information. 24

AxiA.RE s database For its calculations the Research Centre uses the Gabetti Property Database, which brings together all the information from the Group s companies (in brokerage, management, valuation and advisory) deriving from their work through direct offices (in the Corporate, Frazionamenti e Cantieri and Luxury Santandrea sectors) and data gathered in the franchising networks (wholly owned by the Group through its sub-holding company, Tree Real Estate) under the brands Gabetti Franchising, Professionecasa and Grimaldi Immobiliare, and therefore through around 1,000 points of sale throughout Italy. Among the most important regular publications we would highlight: l Investment Overview (quarterly) l Office Market Report Milan and Rome (quarterly) l Local Reports (the top 20 Italian cities plus Milan and Rome) for Office, Corporate and Residential (semi-annual). 26

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AxiA.RE SpA Via Lentasio, 7-20122 Milan (MI) - +39.02.36 68 28 96 - Tax ID 09587170961 - info@axiare.it - www.axiare.it Version 01 of 02.11.16