Company Profile

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AxiA.RE, You’re in good hands.AxiA.RE is one of the top Italian independent operators in the real estate valuation sector.A comprehensive service portfolio, including Due Diligence, Project Management, Loan Services and an array of speciali-sed technical services.

It is also thanks to the support of our subsidiaries, RINA Prime Value Services and AstaSy, that we are able to pro-vide a top-tier service, professionalism, and consolidated expertise in the real estate and banking sectors.The know-how embedded in our services is strengthened by the largest structured data & business intelligence system focused on Real Estate available on the Italian market.

AxiA.RE operates in compliance with Ministerial Decree n. 30 dated 05/03/2015 (regulation implementing art. 39 of the Italian Consolidated Law on Financial Services) and possesses all the necessary professional

qualifications, thus confirming our commitment to ensuring compliance with international valuation standards, alongsidea rigorous, high-level code of private and professional ethics.

AxiA.RE is a RICS - Royal Institution of Chartered Surveyors regulated Company and has obtained the UNI EN ISO 9001:2015 Quality System certifications.

AxiA.RE implements an integrated skillset to ensure a top-tier service that provides the Client with deep market knowledge combined with a thorough expertise in the most sophisticated valuation models.

AxiA.RE. Innovative tools, dependable knowledge, and best market practice.

At AxiA.RE, know-how, innovative technologies and ongoing research and development, as well as a full Independence from the investment and property management processes all combine into a comprehensive range of services that can meet all our Clients’ needs.

“Reliability and competence, with a strong attitude towards innovating our pro-duct and working process, alongside a problem-solving approach capable of

taking into account the most varied market signals. A top-level consultancy always serving the Client.”

Ugo Giordano

Piercarlo RolandoFounder and CEO

Silvano BoattoGeneral Manager

Ugo GiordanoFounder and Chairman

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A present of substance, grounded in value.AxiA.RE was founded in 2016, and is born from the passion and professionalism of some of the most promi-nent figures on the Italian Real Estate market, who com-bined their expertise, cultivated over years of dedication at the top levels of leading Advisory, Valuation and RE Service enterprises to create the sole structured company whose Core Business is Valuation and in particular the Independent Expert activity.

The firm became operational immediately, thanks to the acquisition of the Independent Expert business branch from Patrigest Spa (Gabetti Group), AxiA.RE went on to successfully become one of the leading national opera-tors on its market of reference. Today, the technical structure set up and operated by

AxiA.RE is at the cutting edge in its field, in terms of both experience and competencies.In order to further consolidate its skillset and range of services, at the end of 2018, in partnership with RINA Multinational Group, AxiA.RE founded RINA Prime Value Services, a company specialising in asset management support services geared toward banking institutions. During the same year, AxiA.RE also incorporated AstaSy, which owns and runs AuctionSY, the only Auction Big Data on the Italian market.

AxiA.RE works with guaranteed success alongside insti-tutional investors, pension funds, insurance companies, banks and financial institutions who invest and/or finance single assets, portfolios and development projects.

Silvano BoattoGeneral ManagerMRICS

Piercarlo RolandoFounder e CEOMRICS

Ugo GiordanoFounder and Chairman

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People and expertise make the difference.

Management team.

AxiA.RE’s Board of Directors and Management Team comprise professionals of the highest standing who have specialised in the industry over years of dedication in prominent senior positions.

The AxiA.RE Board of Statutory Auditors is formed by Ric-cardo Bolla (Chairman of the Board of Auditors), Federico Berruti (Statutory Auditor) and Elisa Dezzani (Statutory Au-ditor).

The Company’s technical-organisational structure can meet the requirements of the most demanding assignments, in terms of both project dimensions and the quality of our per-sonnel. Our technical structure is focused on a deep know-ledge of market value and a strong proficiency in valuation methods, enabling us to work alongside the Client on all Real Estate Asset Classes, even the most complex and spe-cialised (e.g. office, residential, retail, manufacturing, hotel & leisure, golf & marina, development, energy).

A key figure in the Real Estate industry since 1992, Piercarlo Rolando has held increasingly prominent positions at REAG (Real Estate Advisory Group), at the time part of the American Appraisal Group (now, Duff & Phelps), gaining significant experience over more than 20 years, up to his appointment as General Manager and Managing Director for the Group. With REAG, he founded and became the CEO of Reag 4 Loans, a leading Valuation Company working with Banks in the process of allocation of credit. In 2014 Piercarlo became the Strategy and Development Director for the RE Services Unit at Prelios Group, as well as the Manager of the Integrated Services Business Unit, holding the COO position for the three Companies within the Group that operate in the industry: Prelios Integra, Prelios Valuation and Prelios Agency. In 2017 he was named Chairman of the Assoimmobiliare Committee for Credit Valuation, significantly contributing, during his mandate, to the drafting of the new ABI Guidelines for credit valuation. Since 2018, he also sits on the Boards of Directors of RINA Prime Value Services and AstaSy.

Silvano Boatto has been working in the industry for over 15 years, after starting his career as Real Estate Development Assistant Professor at the University of Innsbruck (Austria). He joined REAG (now, Duff & Phelps) in 2003 as Project Manager for both the Italian and foreign offices, going on to take over the role of Head of Valuation & Advisory at the Rome headquarters in 2005. He has since been in charge of the valuation and strategic consultancy services related to investment, management and disposal activities for single assets and real estate portfolios. Silvano has managed significant Real Estate Investment Fund valuation assignments in his capacity as Inde-pendent Expert on behalf of prominent AMCs.Over the years, Silvano has given numerous lectures with the main RE Master’s and training programmes with La Sapienza University in Rome, Nottingham Trent University (UK), the Polytechnic University in Milan, the Luiss Business School, the Italian Deposits and Loans Fund and the State Property Agency.

Dedicated to the Real Estate industry from the outset of his career, Ugo Giordano was the reference Shareholder and Chief Executive Officer of La Gaiana S.p.A., one of the first Real Estate Companies listed on the Italian Stock Exchange. He was then appointed CEO of Gabetti Property Solutions S.p.A., a Company also listed on the Stock Exchange since 1990.He further held top-ranking positions in 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. In 2018, Ugo also assumed the role of Vice-Chairman of the RINA Prime Value Services Board of Directors, and Chairman of the AstaSy BOD.

82%

18%

Technical training

Social sciences

PhD

MRICS

Master

Graduation0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

9%

41%

55%

91%

30% of resources 40% of resources 60% of resources 90% of resources

Market financialization 2001/2001 - first investment funds

Credit expansionInvestment fund market

consolidation

Credit crunchStrengthening of regulatory

framework

Quantitative easingYield compression

Expansion Stabilisation Decline Recovery

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Team Group and Network.The permanent Teams based at AxiA.RE’s Head Offices in Milan and Rome consist of more than 30 Senior Valuers, 30 Reviewers, and 10 senior Collaborators in the field of Due Diligence and Complementary Technical Services, each provided with specific skillsets in their fields of expertise(leasing, town planning, cadastre, construction, utilityengineering, health & safety, environment, etc.).

The permanent teams are supported by our Network of more than 200 professionals who provide extensive coverage of the national territory. Local direction and coordination is entrusted to the Focal Points in Turin,

Florence, Padua, Naples, and Bari.

Each technician is registered with their professionalassociation/registry of reference and is equipped withspecialised experiences gathered over many years oftraining, and diversified expertise in real estate, environmentalstudies, and workplace safety.

AxiA.RE professionals come from multifaceted educationaland professional backgrounds, providing an unmistakeableasset in building the team’s analytical and management capacities.

Our team stand out for their valuable experience in all stages of the business and lifecycle relating to real property assets.

AxiA.RE operates across Europe thanks to a consolidated RICS – Royal Institution of Chartered Surveyors – accredi-ted Professional Network. Our main European Partners are based in London, Am-sterdam, Berlin and Budapest.

Thanks to the partnership commenced in 2018 with the RINA Group, a multinational corporation with locations in 65 countries worldwide, AxiA.RE has now acquired a more international orientation.

Educational backgrounds Academic qualifications principal key people

Level of RINA presence

HIGHLOWHeadquartersMilanRome

Focal PointTurinPaduaFlorenceNaplesBari

Gaia PlachesiProject Manager

Letizia ManganoProject Manager

Deborah BognanniProject Manager

Katia CocozzaProject Manager

Ludovica CibinProject Manager - MRICS

Raffaele SanninoProject Manager

Marco VanosiProject Manager

Massimo BertonDepartment Head - Milan

Daniela Di PernaDepartment Head - Rome

Giovanni MalliaHead of Advisory -MRICS

Francesco SetteHead of NPLServices

Gavino Nuzzo Analyst

Giorgio FormigliaProject Manager

Alessandro CuostaHead of PortfolioValuation - MRICS

Angelo GarrutoChief Knowledge Officer

Marco LocurcioReal Estate Market Specialist - PHD

Elena PicchioluttoProject Manager -MRICS, PHD

Silvia RinaldiProject Manager

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Key People. Valuation.

Key People. Strategic Support.

The Valuation team consists of more than 30 Senior Valuers and 30 Reviewers.

Professionals of the highest standing support the Valuations & Advisory department.

Annalisa PisaniChief Technical Officer - MRICS

Nicoletta FrancoProject ManagerRegolarisation

Marco Lingua Project ManagerCadastre

Carla PonzioProject ManagerBuilding & Town Planning

Alessia Procida Project ManagerCost Control

Maria Fiorino Project ManagerFacilty & Environment

Matteo Alberione Head of Due DiligenceServices

Alessandro Costa Head of ProjectMonitoring

Barbara MussettiHead of Marketing

Serena Fiorino Marketing Specialist

Massimo AllasiaProject ManagerEngineering

Claudia CarlettiGeneral Affairs, administrationand executive assistance

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Key People. Technical Services.

Key People. Marketing and general Affairs.

The team in charge od Due Diligence and complementary technical services consists of 10 Senior Collaborators.

The internal Marketing assists all the operative departments, coordinating and implementing marketing & PR communication strategies, focusing on the utmost client satisfaction.

The Teams are supported by a Network of more than 200 highly-skilled field technicians, who contribute to making the Company operational and suitable for technical Valuation and Due Diligence surveys and analyses on large Real Estate portfolios distributed on the national territory.

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Service portfolio. Valuation and Advisory.

AxiA.RE independent valuations are carried out with consolidated estimate methods and in compliance with shared national and international standards (RICS Red Book, International Valuation Standards - IVS, the Italian Banking Association - ABI Guidelines), as a guarantee for transparency and professionalism:• Market Value (MV) Determination• Reinstatement Value Determination• Current Net Worth Determination• Market Rent identification• Account Reclassification based on IAS/IFRS Directives• Indipendent Expert activities for Real Estate Investment Funds/Trusts• External Valuer activities for Real Estate Investment Fund/ Trusts• Valuation for ISVAP (insurance) purposes.

Our appraisal activity for the Real Estate sector relies on in-house resources with proven professional experience, capable of interpreting the market and tackling complex assignments on the most diversified Asset Classes and types, on all market segments:• Entire Buildings or building portions destined for residential, directional, industrial, logistical, retail,

sanitary, hospitality, special uses, etc.• Agricultural terrains• Developable areas • Property Development• Golf & Marine• Ports and Logistical terminals• Renewable Energy facilities.

In the Industrial & Machinery sector, AxiA.RE provides va-luation for Capital Goods (factories, facilities, machinery, equipment, etc.).

The vast experience amassed by our managers and senior appraisers in both national and international settin-gs, working with manufacturing groups and multi-utilities, as well as service providers and public entities, allows us to set up and develop complex projects, and to supply accurate and competent valuations for the main manu-facturing and production industries.

In the Business Valuation sector, AxiA.RE advises its Clients in determining Capital Market Value, Goodwill Value, and Company, Branch or Brand Know-How.

Real Estate Valuation.

Independent Expert and External Valuation activities for Real Estate Funds.

In managing a Real Estate Fund or Trust, the AMC (the Italian SGR) may delegate to a third-party the task ofVALUING the Assets within the Fund, with the inclusion and/or exclusion of equity share (per provisions indicated by the Regulation on Collective Management issued by the Bank of Italy on 19 January 2015, Title IV, Ch. IV, Section II, par. 1.3).

AxiA.RE operates in its role as “External Valuer” (as definedin pursuance with the regulatory requirements referred to in Ministerial Decree n. 30 dated 05/03/2015) carrying

out services relating to: • The valuation of all Real Estate and other assets comprisedin the Fund’s portfolio in connection and concurrence with at least the annual and semi-annual management reports produced by the Fund and, when required, upon any other interim reporting• The valuation of any Real Estate asset object of investment on behalf of the Fund, at the time of purchase/contribution • The drafting, upon any divestiture operations, of a Fairness Opinion on the sale/disposal price of the asset(s)in object.

Advisory Services.

Strategic consultancy constitutes the core of the professional services provided by AxiA.RE.Our range of strategic solutions is geared towards institutio-nal investors, developers, industrial groups, credit and insu-rance institutions, public and religious entities.Our services are intended to support the Client in defining their strategic decisions, therefore providing valuable tools

during each stage of the process of creating value:acquisition / investment, financing, management, and finally, during the delicate asset divestment phase.

The primary goal of our Advisory services is to help define the Asset Management Strategies in place, optimising the decision-making processes regarding a given Fund or Trust.

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The main Strategic Consultancy Services offered by AxiA.REmay be defined as follows:• Market Study (an in-depth socio-economic territorial study, alongside an analysis of the real estate market of reference, with a specific focus on the end-users, i.e. on property investors’ wants in terms of financial returns)• Highest and Best Use Analysis (a study of multiple enhancement scenarios, by means of a technical analysis of the asset, alongside investigations focused on town planning regulations and any restrictions or constraints, with an in-depth analysis of the real estate market of reference, and a special focus on any competitors’ initiatives)• Development Advisory (aimed at providing the best applicable definitions of pricing and development decisions, in terms

of use mix, tenant mix, dimensional features, ancillary spaces, etc.)• Economic-financial Feasibility Study (aimed at determining the real estate enhancement or improvement project better suited for a given property or portfolio, in terms of economic-financial sustainability)• Investment Portfolio Analysis (aimed at defining the best asset management strategy pertaining to complex real estate portfolios, and based on the investor’s expectations, both in terms of financial returns, and timing-wise)• Legal Support (support for the corporate legal team in case of any tax disputes, judicial or extra-judicial litigations and arbitrations).

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Service portfolio. NPL Services.

NPL Portfolio Valuation and complementary services.

AxiA.RE provides Data Quality Review and Collateral Valuation services for deteriorated mortgage loans and/or other forms of problematic lending (non-perfor-ming loans, distressed debts or leasing). The activity is conducted by a dedicated Team provided with specific expertise in the NPL and Distressed Asset fields.Services geared to NPL portfolios:• Credit Line Business Plan• Real Estate Owned Company (REOCO) Business Plan• Court-appointed Expert Report (CTU) remarks• Strategic NPL Plan.

The types of analysis most in demand include:• Market Value (MV)• Value for Security Purposes• Judicial Value (JV)

• Tendering Value.Impaired Receivables are a progressively prominent, specialised Asset Class in a market that has been fast-growing for a number of years. It is in this ever-evolving context that AxiA.RE operates, providing our Clients with a single point of responsibility, coordinating and incorporating different capabilities and skills, in the valuation, financial, legal, and technical fields.

AxiA.RE can work alongside Credit Institutions and Investors during all the phases of managing problem liens, from Strate-gic Portfolio Analysis to Extrajudicial Recovery.AxiA.RE can support Banks and Special Servicers thanks to its subsidiary AstaSy and an exclusive partnership with NPLs RE Solutions.

Method.

AxiA.RE assists the Client with a comprehensive servicebased on periodic appraisal reviews over the entire life cycle of the account, in order to provide an alwaysup-to-date guarantee value estimate.Investigation Phase. Drafting of Full Valuation Report.Delivery Phase. Statistic and/or Drive-By Revaluations. Update of Valuation Report.Pre-litigation phase. Update of Full Valuation Report with market data and values. The updated Report will provide indications as to the asset’s degree of marketability and marketing timelines.

Liability phase. Drive-By Revaluation with the «Opinion Broker» and drafting of a Due Diligence Report, as sup-port of Discounted Pay Off (DPO) and judicial proceedings.

Such activities may be combined with Asset Quality Review services, which aim at defining the quality of the asset in relation to credit risk, i.e. the adequate Loan-to-Value ratio, or in connection with asset marketa-bility, market absorption capacity and the definition of Liquid Asset Value.

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Service portafoglio. Loan Services.

The Valuations AxiA.RE conducts during the lending phase aim at defining the market value of bank guarantees, as well as managing the entire life cycle of the account, from receipt to final delivery with the Bank.The process undergoes constant monitoring in order to en-sure the timely transmission of our appraisals, while provi-ding a high standard of service and thorough support from our highly-skilled Team, both before and after delivery.

The Loan Services offered by AxiA.RE comply with ABI Regulations, as well as Memorandum n. 285 issued by the Bank of Italy, ECB regulations, and IFRS 9 accoun-ting standards. Our activity allows for an accurate determination of Market Value, alongside a compliance investigation conducted on assets offered as security for financing from multiple perspectives, e.g. administrative, town planning, building-construction and cadastral.

Origination.• Appraisals conducted during the lending and loan management phase for retail, corporate, and high corporate assets.• Diversified support in Retail, Small Business and Corporate Lending (Secured Credit, Building Loans, Building Loans under Convention, Industrial Loans, Hotel and Agriculture Loans).

Leasing.• Valuation, Due Diligence and Construction Site Progress Reporting for Lending and Portfolio Management.• Global service on repossessed assets.• Valuation and Technical Regularization services in the pre-sale of repossessed assets.• An innovative market monitoring dashboard.• Management applications fully integrated with the Bank’s own systems.

Credit Risk Mitigation.• Periodic revaluation of both performing and non-performing loan portfolios.• Assessment of future losses on guaranteed loans, in compliance with the new IFR 9 accounting principles, ECB Regulations, and Bank of Italy Memorandums n. 285 - 385.• Clustering and identification of appropriate investigation approaches (Desk-top, Drive-by, Full), criteria for sample expansion at portfolio level.• Automated Valuation Models (AVM).

Asset Quality Review.Support for Central Monetary Institutions and Banks within the scope of Comprehensive Assessment procedures commenced by the ECB. The service is geared toward defining the quality of the assets in relation to:• Credit Risk• Level of marketability of the asset• Market absorption capacity.The service may include more extensive activities such as:• Data gathering and data collection conducted on relevant portfolios• Data quality enrichment based on diversified levels of detail.

Operative and strategic consultancy.Assistance for the Bank during the development and implementation of strategies for the optimisation of operative and management processes within the scope of lending and managing credits secured by real estate assets and/or property rights.• Assistance in analysing existing operative processes• Assistance during the development and implementation of new operative processes, even when outsourced• Development and operation of IT systems intended for workflow management• Design, Creation, Dimensioning, Outsourcing of operative and management structures or organisms• Development of functional and corporate Performance Indicators (KPI)• Reporting Systems.

Our partner for efficient and effective Loan Services is RINA Prime Value Services, a company specialising in Credit Valuation services, whose majority shareholder is AxiA.RE. The range of services offered by RINA Prime Value Services enables the Client to optimise their strategiesand processes, with a keen eye on compliance and on risk management effectiveness.

FINANCING

BUILDING SITE

PROJECT MONITORING

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Service portafoglio. Technical Services.

The Project Monitoring service consists in a criticalexamination of all the elements involved in a developmentproject, with the goals of identifying any Risks and Threatsthat may hinder its successful conclusion.Our range of solutions is aimed at protecting the Client’s interests and facilitating any corrective measures that should be deemed necessary.

Main scopes of analysis of the project monitoring services offered by AxiA.RE: • Design• Town Planning• Construction – permits and authorizations• Contracts

• Planning - Timeframes• Cost Validation• Budget Compliance• Business Plan.

Main scopes of application:• Bank financing, in the interest of both Banks and Developers• Private or Public Developments, in the interest of the Promoter.

The Project Monitoring service offered by AxiA.RE stands out for its specialist approach integrated with Risk Advisory.

The utmost level of professionalism is ensured by expertpersonnel equipped with decades-long experience in the industry.

Project Monitoring.

The Technical - Real Estate Due Diligence service involves a property investigation process that combines the assessment of the actual state of a property, as compared to the related documentation and the legal requirements that apply.

The main types of Due Diligence analysis offered by AxiA.RE are: • Technical DD for Transferability purposes• Utility and Fire Prevention DD• Environmental DD• Worksite Health & Safety DD• Structural DD• Maintenance DD.

AxiA.RE can provide Phase 1 DD services (i.e. analyses basedon visual inspections carried out during on-site surveys, withoutany sampling, laboratory analyses, or technical reviews) as well

as Phase 2 DD services, for either environmental, utility, and structural analyses, conducting the on-site inspections and pro-viding an opinion on the results emerging from the final analysis.

The AxiA.RE Technical Due Diligence provides a valuable knowledge basis as to the real estate assets the Client may intend to:• purchase or sell• manage• enhance or improve.

As well as identifying any instances of non-compliance, an accurate DD activity further evidences any risks that may arise therefrom.The DD analysis contents and depth of investigation are tailor-made for each Client and Project.

Due Diligence.

AxiA.RE has developed an expert approach to providing the Client with the most accurate risk profile analysis, as well as a set of efficient management and mitigation tools, especially within development projects with high R&D and investment intensity, integrated with Risk Advisory for the main stages of development:1 Project Reconnaissance2 Development Monitoring3 Progress Report certification4 Marketing monitoring5 Complementary Technical Services / Project Management.

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Complementary Technical Services.

AxiA.RE technical services provide an all-encompassing service targeted to best supporting our Client.

• Documental retrieval• Energy Performance Certification• Graphic rendering• Survey• Documentation & Inventory

• Transaction Consultancy• Architectural dimensions• Technical services and regularisation

All complementary technical services are naturally also well suited and provide added value for the services geared toward the Leasing sector.

Preliminary activities. We assist the Client during theorganisational stage preceding the repossession of the Asset, proactively involving all the stakeholders so as to reduce processing timelines.

Asset repossession. We act in tandem with all the stakeholders involved in the operation (Court Enforcement Officers, Liquidators,former Occupants, etc.), to facilitate the repossession procedure,providing inventory services whenever necessary.

Post-Repossession activities. We can take charge of all the operations required to secure the property, by involving the relevant professional figures (craftsmen, enterprises,maintenance personnel, etc.), in order to formally turn the keys over to the Property.

Pre-sale assistance. We support the Client in all the stages following the repossession proceedings, whenever any regularisation activities are necessary to expedite sales.

Services for repossessed assets.

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Valuation methods.

Valuation formats.

• Market Comparison Approach (MCA)• Composite Income Approach (Direct Capitalization of market rent)• Income Approach with Discounted Cash Flow (DCF & IRR Analysis)• Discounted Earnings Method with rent Sustainability Analysis on the management of the operations based in

the property• Transformation or Development Value (via DCF Analysis)• Cost Method• Analysis and determination of Physical, Functional and Economic Depreciation of the Asset• Highest & Best Use Analysis

• Full Valuation with Due Diligence• Full Valuation• Drive-By Valuation

• Desktop Valuation• Mass Appraisal Valuation• Fairness Opinion

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The largest and most innovativebusiness intelligence system for Real Estate.

AxiA.RE employs the largest and most innovative Real Estate business intelligence system available on the market.A state-of-the-art management and valuation platform, exclusively owned, fully automated, and continually implemented by artificial intelligence.

The AxiA.RE Business Intelligence System enables analyses on multiple forms of data, be it structured or non, originating from diverse sources, with the objective of providing the Client with a solid basis of information. An irreplaceable tool in terms of Risk and Cost management.

“ Data & Business Intelligence. Decision-making based on tangible data.”True innovation in real estate risk analysis, thanks to the incorporation of the most impor-tant data bases available on the Italian territory:• Auction System: the largest auction archive in Italy• Free market: data provided by the Gabetti Studies Centre Data Bank, as well as deeds of purchase and sale retrieved directly with the competent public archives • Socio-economic context: territorial analyses based on information circulating on the web, aimed at best defining localised territorial ratings The AxiA.RE Business Intelligence system processes millions of data items to support investment operations, for either risk management or decision-making.

The AxiA.RE team transform data into organic informa-tion, providing a decisive tool for improving corporate management and operations, reducing the potential risks arising from a superficial examination, and increasing production flow.

“Technological innovation. Wealth of informa-tion. Expertise in Real Estate.”• Artificial Intelligence• Automated data extraction in all property transaction marketplaces, retrieved directly with public archives• Benchmarking algorithms: data points provided in the required order• Quick access to reports and data analyses, allowing timely decision-making on behalf of Management.

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The Databanks we rely on.

The basis for an efficient and effective choice on the Real Estate market is the knowledge of all the factors that contribute to creating Value, along with the availability of always up-to-date market information.

141,132,897,275GBV (Gross Book Value)

+ 700New properties listedeach day

1,267,758Sales' notices archivedchronologically

The largest auction archive in Italy.

Auction System manages and analyses a wealth of informa-tion each day, allowing us to monitor the trends and changes registered on all the enforcement and creditors’ proceedings taking place in Italy (currently, more than 290,000), while breaking down data by Court, City, Zone, Intended Use, Dimensional Cluster, Type of Proceedings, etc.

Auction System is the sole Big Data on the Italian market able toalso archive all the relevant documentation (initiations, orders, technical/expert reports etc.), providing a calendar of future auctions, and mapping out the ones already completed.Auction System has been continuously implemented startingin 2014.

AxiA.RE is granted direct access to the substantial Gabetti Studies Centre Data Bank, as well as exclusive access to AstaSy’s Auction System, the largest and most important Big Data on the Italian market.

57,311,425,230Equivalent auction base prices

140Courts / Tribunalsupdated at 00:10 every night

422,586Archived properties

422,586Technical Expert Reportsarchived

422,586Real time geolocation viamaps and street view

3,380,688Photographs of propertiespledged as collateral forloans granted

(Data updated to february 2019)

Pubblications Frequency Availability Notes

Residential overview

Residential Territorial Reports

Residential Press Notes

Residential Snapshot

Santandrea Value Report

Tourist Market Press Notes - Lake

Semi-annual

Semi-annual

Semi-annual

Semi-annual

Semi-annual

Annual

from H1 2012

from H1 2014

from I sem 2010

from Q1 2012

from II sem 2010

from 2011

10 large cities

Milan, Rome, Florence, Turin, Naples, Bari, Bologna,Genoa, Palermo, Padua, Verona, Matera, Potenza, Trieste,

Udine, Livorno, Pisa, Siena

Lake Como, Lake Garda, Lake MaggioreTourist Market Press Notes - Mountains

Office Market Report MI-RM

Investment Overview

Other Corporate Office Reports

Other Corporate Office Commercial Reports

Tourist Market Press Notes - Seaside

Office Quality Focus MI

Corporate, Office, and Industrial Territorial Report

Other Corporate Office Reports

Smaller Cities Reports

Annual

Quarterly

Quarterly

Annual

Annual

Annual

Annual

Annual

Annual

Upon request

from 2011

from Q3 2011

from Q3 2014

from 2014

from 2014

from 2011

from 2011

from 2014

from 2014

from 2014

Piemonte, Valtellina, Veneto

Florence, Genoa, Turin, Naples, Bari

Milan, Rome, Florence, Turin, Naples, Bari, Bologna.

Emilia Romagna, Liguria, Sardegna

Bologna and Padua

Milan, Florence, Genoa, Turin, Naples, Bari, Palermo

Milan, Florence, Genoa, Turin, Naples, Bari, Palermo.

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Studies centre: main publications.

The Gabetti Group Studies Centre has been active for more than 25 years in serving the market via anensemble of analysis, research and re-elaborationactivities that cater to the real estate market professionals’demand for knowledge and reliable data. The Studies Office elaborations are supported by the proprietary Gabetti Real Estate Data Bank, which gathers all the information provided by the Companies within the Group (intermediation, management, valuation, advi-

sory), deriving from both direct office activity (Corporate, Construction and Resale, Luxury Santandrea) and from the data collected by the Gabetti Franchising (fully ow-ned by the Group via the Tree Real Estate sub-holding), Professionecasa and Grimaldi Immobiliare networks, the-refore a total of approx. 1,000 operational sales points distributed on the national territory.

“ Thanks to the Gabetti Group Studies Centre, AxiA.RE is granted access to the sole Comparables Data Banks providing information on Real Estate purchase

-sale operations in Italy (Real prices, not just Asking prices)”Among the most noteworthy periodic publications issued by the Gabetti Studies Centre:• Investment Overview (quarterly publication)• Office Market Report for Milan and Rome (quarterly publication)• Territorial Reports (for the top 20 Italian Cities after Milan and Rome) for the Office, Corporate and Residential sectors (semi-annual pubblication)

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Quality Standards adopted.

The international standards endorsed by the Royal Institution of Chartered Surveyors (RICS), as disciplined by the RICS Red Book.

AxiA.RE is a founding member of the Assoimmobiliare Committee for Credit Valuation, «Valutazione per il Credito»,with Arch. Rolando, AxiA.RE CEO, appointed as Commit-tee Chairman.The organism aims at promoting professional real estate valuation standards and raising the quality level of servi-

ces offered to Banks on the RE market.Assoimmobiliare is a permanent member of thetechnical-scientific roundtable created by ABI for the on-going update and revision of the “Guidelines for the Valuation of Real Property positioned as collateral for credit exposure”.

The Italian Banking Association (ABI) Guidelines for the valuation of real property used as collateral in credit exposure.

The standards promoted by the International Valuation Standards Committee (IVSC).

The principles and guidelines pertaining to AMC and Inde-pendent Expert relations promoted by Assogestioni.

AxiA.RE employs ISO 9001:2015 certified quality systems. Joint Bank of Italy and Consob Communication pertaining tothe Valuation of Real Property held by common investment funds.

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20

Main Clients (2016-2019 assignements).

G L O B A LI N V E S T O R S

21

YEAR Market Value (€ million)

Funds(number)

Assets(number)

2,555

5,035

7,614

4,379

18,000

1,163

3,903

6,953

6,061

8,039

25,000

2009

2011

2013

2015

2017

2008

2010

2012

2014

2016

2018

6

25

45

33

103

4

14

38

41

46

163

543

1.585

1.977

1.700

3.028

477

1.458

1.926

1.897

1.483

4.219

22

Numbers are our strong suit.Having appraised more than 160 Property Investment Funds in the role of Independent Expert, AxiA.RE confirms its strength and knowledge of market value and appraisal techniques.

Over the course of 2018, AxiA.RE conducted valuation assi-gnments for 163 Real Estate Investment Funds (both Italian and foreign), for a total of more than 4,200 assets appraised, with an estimated worth of more than € 25 billion.These figures decisively position AxiA.RE as the leading Independent Expert on the Italian market, with a market share of approx. 35% in terms of volume of Assets under Valuation.

25€ BLN

Market Value163FUNDS

4.219ASSETS

Other

Other

Development

Agriculture

RSA

Development

Hotel & Leisure

Hotel & Leisure

Logistics

Industrial

Industrial & Logistics

Residential

Office

Retail

Retail

Office

Residential

Market value by intended use.

Market value by intended use, NPL portfolios.

The strongest endorsement for our expertise and integri-ty is provided by the rapid growth in the number of assignments AxiA.RE has undertaken, specifically in the field of Due Diligence and technical services, where the firm has been operating only starting in the second half of 2018.

As of the end of 2018 the numbers speak for themselves:

8.000 Valuations.

54 Due Diligence and Tech Services assignements.

GBV € 3,5 BLN.

1.334 DD Reports.

2.863 SQ. M.

22 Project Monitoring engagements.

(Data as at 31 December 2018)

AxiA.RE works alongside the Client on all real estate asset classes, even the most complex and specialised (e.g. office, residential, retail, manufacturing, hotel & leisure, golf & marina, development, energy, NPLs, etc.)

4%

5%

9%

0,70%

11%

9%

12%

49%

5%

5%

1%

5%

2%

3%

11%

16%

52%

Track record 2018

As of the end of 2018 the NPL portfolios speak for themselves:

Track record2016 - 2018

Solid Expertise

Our pride is our experience de-veloped over more than 25 years in the industry on behalf of our management, who were the first to introduce and grow this type of activity on the Italian market.

The heads of the various AxiA.RE departments have accrued seve-ral decades’ experience leading important national and internatio-nal projects and initiatives.

Innovative BIG DATA

We employ the largest and most advanced Big Data in the field.A state-of-the-art, fully automated management and valuation platform continually implemented by artificial intelligence.

Our Big Data manages and merges data extracted from:• Auction System the largest auction archive in Italy• The Free market• Socio-economic context-based analyses.

Specialised Team

Our Team consists of dedicated Project Managers specialising in di-verse scopes of analysis (cadastre, town planning, construction, envi-ronment, etc.)Qualified, proactive personnel always in contact with the Client.

We provide each Client with the best suited field technicians, avai-lable on the entire national territory and centrally coordinated.

Speed and Clarity

We ensure quick turnaround thanks to tried and tested formats and specialist software.

Advanced valuation models and exclusive economic-financial analysis processes, always in agreement with the Client’s re-quirements and their investment.

Transparent, reliable, and secure results, always easy to read.

Client support

Custom-made assistance, 100% compatible tools, outputs imme-diately available thanks to dedi-cated and integrated software platforms.

We strive to streamline even the most complex challenges in or-der to help the Client to optimise their decision-making process.

Client satisfaction

ISO 9001- certified processes and RICS-quality performance standards, with a keen eye on the latest national, European and international regulation compliance.

Advanced valuation models and exclusive econom ic-financial analysis processes.

We are always committed to ensuring the highest clientsatisfaction we can provide.

23

Our value.

AxiA.RE SpA Via Lentasio, 7 - 20122 Milano Via Ezio, 49 - 00192 Roma info@axiare.it - www.axiare.it

COMPANY PROFILE Rev02_2019 EN del 15.05.2019