Valuation Report

VALUATION REPORT

PROJECT ALLSTAR 6 Office Assets located in Milan and Rome, Italy

JPMorgan Chase Bank N.A. as Lender and its affiliates in respect of other capacities and/or roles in respect of the transaction

Valuation Date: 28 May 2018 VALUATION REPORT 2

TABLE OF CONTENTS

1 VALUATION REPORT

2 PROPERTY REPORTS

3 MARKET COMMENTARY

4 LETTER OF INSTRUCTION VALUATION REPORT 3

Legal Notice and Disclaimer This valuation report (the “Report”) has been prepared by CBRE Limited (“CBRE”) exclusively for JPMorgan Chase Bank, N.A. (“JPMorgan”) (the “Client”) in accordance with the terms of engagement entered into between CBRE and the client dated 7 June 2018 (“the Instruction”). The Report is confidential to the Client and any other Addressees named herein and the Client and the Addressees may not disclose the Report unless expressly permitted to do so under the Instruction. Where CBRE has expressly agreed (by way of a reliance letter) that persons other than the Client or the Addressees can rely upon the Report (a “Relying Party” or “Relying Parties”) then CBRE shall have no greater liability to any Relying Party than it would have if such party had been named as a joint client under the Instruction. CBRE’s maximum aggregate liability to the Client, Addressees and to any Relying Parties howsoever arising under, in connection with or pursuant to this Report and/or the Instruction together, whether in contract, tort, negligence or otherwise shall not exceed the lower of: (i) 25% of the value of the property to which the Instruction relates on the date of the Valuation; or

(ii) €75 million (Seventy Five Million Euro); and

Subject to the terms of the Instruction, CBRE shall not be liable for any indirect, special or consequential loss or damage howsoever caused, whether in contract, tort, negligence or otherwise, arising from or in connection with this Report. Nothing in this Report shall exclude liability which cannot be excluded by law.

If you are neither the Client, an Addressee nor a Relying Party then you are viewing this Report on a non-reliance basis and for informational purposes only. You may not rely on the Report for any purpose whatsoever and CBRE shall not be liable for any loss or damage you may suffer (whether direct, indirect or consequential) as a result of unauthorised use of or reliance on this Report. CBRE gives no undertaking to provide any additional information or correct any inaccuracies in the Report. None of the information in this Report constitutes advice as to the merits of entering into any form of transaction. If you do not understand this legal notice then it is recommended that you seek independent legal advice. VALUATION REPORT 4

1 VALUATION REPORT VALUATION REPORT 5

VALUATION REPORT

CBRE Limited

Henrietta House Henrietta Place London W1G 0NB

Switchboard +44 (0) 20 7182 2000 Fax + 44 (0) 20 7182 2001

Report Date 06 July 2018

Addressee JPMorgan Chase Bank N.A. as Lender and its affiliates in respect of other capacities and/or roles in respect of the transaction Floor 17 25 Bank Street Canary Wharf London E14 5JP For attention of: Joanna Leszczynska

The Property Project AllStar – Italian portfolio of 6 office buildings stated in the ‘Schedule of Market Values’.

Property Description 5 office buildings in Milan and 1 office building in Rome.

Ownership Purpose Development and Investment.

Instruction To value the unencumbered freehold-equivalent interests in the properties on the basis of Market Value as at the valuation date in accordance with the terms of engagement entered into between CBRE and the addressee dated 7 June 2018.

Valuation Date 28 May 2018

Capacity of Valuer External Valuer, as defined in the RICS Valuation – Global Standards 2017. VALUATION REPORT 6

Purpose Secured Lending only.

Total Market Value €224,700,000 (Two Hundred and Twenty-Four Million, Seven Hundred Thousand EUROS) excluding VAT, as shown in the Schedule of Capital Values set out below.

Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arm’s length terms.

We have valued the Properties individually and no account has been taken of any discount or premium that may be negotiated in the market if all or part of the portfolio was to be marketed simultaneously, either in lots or as a whole.

Total Vacant €199,900,000 (One Hundred and Ninty-Nine Possession Value Million, Nine Hundred Thousand EUROS) excluding VAT, as shown in the Schedule of Capital Values set out below.

Total Stabilised Value €303,200,000 (Three Hundred and Three Million, Two Hundred Thousand EUROS) excluding VAT, as shown in the Schedule of Capital Values set out below.

Special Assumptions Market Value under the Special Assumption that the Properties are vacant (Vacant Posession Value) and Stabilised Value (Market Value under the Special Assumption that as at the valuaitn date renovations are completed as proposed by the borrower are completed and the properties re-let).

Security We are of the opinion that the property interests provide suitable security for mortgage purposes although we have not been provided with the terms of the loan in contemplation and cannot therefore comment on their suitability having regard to the nature of the Property.

Compliance with The valuation has been prepared in accordance with Valuation Standards the RICS Valuation – Global Standards 2017 which incorporate the International Valuation Standards (“the Red Book”).

We confirm that we have sufficient current local and national knowledge of the particular property market VALUATION REPORT 7

involved, and have the skills and understanding to undertake the valuation competently. Where the knowledge and skill requirements of The Red Book have been met in aggregate by more than one valuer within CBRE, we confirm that a list of those valuers has been retained within the working papers, together with confirmation that each named valuer complies with the requirements of The Red Book. This Valuation is a professional opinion and is expressly not intended to serve as a warranty, assurance or guarantee of any particular value of the subject property. Other valuers may reach different conclusions as to the value of the subject property. This Valuation is for the sole purpose of providing the intended user with the Valuer’s independent professional opinion of the value of the subject property as at the valuation date.

Assumptions The property details on which each valuation is based are as set out in this report. We have made various assumptions as to tenure, letting, town planning, and the condition and repair of buildings and sites – including ground and groundwater contamination – as set out below.

If any of the information or assumptions on which the valuation is based are subsequently found to be incorrect, the valuation figures may also be incorrect and should be reconsidered.

Variation from Please refer to the individual property reports for Standard information regarding specific assumptions. Assumptions

Verification We recommend that before any financial transaction is entered into based upon these valuations, you obtain verification of any third-party information contained within our report and the validity of the assumptions we have adopted.

We would advise you that whilst we have valued the Properties reflecting current market conditions, there are certain risks which may be, or may become, uninsurable. Before undertaking any financial transaction based upon this valuation, you should satisfy yourselves as to the current insurance cover and the risks that may be involved should an uninsured loss VALUATION REPORT 8

occur.

Valuer The Property has been valued by a valuer who is qualified for the purpose of the valuation in accordance with the Red Book.

Conflicts of Interest We previously valued the subject proerpties for you for secured lending purposes as at 1 June 2017.

As you are aware, we have previously valued all of the assets for accounts and loan security purposes. This includes a valuation of the following assets on behalf of Investitori SGR S.P.A. in December 2016: - Piazzale Lodi, 3 - Viale Piero e Alberto Pirelli, 27 We valued the following on behalf of Allianz until 2016 - Piazzale Loreto, Viale Monza 2 - Pazza Velasca, 7/9 We valued the following on behalf of Deutsche Bank in November 2016: - Corso di Porta Romana 13 All mandates have been completed. We have disclosed the above to you at the quoting stage and with this knowledge you have approved our appointment for this instruction.

Reliance This report is for the use only of the party to whom it is addressed for the specific purpose set out herein and no responsibility is accepted to any third party for the whole or any part of its contents.

Publication Neither the whole nor any part of our report nor any references thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form and context in which it will appear. VALUATION REPORT 9

Such publication of, or reference to this report will not be permitted unless it contains a sufficient contemporaneous reference to any departure from the Red Book or the incorporation of the special assumptions referred to herein.

Yours faithfully Yours faithfully

Graham MacMillan MRICS Laura Mauri MRICS Senior Director Executive Director RICS Registered Valuer RICS Registered Valuer For and on behalf of For and on behalf of CBRE Limited CBRE Valuation S.p.a.

T: +44 (0) 20 7182 2699

E: [email protected]

CBRE – Valuation & Advisory Services T: 020 7182 2000 F: 020 7182 2273 W: www.cbre.co.uk VALUATION REPORT 10

SCHEDULE OF MARKET VALUES

Properties Held for Development & Investment

Address Market Value TOTAL Capital Rate per sq m (€) (€ / GLA) Piazzale Lodi 3, Milan 68,400,000 4,284 Viale Piero e Alberto Pirelli, 27, Milan 71,100,000 2,432 Piazzale Loreto, Viale Monza 2, Milan 21,100,000 2,223 Piazza Velasca 7/9 & Corso di Porta Romana 13, Milan 36,800,000 4,985 Corso Monforte 19 – Via Santa Cecilia 3, Milan 6,600,000 6,180 Via Vittorio Veneto 54, Roma 20,700,000 5,933 TOTAL 224,700,000 VALUATION REPORT 11

SCHEDULE OF VACANT POSSESSION VALUES

Properties Held for Development & Investment

Address Market Value TOTAL Capital Rate per sq m (€) (€ / GLA) Piazzale Lodi 3, Milan 68,300,000 4,277 Viale Piero e Alberto Pirelli, 27, Milan 46,500,000 1,590 Piazzale Loreto, Viale Monza 2, Milan 21,000,000 2,212 Piazza Velasca 7/9 & Corso di Porta Romana 13, Milan 36,800,000 4,985 Corso Monforte 19 – Via Santa Cecilia 3, Milan 6,600,000 6,180 Via Vittorio Veneto 54, Roma 20,700,000 5,933 TOTAL 199,900,000 VALUATION REPORT 12

SCHEDULE OF STABILISED VALUES

Properties Held for Development & Investment

Address Market Value TOTAL Capital Rate per sq m (€) (€ / GLA) Piazzale Lodi 3, Milan 82,600,000 5,173 Viale Piero e Alberto Pirelli, 27, Milan 71,100,000 2,432 Piazzale Loreto, Viale Monza 2, Milan 53,600,000 5,647 Piazza Velasca 7/9 & Corso di Porta Romana 13, Milan 58,300,000 7,898 Corso Monforte 19 – Via Santa Cecilia 3, Milan 8,800,000 8,240 Via Vittorio Veneto 54, Roma 28,800,000 8,255 TOTAL 303,200,000 VALUATION REPORT 13

SCOPE OF WORK & SOURCES OF INFORMATION

Sources of We have carried out our work based upon Information information supplied to us as follows, which we have assumed to be correct and comprehensive.

1. We were provided with information by JPMorgan and the Asset Manager Kryalos in the course of our previous instruction form you to value the properties as at 1 June 2017.

2. We have received updated information from the borrower which we have relied upon for the purposes of the valuation. The cut off date for receipt of information was 28 May 2018 and we have assumed that all information received is accurate as at the valuation date although we have not independently verified such.

We have relied upon the Capex budgets provided by the borrower for the purposes of our valuation calculations. Whilst not verifying the amounts, from our experience and having consulted with our Building Consultancy colleagues we have considered that they are within the expected range for the works in contemplation or underway. It should be noted that capex is subjective and during development phases will vary. Prospective purchasers are likely to make their own capex assessments prior to purchase of assets in this situation. The capex deducted has been provided by the borrower and is assumed to be accurate and relevant as at the date of valuation for each asset.

The Property Our report contains a brief summary of the property details on which our valuation has been based.

Inspection Each of the properties have been inspected externaly and internally by appropriately qualified representatives of CBRE. We inspected the properties on 28 May 2018 and 29 May 2018. Indididual inspection dates are included in the property reports below. VALUATION REPORT 14

The Milan inspections were undertaken by representatives from CBRE Italy and the International Valuation team based in London. This included Peter Beatty and Simon Rada from CBRE London and Silvia Sassatelli, Lorena De Lorenzi, Chiara Zuccarini from CBRE Milan. The asset in Rome was inspected by Sara Lucarelli from CBRE Rome.

Areas We have not measured the properties but have relied upon the floor areas prepared by Kryalos and provided to us by JPMorgan, as set out and decribed in the property reports, which we have assumed to be correct and comprehensive. We have not undertaken area reconciliations against information provided to us previously.

Where appropriate GLA is calculated based on GEA and, as defined, can vary depending on the letting status (i.e. all assets are suitable to be let on a single-tenant scenario which can result in a higher GLA compared to a multi-tenant scenario). From a presetation and calculation perspective, given the extent of refurbishement works, we need to include the GEA within our valuation to more accurately apportion / calculate the cost per sq m. Whilst costs have been assessed in terms of GEA, as per market practice, the adopted rents and capital rates per sq m have been calculated / benchmarked based on the GLA.

Environmental We retain on file Environmental Due Diligence Matters Reports prepared by summarised by REAAS dated November 2016, February 2017 and May 2017. We have not undertaken, nor are we aware of the content of, any environmental audit or other environmental investigation or soil survey which may have been carried out on the properties and which may draw attention to any contamination or the possibility of any such contamination.

We have not carried out any investigation into the past or present uses of the Property, nor of any neighbouring land, in order to establish whether there is any potential for contamination and have therefore assumed that none exists. VALUATION REPORT 15

Services and We understand that all main services including Amenities water, drainage, electricity and telephone are available to the properties. None of the services has been tested by us.

Repair and Condition We retain on file copies of various building survey reports carried out by JLL dated December 2016 and February 2017, REAAS dated May 2017 and a High Level Development Budget analysis prepared by Arcadis dated July 2017.

Town Planning We have undertaken high level planning investigations via online sources. We have not undertaken specific enquiries with local authorities.

Titles, Tenures and Details of title/tenure under which the Property is Lettings held and of lettings to which it is subject are as supplied to us. This includes receipt of updated tenancy schedules prepared by Kryalos together with historic copies of lease contracts and Legal Due Diligence Red Flag reports prepared by DLA Piper, dated December 2016, February 2017 and May 2017 all of which re retain on file. We have not generally examined nor had access to all the deeds, leases or other documents relating thereto. Where information from deeds, leases or other documents is recorded in this report, it represents our understanding of the relevant documents. We should emphasise, however, that the interpretation of the documents of title (including relevant deeds, leases and planning consents) is the responsibility of your legal adviser.

We have not conducted credit enquiries on the financial status of any tenants. We have, however, reflected our general understanding of purchasers’ likely perceptions of the financial status of tenants. VALUATION REPORT 16

VALUATION ASSUMPTIONS

Capital Values The valuation has been prepared on the basis of “Market Value” which is defined as:

“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion".

No allowances have been made for any expenses of realisation nor for taxation which might arise in the event of a disposal. Acquisition costs have not been included in our valuation.

The valuation represents the figure that would appear in a hypothetical contract of sale at the valuation date. No adjustment has been made to this figure for any expenses of acquisition or realisation - nor for taxation which might arise in the event of a disposal.

No account has been taken of any inter-company leases or arrangements, nor of any mortgages, debentures or other charges.

No account has been taken of the availability or otherwise of capital based Government or European Community grants.

Rental Values Rental values indicated in our report are those which have been adopted by us as appropriate in assessing the capital value and are not necessarily appropriate for other purposes nor do they necessarily accord with the definition of Market Rent.

The Properties Where appropriate we have regarded the shop fronts of retail and showroom accommodation as forming an integral part of the buildings.

Landlord’s fixtures such as lifts, escalators, central heating and other normal service installations have been treated as an integral part of the buildings and are included within our valuations. VALUATION REPORT 17

Process plant and machinery, tenants’ fixtures and specialist trade fittings have been excluded from our valuations.

All measurements, areas and ages quoted in our report are approximate.

Environmental In the absence of any information to the contrary, we Matters have assumed that:

(a) the Properties are not contaminated and is not adversely affected by any existing or proposed environmental law;

(b) any processes which are carried out on the Properties which are regulated by environmental legislation are properly licensed by the appropriate authorities.

(d) the properties are either not subject to flooding risk or, if they are, that sufficient flood defences are in place and that appropriate building insurance could be obtained at a cost that would not materially affect the capital value.

Repair and In the absence of any information to the contrary, we Condition have assumed that:

(a) there are no abnormal ground conditions, nor archaeological remains, present which might adversely affect the current or future occupation, development or value of the property;

(b) the Properties are free from rot, infestation, structural or latent defect;

(c) no currently known deleterious or hazardous materials or suspect techniques, including but not limited to Composite Panelling, have been used in the construction of, or subsequent alterations or additions to, the Properties; and

(d) the services, and any associated controls or software, are in working order and free from defect. VALUATION REPORT 18

We have otherwise had regard to the age and apparent general condition of the Properties. Comments made in the property details do not purport to express an opinion about, or advise upon, the condition of uninspected parts and should not be taken as making an implied representation or statement about such parts.

Title, Tenure, Unless stated otherwise within this report, and in the Planning and Lettings absence of any information to the contrary, we have assumed that:

(a) the Properties possess a good and marketable title free from any onerous or hampering restrictions or conditions;

(b) all buildings have been erected either prior to planning control, or in accordance with planning permissions, and have the benefit of permanent planning consents or existing use rights for their current use;

(d) all buildings comply with all statutory and local authority requirements including building, fire and health and safety regulations;

(e) only minor or inconsequential costs will be incurred if any modifications or alterations are necessary in order for occupiers of each Property to comply with the provisions of the relevant disability discrimination legislation;

(f) there are no tenant’s improvements that will materially affect our opinion of the rent that would be obtained on review or renewal;

(g) tenants will meet their obligations under their leases;

(h) there are no user restrictions or other restrictive covenants in leases which would adversely affect value;

(i) where appropriate, permission to assign the interest being valued herein would not be withheld by the landlord where required; and VALUATION REPORT 19

(j) vacant possession can be given of all accommodation which is unlet or is let on a service occupancy. PROPERTY REPORTS 20

2 PROPERTY REPORTS PROPERTY ID: Allstar_1 - Pirelli ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018 FINAL Pirelli, Milan

Static Maps Active Property

Net Market Value (MV) 71,100,000 EUR

Drivers of CV Change

VALUATION METRICS (currency - EUR) KEY FACTS Metric Value Metric Value Market Value 71,100,000 Accomodation Area (sq m) 41,995 Market Value (per sq m) 1,693 WAULT to Break by Rent 10.58 Net Initial Yield 6.43% WAULT to Break by ERV 10.58 Reversionary Yield 6.35% WAULT to Expiry by Rent 14.58 Equivalent Yield 6.40% WAULT to Expiry by ERV 14.58 Gross Income 4,907,943 Percentage of Vacancy (Area) 0.00% Gross Income (per sq m) 117 *Adj. Gross Income 4,907,943 Adj. Gross Income (per sq m) 117 Net Income 4,752,353 Net Income (per sq m) 113 Gross Rental Value 4,847,500 Gross Rental Value (per sq m) 115 Net Rental Value 4,691,910 Capital Expenditure 0 Transaction Costs 3.83% Over / Under Rented 1.25% VPV 46,500,000 SV 71,100,000 * Adjusted Gross Income equates to the Gross Income excluding any rent free periods

TOP 5 LEASES BY RENT (Valuation 28/05/2018) Tenant Name Term to Break Term to Expiry Area (sq m) Current Rent ERV % of rent Pirelli Tyre S.p.A. 10.58 14.58 41,995 4,907,943 4,847,500 100.0%

Others 0 0 0 0.0% Vacant n/a n/a 0 n/a 0 n/a

Printed 14/06/2018 15:47 PROPERTY ID: Allstar_1 - Pirelli ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Printed 14/06/2018 15:47 ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY REPORT

VIALE PIERO E ALBERTO PIRELLI 27

INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE

CBRE LONDON & 29/05/18 28/05/18 INDUSTRIAL CBRE MILAN BUILDING / LABORATORIES

KEY VALUATION FACTORS

POSITIVE ▪ We note the recent acquisition the former Fondazione Pirelli, being a small building adjoining the subject. The property was sold by Pirelli to Kryalos as development opportunity, with some smaller buildings to be demolished and new offices let to Pirelli for a long-term lease. We consider the acquisition shows the tenant’s commitment to the precinct.

▪ Following the departure of the sitting sub tenant Prelios SGR, the accommodation will be backfilled by Pirelli in order to meet its staff and business expansion.

▪ Pleasant architectural appeal of the property;

▪ Excellent visibility from Viale Alberto e Piero Pirelli;

▪ Numerous external parking spaces;

▪ Long unexpired lease term to a tenant deemed to be of good covenant strength;

▪ Good state of maintenance and repair; the property was built in 1998 and was renovated in 2010;

▪ Suitable both for professionals and corporate offices;

▪ Good accessibility via public transport, considering the presence of the nearby underground station “Ponale” located some 550m distance.

NEGATIVE ▪ Uncertainty on the marketing of the property in case of early release;

▪ The low-mid quality internal finishes are not in line with the refined architectural structure;

▪ Uncommon internal height of the basement levels (higher than 5 m), which prevents a potential alternative use. ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY DESCRIPTION

CURRENT BUSINESS The asset was purchased on 23 December 2016 and concurrently a triple net PLAN OR lease contract was entered into with Pirelli Tyre S.p.A., with a term of 16 years INVESTMENT (with break option on the 12th year) and with a stabilised rent equal to Euro 4,875,000; only for the first year of the lease term, the rent was equal to Euro 4,275,000. Having regard to Annual rental increases of 100% of ISTAT CPI the passing rental is now €4,907,943. The Business Plan envisions to maintain the lease contract for the entire duration of the holding period in order to allow the Fund to rely on a steady cash flow.

ACCOMMODATION We have not measured the property, but as instructed, we have relied upon floor areas made available to us. We understand the property has a total GEA of 41,995 sqm and total GLA of 29,241 sqm. In accordance with our Argus valuation file, we have summarised the GEA as set out below:

Floor Areas FLOOR / UNIT USE SQ M GF-3F Offices 12,253.00 GF-3F Laboratory Ab.Ground 7,083.00 3B-1B Lab Below Ground 9,905.00 GF Common Spaces Ab.Gr. 1,172.00 GF-3F Common Spaces Be.Gr. 11,582.00 Car spaces 243 Spaces

TOTAL 41,995.00

TECHNICAL/ CBRE have not undertaken a structural survey or tested any of the services. We ENVIRONMENTAL retain on file a “Full technical and environmental due diligence” prepared by DD REAAS and dated 02/12/2016, which indicates some minor defects. The TDD provides a CapEx plan for some € 25,750 to be spent for such minor repairs; please note that, according to the lease contract in place with Pirelli Tyres, extraordinary maintenance, with the exception of costs related to potential change of use, are in charge of the tenant. We have read the Environmental Due Diligence Phase 1 Report prepared by REAAS and dated 01/12/2016. The report concluded that the risk is acceptable for the groundwater contamination and for the hydrocarbon contamination in soil, while it is not acceptable for the PCB contamination in soil. Hence, clean up measures for the PCB contamination in soil are deemed necessary. It is necessary to verify if the clean-up has been completed, in any case the costs shall be paid exclusively by the Tenant. ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

VALUATION CONSIDERATIONS

TENANCIES: The property is let in its entirety to Pirelli & C S.P.A. on a Full Repairing and Insuring lease with 14.5 years unexpired. The lease has been agreed between Kryalos SGR S.p.A., as manager company of the alternative Investment Fund reserved to professional investors called “All Star” and Pirelli & C. S.p.A. on 23/12/2016. The current passing rent is €4,907,943 per annum, following an indexation of the previous rent (€4,875,000 per annum), in accordance with the lease agreement. Detailed financial investigations of the tenant are outside the scope of this report. We believe that the property investment market would view the tenant as providing strong security if income particularly noting the purpose-built nature of the improvements extensive P&M invested within.

COSTS AND The Kryalos business plan provides for some € 480,000 of Capex to be spent ADJUSTMENTS for such minor repairs; please note that, according to the lease contract in place with Pirelli Tyres, extraordinary maintenance, with the exception of costs related to potential change of use, are the responsibility of the tenant. Whilst all current maintenance is the responsibility of the tenant, we have prudently allowed some €116,326 per year as an effective sinking fund allowance for issues to be resolved in the event that the Pirelli agreement is altered at renewal or they vacate the property. Other non-recoverable costs that were allowed is the assumed Property Management of €39,264p.a. as provided by Kryalos. We have not allowed for any void period nor cost.

VOID PERIODS AND Given the property is occupied, we have not allowed for any void period nor RE-LETTABILITY: cost.

MARKETABILITY & The subject property, located within “Bicocca Area”, is a modern building POTENTIAL designed according to the requirements of the Tenant, provided with PURCHASERS: numerous laboratories and offices in addition to an unusual presence of a wide underground laboratory (basement -2), with internal height of more than 5 m. The building appears in a very good state of repair and maintenance. The property is reasonably well located with good transport connections, and occupiers of the surrounding area are high standing and over the last several quarters, international companies continue to choose Bicocca for their headquarters (Philips, ING Real Estate) Given the good location and condition of the property, we believe that it retains some appeal for national and international investors, including institutional investors who would be attracted by the current income profile. ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Having regard to the good location within a well-established secondary market, the recognised tenant covenant and 14.5 years unexpired lease term, we envisage a sustainable marketing period will be in the region of 9-12 months; (being 6 months the standard timing needed by potential investors to run all the Due Diligence processes and analysis before entering the negotiations).

SALES PERIOD: 9-12 Months

SUITABILITY FOR We have not been provided with loan terms and therefore cannot provide LOAN SECURITY: specific comment thereon. Subject to the specific comments made within the body of this report, in our view, the property is deemed as being suitable for loan security, subject to prudent lending practices, however we are not aware of the loan amount or terms.

OCCUPATIONAL Please refer to the occupational evidence scheduled attached included within COMPARABLES the appendices section of this report. Having regard to the occupational evidence from between Q3 2017-Q2 2018 of new office buildings with functional internal layoust, we note rental values range from 170 - 230 €/sq m per year and averaging at 210 €/sq. With respect to via comparables 8 & 9 respectively, we note they constitute a Grade A office building, multi-tenant (fomer Siemens HQ) with high quality finishings. The location is slightly worse than the subject property as it is further from the Metro. The headline rent agreed is 230 €/sq m, while the effective rent is equal to circa 200 €/sq m p.a. over a 7 years period, with 2 years of stepped rent. We expect the subject property to reflect a lower headline rent on the office portion due to the single-tenant status (which accounts for a wider area under a single lease contract) and current town planning use. According to the above analysis, we have adopted an ERV of 200 €/sq m on the office space, 150 €/sq m on the laboratories above ground, 120 €/sq m on the laboratories below ground. The industrial rate is slightly above the comparable evidence for light industrial space in the reference market, as the quality of the space, the state of repair and the mechanical plant equipment are considered superior. External parking spaces reflect a rental value of 600 €/unit; please note that while there are no available comparable for external parking spaces in the area, we are aware thanks to internal non-disclosable data (lease contracts in place for other buildings), that covered car parking spaces are let for some 1,300 €/unit p.a.; according to market practice, we have considered the external spaces to reflect an ERV slightly below 50% of the covered ones. Our total assessment if market rent equates to some €4,847,500 per annum, some 166 €/sq m on the GLA and some 115 €/sq m. This assessment is slightly below, albeit similar to the passing income. ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

INVESTMENT Some of the evidence included within the investment comparable section COMPARABLES included within the appendices section of this report would not necessarily be consistent with the valuation in terms of position or size, but still give an idea of the investment market trend in 2016 and in Q2 2018 in Milan semi-central and peripheral locations. Due to lack of transparency in the Italian Real Estate Market however, detailed information about the deals are not always verified as correct or comprehensive. In approaching our valuation, we have had principal regard to 93 Via Monte Rosa which was transacted in Q4 2017 at a net yield of 5.60% and investment comparable no. 59 Via Amadeo which was transacted at a net yield of 5.75%. These buildings feature modern building specifications and benefit from good accessibility from both public and private transportation. However, the subject property belongs to a different asset class, being used as data centre/laboratories, thus reflecting a higher yield.

VALUATION We have adopted the traditional investment/income capitalisation method of METHODOLOGY – valuation, which has then been verified using the Discounted Cashflow MARKET VALUE: approach. We have capitalised the net income into perpetuity from the main leases with a (hardcore) net equivalent yield. We have arrived at our opinion of market rental value for the properties from analysis of recent rental transactions within the locality. The net yield applied to capitalise the income stream is derived from analysis of market evidence of investment transactions. It is implicit of market anticipated rental growth, both in terms of the market rental value and the annual step rent or indexation growth. The valuation product is net of purchaser’s costs, as the yield reflects net rents over the gross price in line with Italian market research reports, though please note that comparable reported within this report reflect a Net/Net calculation. Any items of capital expenditure are also deducted. The property is an industrial building used as research and development centre “Pirelli” including laboratories and offices, built according to the requirements of the Tenant, being the previous owner of the property; all spaces are well specified; the property has a high number of parking spaces and is located within an established business district in the peripheral area of Milan. The property is currently 100% occupied on a 14.5-year lease term to a tenant of good covenant strength. In arriving at an appropriate yield to apply for our valuation of the property we have taken the following key investment characteristics into account: wide availability of laboratories and offices located within an established business district with good public and private accessibility, good level of services within the surrounding area, good level of natural lighting and good supply of parking as well as a long-term lease. We believe that the subject property provides very good security in terms of current cashflow; however, we believe that, if transacted, it would reflect a higher yield than the comparable within our summary due to the industrial use of the ground and basement floor, which entail a high re-letting risk, or the need to spend high amounts of money to change the use in the event that Pirelli leaves the building. A change of use would be needed in order to ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

re-let the spaces, either a single-tenant or multi-tenant, unless the potential tenant could be some company needing labs and research space. Please note that comparable evidences on the market provide Net Yields calculated as Net Passing Rent/Net Market Value (excluding Taxes and acquisition costs), as such we have targeted such Yields in our valuation. On a general basis, yields reported at European level reflect Net Passing Rent/Gross Market Value (including taxes and acquisition costs). In Italy, such figures are calculated assuming an average of 3.5% acquisition costs, assuming 2% stamp duty, which is the standard taxation for Italian Right Funds and SGRs, and 1.5% legal and agent fees. Yields reflected in the valuation are as such calculated with the same assumption. Our overall approach results in an equivalent yield of 6.4% reflecting a market value of €71,100,000 after allowing for purchaser’s costs equating to 3.5%. This reflects a value in the region of 1,693 €/sq. m on the GEA and 2,432 €/sq. m on the GLA.

VALUATION For the vacant possession value, we have considered that the number of METHODOLOGY – potential alternative users which operate in the same industrial sector or need VACANT POSSESSION extensive space for research and development to be limited. As such, we VALUE: believe that the property would most likely need to be converted to provide office space only and put on the market as such, mirroring several similar instances carried out in the Bicocca district in recent years. However, due to the availability of space within the market and the upcoming space which will be available soon, we have prudently staggered the leasing period for between 24 - 36 months in order to re-let the property; this timing is in line with the experience we have seen for former Siemens headquarters, not far from the property, though the current trend appears to be more positive than the past years. Incentives granted are equal to 6 months’ rent free (more than what was granted to Pirelli for the subject lease contract, but in line with the general market strategy of the investors in the area), plus some small fit-out contributions (equal to some 50 €/sq. m), considering that the property will be fully refurbished once put on the market. If vacant, assuming that all the spaces would be subject to a change of use, the re-letting prospects would be more positive but a relatively significant amount of money would be required in order to secure a change of use and to refurbish the office according to the new tenants’ specification. In this scenario, we have allocated approximately €21 Million, which predominantly includes the cost associated to a change of use and refurbishment. With regard to approaching our valuation under the assumption that the property is entirely vacant we have adopted an equivalent yield of 5.3%. This results in a value of €46,500,000 equating to €1,108 per sq. m. ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

VALUATION The most recent fixed rental increase occurred in December 2017 when the METHODOLOGY – passing income increased €4,275,000 to €4,875,000. The passing income STABILISED VALUE: is now €4,907,943 having regard to annual indexation of 100% of ISTAT CPI. There are no further fixed increases in the 14.5 years of unexpired lease term. On this basis, we are of the opinion that the current opinion of Market Value is Stabilised.

REINSTATEMENT We retain on file copies of the Reinstatement Cost Assessment provided by COST ASSESSMENT: REAAS in Full Technical and Environmental Due Diligence - Red flags and a capex report. The property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we estimate that the reinstatement cost of the property would be in the region of €51,900,000 on a day one basis, including fees but excluding VAT and inflation. In arriving at our opinion, we have had regard to the figure stated within the TDD report and our market knowledge, including internal benchmarking. This figure and the amount stated within the TDD report should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Costs Assessment is carried out.

CASH FLOW: We have appended Lettable Unit and Detailed Valuation Argus file reports for all scenarios within the Appendix of this report. In addition, we have included cashflow extracts under the Market Value scenario, which demonstrate the valuers’ assumptions made within the traditional valuation looking to the possible future performance of the asset until stabilised. It should be noted that this is an output from the valuation and not a calculation. LOCATION PLANS

A LOCATION PLANS LOCATION PLANS

LOCATION PLANS

Macro location Viale Piero e Alberto Pirelli 27, Milan

Source: internet Source: internet

Micro location Viale Piero e Alberto Pirelli 27, Milan

Source: internet Source: internet

PHOTOGRAPHS

B PHOTOGRAPHS

PHOTOGRAPHS

Photograph 1: external view

Source: CBRE

Photograph 2: external view

Source: CBRE PHOTOGRAPHS

Photograph 3: external view

Source: CBRE

Photograph 4: external view

Source: CBRE PHOTOGRAPHS

Photograph 5: internal view - corridor

Source: CBRE

Photograph 6: internal view – open space

Source: CBRE

PHOTOGRAPHS

Photograph 7: roof of the internal court

Source: CBRE

Photograph 8: entrance

Source: CBRE

FLOOR AREA SCHEDULE

C FLOOR AREA SCHEDULE

FLOOR AREA SCHEDULE

ACCOMODATION DATA Floor / GEA (Sq Use GLA Unit m) GF-3F Office 12,253 12,253 Labs Above ground (including horizontal GF-3F 7,083 7,083 circulation) Labs below ground/auditorium/horizontal 3B-1B 9,905 9,905 circulation GF-3F Common spaces above ground 1,172 - 3B-1B Common spaces below ground 11,582 - 243 car parking GF Car spaces - spaces 41,995 29,241

LEASE SUMMARIES

D LEASE SUMMARIES

LEASE SUMMARIES

23 Dicember 2016 Demise

Pirelli & C S.P.A Tenant

16 years from 22 December 2016; on 22 December Term 2032 the lease will automatically expire without cancellation by the tenant, as there is no automatic renewal of the lease.

The tenant shall terminate the lease just starting from Break Clause 22 December 2028, with advance notice of at least 12 months.

€ 4,875,000.00 per annum with the exception of the Current Rent first year of lease with a lower rent of € 4,275,000.00. In addition to the rent, the tenant shall also pay costs and taxes relative to the property such as Property Taxes (IMU, Tasi, Tari and other utilities, stamp duty, IUC). Passing rent (Indexed): €4,907,943 per annum.

Annual rental increase of 100% of ISTAT CPI Rent Reviews/Indexation

The tenant is responsible for all repairs. Repairs

The units let shall be used as chemical/physics Permitted Use laboratories, for experimental, industrial processes and activities carried out by the companies of the group.

The tenant shall stipulate, maintain and pay, for the Insurance whole lease duration, an all-risks insurance policy, an Employer's Liability (“RCT”) and Public Liability (“RCO”) and other insurance policies stipulated by the landlord.

All service charges and taxes to be paid by the Tenant. Outgoings

The Landlord may sell the proeprty just natural persons Alienation noyt subject to legal punishment or to legal persons not subject to insolvency procedures.

The Tenant may carry out personalization and Alterations improvement works in line with the allowed activity, at LEASE SUMMARIES

its own expense and with prior approval of the Landlord. At the end of the lease the Tenant will have the right to remove or, alternatively, leave within the complex the modifications or technical adjustments carried out.

The tenant will have the right to leave the lease to a Miscellaneous company created after split or merge operations of the Tenant or after transfer of a business branch to the same tenant; sub-let or lend all or part of the property to companies belonging to the same group is allowed.

TENANCY SCHEDULE

E TENANCY SCHEDULE

TENANCY SCHEDULE

All Star Fund - Rent Roll as at 31st march 2018 Destination Gross Area 1st Break Lease Annual rent % index Next Guarantee Country Property Tenant Lease Start First expiry Guarantee Comments of use (sqm) Option Termination (*) application indexation type Viale Piero e Alberto Bank Stabilized rent from 23/12/2017 at Euro 4.875 Italy Pirelli & C. S.p.A. Office 58,345 23-dic-16 22-dic-28 22-dic-32 € 4,907,943 75% 23-dic-17 3,221,250 Pirelli guarantee mln Italy Viale Monza 2 Vacant Retail 260 Valutrans released premised on 31-12-2017 Bailment agreement from 1 dec 2017 to 15 Italy Viale Monza 2 NI.SI.DA. SRL Retail 411 01-dic-11 30-nov-17 15-mag-18 € - 12,750 Deposit may 2018 Marionnaud Negotiations with tenant on spaces release Italy Viale Monza 2 Parfummeries Italia Retail 738 01-dic-10 30-nov-16 30-nov-22 € 116,130 27,500 Deposit ongoing S.p.A. Cariparma - Credit Bank Amendment signed: new lease expiry 30-06- Italy Viale Monza 2 Retail 1,453 01-gen-12 30-giu-18 30-giu-18 € 300,680 75% 01-gen-18 74,500 Agricole S.p.A. guarantee 2018 Italy Viale Monza 2 Vacant Retail 679 Eviction executed on october 19th 2017 Italy Viale Monza 2 Vacant Office 154 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 8,423 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 1,362 Tenant expected to leave the asset at first Italy Piazzale Lodi 3 Allianz S.p.A. Office 5,360 31-mar-17 30-giu-18 30-giu-18 € 710,179 expiry Allianz Bank Financial Termination notice sent from tenant - next Italy Piazzale Lodi 3 Office 13,790 31-mar-17 30-apr-18 30-apr-18 € 2,846,153 Advisors S.p.A. lease expiry 30-04-2018 Italy Piazzale Lodi 3 Vacant Office 6,660 Italy Piazzale Lodi 3 Common area Office 3,111 Italy Piazza Velasca 7/9 Vacant Office 5,823 Tenant released the asset on 16-01-2018 Italy Piazza Velasca 7/9 Alfia S.r.l. Office 54 01-lug-17 30-giu-23 30-giu-29 € 11,500 75% 01-lug-19 2,000 Deposit Italy Porta Romana 13 Vacant Office 4,239 Italy Corso Monforte 19 Vacant Office 1,443 Italy Via Veneto 54 Vacant Office 4,021 116,326 € 8,892,585 * net 12 months - inclusive of incentives such as Free Rent/discounts

Source: Kryalos SGR SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

F SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL EVIDENCE

OFFICE LETTING TRANSACTION AND ASKING PRICES SUB UNITARY # ADDRESS YEAR SQ M TENANT USER TYPE GRADE STATUS COMMENTS MARKET RENT (€/SQ M) The property is a old building under a massive renovation plan that will deliver a Grade A office building with an appealing image and high quality specifications. Part of the property (some Periphery/ 1 Viale Chiese 74 Q2 2016 9,000 210 Engie (Pre-let) Energy Co. A Leased €9,000 sq m) has been pre-let to Engie in Q2 2016 (delivery of the spaces is expected in 2018). Bicocca The headline rent agreed is equal to some 210 €/Sq m. Details of the lease contract are not available, but we understand it includes parking spaces. Grade A office building, multi-tenant (fomer Siemens HQ) with high quality finishings. The location is slightly worse than the subject property as it is further from the Metro. The headline Periphery/ 2 Via dell’Innovazione 3 Q2 2016 1,050 230 Tran- senterix Medical A Leased rent agreed is 230 €/sq m, while the effective rent is equal to circa 200 €/sq m p.a. over a 7 years Bicocca period, with 2 years of stepped rent- Parking spaces account for some 1,300 €/unit in addition to the agreed rent- The headline rent agreed is 240 €/sq m, while the effective rent is equal to circa 200 €/sq m p.a. Periphery/ 2 Via dell’Innovazione 3 Q2 2016 435 240 TMC Engineering A Leased over a 6 years period, with 1 year of rent free and 1 year if stepped rent - Parking spaces account Bicocca for some 1,300 €/unit in addition to the agreed rent- Viale Piero e Alberto Periphery/ DI.GI. Computers & 3 Q1 2017 730 175 A Leased The letting transaction regarded the 3rd floor Pirelli 6 Bicocca International High-Tech Periphery/ Ortho Clinical Manufacturing 2 Viale dell'Innovazione 3 Q1 2017 690 220 A Leased The letting transaction regarded the 6th floor Bicocca Diagnostics & Energy Periphery/ 4 Viale Fulvio Testi 280 Q2 2017 14,700 210 Agos Ducato Financial A Leased Letting of 5 floors (from 3rd to 7th) Bicocca Periphery/ Business 5 Via dei Valtorta 43, 45 Q2 2017 3,680 220 Covisian Spa B Leased Please note that the rent provided was the asking price before the close of the deal Bicocca Service Periphery/ Arrow Computers & 2 Viale dell'Innovazione 3 Q2 2017 3,140 220 A Leased Bicocca Electronics High-Tech Periphery/ Manufacturing 2 Viale dell'Innovazione 3 Q2 2017 840 220 Mylan A Leased Bicocca & Energy Periphery/ 6 Viale Sarca 226 Q3 2017 3,200 195 Cefriel Other A Leased The letting transaction regarded the ground and 3rd floor Bicocca Periphery/ Prometeon Tyre Manufacturing 7 Viale Sarca 222 Q4 2017 3,350 220 A Leased Lease-up of the first three floors of the building Bicocca Group & Energy Periphery/ Manufacturing 8 Viale Sarca 235 Q4 2017 1,374 230 Tupperware A Leased The letting transaction regarded the 2nd floor Bicocca & Energy Periphery/ Business 9 Via Libero Temolo 4 Q4 2017 1,200 170 Regus A Leased The letting transaction regarded the 4th and 5th floor Bicocca Service Periphery/ NorthGateArinso Business 8 Viale Sarca 235 Q1 2018 1,400 230 A Leased The letting transaction regarded the 3rd floor Bicocca Italiana srl Services

SUB UNITARY # ADDRESS YEAR SQ M TENANT USER TYPE GRADE STATUS COMMENTS MARKET RENT (€/SQ M)

Periphery/ A Viale dell’Innovazione 3 Immediate 1,715 220 - - A Asking Building C Bicocca Viale Piero e Alberto Periphery/ B Immediate 740 175 - - A Asking €150 on the GF and €180 on the 4th floor Pirelli Bicocca Asking price for covered car parking spaces is 1,300 €/unit- The property has been just released by Philips and has to be refurbished upon re-letting. The project feature a grade A office building Periphery/ C Viale Sarca 235 Immediate 1,050 230 - - A Asking with high quality finishing and Platinum LEED certification. It is located on the northern end of the Bicocca Bicocca district, not far from the Bignami Metro Station, with an accessibility similar to the subject property. Periphery/ D Via Libero Temolo 4 Immediate 2,303 160 - - A Asking Asking prices hinge upon the floor level and are comprised between €130 and €190 /sq m p.a. Bicocca

SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

LIGHT INDUSTRIAL ASKING PRICES

ADDRESS USE AGE INT. HEIGHT GLA (sq m) ASKING RENT €/SQ M COMMENTS

Light-industrial/laboratories space within an office building. Similar Viale Berbera 45 Light Industrial >20 years 2.9 350 28,800 82 vehicular accessibility with respect of the subject property, but inferior building specifications.

Light industrial stand alone building with office spaces, dated back to the Viale Monza Light Industrial > 20 years 4.5 900 90,000 100 1930s. Accessibility is worse than the subject property being closer to the main traffic road of Viale Monza and a high density residential area.

Light industrial space at the ground floor of a mixed-use building. Good Via Platone Light Industrial > 20 years 4.4 270 34,800 129 accessibility via Car/small trucks, 1 km from the subject property (Sesto Marelli)

Via Giovanni Livraghi Light Industrial > 20 years 3 170 13,800 81 Small workshop within the basement of a residential building.

*No transaction comparables are available for similar light industrial properties within the reference market

SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF INVESTMENT EVIDENCE

# YEAR NAME ADDRESS SUB MARKET SIZE (Sq m) PRICE (€ MILL*) PRICE (€/SQ M) YIELD (%) ESTIMATED 1 Q1 2016 Lorenteggio, 255 Via Lorenteggio, 255 Periphery 4,000 8.5 2,125 n.a. 2 Q1 2016 MAC 5,6,7 Maciachini - Via Benigno Crespi Semi centre 33,000 115 3,485 6% net 3 Q2 2016 Vodafone Village (3bldgs) Via Lorenteggio, 240 Periphery 61,000 200 3,279 6.0 to 6.10 % net 4 Q2 2016 L’Oreal HQ Via Primaticcio Periphery 32,388 63.5 1,961 6.00% net 5 Q2 2016 - Via Locchi, 2 Periphery n.a. 4 n.a. Owner occupied 6 Q2 2016 PWC HQ Via Monterosa Semi centre /Fiera 46,000 220 4,783 5.5% net 7 Q2 2016 - Via Felice Casati 16 Semi centre 2,718 5 1,840 n.a. 8 Q3 2016 Procaccini Center (Towers A and C) - Semi centre n.a. 10.8 n.a. +60% occupied 9 Q3 2016 Light Building Via Scarsellini, 14 Periphery 17,000 58 3,412 5.8% net 10 Q3 2016 Affori Centre Via Grazioli, 31 Affori 12,000 35 2,917 5.5% net 11 Q4 2016 Forlanini 23 Viale Forlanini, 23 Periphery 16,000 59 3,688 <5.5 % net 12 Q4 2016 Via Bisceglie Via Bisceglie 71-73-75 Periphery 13,370 37.3 2,790 n.a. 13 Q4 2016 Ceresio 7 Via Ceresio 7 Semi centre 4,000 16 4,000 n.a. 14 Q4 2016 Confidential Via Mose Bianchi Semi centre /Fiera 4,000 12 3,000 n.a. 15 Q4 2016 Edificio J Via Bensi 1.1 Periphery 5,000 12.5 2,500 7% net 16 Q1 2017 Via Deruta Via Deruta 19 Periphery 13,650 46 3,370 6.8% net 17 Q1 2017 - Via Nizzoli 6,8 Periphery 6,749 14.2 2,104 5 asset portfolio 18 Q1 2017 - Viale Giulio Richard 1, Torre B Periphery 10,547 10.3 977 Rocket Fund 19 Q2 2017 Via Piranesi Via Piranesi Periphery n.a. 8.4 n.a. To be demolished and fully ref 20 Q2 2017 Via Pavia 6 Via Pavia 6 Semicentre n.a. 7 n.a. Mixed-use (Resi/office/retail) 21 Q3 2017 Bodio Center (Ed. 1,2,3) Semicentre 30,000 83 2,767 7.2% net 22 Q3 2017 Amadeo 59 Via Amadeo 59 Periphery 11,846 33 2,786 5.75% net 23 Q4 2017 Project Rum (Ergo HQ) Via Pampuri 13 Periphery 9,000 17 1,889 100% Occupied 24 Q4 2017 Monte Rosa 93 Via Monte Rosa 93 Semicentre 14,500 57 3,931 5.6% net 25 Q4 2017 - Viale Certosa 2/Piazza Firenze Semicenter 9,200 22 2,391 7.8% net SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

PRICE (€ PRICE (€/SQ # YEAR NAME ADDRESS SUB MARKET GLA (SQ M) YIELD (%) ESTIMATED COMMENTS MILL*) M) Periphery/ Q4 2016 Pirelli R&S - 21,787 65 2,983 0 Subject property Bicocca The subject property is let to Pirelli Tyre (and partly to Prelios SGR), with a WAULT of circa 3 years (4.5 Via Piero e years on the main contract). The property is some 18% over rented. Specifications are similar or slightly Periphery/Bicoc 14,950 (Office 6.65% Initial (5.75% on Rent after A Q1 2017 Pirelli HQ2 Alberto Pirelli 51 3,411 better than the subject property for the office portion, while is does not include any industrial part, and it ca GLA) Rental Guarantee expires in 2018) 25 also comprises some 280 between car and motorbike parking spaces. Location is similar to the subject property, and it is part of a wider complex comprising two buildings (HQ1 and HQ2) Viale Fulvio Periphery/Bicoc B Q4 2017 ING HQ 25,000 44.4 1,776 5.15% Net The deal regarded a Grade A office building fullly let to ING Bank. Testi 250 ca VALUATION PRINTOUTS

G VALUATION PRINTOUTS VALUATION PRINTOUTS

Market Value VALUATION PRINTOUTS VALUATION PRINTOUTS VALUATION PRINTOUTS

Vacant Possession Value

VALUATION PRINTOUTS

VALUATION PRINTOUTS VALUATION PRINTOUTS

VALUATION PRINTOUTS

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Stabilised Value VALUATION PRINTOUTS

VALUATION PRINTOUTS CASH FLOWS

H CASH FLOWS May '18-Jul '18 Aug '18-Oct '18 Nov '18-Jan '19 Feb '19-Apr '19 May '19-Jul '19 Pirelli,Viale Piero e Alberto Pirelli 27,Milan Months 1 - 3 Months 4 - 6 Months 7 - 9 Months 10 - 12 Months 13 - 15 Total Rental income 870,764 1,226,986 1,226,986 1,226,986 1,226,986

Total Rental Income 870,764 1,226,986 1,226,986 1,226,986 1,226,986 Other Income 0 0 0 0 0 Total Gross Income 870,764 1,226,986 1,226,986 1,226,986 1,226,986

Total LH Ground Rent payments 0 0 0 0 0 Property Management -6,544 -9,816 -9,816 -9,816 -9,816 Insurance Property Tax Registration Tax Other non-rec -29,082 -29,082 -29,082 -29,082 -29,082 Total Non-recoverable Costs -35,626 -38,898 -38,898 -38,898 -38,898

Letting Fees Fit Out / TI Total Non-regular costs 0 0 0 0 0

Gross Income 870,764 1,226,986 1,226,986 1,226,986 1,226,986 Non-recoverable costs -35,626 -38,898 -38,898 -38,898 -38,898 Net Income 835,138 1,188,088 1,188,088 1,188,088 1,188,088 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 835,138 1,188,088 1,188,088 1,188,088 1,188,088

Costs Treated as Day 1 deduction Capex 0 * Lodi: €280,000 future payment for car Other 1 (Profit) 0 parking in 2035 discounted at 6% to produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) 0 0 0 0 0 0 Surrender Payment 0 Aug '19-Oct '19 Nov '19-Jan '20 Feb '20-Apr '20 May '20-Jul '20 Aug '20-Oct '20 Pirelli,Viale Piero e Alberto Pirelli 27,Milan Months 16 - 18 Months 19 - 21 Months 22 - 24 Months 25 - 27 Months 28 - 30 Total Rental income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986

Total Rental Income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986 Other Income 0 0 0 0 0 Total Gross Income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986

Total LH Ground Rent payments 0 0 0 0 0 Property Management -9,816 -9,816 -9,816 -9,816 -9,816 Insurance Property Tax Registration Tax Other non-rec -29,082 -29,082 -29,082 -29,082 -29,082 Total Non-recoverable Costs -38,898 -38,898 -38,898 -38,898 -38,898

Letting Fees Fit Out / TI Total Non-regular costs 0 0 0 0 0

Gross Income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986 Non-recoverable costs -38,898 -38,898 -38,898 -38,898 -38,898 Net Income 1,188,088 1,188,088 1,188,088 1,188,088 1,188,088 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 1,188,088 1,188,088 1,188,088 1,188,088 1,188,088

Costs Treated as Day 1 deduction Capex 0 * Lodi: €280,000 future payment for car Other 1 (Profit) 0 parking in 2035 discounted at 6% to produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) 0 0 0 0 0 0 Surrender Payment 0 Nov '20-Jan '21 Feb '21-Apr '21 May '21-Jul '21 Aug '21-Oct '21 Nov '21-Jan '22 Pirelli,Viale Piero e Alberto Pirelli 27,Milan Months 31 - 33 Months 34 - 36 Months 37 - 39 Months 40 - 42 Months 43 - 45 Total Rental income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986

Total Rental Income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986 Other Income 0 0 0 0 0 Total Gross Income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986

Letting Fees Fit Out / TI Total Non-regular costs 0 0 0 0 0

Costs Treated as Day 1 deduction Capex 0 * Lodi: €280,000 future payment for car Other 1 (Profit) 0 parking in 2035 discounted at 6% to produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) 0 0 0 0 0 0 Surrender Payment 0 Feb '22-Apr '22 May '22-Jul '22 Aug '22-Oct '22 Nov '22-Jan '23 Feb '23-Apr '23 Pirelli,Viale Piero e Alberto Pirelli 27,Milan Months 46 - 48 Months 49 - 51 Months 52 - 54 Months 55 - 57 Months 58 - 60 Total Rental income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986

Total Rental Income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986 Other Income 0 0 0 0 0 Total Gross Income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986

Letting Fees Fit Out / TI Total Non-regular costs 0 0 0 0 0

Costs Treated as Day 1 deduction Capex 0 * Lodi: €280,000 future payment for car Other 1 (Profit) 0 parking in 2035 discounted at 6% to produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) 0 0 0 0 0 0 Surrender Payment 0 May '23-Jul '23 Aug '23-Oct '23 Nov '23-Jan '24 Feb '24-Apr '24 May '24-Jul '24 Pirelli,Viale Piero e Alberto Pirelli 27,Milan Months 61 - 63 Months 64 - 66 Months 67 - 69 Months 70 - 72 Months 73 - 75 Total Rental income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986

Total Rental Income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986 Other Income 0 0 0 0 0 Total Gross Income 1,226,986 1,226,986 1,226,986 1,226,986 1,226,986

Letting Fees Fit Out / TI Total Non-regular costs 0 0 0 0 0

Costs Treated as Day 1 deduction Capex 0 * Lodi: €280,000 future payment for car Other 1 (Profit) 0 parking in 2035 discounted at 6% to produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) 0 0 0 0 0 0 Surrender Payment 0 PROPERTY ID: Allstar_2 - Rome via Veneto ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018 FINAL Rome via Veneto, Rome

Static Maps Active Property

Net Market Value (MV) 20,700,000 EUR

Drivers of CV Change

VALUATION METRICS (currency - EUR) KEY FACTS Metric Value Metric Value Market Value 20,700,000 Accomodation Area (sq m) 4,021 Market Value (per sq m) 5,148 WAULT to Break by Rent - Net Initial Yield -1.06% WAULT to Break by ERV - Reversionary Yield 5.25% WAULT to Expiry by Rent - Equivalent Yield 3.82% WAULT to Expiry by ERV - Gross Income 0 Percentage of Vacancy (Area) 100% Gross Income (per sq m) 0 *Adj. Gross Income 0 Adj. Gross Income (per sq m) 0 Net Income -228,663 Net Income (per sq m) -57 Gross Rental Value 1,321,000 Gross Rental Value (per sq m) 329 Net Rental Value 1,128,732 Capital Expenditure -4,532,100 Transaction Costs 3.83% Over / Under Rented - VPV 20,700,000 SV 28,800,000 * Adjusted Gross Income equates to the Gross Income excluding any rent free periods

TOP 5 LEASES BY RENT (Valuation 28/05/2018) Tenant Name Term to Break Term to Expiry Area (sq m) Current Rent ERV % of rent Common Area 532 0 0

Others 0 0 0 - Vacant n/a n/a 3,489 n/a 1,321,000 n/a

Printed 14/06/2018 15:47 PROPERTY ID: Allstar_2 - Rome via Veneto ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Printed 14/06/2018 15:47 ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY REPORT

PROPERTY ADDRESS

INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE

CBRE ROME 29/05/18 28/05/18 OFFICE BUILDING

KEY VALUATION FACTORS

POSITIVE ▪ Strong architectural presence and exposure;

▪ Very good accessibility via public transport;

▪ Central position within the Central Business District of Rome;

▪ Within proximity of the historical city centre;

▪ After the refurbishment, the property could offer very good quality office space;

▪ Affordable rental levels;

▪ Liquidity with regard to size and capital value;

▪ Once fully let, the property would appeal to the general market;

▪ On-going negotiations with a potential tenant, showing good appeal on the market.

NEGATIVE ▪ Poor provision of parking in the area;

▪ The floor layout does not allow for great flexibility;

▪ Entirely vacant property;

▪ High refurbishment costs;

▪ Limited internal lighting.

PROPERTY DESCRIPTION

CURRENT BUSINESS The office building located in Via Veneto, 54 was acquired by All Star Fund on PLAN OR December 15th, 2017 from Banco BPM, for a purchase price of ca. €23.0 M. INVESTMENT The building was acquired vacant. The strategy for the asset is to undergo a DESCRIPTION full internal refurbishment in order enhance the quality and the efficiency of office spaces. On the leasing side, during Q4-17 the SGR received a preliminary interest from Regus Group for the lease-up of the entire building. Negotiations are currently ongoing. Key commercial terms are substantially agreed. The SGR expects to have a clearer view on the outcome by mid-2018. ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

ACCOMMODATION We have not measured the property, but as instructed, we have relied upon floor areas made available to us. We understand the property has a total GEA of 4,021 sqm and total GLA of 3,489 sqm. In accordance with our Argus valuation file, we have summarised the GEA as set out below:

Floor Areas FLOOR / UNIT USE SQ M Leasable Area G Retail 322.30 M retail 43.00 B1 Basement 464.40 1-6 Office 2,088.00 1 Archives 118.00 B1-6 Common areas 44.28 B1-6 Vertical Connections 408.98 3558.96 Non- Leasable Area G External 52.4 6 Technical 51.15 1-6 Terrace 428.3 531.85

TOTAL 4,020.81

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

TECHNICAL/ CBRE retains on file a Technical Due Diligence report prepared by REAAS ENVIRONMENTAL and dated 04 May 2017 and the final Full Technical and Environmental Due DD Diligence report prepared by REAAS and dated 04 May 2017. We understand no potential critical issues have been highlighted in the report, although given the vacancy situation, a short-medium term capex is recommended for restoration works and to renew the plant equipment, including the electrical system, mechanical and HAVC system, lifts and security and safety systems. The TDD provides a Capex estimation amount of approximately € 141,000 which has been allowed for in our valuation. We consider this amount to be implicit within the total refurbishment capex modelled in our valuation.

We also retain a copy of an Environmental Due Diligence Phase 1 and 2 Report prepared by REAAS, dated 04 May 2017. The report concludes that the site represents a low environmental risk. However, some asbestos was noted during the inspection and the notification / remediation actions are recommended. Based on the remediation costs related to all of the environmental issues, the Full TDD provides an estimated amount of between € 335,000 to € 347,500 considering the asbestos, radon and vitreous fibres remediation activities. Based on the information provided, we understand the Capex amount estimated to be lower and equals to € 324,200. We consider this amount to be implicit within the total refurbishment capex modelled in our valuation.

VALUATION CONSIDERATIONS

TENANCIES: The property has been entirely vacant since 2015.

COSTS AND We have been provided with a Capex amount of €3,998,236; which breaks ADJUSTMENTS down to some 987 €/sq. m for the refurbishment of the entire building including plant, office, archives and retail spaces and the remediation works to ensure the compliance of the property with the safety and security standards. It also comprises some 9% for contingencies and 9% for soft costs. We have reviewed the amounts and we consider the figure to be in line with what an ordinary investor would spend on the property in order to undertake necessary works and as such we have allowed the above amount in our valuation. Other non-recoverable costs that were allowed are as follows: Property Tax (provided): say approximately €170,000 p.a. equal to 41.81 €/sq. m p.a.; ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Insurance (provided): say approximately €4,302 p.a., equal to 1.07 €/sq. m; Registration Tax (Italian Law) 0.50% of passing rent; Property Management (CBRE assumption) 1.00% of estimated yearly passing rent; We have assumed Capex to be carried out during void periods with a total of about € 4 Million which includes a fit-out contribution. The capital expenditure amount allowed within the budget is considered aligned with what would be expected of market standards to provide good quality space.

Considering the property will be entirely refurbished, we have not allowed for any provision for extraordinary maintenance in the short term after works are complete;

According to standard market practice, and accounting for slight planning risk linked to the pre-approval of the Municipality and timing to obtain the permits, we have also allowed a Profit equal to some 10% of the hard costs (Capex and Fit Out Contribution); this is equal to approximately €400,000 which we have allowed on day one in our valuation.

VOID PERIODS AND The property is a historic office building located in a central position that RE-LETTABILITY: benefits from very good accessibility via public transport and is currently vacant. The landlord strategy includes the refurbishment of the entire building and the renewal of the plant in order to re-let the property to a single tenant in its entirety. Should discussions with the current potential occupier fail to progress, there is scope to multi-let the building. According to the Capex plan and the Business Plan provided, we have assumed a total 12 months to refurbish the property with works starting in Q3 2018. This is in line with the expected delivery of the space under the current negotiation with the potential tenant. In addition, considering the small size we have allowed one additional month following refurbishment works in order to market and lease the property. We have allowed an additional 21 months’ rent-free period on the first year to secure an 8+8 years lease for the office spaces. In addition, considering the high Capex level (about € 1,000 sq. m on the total area), we believe the amount takes into account the fit-out contribution as an incentive to new tenants, considering that the property will be fully refurbished with high quality standards once put on the market.

MARKETABILITY & We believe that as at the date of valuation, the property would attract mostly POTENTIAL opportunistic or value add investors. It could also attract end-users or PURCHASERS: smaller local investors, interested in the accommodation for their activities or by the liquid size of the investment. The appeal to institutional investors would increase once fully let with a stable rental income, which could appeal both National and International investors.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

In terms of marketing periods, we believe that as at the date of valuation, the property would take approximately 18-24 months to be sold if put on the market; such timing could decrease in the event the property would become fully let.

SALES PERIOD: 18-24 Months

OCCUPATIONAL Please refer to the occupational evidence scheduled attached included within COMPARABLES the appendices section of this report. Having regard to the occupational evidence from between Q3 2017-Q2 2018 of office buildings with functional internal layouts, we note rental values range from 300 - 400 €/sq. m per year and averaging at 330 €/sq. The rental levels in the Rome CBD indicate a very narrow range, varying from 300 to 420 €/sq. m (peaks up to 450 €/sq. m) depending solely on location and standard of the properties. The local offering comprises historical buildings which in general benefit from the same restricted flexibility in terms of layout. As such prime rents can be achieved both within Grade A properties (quite rare) and Grade B properties (the majority of the stock), depending on location and physical characteristics. We understand that the refurbishment plan allowed by the Borrower will improve the overall image of the property (though not being able to significantly modify the internal layout), with high quality finishes, which in our opinion will achieve a rent of 400 €/sq. m p.a.(headline). Please also note that the Rome market, in contrast to the Milan market, expects finished office space rather than unfinished space with a fit-out contribution. As such the rent reflects the entire fit out of the property (up to market standard) for the tenant. In addition, the market would expect dated properties to benefit from refurbished standards. Considering the amount of Capex allowed for the property by the Borrower, we would expect extremely high-quality finishes at the end of the Considering the expected quality of finish after refurbishment, we have adopted some 400€/sq. m on the office space and common areas and 100€/sq. m on the archive space (about 30% of the ERV estimated for office spaces); whereas we assumed 600 €/sq. m for retail units and some 400 €/sq. m for the retail areas at mezzanine level (70% of the rent achieved at ground floor). This is higher than the recent comparable evidence albeit we believe the property will achieve a higher quality finish after the hard refurbishment works; this is also supported by the ongoing negotiations. With reference to the retail units, since they do not benefit from any significant window frontage, we have allowed an ERV of about 600 €/sq. m, which is considered average compared to rental values achieved in the area (varies from 400 to 800 €/sq. m p.a.). The total estimated rental value

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

is of €1,321,000 per annum, equal to some 329 €/sq. m on the entire current GEA of the property and some 371 €/sq. m over the GLA.

INVESTMENT The most relevant comparable is the recent transaction of 5 buildings located COMPARABLES within the central area of Rome and more precisely in the CBD area along Via di San Basilio, Via San Nicola da Tolentino and Via del Basilico, next to the subject property. The property consists of 5 adjoining independent buildings built in the late 19th century with a total gross area of approximately 22,000 sq. m. In 2012, a total refurbishment was started to convert the existing office premises into five high quality office buildings (Grade A) for multi-tenant occupancy. Buildings 1, 2 and 3 are fully let, whereas the others are currently vacant (one will be let on sale and lease back to BNL). The assets have been transacted for some € 126M and an estimated Net Yield of 3.88% with an overall capital value of about € 5.727 sq. m. Given the high-quality refurbishment, the location within the prime area of Rome and the large office floor plates, the asset could be considered better than the subject property.

VALUATION We have adopted the traditional investment/income capitalisation method of METHODOLOGY – valuation, which has then been verified using the Discounted Cashflow MARKET VALUE: approach. We have capitalised the net income into perpetuity from the main leases with a (hardcore) net equivalent yield. We have arrived at our opinion of market rental value for the properties from the analysis of recent rental transactions within the locality. The net yield applied to capitalise the income stream is derived from the analysis of market evidence of investment transactions. It is implicit of market anticipated rental growth, both in terms of the market rental value and the annual step rent or indexation growth. The valuation product is net of purchaser’s costs, as the yield reflects net rents over the gross price in line with Italian market research reports, though please note that comparable reported within this report reflect a Net/Net calculation. Any items of capital expenditure are also deducted. In arriving at our opinion of yield, we have considered the above transaction to be the most relevant within the area and it typifies the current prime yields for office investments in Rome. However, considering the different characteristics of the buildings, the extensive floor plates, the high-quality refurbishment works carried out and the current income profile, we believe Tolentini to be better compared to the subject property. We have also considered the positive trend of the market since the aforementioned transactions took place, which has brought our opinion of prime yields for Rome to 4.00%. At the same time, we believe that the subject property, due to the small size and more liquid characteristics, could reflect yields at the lower end of the market. This also includes positive discussions with a potential tenant to take occupation of the property in its entirety. Considering the transactions above, we believe that the subject property would transact at a capital value lower than Tolentini, even if in line with an

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

expected value for assets located to the north of CBD, including office building transacted in Q4 2016 along Via Campania 59C. Albeit, we would highlight that we have only had regard to the yield (4.75%) achieved for this property as opposed to the capital rate per sq. m which is distorted. As such we have targeted a reversionary yield (Net/Net) in the region of 5.25%, equating to a market value of €20,700,000 and value rate in the region of 5,100 €/sq. m on the total GEA of the building and 5,933 €/sq. m on a GLA basis. This is below the comparable in via San Basilio and via Nicola da Tolentino, due to the less than optimal floor layout and configuration. The capital value equates to an equivalent yield of 3.82%

VALUATION This Value is based upon the special assumption that all works are completed METHODOLOGY – as planned without any issues, and that the property is fully let, as at STABILISED VALUE: 28/05/2018. In approaching our valuation under the Special Assumption that the property is stabilised, we have adopted an equivalent yield of 3.77%, resulting in a value of €28,800,000 equating to €7,162 per sq. m.

REINSTATEMENT Our reinstatement cost remains unchanged from the previous valuation. We COST ASSESSMENT: note, the property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we estimate that the reinstatement cost of the property would be in the region of €5,900,000 on a day one basis, including demolition and fees but excluding VAT and inflation. In arriving at our opinion, we have had regard to the figure stated within the TDD report and our market knowledge, including internal benchmarking. We recommend that this figure and the amount stated within the TDD report should be compared with the current sum insured.

LOCATION PLANS

A LOCATION PLANS

LOCATION PLANS

Macro location Via Vittorio Veneto 54, Rome

Source: internet Source: internet

Micro location Via Vittorio Veneto 54, Rome

Source: internet Source: internet

PHOTOGRAPHS

B PHOTOGRAPHS

PHOTOGRAPHS

Photograph 1: external view

Source: CBRE

Photograph 2: external view

Source: CBRE

PHOTOGRAPHS

Photograph 3: external view

Source: CBRE

Photograph 4: internal view

Source: CBRE

PHOTOGRAPHS

Photograph 5: internal view

Source: CBRE

Photograph 6: internal view

Source: CBRE

PHOTOGRAPHS

Photograph 7: internal view

Source: CBRE

Photograph 8: internal view

Source: CBRE

FLOOR AREA SCHEDULE

C FLOOR AREA SCHEDULE

FLOOR AREA SCHEDULE

ACCOMODATION DATA_PREVIOUS VALUATION UPDATED ACCOMODATION DATA

Floor / Unit Use GEA (Sq m) GLA GEA (Sq m) GLA B1-6F Vertical connections 409 409 408.98 409 6F Technical area 51.2 - 51.15 - 1F-6F Terraces 428.3 - 428.29 - GF External area 52.4 - 53.00 - B1-6F Common areas 340.1 340 44.28 44.28 B1 Basement archives 464.4 464.4 464.35 464.35 GF Retail 322.3 322.3 322.29 322 M Retail 140.2 140.2 43.08 43.08 1F-6F Offices 1,845.00 1,845.00 2,023.14 2,023.14 SUBTOTAL 4,053 3,521 3,838.56 3,306.12 - SUBTOTAL 3,838.56 3,306.12 FURTHER SPACES NOT REPORTED IN THE PREVIOUS VALUATION 1F Archives 117.64 117.64 1F Residential 64.57 64.57 SUBTOTAL 182 182

CHECK 4,020.77 3,488.33

LEASE SUMMARIES

D LEASE SUMMARIES

LEASE SUMMARIES

The Property is vacant.

TENANCY SCHEDULE

E TENANCY SCHEDULE

TENANCY SCHEDULE

All Star Fund - Rent Roll as at 31st march 2018 Destination Gross Area 1st Break Lease Annual rent % index Next Guarantee Country Property Tenant Lease Start First expiry Guarantee Comments of use (sqm) Option Termination (*) application indexation type Viale Piero e Alberto Bank Stabilized rent from 23/12/2017 at Euro 4.875 Italy Pirelli & C. S.p.A. Office 58,345 23-dic-16 22-dic-28 22-dic-32 € ,, 75% 23-dic-17 3,221,250 Pirelli guarantee mln Italy Viale Monza 2 Vacant Retail 260 Valutrans released premised on 31-12-2017 Bailment agreement from 1 dec 2017 to 15 Italy Viale Monza 2 NI.SI.DA. SRL Retail 411 01-dic-11 30-nov-17 15-mag-18 € - 12,750 Deposit may 2018 Marionnaud Negotiations with tenant on spaces release Italy Viale Monza 2 Parfummeries Italia Retail 738 01-dic-10 30-nov-16 30-nov-22 € , 27,500 Deposit ongoing S.p.A. Cariparma - Credit Bank Amendment signed: new lease expiry 30-06- Italy Viale Monza 2 Retail 1,453 01-gen-12 30-giu-18 30-giu-18 € , 75% 01-gen-18 74,500 Agricole S.p.A. guarantee 2018 Italy Viale Monza 2 Vacant Retail 679 Eviction executed on october 19th 2017 Italy Viale Monza 2 Vacant Office 154 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 8,423 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 1,362 Tenant expected to leave the asset at first Italy Piazzale Lodi 3 Allianz S.p.A. Office 5,360 31-mar-17 30-giu-18 30-giu-18 € , expiry Allianz Bank Financial Termination notice sent from tenant - next Italy Piazzale Lodi 3 Office 13,790 31-mar-17 30-apr-18 30-apr-18 € ,, Advisors S.p.A. lease expiry 30-04-2018 Italy Piazzale Lodi 3 Vacant Office 6,660 Italy Piazzale Lodi 3 Common area Office 3,111 Italy Piazza Velasca 7/9 Vacant Office 5,823 Tenant released the asset on 16-01-2018 Italy Piazza Velasca 7/9 Alfia S.r.l. Office 54 01-lug-17 30-giu-23 30-giu-29 € , 75% 01-lug-19 2,000 Deposit Italy Porta Romana 13 Vacant Office 4,239 Italy Corso Monforte 19 Vacant Office 1,443 Italy Via Veneto 54 Vacant Office 4,021 116,326 € 8,892,585 * net 12 months - inclusive of incentives such as Free Rent/discounts

Source: Kryalos SGR SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

F SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL EVIDENCE

SUB- UNITARY RENT # ADDRESS YEAR SQ M TENANT USER TYPE GRADE STATUS MARKET (€/SQ M) 1 Piazza Barberini 52 CBD Q2 2016 820 358 Bank of Communi-caiton SA Financial A Leased 2 Via Veneto, 74 CBD Q3 2016 2,000 380 Eurovita Assicurazio-ni Spa Financial A Leased 3 Via Bissolati, 76 CBD Q1 2017 524 372 Havas Media Group Business Services B Leased 4 Via Bissolati, 76 CBD Q1 2017 240 358 BNL Financial A Leased 5 Via Abruzzi, 3 CBD Q1 2017 500 300 Aurora Capital Financial B Leased 6 Via di San Basilio 41 CBD Q1 2017 160 330 Alef Hotel - uffici Consumer Services & Leisure B Leased 7 Via Bissolati 76 CBD Q1 2017 524 372 Havas media group Business Services B Leased 8 Via di San Basilio 48 CBD Q2 2017 3,360 Confidential Copernico srl Business Services B Leased 9 Via Bissolati 20 CBD Q2 2017 400 375 Towers Watson Italia srl Business Services B Leased Japan National Tourism 10 Via Barberini 95 CBD Q2 2017 230 330 Other B Leased Organization (JNTO) 11 Via Marche 1 CBD Q3 2017 2500 n.a. Hogan Lovells Professional B Leased 12 Via Lombardia 23 CBD Q3 2017 1,000 300 Eurnova srl Business Services A Leased Consolato Generale della Repubblica 13 Via Barberini 67 CBD Q3 2017 360 338 PA B Leased Argentina in Roma Piazza di San Silvestro/via 14 CBD Q3 2018 3,280 450 Fox International Business Services A Leased del corso 184 15 Via XX Settembre 5 CBD Q3 2019 1250 400 Dentons Professional B Leased 16 Piazza Barberini 52 CBD Q3 2017 350 360 Openjobmetis SpA Business Services A Leased 17 Piazza San Bernardo 101 CBD Q4 2017 560 340 Banca Progetto Financial B Leased 18 Via Bissolati 54 CBD Q4 2017 180 300 Alba Leasing spa Financial B Leased 19 Piazza San Bernardo 106 CBD Q1 2018 197 n.a. unknown B Leased 20 Via Barberini 95 CBD Immediate 590 370 - - - Asking 21 Via Boncompagni 15 CBD Immediate 4750 400 - - A Asking 22 Via L. Bissolati 54 CBD Immediate 310 370 - - - Asking 23 Via Barberini 50 CBD Immediate 350 300 - - - Asking 24 Piazza del Popolo 18 CBD Immediate 1,229 500 - - - Asking 25 Piazza Venezia 11 CBD Immediate 5740 400 - - A Asking 26 Piazza Venezia 5 CBD Immediate 2,873 550 - - A Asking

SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF INVESTMENT EVIDENCE

SIZE UNITARY PRICE YEAR CITY SUB MARKET NAME ADDRESS USE (SQ M) PRICE (€M) (€/ SQ M) YIELD (%) PURCHASER VENDOR Q3 2016 Rome CENTER Aiscat HQ Via Gaetano Donizetti, 10 Office 1,200 7.00 5,800 n.a. IGS - Caprim Gruppo Gianni Q3 2016 Rome CBD Nctm law firm Via delle Quattro Fontane, 161 Office 7,500 50.00 6,700 n.a. Grimaldi Group Gruppo Gianni Q4 2016 Rome CBD RCS HQ Via Campania, 59C Office 4,812 18.50 3,800 4.75% (net) Amundi MS Q3 2016 Rome CENTER NTV HQ Viale del Policlinico, 149 Office 2,000 17.00 8,500 3.58% (net) IGS - Caprim Private Q1 2017 Rome CENTER Bellini Via Bellini, 22 Office 3,400 16.00 4,700 n.a. Immobiliare Podere Fiume Srl Gruppo Gianni Q1 2017Rome CBD - Via San Basilio, 72 Office 6,500 36.65 5,600 n.a. Atlantica Properties Fedora Fund - Prelios SGR Q1 2017 Rome CBD Tolentini Complex Via S. Nicola Da Tolentino Office 22,000 126.00 5,700 3.88% (net) Amundi SGR BNL S.p.A. Q1 2017 Rome CBD Via Romagna 42 Office n.a. 6.50 n.a. n.a. Private Greece Government Q2 2017 Rome CENTRE Via Torino 153 Office 3,701 13.60 3,675 n.a. Conf Cooperative Melograno Fund - Investire sgr Viale Regina Margherita 275-279 - Via Q3 2017 Rome SEMICENTRE Morgagni 30 - Piazza Sassari 2 Office 23,064 62.75 2,721 n.a. Fedora fund -Prelios Sgr Atlantic 2 Fund - Berenice - IDeA Fimit Sgr Q4 2017 Rome CBD Via Bissolati Office n.a. 30.00 n.a. n.a. Banca Carige 4.6% (net) on Cartesio Fund - Fabrica sgr (ENPAP Q1 2017 Rome CBD Via Sallustiana 53 Office 4,385 25.85 5,895 stabilised funding) Morgan Stanley

VALUATION PRINTOUTS

G VALUATION PRINTOUTS VALUATION PRINTOUTS

Market Value – Argus Printouts REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_2 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €26,019,704 Capital Costs -€4,532,100 Net Value Before Fees €21,487,604

Less Stamp Duty @2.00% of Net Value -€414,000 Agents Fee @1.00% of Net Value -€252,540 Legal Fee @0.50% of Net Value -€126,270

Fees include non recoverable VAT @ 22.00 % Net Valuation €20,694,794 Say €20,700,000

Equivalent Yield 3.8221% True Equivalent Yield 3.9044% Initial Yield (Deemed) -1.0642% Initial Yield (Contracted) -1.0642% Reversion Yield 5.2529%

Total Contracted Rent €0 Total Current Rent €0 Total Rental Value €1,321,000 No. Tenants 2 Capital value per m² €5,148.22

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value CapEx 2 01-Mar-2019 Fixed €1,000,000 = -€1,000,000 -€1,000,000

CapEx 1 15-Jun-2018 Fixed €3,000,000 = -€3,000,000 -€3,000,000

Profit On Valuation Fixed €400,000 = -€400,000 -€400,000 -€4,400,000

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €0 -€228,663 -1.0642 % -1.0713 % 28-Jun-2019 €0 -€185,663 -0.8640 % -0.8687 % 28-Mar-2021 €1,321,000 €1,128,732 5.2529 % 5.4300 %

Yields based on €21,487,604

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Common Area

Description Status Vacant Unlet Lease 25 years from 01-Jan-2000 Expiring 31-Dec-2024 Rent Reviews every 5 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €0 from Areas (Unrounded) Valuation Method Hardcore (0.000 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa External area €0.00 52 100.00 % 0.00 €0 Technical Area €0.00 51 100.00 % 0.00 €0 Terrace €0.00 428 100.00 % 0.00 €0 532 €0 *Rental Value using UnRounded ERV €0

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2015 5 0 0 Review €0 01-Jan-2020 5 0 0 Review €0 01-Jan-2025 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Insurance On Valuation every 3 months In Perpetuity 532 m² x €1.07 pa = -€569 Property Management On Valuation every 3 months In Perpetuity ERV €0 @ 1.0000 % pa = €0 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 IMU - TASI On Valuation every 6 months In Perpetuity 532 m² x €41.82 pa = -€22,242 Service Charge On All Voids every 3 months until end of eve = €0 Non rec SC + Vacancy On All Voids every 3 months until end of eve = €0 -€22,811

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Single Tenant

Description Status Vacant Unlet Lease 8 years from 28-Jun-2019 Expiring 27-Jun-2027 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €1,321,000 from Areas (Rounded) Valuation Method Hardcore (3.900 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Retail €600.00 322 100.00 % 0.00 €193,380 retail €400.00 43 100.00 % 0.00 €17,200 Basement €100.00 464 100.00 % 0.00 €46,440 Office €400.00 2,088 100.00 % 0.00 €835,200 Common areas €400.00 44 100.00 % 0.00 €17,712 Vertical Connections €400.00 409 100.00 % 0.00 €163,592 Archives €400.00 118 100.00 % 0.00 €47,200 3,489 €1,320,724 *Rental Value using Rounded ERV €1,321,000

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 1 0 Pre Void €0 28-Jun-2019 1 9 0 Rent Free €0 28-Mar-2021 0 3 0 Review €1,321,000 28-Jun-2021 1 0 0 Review €1,321,000 28-Jun-2022 1 0 0 Review €1,321,000 28-Jun-2023 1 0 0 Review €1,321,000 28-Jun-2024 3 0 0 Review €1,321,000 28-Jun-2027 0 0 0 Reversion €1,321,000

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void ERV €1,321,000 @ 10.0000 % = -€132,100 -€132,100 -€132,100 Running Costs

Label Timing Initial Annual Amount Insurance On Valuation every 3 months In Perpetuity 3,489 m² x €1.07 pa = -€3,733 Property Management On Valuation every 3 months In Perpetuity ERV €1,321,000 @ 1.0000 % p = -€13,210 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 IMU - TASI On Valuation every 6 months In Perpetuity 3,489 m² x €41.82 pa = -€145,908 Service Charge On All Voids every 3 months until end of eveFixed €24,000 pa = -€24,000 Non rec SC + Vacancy On All Voids every 3 months until end of eveFixed €19,000 pa = -€19,000 -€205,851

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€205,851 Net rent -€205,851 Valuation rent -€205,851 YP 1 Year 1 Month @ 3.90% 1.0410 yp

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

-€214,295 28-Jun-2019 Gross rent (Rent Free) €0 Less costs -€162,851 Net rent -€162,851 Valuation rent -€162,851 YP 1 Year 9 Mths @ 3.90% 1.6605 yp PV 1 Year 1 Month @ 3.90% x 0.9594 1.5931 yp -€259,441 28-Mar-2021 Gross rent (Market Rent (RR date)) €1,321,000 Less costs -€169,456 Net rent €1,151,544 Valuation rent €1,151,544 YP perp @ 3.90% 25.6410 yp PV 2 Yrs 10 Mths @ 3.90% x 0.8973 23.0069 yp €26,493,440

Gross Value €26,019,704

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar MV Update 18

Property: Rome via Veneto,via Veneto 54,Rome Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_2

Current Gross Gross Rent ERV ERV Years to Net Capital Unit Tenant Lease Active Next Area Rent per sq m ERV per sq m per sq mActive Break Cur Cur Rev Rev Initial Equiv Reven Capital Apportioned Value Expiry Break Review (Sq m) p.a p.mth p.a. p.a p.mth or Expiry Void RF Void RF Yield % Yield % Yield % Costs Net Value per sq m

Common Area 31-Dec-2024 01-Jan-2020 532 €0 €0.00 €0 €0.00 €0.00 6.60 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00 Single Tenant 3,489 €0 €0.00 €1,321,000 €378.62 €31.55 13 21 0 0 0.000% 3.900% 6.148% -€4,532,100 €20,700,000 €5,933.00

Totals 4,021 €0 €0.00 €1,321,000 €328.54 €27.38 -1.064% 3.822% 5.253% -€4,532,100 €20,700,000 €5,148.22

Property Total Net Income Valued -€228,663 Initial Yield -1.064 % Equivalent Yield 3.822 % True Equivalent Yield 3.904 % Reversionary Yield 5.253 % Avg WUT to Expiry/Break (Current Income) 0.00 yrs Avg WUT to Expiry (Current Income) 0.00 yrs Avg WUT to Expiry/Break (ERV) 0.00 yrs Avg WUT to Expiry (ERV) 0.00 yrs Vacant % by ERV 100.00 %

Argus Val Cap 2.50.080 Page 1 NB - Please note this schedule only deals with tenancies valued on an investment basis. It does not include development sites or buildings in the course of construction. VALUATION PRINTOUTS

Vacant Possession Value - Argus Printouts

REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_2 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €26,019,704 Capital Costs -€4,532,100 Net Value Before Fees €21,487,604

Less Stamp Duty @2.00% of Net Value -€414,000 Agents Fee @1.00% of Net Value -€252,540 Legal Fee @0.50% of Net Value -€126,270

Fees include non recoverable VAT @ 22.00 % Net Valuation €20,694,794 Say €20,700,000

Equivalent Yield 3.8221% True Equivalent Yield 3.9044% Initial Yield (Deemed) -1.0642% Initial Yield (Contracted) -1.0642% Reversion Yield 5.2529%

Total Contracted Rent €0 Total Current Rent €0 Total Rental Value €1,321,000 No. Tenants 2 Capital value per m² €5,148.22

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value CapEx 2 01-Mar-2019 Fixed €1,000,000 = -€1,000,000 -€1,000,000

CapEx 1 15-Jun-2018 Fixed €3,000,000 = -€3,000,000 -€3,000,000

Profit On Valuation Fixed €400,000 = -€400,000 -€400,000 -€4,400,000

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €0 -€228,663 -1.0642 % -1.0713 % 28-Jun-2019 €0 -€185,663 -0.8640 % -0.8687 % 28-Mar-2021 €1,321,000 €1,128,732 5.2529 % 5.4300 %

Yields based on €21,487,604

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Common Area

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2015 5 0 0 Review €0 01-Jan-2020 5 0 0 Review €0 01-Jan-2025 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Insurance On Valuation every 3 months In Perpetuity 532 m² x €1.07 pa = -€569 Property Management On Valuation every 3 months In Perpetuity ERV €0 @ 1.0000 % pa = €0 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 IMU - TASI On Valuation every 6 months In Perpetuity 532 m² x €41.82 pa = -€22,242 Maintenance SC- Reco On All Voids every 3 months until end of eve = €0 Non rec SC + vacancy On All Voids every 3 months until end of eve = €0 -€22,811

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Single Tenant

Notes

Areas

Lease History

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void ERV €1,321,000 @ 10.0000 % = -€132,100 -€132,100 -€132,100 Running Costs

Label Timing Initial Annual Amount Insurance On Valuation every 3 months In Perpetuity 3,489 m² x €1.07 pa = -€3,733 Property Management On Valuation every 3 months In Perpetuity ERV €1,321,000 @ 1.0000 % p = -€13,210 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 IMU - TASI On Valuation every 6 months In Perpetuity 3,489 m² x €41.82 pa = -€145,908 Maintenance SC- Reco On All Voids every 3 months until end of eveFixed €24,000 pa = -€24,000 Non rec SC + vacancy On All Voids every 3 months until end of eveFixed €19,000 pa = -€19,000 -€205,851

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€205,851 Net rent -€205,851 Valuation rent -€205,851 YP 1 Year 1 Month @ 3.90% 1.0410 yp

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €26,019,704

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar VPV Update 18

Property: Rome via Veneto,via Veneto 54,Rome Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_2

Totals 4,021 €0 €0.00 €1,321,000 €328.54 €27.38 -1.064% 3.822% 5.253% -€4,532,100 €20,700,000 €5,148.22

Stabilised Value - Argus Printouts

REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_2 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €29,903,366 Capital Costs €0 Net Value Before Fees €29,903,366

Less Stamp Duty @2.00% of Net Value -€576,000 Agents Fee @1.00% of Net Value -€351,360 Legal Fee @0.50% of Net Value -€175,680

Fees include non recoverable VAT @ 22.00 % Net Valuation €28,800,326 Say €28,800,000

Equivalent Yield 3.7746% True Equivalent Yield 3.8654% Initial Yield (Deemed) 3.7746% Initial Yield (Contracted) 3.7746% Reversion Yield 3.7746%

Total Contracted Rent €1,321,000 Total Current Rent €1,321,000 Total Rental Value €1,321,000 No. Tenants 2 Capital value per m² €7,162.74

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €1,321,000 €1,128,732 3.7746 % 3.8654 %

Yields based on €29,903,366

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Common Area

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2015 5 0 0 Review €0 01-Jan-2020 5 0 0 Review €0 01-Jan-2025 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€22,811 Net rent -€22,811 Valuation rent -€22,811 YP perp @ 3.77% 26.4929 yp -€604,330

Gross Value -€604,330

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Rome via Veneto,via Veneto 54,Rome

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Single Tenant

Description Status Vacant Unlet Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €1,321,000 Rental Value €1,321,000 from Areas (Rounded) Valuation Method Hardcore (3.775 % )

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 Review €1,321,000 28-May-2024 0 0 0 Reversion €1,321,000

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Insurance On Valuation every 3 months In Perpetuity 3,489 m² x €1.07 pa = -€3,733 Property Management On Valuation every 3 months In Perpetuity ERV €1,321,000 @ 1.0000 % p = -€13,210 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €1,321,000 @ 0.500 % = -€6,605 IMU - TASI On Valuation every 6 months In Perpetuity 3,489 m² x €41.82 pa = -€145,908 -€169,456

Component Valuation

28-May-2018 Gross rent (Current) €1,321,000 Less costs -€169,456 Net rent €1,151,544 Valuation rent €1,151,544 YP perp @ 3.77% 26.4929 yp €30,507,696

Gross Value €30,507,696

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar SV Update 18

Property: Rome via Veneto,via Veneto 54,Rome Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_2

Common Area 31-Dec-2024 01-Jan-2020 532 €0 €0.00 €0 €0.00 €0.00 6.60 0 0 0 0 0.000% 3.775% 0.000% €0 -€582,032 -€1,094.35 Single Tenant 27-May-2024 No RR 3,489 €1,321,000 €31.55 €1,321,000 €378.62 €31.55 6.00 0 0 0 0 4.330% 3.775% 4.330% €0 €29,382,032 €8,421.43

Totals 4,021 €1,321,000 €27.38 €1,321,000 €328.54 €27.38 3.775% 3.775% 3.775% €0 €28,800,000 €7,162.74

Property Total Net Income Valued €1,128,732 Initial Yield 3.775 % Equivalent Yield 3.775 % True Equivalent Yield 3.865 % Reversionary Yield 3.775 % Avg WUT to Expiry/Break (Current Income) 6.00 yrs Avg WUT to Expiry (Current Income) 6.00 yrs Avg WUT to Expiry/Break (ERV) 6.00 yrs Avg WUT to Expiry (ERV) 6.00 yrs Vacant % by ERV 0.00 %

H CASH FLOWS May '18-Jul '18 Aug '18-Oct '18 Nov '18-Jan '19 Feb '19-Apr '19 May '19-Jul '19 Rome via Veneto,via Veneto 54,Rome Months 1 - 3 Months 4 - 6 Months 7 - 9 Months 10 - 12 Months 13 - 15 Total Rental income 0 0 0 0 0

Total Rental Income 0 0 0 0 0 Other Income 0 0 0 0 0 Total Gross Income 0 0 0 0 0

Total LH Ground Rent payments 0 0 0 0 0 Property Management 0 0 0 0 -1,101 Insurance -1,076 -1,076 -1,076 -1,076 -1,076 Property Tax -42,038 -42,038 -42,038 -42,038 -42,038 Registration Tax 0 0 0 0 0 Other non-rec -10,749 -10,749 -10,749 -10,749 -3,582 Total Non-recoverable Costs -53,863 -53,863 -53,863 -53,863 -47,797

Letting Fees 0 0 0 0 -132,100 Fit Out / TI Total Non-regular costs 0 0 0 0 -132,100

Gross Income 0 0 0 0 0 Non-recoverable costs -53,863 -53,863 -53,863 -53,863 -47,797 Net Income -53,863 -53,863 -53,863 -53,863 -47,797 Other costs 0 0 0 0 -132,100 NCF after capital items (letting fee, tenant incentives) -53,863 -53,863 -53,863 -53,863 -179,897

Costs Treated as Day 1 deduction Capex -4,000,000 * Lodi: €280,000 future payment for car -3,000,000 0 0 -1,000,000 0 Other 1 (Profit) -400,000 parking in 2035 discounted at 6% to -400,000 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Aug '19-Oct '19 Nov '19-Jan '20 Feb '20-Apr '20 May '20-Jul '20 Aug '20-Oct '20 Rome via Veneto,via Veneto 54,Rome Months 16 - 18 Months 19 - 21 Months 22 - 24 Months 25 - 27 Months 28 - 30 Total Rental income 0 0 0 0 0

Total Rental Income 0 0 0 0 0 Other Income 0 0 0 0 0 Total Gross Income 0 0 0 0 0

Total LH Ground Rent payments 0 0 0 0 0 Property Management -3,303 -3,303 -3,303 -3,303 -3,303 Insurance -1,076 -1,076 -1,076 -1,076 -1,076 Property Tax -42,038 -42,038 -42,038 -42,038 -42,038 Registration Tax 0 0 0 0 0 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -46,417 -46,417 -46,417 -46,417 -46,417

Letting Fees 0 0 0 0 0 Fit Out / TI Total Non-regular costs 0 0 0 0 0

Gross Income 0 0 0 0 0 Non-recoverable costs -46,417 -46,417 -46,417 -46,417 -46,417 Net Income -46,417 -46,417 -46,417 -46,417 -46,417 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) -46,417 -46,417 -46,417 -46,417 -46,417

Costs Treated as Day 1 deduction Capex -4,000,000 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -400,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Nov '20-Jan '21 Feb '21-Apr '21 May '21-Jul '21 Aug '21-Oct '21 Nov '21-Jan '22 Rome via Veneto,via Veneto 54,Rome Months 31 - 33 Months 34 - 36 Months 37 - 39 Months 40 - 42 Months 43 - 45 Total Rental income 0 124,288 330,250 330,250 330,250

Total Rental Income 0 124,288 330,250 330,250 330,250 Other Income 0 0 0 0 0 Total Gross Income 0 124,288 330,250 330,250 330,250

Total LH Ground Rent payments 0 0 0 0 0 Property Management -3,303 -3,303 -3,303 -3,303 -3,303 Insurance -1,076 -1,076 -1,076 -1,076 -1,076 Property Tax -42,038 -42,038 -42,038 -42,038 -42,038 Registration Tax 0 -550 -1,651 -1,651 -1,651 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -46,417 -46,967 -48,068 -48,068 -48,068

Letting Fees 0 0 0 0 0 Fit Out / TI Total Non-regular costs 0 0 0 0 0

Gross Income 0 124,288 330,250 330,250 330,250 Non-recoverable costs -46,417 -46,967 -48,068 -48,068 -48,068 Net Income -46,417 77,321 282,182 282,182 282,182 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) -46,417 77,321 282,182 282,182 282,182

Costs Treated as Day 1 deduction Capex -4,000,000 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -400,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Feb '22-Apr '22 May '22-Jul '22 Aug '22-Oct '22 Nov '22-Jan '23 Feb '23-Apr '23 Rome via Veneto,via Veneto 54,Rome Months 46 - 48 Months 49 - 51 Months 52 - 54 Months 55 - 57 Months 58 - 60 Total Rental income 330,250 330,250 330,250 330,250 330,250

Total Rental Income 330,250 330,250 330,250 330,250 330,250 Other Income 0 0 0 0 0 Total Gross Income 330,250 330,250 330,250 330,250 330,250

Total LH Ground Rent payments 0 0 0 0 0 Property Management -3,303 -3,303 -3,303 -3,303 -3,303 Insurance -1,076 -1,076 -1,076 -1,076 -1,076 Property Tax -42,038 -42,038 -42,038 -42,038 -42,038 Registration Tax -1,651 -1,651 -1,651 -1,651 -1,651 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -48,068 -48,068 -48,068 -48,068 -48,068

Letting Fees 0 0 0 0 0 Fit Out / TI Total Non-regular costs 0 0 0 0 0

Gross Income 330,250 330,250 330,250 330,250 330,250 Non-recoverable costs -48,068 -48,068 -48,068 -48,068 -48,068 Net Income 282,182 282,182 282,182 282,182 282,182 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 282,182 282,182 282,182 282,182 282,182

Costs Treated as Day 1 deduction Capex -4,000,000 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -400,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 May '23-Jul '23 Aug '23-Oct '23 Nov '23-Jan '24 Feb '24-Apr '24 May '24-Jul '24 Rome via Veneto,via Veneto 54,Rome Months 61 - 63 Months 64 - 66 Months 67 - 69 Months 70 - 72 Months 73 - 75 Total Rental income 330,250 330,250 330,250 330,250 330,250

Total Rental Income 330,250 330,250 330,250 330,250 330,250 Other Income 0 0 0 0 0 Total Gross Income 330,250 330,250 330,250 330,250 330,250

Total LH Ground Rent payments 0 0 0 0 0 Property Management -3,303 -3,303 -3,303 -3,303 -3,303 Insurance -1,076 -1,076 -1,076 -1,076 -1,076 Property Tax -42,038 -42,038 -42,038 -42,038 -42,038 Registration Tax -1,651 -1,651 -1,651 -1,651 -1,651 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -48,068 -48,068 -48,068 -48,068 -48,068

Letting Fees 0 0 0 0 0 Fit Out / TI Total Non-regular costs 0 0 0 0 0

Costs Treated as Day 1 deduction Capex -4,000,000 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -400,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 PROPERTY ID: Allstar_3 - Monforte ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018 FINAL Monforte, Milan

Static Maps Active Property

Net Market Value (MV) 6,600,000 EUR

Drivers of CV Change

VALUATION METRICS (currency - EUR) KEY FACTS Metric Value Metric Value Market Value 6,600,000 Accomodation Area (sq m) 1,217 Market Value (per sq m) 5,423 WAULT to Break by Rent - Net Initial Yield -0.98% WAULT to Break by ERV - Reversionary Yield 5.35% WAULT to Expiry by Rent - Equivalent Yield 4.20% WAULT to Expiry by ERV - Gross Income 0 Percentage of Vacancy (Area) 100.00% Gross Income (per sq m) 0 *Adj. Gross Income 0 Adj. Gross Income (per sq m) 0 Net Income -67,164 Net Income (per sq m) -55 Gross Rental Value 435,910 Gross Rental Value (per sq m) 358 Net Rental Value 366,566 Capital Expenditure -1,026,336 Transaction Costs 3.83% Over / Under Rented - VPV 6,600,000 SV 8,800,000 * Adjusted Gross Income equates to the Gross Income excluding any rent free periods

TOP 5 LEASES BY RENT (Valuation 28/05/2018) Tenant Name Term to Break Term to Expiry Area (sq m) Current Rent ERV % of rent

Others 0 0 0 - Vacant n/a n/a 1,217 n/a 435,910 n/a

Printed 14/06/2018 15:48 PROPERTY ID: Allstar_3 - Monforte ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Printed 14/06/2018 15:48

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY REPORT

CORSO MONFORTE, 19 – VIA SANTA CECILIA, 3 20122 MILANO

INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE

CBRE MILAN 28/05/18 28/05/18 OFFICE

KEY VALUATION FACTORS

POSITIVE ▪ Central position within the Milan Historical Centre, just outside the Milan CBD; ▪ Excellent accessibility by public transport (tram/bus lines, underground); ▪ The subject holding incorporates a small parking provision within an area where parking is particularly limited; ▪ Small balconies and light wells can appeal for representative needs; ▪ Small and liquid size, suitable for tenants as well as end-users. ▪ Suitability to be single-let or multi-let; ▪ Independent entrance from via Santa Cecilia; ▪ Suitable for a vacant sale to an end user.

NEGATIVE ▪ The interest being valued forms part of a larger mixed-use building (office, residential and retail); ▪ The building his held in condominium ownership; ▪ Condominium ownership structures have potential drawbacks, particularly with regard to refurbishment and maintenance issues whereby all owners need to agree to proposed works or repairs before they can commence; ▪ Restricted workspace flexibility given irregular shaped floorplates; ▪ Limited internal natural lighting; ▪ Current state of repair and internal layout not in line with market demands; ▪ Independent entrance is located along a secondary road; ▪ Difficult vehicular accessibility given its position within Area C and the historic centre of Milan;

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

▪ Automated parking systems are also maintenance intensive and susceptible to breakdown; ▪ Parking spaces are also located within a separate condominium, as such are subject to different regulation and limitations.

PROPERTY DESCRIPTION

CURRENT BUSINESS The office building located in Corso Monforte, 19 was acquired by All Star PLAN OR Fund on December 15th, 2017 from Banco BPM, for a purchase price of ca. INVESTMENT €8.0 M. The building was acquired vacant. The strategy for the asset is to DESCRIPTION undergo a partial refurbishment in order enhance the quality of office spaces, thus creating modern and efficient office spaces. On the refurbishment side, during Q4-17 the SGR appointed Il Prisma as the integrated design company in charge of drafting a feasibility study and a preliminary project for the asset. While working on the integrated design project, the SGR expects to start strip- out works on the assets by Q2-18.

ACCOMMODATION We have not measured the property, but as instructed, we have relied upon floor areas made available to us. We understand the property has a total GEA of 1,217 sqm and total GLA of 1,068 sqm. In accordance with our Argus valuation file, we have summarised the GEA as set out below:

Floor Areas FLOOR / UNIT USE SQ M F1 Office 645.42 F2 Office 263.16 B1-F8 Archives 99.54 GF-F3 Lobby 41.13 1F-2F Balconies 47.19 1F Vertical connection 18.54 B2-2F Technical spaces 102.41 Car Spaces 6 spaces

TOTAL 1,217.39

TECHNICAL/ We retain on file a Technical Due Diligence report issued by REEAs on behalf ENVIRONMENTAL of Kryalos SGR S.p.A and dated May 2017; the report concludes that DD “During the inspection no evidence of structural critical issues was noticed” and that “No information was provided on maintenance works on the building. No critical issues were identified during the visit” both for the private and the condominium areas. We have read the Environmental Due Diligence Phase 1 Report prepared by REAAS and dated 04/05/2017. The report concludes that the site represents

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

overall low environmental risk, with minor amber flag related to lack of documentation. The report stipulates a budget for environmental remediation of €160,000 (comprised within the total Capex amount), which we have allowed within our valuation.

VALUATION CONSIDERATIONS

TENANCIES: The property is currently vacant.

COSTS AND We have been provided with a Capex estimation by the Borrower, for a ADJUSTMENTS budget of €900,000 equal to some 706 €/sq. m on the entire GLA of the and some 947 €/sq. m on the pure office and lobby spaces of the property, which we believe is enough to grant the suitable appeal to the spaces. Having regard to the current condition of the property, the capital expenditure amount allowed within the budget is considered aligned with what would be expected of market standards to provide good quality space. As such we have modelled the above amount in our valuation. Other non-recoverable costs that were allowed are as follows (please note that due to rounding on a per sq. m basis within the valuation files some minor discrepancies could appear on the total cost, which however do not affect market value):

 Property Tax (IMU + TASI, provided): say approximately €62,000 equal to 50.36 €/sqm (GLA);

 Insurance (provided): say approximately € 1,497p.a. equal to 1.23 €/sqm (GLA);

 Register Tax (Italian Law) 0.50% of passing rent  Property Management (CBRE assumption) 1.00% of estimated yearly passing rent;

 We have assumed Capex to be carried out during void periods; at the same time due to the limited works to be carried out within the property we have prudently allowed some €17,500 per annum of non-recoverable charges to paid by the Landlord until the spaces are let.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

 Considering the property will be entirely refurbished, we have not allowed for any provision for extraordinary maintenance for the short term after works’ completion.

 In addition to the above, we have allowed for some €60,000 of Fit- Out costs, equal to some 66 €/sq. m on the pure office spaces, considering that the majority of the works will be carried out within the Capex budget and 12 months of rent free will also be granted as incentives.

VOID PERIODS AND The property is a portion of a mixed-use building at the borders between the RE-LETTABILITY: centre of Milan and the CBD, in the close proximity of Piazza San Babila, that benefits from excellent accessibility by public transport; the landlord strategy is to carry out a total refurbishment on all floors and of the dedicate entrance in order to increase the appeal for future tenants. It is assumed the property will then reflect very good appeal on the market, due to a liquid size and a suitability both for a single tenant and multi-tenant scenario. Despite competition within the CBD being strong, the property will not have immediate competition in the immediate surrounds in terms of size and proximity to the CBD and would reflect rental values within an achievable range, as such will be considered extremely appealing. At the same time, the property would be appealing to end users which would prefer to own the spaces rather than letting them. The property will likely attract a wide range of occupiers from different sectors, from law firms to smaller financial firms, which are the main occupiers in the area, also due to the vicinity with the Milan Court; it may also attract different size requirements, from smaller portions (the two floors separately) to single occupiers seeking the entire space, benefitting from the dedicated lobby which will provide a higher representativeness. We have assumed a 12 months refurbishment of the office space and consider the accommodation will be most likely let on a single let basis. We believe that planning and associated permissions can be resolved in a short/medium time, providing than no major works have to be carried out on the property. In addition, considering the small size we have allowed one additional month following refurbishment works in order to market and lease the property. We have allowed an additional 12 months’ rent-free period on the first year to secure a 6+6 years lease for the office spaces.

MARKETABILITY & We believe that as at the date of valuation, the property would attract mostly POTENTIAL opportunistic or value add investors, due the strong limitations led by the PURCHASERS: multi-ownership of the building. It could also attract end-users or smaller local investors, interested in the accommodation for their activities or by the liquid size of the investment. The appeal to institutional investors would increase once fully let with a stable rental income, which could appeal both National and International investors. In terms of marketing periods, we believe that as at the date of valuation, the property would take approximately 18-24 months to be sold if put on the

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

market; such timing could decrease in the event the property would become fully let.

SALES PERIOD: 18-24 Months

OCCUPATIONAL Please refer to the occupational evidence scheduled attached included within COMPARABLES the appendices section of this report. Over the past 12 months known rents within the CBD ranged from €300 to €500 per sqm per annum (averaging €410 per sqm per annum), while rents in the central locations, especially within mixed use surroundings, have reflected lower rents, varying from 330 to 450 €/sq. m with the price range based on proximity to public transportation and amenities, quality, typology and flexibility of the building. We note the recent transaction of transaction 16 comprising a slightly superior quality of accommodation in a similar location within proximity of the subject. As such we would expect such property to reflect a higher value compared to the subject one. We assume that after a refurbishment, rents could be in line with the ones relative to office spaces in excellent condition within the surrounding area, though not as high as refurbished Grade A standalone properties, where the spaces would benefit from a greater flexibility and more appealing common spaces and entrances. We believe the subject property, once refurbished, could attract rents higher than those registered in the furthest area of Corso Matteotti due to the very close proximity with Piazza San Babila, though lower than rents registered within the CBD due to the less visibility and lower specifications of the property. As such we have adopted some 410€/sq. m on the office space, some 150 €/sq. m p.a. for the archive spaces. In addition to that we have allowed some 4,000 €/unit for the covered car parking spaces in the adjacent condominium. This reflects a total rental value of € 435,913 per annum equating to some 415 €/sq. m on the GEA and 358 €/sq. m p.a. on the GLA

INVESTMENT As shown in our comparable evidence table annexed to this report, COMPARABLES transactions of vacant properties in the Milan CDB reflect values of above 8,000 €/sq. m for properties within the established and more popular areas of the CBD (Corso Matteotti 12 & Piazza Affari 1, comps. 17 and 11), while properties that borders the CBD (comps. n. 14 & 16 have transacted at values of between 3,250 and 4,000 €/sq. m of GLA (including archives but excluding common areas and technical spaces). We believe that the subject property, if refurbished, will not reach the Capital Values shown for comps n.17 or 11, while located very close to the subject property, they provide superior quality buildings and benefit from dedicated entrances; compared to a single floor of the subject property. Due to the amount of works needed on the property, we believe purchasers would allow for a discount equating to a Capital Value shy of 6,000 €/sq. m GLA. We do

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

however consider the subject property will transact at higher capital values than comparables 14 & 16 given the refurbishment will provide a good quality of accommodation and the small and liquid lot size will be attractive to end users.

VALUATION We have adopted the traditional investment/income capitalisation method of METHODOLOGY – valuation, which has then been verified using the Discounted Cashflow MARKET VALUE: approach. We have capitalised the net income into perpetuity from the main leases with a (hardcore) net equivalent yield. We have arrived at our opinion of market rental value for the properties from the analysis of recent rental transactions within the locality. The net yield applied to capitalise the income stream is derived from the analysis of market evidence of investment transactions. It is implicit of market anticipated rental growth, both in terms of the market rental value and the annual step rent or indexation growth. The valuation product is net of purchaser’s costs, as the yield reflects net rents over the gross price in line with Italian market research reports, though please note that comparable reported within this report reflect a Net/Net calculation. Any items of capital expenditure are also deducted. The subject property provides a portion of a historical mixed-use building (retail, residential and office); the accommodation is relatively dated in nature, having been refurbished according to the previous end user (Banco Popolare and Italease) as their Milan headquarters. The property has been vacant for some years now. We believe the fact the subject holding forms part of a wider condominium ownership structure would be perceived as a major drawback by potential investors, who typically seek freehold/standalone ownership when acquiring real estate, which delivers a certain degree of independence and flexibility. The property, belonging to a condominium, is subject to third party approval for all potential asset strategies, in addition to being also subject to third party decisions with respect to the management of the condominium. At the same time, the small and liquid size can appeal end users together with potential tenants, widening the pool of potential purchasers. As such, we believe that if the subject property was notionally put on the market, though being liquid and of small size, would reflect a higher yield compared to the recent transactions in the market, most likely driven by the necessity to either acquire the remaining portions of the property, or be managed with the strong limitations as outlined above. Having regard the comparable evidence attached to this report, we have targeted a reversionary yield (Net/Net) in the region of 5.35%, reflecting a Market Value of €6,600,000 and capital value in the region of 5,420 €/sq. m on the total Gross building area and some 6,180 €/sq. m on the GLA of the property. ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

VALUATION This Value is based upon the special assumption that the property is fully let METHODOLOGY – and income producing, as at 28/05/2018. STABILISED VALUE: In approaching our valuation under the Special Assumption that the property is stabilised, we have adopted an equivalent yield of 4%, resulting in a value of €8,800,000 equating to €7,250 per sq. m. Upon stabilization (after works completion and fully let at market), we believe that the subject property would reflect a yield higher than those reflected by stand-alone properties that were transacted below 4.00% Net throughout 2017. Considering the quality of the property, the limitations entailed in the multi-owned condominium and the liquid size, we believe that it would transact at a yield more similar to properties located in secondary markets within the Centre of Milan.

REINSTATEMENT The property has not been inspected by a suitably qualified building surveyor COST ASSESSMENT: from CBRE, nor have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we estimate that the reinstatement cost of the property would be in the region of €1,800,000 on a day one basis, including demolition and fees but excluding VAT and inflation. In arriving at our opinion, we have had regard to the figure stated within the TDD report which re retain on file, together with our market knowledge, including internal benchmarking. We recommend that this figure and the amount stated within the TDD report should be compared with the current sum insured.

A LOCATION PLANS

LOCATION PLANS

Macro location Corso Monforte, 19 – Via Santa Cecilia, 3

Source: internet Source: internet

Micro location Via Adalberto Catena 4, Milan

Source: internet Source: internet

PHOTOGRAPHS

B PHOTOGRAPHS

PHOTOGRAPHS

Photograph 1: external view

Source: CBRE

Photograph 2: external view

Source: CBRE

PHOTOGRAPHS

Photograph 3: internal view

Source: CBRE

Photograph 4: internal view

Source: CBRE

PHOTOGRAPHS

Photograph 5: internal view

Source: CBRE

Photograph 6: internal view

Source: CBRE PHOTOGRAPHS

Photograph 7: internal view – light well

Source: CBRE

FLOOR AREA SCHEDULE

C FLOOR AREA SCHEDULE FLOOR AREA SCHEDULE

FLOOR AREA SCHEDULE

ACCOMODATION DATA_PREVIOUS VALUATION UPDATED ACCOMODATION DATA Floor / Unit Use GEA (Sq m) GLA GEA (Sq m) GLA B1-F8 Archives 117.2 117 99.54 100 F1 Offices 652.2 652 645.42 645 F2 Offices 263.16 263 263.16 263 GF-F3 Lobby 41.13 41 41.13 41 1F-2F Terraces/balconies 47.19 - 47.19 - B2-2F Common areas basement/Technical 70 - 102.41 - 1F Vertical Connection 18.54 18.54 18.54 19 SUBTOTAL 1,209.42 1,092.23 1,217.39 1,067.79 B3 Car spaces 66 - 209.00 - SUBTOTAL 1,275.42 1,092.23 1,426.39 1,067.79 FURTHER SPACES NOT REPORTED IN THE PREVIOUS VALUATION Ground External Area 17.06 - SUBTOTAL 17 -

CHECK 1,443.00 1,067.79

LEASE SUMMARIES

D LEASE SUMMARIES LEASE SUMMARIES

LEASE SUMMARIES

The Property is vacant.

TENANCY SCHEDULE

E TENANCY SCHEDULE TENANCY SCHEDULE

TENANCY SCHEDULE

All Star Fund - Rent Roll as at 31st march 2018 Destination Gross Area 1st Break Lease Annual rent % index Next Guarantee Country Property Tenant Lease Start First expiry Guarantee Comments of use (sqm) Option Termination (*) application indexation type Viale Piero e Alberto Bank Stabilized rent from 23/12/2017 at Euro 4.875 Italy Pirelli & C. S.p.A. Office 58,345 23-dic-16 22-dic-28 22-dic-32 € ,, 75% 23-dic-17 3,221,250 Pirelli guarantee mln Italy Viale Monza 2 Vacant Retail 260 Valutrans released premised on 31-12-2017 Bailment agreement from 1 dec 2017 to 15 Italy Viale Monza 2 NI.SI.DA. SRL Retail 411 01-dic-11 30-nov-17 15-mag-18 € - 12,750 Deposit may 2018 Marionnaud Negotiations with tenant on spaces release Italy Viale Monza 2 Parfummeries Italia Retail 738 01-dic-10 30-nov-16 30-nov-22 € , 27,500 Deposit ongoing S.p.A. Cariparma - Credit Bank Amendment signed: new lease expiry 30-06- Italy Viale Monza 2 Retail 1,453 01-gen-12 30-giu-18 30-giu-18 € , 75% 01-gen-18 74,500 Agricole S.p.A. guarantee 2018 Italy Viale Monza 2 Vacant Retail 679 Eviction executed on october 19th 2017 Italy Viale Monza 2 Vacant Office 154 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 8,423 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 1,362 Tenant expected to leave the asset at first Italy Piazzale Lodi 3 Allianz S.p.A. Office 5,360 31-mar-17 30-giu-18 30-giu-18 € , expiry Allianz Bank Financial Termination notice sent from tenant - next Italy Piazzale Lodi 3 Office 13,790 31-mar-17 30-apr-18 30-apr-18 € ,, Advisors S.p.A. lease expiry 30-04-2018 Italy Piazzale Lodi 3 Vacant Office 6,660 Italy Piazzale Lodi 3 Common area Office 3,111 Italy Piazza Velasca 7/9 Vacant Office 5,823 Tenant released the asset on 16-01-2018 Italy Piazza Velasca 7/9 Alfia S.r.l. Office 54 01-lug-17 30-giu-23 30-giu-29 € , 75% 01-lug-19 2,000 Deposit Italy Porta Romana 13 Vacant Office 4,239 Italy Corso Monforte 19 Vacant Office 1,443 Italy Via Veneto 54 Vacant Office 4,021 116,326 € 8,892,585 * net 12 months - inclusive of incentives such as Free Rent/discounts

Source: Kryalos SGR SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

F SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL EVIDENCE

# Year Town Address GLA (sq m) Agreed Rent Grade Tenant Tenant Sector 1 Q2 2016 Milan Corso Monforte 54 1240 340 B Swinger 2 Q4 2016 Milan Piazza San Babila 1 2,300 450 A Norton Rose Legal Sector 3 Q1 2016 Milan Corso Venezia 37 290 320 B Progressio Sgr 4 Q2 2016 Milan Corso Venezia 12 270 Confi. B Roberto Botticelli Fashion 5 Q4 2016 Milan Corso Venezia 37 150 320 B Confidential 6 Q4 2016 Milan Via Borgogna 8 150 Confi. A PLS/EF Unknown 7 Q1 2017 Milan Corso Venezia 37 191 320 B Orsero Spa 8 Q1 2017 Milan Corso Giacomo Matteotti 8, 10 54 B Unknown Professional 9 Q2 2017 Milan Corso Vittorio Emanuele II 30 350 B Twenty20 Other 10 Q2 2017 Milan Corso Venezia 5 300 385 B Tomas Maier Manufacturing & Energy 11 Q3 2017 Milan Corso Giacomo Matteotti 8, 10 450 B Unknown Unknown 12 Q3 2017 Milan Corso Giacomo Matteotti 8, 10 278 B Molinari Associati Professional 13 Q4 2017 Milan Corso Giacomo Matteotti 11 450 450 A Unknown Unknown 14 Q4 2017 Milan Corso Venezia 14 450 445 B Aspesi Manufacturing & Energy 15 Q4 2017 Milan Corso Giacomo Matteotti 8, 10 450 B Istituto Marangoni Other 16 Q4 2017 Milan Corso Europa 2 330 450 A Decalia Group Financial 17 Q4 2017 Milan Corso Giacomo Matteotti 1 300 333 A Payden & Rygel Financial 18 Q1 2018 Milan Via Durini 16, 18 1,175 A Whiters Business Services 19 Q1 2018 Milan Corso Giacomo Matteotti 8, 10 510 500 A BNL Life Banker Financial 20 Q1 2018 Milan Via Durini 26 185 300 B Excellence Real Estate Business Services SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF INVESTMENT EVIDENCE

No. YEAR CITY SUB MARKET NAME ADDRESS USE SIZE (SQ M) PRICE €M €/sq m YIELD (%) PURCHASER VENDOR Palazzo Turati - Camera di Coima SGR on behalf of Sofaz – Sovereign fund Technoholding – a Milan Chamber of 1 2016 Q1 Milan CBD Via Meravigli 7 Office 14,757 97.00 6,573 n.a. Commercio of Azerbaijan Commerce company 2 2016 Q1 Milan CBD Itas Mutua new HQ Via Santa Maria Segreta 5 Office 3,500 22.50 6,429 n.a. Itas Mutua Valore Sviluppo Immobiliare - Sezione I 50% occupied 3 2016 Q1 Milan Porta Nuova Time Building Via Fabio Filzi 29 Office 10,792 63.70 5,903 Invesco Real Estate Borromeo Family (4.5 net) 4 2016 Q1 Milan CBD Ex BNP Paribas HQ Piazza San fedele Office 10,000 80.00 8,000 n.a. Coima sgr (Regeneration Fund) BNP Paribas 5 2016 Q4 Milan CBD Corso Europa 2 Corso Europa 2 Office 15,000 92.00 6,133 3.8% Net BNP Paribas sgr Borromeo Family 6 2016 Q4 Milan CBD Palazzo Banca di Roma Piazza Edison 1 Office 22,000 220.00 10,000 Below 3.5% Net Fondo Italian Trophy Assets Fondo Core Nord Est (REAM) Fondo Diamond Italian Properties - IdeaFimit 7 2017 Q1 Milan Centre Corso di Porta Vittoria Corso di Porta Vittoria Office 4,889 28.00 5,727 5% Net n.a. sgr 8 2017 Q1 Milan CBD Via Borgogna 8 Via Borgogna 8 Office 6,700 85.00 12,687 3.9E Net Fabrica SGR IDeA Fimit Rho Immobiliare Fund - Comparto Core (Idea 9 2017 Q1 Milan CBD Galleria San Carlo, 6 Galleria San Carlo, 6 Office n.a. 54.00 n.a. International Investor Fimit) 10 2017 Q2 Milan CENTRE Corso di Porta Ticinese 1 Corso di Porta Ticinese 1 Office n.a. 61.50 n.a. 4.10% Net Invesco Real Estate Generali 11 2017 Q3 Milan CBD Piazza Affari 1 Piazza Affari 1 Office 3,486 40.00 11,474 4.00% Net Generali Partners Group 12 2017 Q3 Milan CBD Luxottica HQ Via San Nicolao 3 Office 11,705 114.50 9,782 4.20% (GOI/Net) Luxottica Beni Stabili 13 2017 Q3 Milan CENTRE via Festa del Perdono 10 via Festa del Perdono 10 Office 2,450 11.50 4,694 Private n.a. 14 2017 Q3 Milan CBD Via Bagutta, 20 Via Bagutta, 20 Office 10,000 32.50 3,250 Invel (Castello sgr) ZII (Risanamento) 15 2017 Q4 Milan Centro Palazzo Edison Via Forobonaparte 31 Office 30,000 272.00 9,067 4.20% (GOI/Net) ENPAM (IdeaFimit) Edison DeaCapital (on behalf of an institutional investor- 16 2018 Q1 Milan CBD INPS Via Gonzaga Office+Retail 16,480 65.00 3,944 3.30% Net FIP maybe GAMMA Fund also invested by INPS)

17 2018 Q1 Milan CBD - Corso Matteotti 12 Office 8,571 139.00 16,217 3.88% Net Amundi Real Estate Sgr - Fondo Nexus 2 n.a. (Two assets - 1 in Milan + 1 in Rome)

No. YEAR CITY SUB MARKET NAME ADDRESS USE SIZE (SQ M) PRICE € €/Sq m YIELD (%) PURCHASER VENDOR 4,200 18 2016 Q1 Milan CBD Piazza Affari 1 Piazza Affari 1 Office 19.00 4,524 n.a. Vacant Partners Group - MPO Fondo Torre sgr Unknown (Office GLA) 2,500 19 2016 Q2 Milan CBD ex HSBC Piazzetta Bossi 2 Office 10.50 4,200 n.a. Vacant AM Trust HSBC (Office GLA) Fondo Finint Virgilio (managed by Finint 20 2016 Q2 Milan CBD Ex GUCCI HQ Via Broletto 22 Office 10,565 50.00 4,733 n.a. Vacant Savills Sgr (Hines Italia) Investments SGR) Bayerische Versorgungskammer (BVK) (Hines 21 2016 Q2 Milan CBD Piazza Cordusio 2 Piazza Cordusio 2 Office 14,300 130.00 9,091 n.a. Vacant Fondo Donatello - Comparto David - Sorgente Sgr Italia) 9,000 22 2016 Q3 Milan CBD Piazza Missori Piazza Missori Office Confidential 4,700 n.a. Vacant Real Estate Fund (information are confidential) BNP Paribas (Office GLA) 23 Q1 2017 Milan CBD Former Luxottica HQ Via Cantù Office 12,000 100.00 8,333 n.a. Vacant Hines Del Vecchio (Private) 24 2017 Q4 Milan CBD Banca Carige HQ Corso Vittorio Emanuele Office 2,482 107.50 43,312 n.a. Vacant Antirion Sgr (Fondo Core) Banca Carige

VALUATION PRINTOUTS

G VALUATION PRINTOUTS VALUATION PRINTOUTS

Market Value – Argus Printouts REPORT Property Valuation CBRE Ltd

Monforte,Corso Monforte 19,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_3 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €7,879,495 Capital Costs -€1,026,336 Net Value Before Fees €6,853,160

Less Stamp Duty @2.00% of Net Value -€132,000 Agents Fee @1.00% of Net Value -€80,520 Legal Fee @0.50% of Net Value -€40,260

Fees include non recoverable VAT @ 22.00 % Net Valuation €6,600,380 Say €6,600,000

Equivalent Yield 4.2000% True Equivalent Yield 4.3018% Initial Yield (Deemed) -0.9800% Initial Yield (Contracted) -0.9800% Reversion Yield 5.3489%

Total Contracted Rent €0 Total Current Rent €0 Total Rental Value €435,910 No. Tenants 1 Capital value per m² €5,421.43

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €0 -€67,164 -0.9800 % -0.9861 % 28-Jun-2020 €435,910 €366,566 5.3489 % 5.5326 %

Yields based on €6,853,160

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Monforte,Corso Monforte 19,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Vacant

Description Office Status Occupied and Let Lease 6 years from 28-Jun-2019 Expiring 27-Jun-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €435,910 from Areas (Rounded) Valuation Method Hardcore (4.200 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €410.00 645 100.00 % 0.00 €264,622 Office €410.00 263 100.00 % 0.00 €107,896 Archives €150.00 100 100.00 % 0.00 €14,931 Lobby €410.00 41 100.00 % 0.00 €16,863 Balconies €0.00 47 100.00 % 0.00 €0 Vertical connection €410.00 19 100.00 % 0.00 €7,601 Car spaces €0.00 0 100.00 % 0.00 €24,000 Technical spaces €0.00 102 100.00 % 0.00 €0 1,217 €435,913 *Rental Value using Rounded ERV €435,910

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 1 0 Pre Void €0 28-Jun-2019 1 0 0 Rent Free €0 28-Jun-2020 5 0 0 ResumeERV €435,910 28-Jun-2025 0 0 0 Reversion €435,910

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value CapEx On Valuation (+1 mths) Fixed €900,000 = -€900,000 -€900,000

Letting Fees On Lease Start/Renwal With Void ERV €435,910 @ 10.0000 % = -€43,591 -€43,591

TIs On Valuation (+12 mths) 1,217 m² x €50.00 = -€60,870 -€60,870

Costs on Voids On All Voids every 3 months until end of eveFixed €17,500 pa = -€17,500 -€21,875 -€1,026,336 Running Costs

Label Timing Initial Annual Amount Register Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 PM On Valuation every 3 months In Perpetuity ERV €435,910 @ 1.0000 % pa = -€4,359 Insurance On Valuation every 3 months In Perpetuity 1,217 m² x €1.23 pa = -€1,497 Property Tax On Valuation every 3 months In Perpetuity 1,217 m² x €50.36 pa = -€61,308 -€67,164

Component Valuation

28-May-2018

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Monforte,Corso Monforte 19,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross rent (Current) €0 Less costs -€67,164 Net rent -€67,164 Valuation rent -€67,164 YP 2 Yrs 1 Month @ 4.20% 1.9558 yp -€131,357 28-Jun-2020 Gross rent (Resume market (non-RR)) €435,910 Less costs -€69,344 Net rent €366,566 Valuation rent €366,566 YP perp @ 4.20% 23.8095 yp PV 2 Yrs 1 Month @ 4.20% x 0.9179 21.8538 yp €8,010,852

Gross Value €7,879,495

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar MV Update 18

Property: Monforte,Corso Monforte 19,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_3

Vacant 1,217 €0 €0.00 €435,910 €358.07 €29.84 13 12 0 0 -0.980% 4.200% 5.349% -€1,026,336 €6,600,000 €5,421.43

Totals 1,217 €0 €0.00 €435,910 €358.07 €29.84 -0.980% 4.200% 5.349% -€1,026,336 €6,600,000 €5,421.43

Property Total Net Income Valued -€67,164 Initial Yield -0.980 % Equivalent Yield 4.200 % True Equivalent Yield 4.302 % Reversionary Yield 5.349 % Avg WUT to Expiry/Break (Current Income) 0.00 yrs Avg WUT to Expiry (Current Income) 0.00 yrs Avg WUT to Expiry/Break (ERV) 0.00 yrs Avg WUT to Expiry (ERV) 0.00 yrs Vacant % by ERV 100.00 %

Vacant Possession Value - Argus Printouts REPORT Property Valuation CBRE Ltd

Monforte,Corso Monforte 19,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_3 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €7,879,495 Capital Costs -€1,026,336 Net Value Before Fees €6,853,160

Less Stamp Duty @2.00% of Net Value -€132,000 Agents Fee @1.00% of Net Value -€80,520 Legal Fee @0.50% of Net Value -€40,260

Fees include non recoverable VAT @ 22.00 % Net Valuation €6,600,380 Say €6,600,000

Equivalent Yield 4.2000% True Equivalent Yield 4.3018% Initial Yield (Deemed) -0.9800% Initial Yield (Contracted) -0.9800% Reversion Yield 5.3489%

Total Contracted Rent €0 Total Current Rent €0 Total Rental Value €435,910 No. Tenants 1 Capital value per m² €5,421.43

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €0 -€67,164 -0.9800 % -0.9861 % 28-Jun-2020 €435,910 €366,566 5.3489 % 5.5326 %

Yields based on €6,853,160

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Monforte,Corso Monforte 19,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Vacant

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 1 0 Pre Void €0 28-Jun-2019 1 0 0 Rent Free €0 28-Jun-2020 5 0 0 ResumeERV €435,910 28-Jun-2025 0 0 0 Reversion €435,910

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value CapEx On Valuation (+1 mths) Fixed €900,000 = -€900,000 -€900,000

Letting Fees On Lease Start/Renwal With Void ERV €435,910 @ 10.0000 % = -€43,591 -€43,591

TIs On Valuation (+12 mths) 1,217 m² x €50.00 = -€60,870 -€60,870

Costs on Voids On All Voids every 3 months until end of eveFixed €17,500 pa = -€17,500 -€21,875 -€1,026,336 Running Costs

Component Valuation

28-May-2018

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Monforte,Corso Monforte 19,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €7,879,495

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar VPV Update 18

Property: Monforte,Corso Monforte 19,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_3

Vacant 1,217 €0 €0.00 €435,910 €358.07 €29.84 13 12 0 0 -0.980% 4.200% 5.349% -€1,026,336 €6,600,000 €5,421.43

Totals 1,217 €0 €0.00 €435,910 €358.07 €29.84 -0.980% 4.200% 5.349% -€1,026,336 €6,600,000 €5,421.43

Stabilised Value - Argus Printouts

REPORT Property Valuation CBRE Ltd

Monforte,Corso Monforte 19,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_3 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €9,164,155 Capital Costs €0 Net Value Before Fees €9,164,155

Less Stamp Duty @2.00% of Net Value -€176,000 Agents Fee @1.00% of Net Value -€107,360 Legal Fee @0.50% of Net Value -€53,680

Fees include non recoverable VAT @ 22.00 % Net Valuation €8,827,115 Say €8,800,000

Equivalent Yield 4.0000% True Equivalent Yield 4.1020% Initial Yield (Deemed) 4.0000% Initial Yield (Contracted) 4.0000% Reversion Yield 4.0000%

Total Contracted Rent €435,910 Total Current Rent €435,910 Total Rental Value €435,910 No. Tenants 1 Capital value per m² €7,228.58

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €435,910 €366,566 4.0000 % 4.1020 %

Yields based on €9,164,155

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Monforte,Corso Monforte 19,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Stabilised

Description Office Status Occupied and Let Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €435,910 Rental Value €435,910 from Areas (Rounded) Valuation Method Hardcore (4.000 % )

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €435,910 28-May-2024 0 0 0 Reversion €435,910

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Register Tax On Valuation when rent paid In Perpetuity R.Pass €435,910 @ 0.500 % pa = -€2,180 PM On Valuation every 3 months In Perpetuity ERV €435,910 @ 1.0000 % pa = -€4,359 Insurance On Valuation every 3 months In Perpetuity 1,217 m² x €1.23 pa = -€1,497 Property Tax On Valuation every 3 months In Perpetuity 1,217 m² x €50.36 pa = -€61,308 -€69,344

Component Valuation

28-May-2018 Gross rent (Current) €435,910 Less costs -€69,344 Net rent €366,566 Valuation rent €366,566 YP perp @ 4.00% 25.0000 yp €9,164,155

Gross Value €9,164,155

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar SV Update 18

Property: Monforte,Corso Monforte 19,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_3

Stabilised 27-May-2024 No RR 1,217 €435,910 €29.84 €435,910 €358.07 €29.84 6.00 0 0 0 0 4.000% 4.000% 4.000% €0 €8,800,000 €7,228.58

Totals 1,217 €435,910 €29.84 €435,910 €358.07 €29.84 4.000% 4.000% 4.000% €0 €8,800,000 €7,228.58

Property Total Net Income Valued €366,566 Initial Yield 4.000 % Equivalent Yield 4.000 % True Equivalent Yield 4.102 % Reversionary Yield 4.000 % Avg WUT to Expiry/Break (Current Income) 6.00 yrs Avg WUT to Expiry (Current Income) 6.00 yrs Avg WUT to Expiry/Break (ERV) 6.00 yrs Avg WUT to Expiry (ERV) 6.00 yrs Vacant % by ERV 0.00 %

H CASH FLOWS May '18-Jul '18 Aug '18-Oct '18 Nov '18-Jan '19 Feb '19-Apr '19 May '19-Jul '19 Monforte,Corso Monforte 19,Milan Months 1 - 3 Months 4 - 6 Months 7 - 9 Months 10 - 12 Months 13 - 15 Total Rental income 0 0 0 0 0

Total Rental Income 0 0 0 0 0 Other Income 0 0 0 0 0 Total Gross Income 0 0 0 0 0

Total LH Ground Rent payments 0 0 0 0 0 Property Management 0 0 0 0 -363 Insurance -374 -374 -374 -374 -374 Property Tax -15,327 -15,327 -15,327 -15,327 -15,327 Registration Tax 0 0 0 0 0 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -15,701 -15,701 -15,701 -15,701 -16,064

Letting Fees 0 0 0 0 -43,591 Fit Out / TI 0 0 0 0 -60,870 Total Non-regular costs 0 0 0 0 -104,461

Gross Income 0 0 0 0 0 Non-recoverable costs -15,701 -15,701 -15,701 -15,701 -16,064 Net Income -15,701 -15,701 -15,701 -15,701 -16,064 Other costs 0 0 0 0 -104,461 NCF after capital items (letting fee, tenant incentives) -15,701 -15,701 -15,701 -15,701 -120,525

Costs Treated as Day 1 deduction Capex -900,000 * Lodi: €280,000 future payment for car -900,000 0 0 0 0 Other 1 (Profit) 0 parking in 2035 discounted at 6% to Other 2 (Void allowance, leasehold payment*) -21,875 produce €105,272 day 1. -4,375 -4,375 -4,375 -4,375 -4,375 Surrender Payment 0 Aug '19-Oct '19 Nov '19-Jan '20 Feb '20-Apr '20 May '20-Jul '20 Aug '20-Oct '20 Monforte,Corso Monforte 19,Milan Months 16 - 18 Months 19 - 21 Months 22 - 24 Months 25 - 27 Months 28 - 30 Total Rental income 0 0 0 39,958 108,978

Total Rental Income 0 0 0 39,958 108,978 Other Income 0 0 0 0 0 Total Gross Income 0 0 0 39,958 108,978

Total LH Ground Rent payments 0 0 0 0 0 Property Management -1,090 -1,090 -1,090 -1,090 -1,090 Insurance -374 -374 -374 -374 -374 Property Tax -15,327 -15,327 -15,327 -15,327 -15,327 Registration Tax 0 0 0 -182 -545 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -16,791 -16,791 -16,791 -16,973 -17,336

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 0 0 0 39,958 108,978 Non-recoverable costs -16,791 -16,791 -16,791 -16,973 -17,336 Net Income -16,791 -16,791 -16,791 22,985 91,642 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) -16,791 -16,791 -16,791 22,985 91,642

Costs Treated as Day 1 deduction Capex -900,000 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) 0 parking in 2035 discounted at 6% to Other 2 (Void allowance, leasehold payment*) -21,875 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Nov '20-Jan '21 Feb '21-Apr '21 May '21-Jul '21 Aug '21-Oct '21 Nov '21-Jan '22 Monforte,Corso Monforte 19,Milan Months 31 - 33 Months 34 - 36 Months 37 - 39 Months 40 - 42 Months 43 - 45 Total Rental income 108,978 108,978 108,978 108,978 108,978

Total Rental Income 108,978 108,978 108,978 108,978 108,978 Other Income 0 0 0 0 0 Total Gross Income 108,978 108,978 108,978 108,978 108,978

Total LH Ground Rent payments 0 0 0 0 0 Property Management -1,090 -1,090 -1,090 -1,090 -1,090 Insurance -374 -374 -374 -374 -374 Property Tax -15,327 -15,327 -15,327 -15,327 -15,327 Registration Tax -545 -545 -545 -545 -545 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -17,336 -17,336 -17,336 -17,336 -17,336

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 108,978 108,978 108,978 108,978 108,978 Non-recoverable costs -17,336 -17,336 -17,336 -17,336 -17,336 Net Income 91,642 91,642 91,642 91,642 91,642 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 91,642 91,642 91,642 91,642 91,642

Costs Treated as Day 1 deduction Capex -900,000 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) 0 parking in 2035 discounted at 6% to Other 2 (Void allowance, leasehold payment*) -21,875 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Feb '22-Apr '22 May '22-Jul '22 Aug '22-Oct '22 Nov '22-Jan '23 Feb '23-Apr '23 Monforte,Corso Monforte 19,Milan Months 46 - 48 Months 49 - 51 Months 52 - 54 Months 55 - 57 Months 58 - 60 Total Rental income 108,978 108,978 108,978 108,978 108,978

Total Rental Income 108,978 108,978 108,978 108,978 108,978 Other Income 0 0 0 0 0 Total Gross Income 108,978 108,978 108,978 108,978 108,978

Total LH Ground Rent payments 0 0 0 0 0 Property Management -1,090 -1,090 -1,090 -1,090 -1,090 Insurance -374 -374 -374 -374 -374 Property Tax -15,327 -15,327 -15,327 -15,327 -15,327 Registration Tax -545 -545 -545 -545 -545 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -17,336 -17,336 -17,336 -17,336 -17,336

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Costs Treated as Day 1 deduction Capex -900,000 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) 0 parking in 2035 discounted at 6% to Other 2 (Void allowance, leasehold payment*) -21,875 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 May '23-Jul '23 Aug '23-Oct '23 Nov '23-Jan '24 Feb '24-Apr '24 May '24-Jul '24 Monforte,Corso Monforte 19,Milan Months 61 - 63 Months 64 - 66 Months 67 - 69 Months 70 - 72 Months 73 - 75 Total Rental income 108,978 108,978 108,978 108,978 108,978

Total Rental Income 108,978 108,978 108,978 108,978 108,978 Other Income 0 0 0 0 0 Total Gross Income 108,978 108,978 108,978 108,978 108,978

Total LH Ground Rent payments 0 0 0 0 0 Property Management -1,090 -1,090 -1,090 -1,090 -1,090 Insurance -374 -374 -374 -374 -374 Property Tax -15,327 -15,327 -15,327 -15,327 -15,327 Registration Tax -545 -545 -545 -545 -545 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -17,336 -17,336 -17,336 -17,336 -17,336

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Costs Treated as Day 1 deduction Capex -900,000 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) 0 parking in 2035 discounted at 6% to Other 2 (Void allowance, leasehold payment*) -21,875 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 PROPERTY ID: Allstar_4 - Lodi ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018 FINAL Lodi, Milan

Static Maps Active Property

Net Market Value (MV) 68,400,000 EUR

Drivers of CV Change

VALUATION METRICS (currency - EUR) KEY FACTS Metric Value Metric Value Market Value 68,400,000 Accomodation Area (sq m) 20,753 Market Value (per sq m) 3,296 WAULT to Break by Rent 0.09 Net Initial Yield -0.02% WAULT to Break by ERV - Reversionary Yield 5.92% WAULT to Expiry by Rent 0.09 Equivalent Yield 4.45% WAULT to Expiry by ERV - Gross Income 710,179 Percentage of Vacancy (Area) 81.5% Gross Income (per sq m) 34 *Adj. Gross Income 710,179 Adj. Gross Income (per sq m) 34 Net Income -12,552 Net Income (per sq m) -1 Gross Rental Value 4,763,100 Gross Rental Value (per sq m) 230 Net Rental Value 4,201,053 Capital Expenditure -12,552,142 Transaction Costs 3.83% Over / Under Rented - VPV 68,300,000 SV 82,600,000 * Adjusted Gross Income equates to the Gross Income excluding any rent free periods

TOP 5 LEASES BY RENT (Valuation 28/05/2018) Tenant Name Term to Break Term to Expiry Area (sq m) Current Rent ERV % of rent Allianz S.p.A. 0.09 0.09 0 710,179 0 100.0% Common Areas 3,111** 0 0 0.0%

Others 0 0 0 0.0% Vacant n/a n/a 23,561** n/a 4,763,100 n/a ** The areas within the above table relate to the pre-refurbished accommodation at the date of valuation. Following the refurbishment, areas will revert to those summarised within the accommodation section of this report.

Printed 14/06/2018 15:48 PROPERTY ID: Allstar_4 - Lodi ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Area Term to any Term to Term to ERV / Area Current Void Current Rent Expiry Void Renewal Rent Apportioned Tenant Name Expiry Date Area Car Parks Net Rent Gross Rent ERV Hardcore Rate Unit Break active Break Expiry Unit Months Free Months Months Free Months Value Common Areas 27/05/2019 sq m 4,785 0 -113,117 0 0 0 0 0 0 0 0.00% 0 Allianz S.p.A. 30/06/2018 sq m 0 83 0.09 0.09 0.09 699,525 710,179 0 0 0 0 0 4.58% 53,295 3° tenant - Future Lease 27/05/2026 sq m 4,579 74 -171,758 0 1,333,600 291 24 12 0 0 4.58% 18,471,848 2° tenant - Future Lease 27/11/2025 sq m 4,283 74 -160,655 0 1,307,500 305 18 12 0 0 4.58% 18,734,535 1° tenant - Future Lease 27/05/2025 sq m 7,106 76 -266,546 0 2,122,000 299 12 12 0 0 4.58% 31,137,906 TOTAL sq m 20,753 307 -12,552 710,179 4,763,100 230 12 to 24 12 - - 68,397,588

Printed 14/06/2018 15:48 ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY REPORT

PIAZZALE LODI 3, 20137, MILANO

INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE

CBRE LONDON & 28/05/18 28/05/18 OFFICE CBRE MILAN

KEY VALUATION FACTORS

POSITIVE ▪ Excellent accessibility by public transport (bus lines, train and underground);

▪ Very good state of repair and maintenance – relatively low refurbishment costs assumed to be required having regard to the GLA.

▪ Good provision of covered parking (partly leasehold);

▪ Limited competition in the immediate area. As such, achievable rental levels are higher than other properties. Once fully let, the property would appeal to the market;

▪ Flexible space and potential to sub-divide;

▪ Semi-central location;

NEGATIVE ▪ Mainly a residential / retail location; The area is not currently an established business destination;

▪ Existing planning limitations associated with the original use of the building;

▪ Works cannot commence until Allianz vacate the property end of June 2018.

▪ Some technical issues and obsolescence compared with modern standards, which should however be resolved after refurbishment; ▪ Parking spaces are also located within a separate condominium, as such are subject to different regulation and limitations. ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY DESCRIPTION

CURRENT BUSINESS The office building located in Piazzale Lodi, 3 was acquired by All Star Fund PLAN OR on 31st March 2017 from Allianz, for a purchase price of ca. €67.1 M. At the INVESTMENT acquisition date, the SGR, on behalf of the Fund, entered into two temporary DESCRIPTION lease agreements with the Allianz S.p.A. and Allianz Bank Financial Advisors S.p.A., occupying ca. 72% of the building, expiring on the 30th June 2018. During Q4-17 the SGR received a lease termination notice from Allianz Bank Financial Advisors S.p.A., which will vacate the asset starting from 30th April 2018. The remaining space will be vacated by Allianz S.p.A. on 30th June 2018. After the release of spaces by Allianz, the strategy for the asset is to undergo partial refurbishment aimed at creating a new lobby in Via Sannio, revamping the existing lobby in Piazzale Lodi, and refurbishing building's common areas. Work is currently continuing on the integrated design of the project with the physical refurbishment to commence from 3Q-18, upon final release of spaces from Allianz.

ACCOMMODATION We have not measured the property, but as instructed, we have relied upon floor areas made available to us. In accordance with the Tenancy Schedule provided, the property has a total vacant area of 23,561sqm equating to a vacancy rate of 81.5% based on the current GEA. Post refurbishment, we understand the property will have a total GEA of 20,753 sqm and total GLA of 15,968 sqm. In accordance with our Argus valuation file, we have summarised the post refurbishment GEA as set out below:

Floor Areas FLOOR / UNIT USE SQ M G Office 2972.00 1-4 Office 1-4 10865.00 B1 Office B1 1372.00 B1 Deposits B1 759.00 B2-4 Common Areas 4,785.00 B2 Moto Spaces 103 spaces B2 Car spaces 150 spaces

TOTAL 20,753.00

TECHNICAL/ We retain on file a Technical Due Diligence report prepared by JLL, dated 2 ENVIRONMENTAL December 2016. No potential critical issues have been highlighted in the DD report: only short-term capex is recommended in order to ensure compliance with CEI regulations for the electrical systems and to integrate the current ventilation system installed on the second basement of Via Sannio. We consider that the items in need of repair are relatively minor and would in any event be covered by capex amount for the full refurbishment of the property. We believe that the contents of the technical due diligence report do not impact upon our valuation. ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

We have also read the content of the Due Diligence Red Flag Report (Final) prepared for JPMorgan by Arcadis, dated July 2017, plus the High-Level Development Budget analysis contained therein. The document reports some €1.5 Million allowed for environmental liabilities (Asbestos Containing Materials - ACM and Man-Made Vitreous Fibers - MMVF removal and disposal). We have been informed by Kryalos that “they are included in the Borrower’s budget (approx. 1.44m). Please consider that these works will be executed if a potential tenant requests MMVF removal as part of their fit-out works (otherwise it’s not mandatory to execute them)”. As we have allowed the Borrower’s budget of Capex within our report, we consider that such potential liabilities will be resolved during refurbishment works.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

VALUATION CONSIDERATIONS

TENANCIES: The property subject to a short-term lease agreement to Allianz S.p.A. albeit we note Allianz will be vacating the premises on 30th June 2018 in order to complete the refurbishment of the property.

COSTS AND We have been provided with an updated capex amount on behalf of ADJUSTMENTS Kryalos SGR S.p.A., with a reported figure of €8,955,360. The revised figure accounts for some works undertaken from the total budgeted capex figure of €9,050,000 - We have reviewed the amount and we consider the figure to be in line with what an ordinary investor would spend on the property in order to modify it according to the new multi-let scenario and the requested characteristics for office space in Milan. Having regard to the current condition of the property, the capital expenditure amount allowed within the budget is considered aligned with what would be expected of market standards to provide good quality space. In addition to the above, we have also considered a fit-out contribution of some 150 €/sq. m as an incentive to new tenants (in line with our knowledge of similar deals within the semi-central area of Milan), considering that the property will be fully refurbished once put on the market. This is equal to circa €2.4 Million to be spent upon re-letting. Due to the leasehold status of the parking spaces, we have also allowed some €280,000 to be spent as a lump sum in 2035 (earliest renewal date) for the renewal of the rights on the parking spaces under the 33-year leasehold arrangement. The amount has been discounted given the length of time until expiry. Other non-recoverable costs that were allowed are as follows (please note that due to rounding on a per sq. m basis within the valuation files some minor discrepancies could appear on the total cost, which however does not affect Market Value):  Property Tax (provided): say approximately €460,000 p.a. equal to 22.26 €/sq. m p.a.;  Insurance last year Insurance was some €55,000, which was nearly 2 times higher than what has been budgeted. Therefore, we adopted a more prudent approach assuming 0.1% on the RC €28,639 p.a., equal to 1.37 €/sq. m;  Insurance (provided): say approximately €29,000 p.a., equal to 1.37 €/sq. m;  Rent Tax (Italian Law) 0.50% of passing rent;

 Property Management (CBRE assumption) 1.00% of Passing Rent;  We have assumed Capex to be carried out during void periods; we consider service charges on vacant spaces to be included

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

within the amounts allowed for capex and provision for extraordinary maintenance on such spaces.  Considering the property will be entirely refurbished, we have not allowed for any provision for extraordinary maintenance in the short term after works are completed.  According to standard market practice, and provided that the works to be carried out within the property are limited and do not reflect any town planning risk, we have also allowed a Profit equal to some 5.5% of the hard costs (Capex and Fit Out Contribution); this is equal to approximately €620,000 (7% on the sole Capex amount) which we have allowed on day one in our valuation.

VOID PERIODS AND The property is a stand-alone office complex in a semi-central position that RE-LETTABILITY: is easily accessible via public transport; the landlord strategy to sub-divide the property into three self-contained buildings with independent entrance and halls can increase the appeal of the property for future tenants. After the release of the space by Allianz at the end of June, we have assumed an additional 12 months to refurbish the vacant space and provide accommodation which can be multi-let; we believe that planning and associated permissions can be carried out during the remaining year of the Allianz lease. In addition, considering the average take-up for the area, the future competition and the leading position within the reference market once refurbished, we have prudently allowed some 2 years to re-let the entire property and 12 months’ rent free period on each first year to secure a 6+6 year lease; in addition we have also considered a fit-out contribution of some 150 €/sq. m as an incentive to new tenants (in line with our knowledge of similar deals within the semi-central area of Milan), considering that the property will be fully refurbished once put on the market. This would equal to some 5,000-sq. m/year of office space (plus ancillary areas), some 50% of the average take up in the area and some 30% of last year’s take-up, which is in line with our consideration of the property being a leading asset within the reference market.

MARKETABILITY & The property is a stand-alone office complex in a semi-central position that POTENTIAL benefits from good accessibility links via public transport and benefits good PURCHASERS: architectural quality and office space specification. Having regard to the effective vacant possession status, we consider the property would attract mostly opportunistic or value add investors, interested in acquiring the property and maximising its value through an active asset management strategy. Once fully let, the property could appeal to both National and International investors, including some institutional investors, funds and large private equity companies. In terms of marketing timing, we believe that an achievable marketing period would be in the region of 15-18 months; ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

(considering that 6 months is the standard time needed by potential investors to undertake Due Diligence and analysis before entering the negotiations).

SALES PERIOD: 15-18 Months

OCCUPATIONAL The subject property is located within an area which is not typically associated COMPARABLES with office use, but this is anticipated to change as a result of nearby development activity. The subject property is certainly a higher quality office building in terms of location and layout compared to other existing office buildings in the same area, while it is considered inferior (in terms of energy saving and flexible layout) compared with the future office property at Viale Ortles, even if the location is excellent (more central and well served by the underground lines). Assuming that works were carried out to reach the best achievable specification and a multi-let scenario was possible, the property would be the only Grade A property within the immediate surroundings. The only competition being project Symbiosis, which however does not have a defined pipeline for phase 2. As such we believe that the market rent for the subject property could be in line with the rents relative to the office space of Project Symbiosis; allowing for the slightly inferior specification (Symbiosis will feature Grade A, modern, high quality space) but a much better location in terms of accessibility both via public and private transportation. As such we have applied 300 €/sq. m to the upper floor office space, 290 €/sq. m to the ground floor office space, 230€/sq. m to the office ancillary space below ground and 1,600 €/unit for the car parking spaces (550 €/unit for motorcycle spaces). This is higher than the recent comparable evidence albeit we believe the property will achieve a higher quality finish after the hard refurbishment works; this is also supported by the ongoing negotiations. This is also almost in line with the comparable Via Spadolini 5, 7 albeit slightly above the asking rental of 250-260 €/sq. m having regard to the more peripheral location and the size. The adopted rent is higher than both the Via Pier Candido Decembrio 28 and Via Polesine 13 comparables, which are located in more secondary locations, with inferior quality and accessibility. Our assessed ERV of €4,763,100 per annum, equates to some 230 €/sq. m on the entire GEA and 302 €/sq. m current GLA of the property.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

INVESTMENT In arriving at an appropriate yield to apply for our valuation of the property COMPARABLES we have taken the following key investment characteristics into account: very good public and private accessibility, appropriate level of services within the surrounding area, relatively well specified accommodation. The most relevant investment comparables include n.8, Forlanini 25, a fully let semi-central office complex, recently refurbished and no.10, the Affori Centre, a Grade A office building, LEED certified, which was transacted at a net yield of 5.50%. These buildings feature modern specifications: Forlanini 25 is very close to Milano Linate Airport and is going to be served by the new M4 metro line, while Affori is not easily accessible via either public or private transportation. For both properties, the surrounding areas are also less appealing than the subject property. Given the properties are multi-let, our understanding is that the gross areas reported in the deal includes a standard amount of common spaces and most likely ancillary spaces such archiving and storage. As such, the unitary value of the property could be compared with the subject rate without significant adjustments. Considering the short unexpired term, the current vacancy, the re-letting risks and the cost to be spent on the property, we believe that the subject property would attract a reversionary yield higher than the transactions noted above. We would anticipate a yield more in line with the comparable in Primaticcio, which is a single-tenant, Grade A office let to L’Oréal with a long-term lease contract, though located in an extremely peripheral area of Milan.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

other areas which would not be accounted as part of a multi-tenant scenario. The assessed capital value reflects a Reversionary yield (Net Reversionary Rent/Net Market Value) of 5.90%, higher than the two comparables of Forlanini and Affori, to reflect the re-letting risk upon lease expiry.

VALUATION The constituent inputs largely align with the Market Value approach given the METHODOLOGY – property is predominantly vacant or nearing complete vacancy. We note our VACANT POSSESSION vacancy rate above is calculated on the gross building area. VALUE: In approaching our valuation under the Special Assumption that the property is entirely vacant (Vacant Possession Value), we have adopted an equivalent yield of 4.45%, phased void period of 12-24 months and rent-free period of 12 months. This results in a value of €68,300,000, equating to €3,291 per sq. m.

VALUATION This Value is based upon the special assumption that all works are completed METHODOLOGY – as planned without any issues, and that the property is fully let, as at STABILISED VALUE: 28/05/2018. In approaching our valuation under the Special Assumption that the property is stabilised, we have adopted an equivalent yield of 5%, resulting in a value of €82,600,000, equating to €3,980 per sq. m. We would highlight the equivalent yield is distorted by the leasehold fee associated with the car parking spaces.

REINSTATEMENT Our reinstatement cost remains unchanged from the previous valuation. We COST ASSESSMENT: have been provided with copies of the Reinstatement Cost Assessment produced by JLL. The property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we estimate that the reinstatement cost of the property would be in the region of €33,500,000 on a day one basis, including demolition and fees but excluding VAT and inflation. In arriving at our opinion, we have had regard to the figure stated within the TDD report and our market knowledge, including internal benchmarking. This figure and the amount stated within the TDD report should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Costs Assessment is carried out.

CASHFLOW We have appended Lettable Unit and Detailed Valuation Argus file reports for all scenarios within the Appendix of this report. In addition, we have included cashflow extracts under the Market Value scenario, which demonstrate the valuers’ assumptions made within the traditional valuation looking to the possible future performance of the asset until stabilised. It should be noted that this is an output from the valuation and not a calculation.

LOCATION PLANS

A LOCATION PLANS

LOCATION PLANS

Macro location [Piazzale Lodi 3, Milan]

Source: internet Source: internet

Micro location [Piazzale Lodi 3, Milan]

Source: internet Source: internet PHOTOGRAPHS

B PHOTOGRAPHS

PHOTOGRAPHS

Photograph 1: external view

Source: CBRE

Photograph 2: external view

Source: CBRE PHOTOGRAPHS

Photograph 3: internal view

Source: CBRE

Photograph 4: internal view

Source: CBRE

PHOTOGRAPHS

Photograph 5: internal view

Source: CBRE

Photograph 6: internal view

Source: CBRE PHOTOGRAPHS

Photograph 7: internal view

Source: CBRE

FLOOR AREA SCHEDULE

C FLOOR AREA SCHEDULE FLOOR AREA SCHEDULE

FLOOR AREA SCHEDULE

ACCOMODATION DATA_PREVIOUS VALUATION UPDATED WITH LOBBY SPACES DIVIDED

Floor / Unit Use GEA (Sq m) GLA GEA (Sq m) GLA B1 Working Area 1,112 1,112 1,372 1,372 B1+GF Lobby/Common Area 144 - 630 - F1-F4 Lobby/Common Area - 439 - GF Working Area 3,254 3,254 2,972 2,972 F1-F4 Working Area 11,390 11,390 10,865 10,865 B1-F4 Technical Area 1,948 - 1,830 - B1-F4 Vertical Connection 2,304 - 1,572 - SUBTOTAL 20,151 15,756 19,681 15,210 B2 Parking Spaces 4,096 150 units (of which 30 have been transformed into 103 motorbike B2 Motorbike spaces - parking spaces) 24,247 15,756

FURTHER SPACES NOT REPORTED IN THE PREVIOUS VALUATION

Basement Deposits 654 654 Basement Deposits within Lobby Block 104 104 Basement External/Terraces 314 - SUBTOTAL 1,072 758 TOTAL 24,247 15,756 20,753 15,968 LEASE SUMMARIES

D LEASE SUMMARIES LEASE SUMMARIES

LEASE SUMMARIES

31 March 2017 Demise

Allianz S.P.A Tenant

30 June 2018; Term the tenant waived the option to extend the lease to 31 December 2018

The tenant shall terminate the lease at any time with Break Clause advance notice of at least 6 months.

€ 710,179.00 per annum Current Rent

No indexation Rent Reviews/Indexation

The tenant shall carry out, at its care and expenses, Repairs the ordinary maintenance of the leased premises.

Offices and cafeteria. Permitted Use

The tenant shall stipulate, maintain and pay, for the Insurance whole lease duration, an all-risks insurance policy, an Employer's Liability (“RCT”) and Public Liability (“RCO”).

All service charges to be paid by the Tenant. Outgoings

The Tenant may carry out personalization and Alterations improvement works in line with the allowed activity, at its own expense and with prior approval of the Landlord. At the end of the lease the Tenant will have the right to remove or, alternatively, leave within the complex the modifications or technical adjustments carried out.

Miscellaneous TENANCY SCHEDULE

E TENANCY SCHEDULE TENANCY SCHEDULE

TENANCY SCHEDULE

All Star Fund - Rent Roll as at 31st march 2018 Destination Gross Area 1st Break Lease Annual rent % index Next Guarantee Country Property Tenant Lease Start First expiry Guarantee Comments of use (sqm) Option Termination (*) application indexation type Viale Piero e Alberto Bank Stabilized rent from 23/12/2017 at Euro 4.875 Italy Pirelli & C. S.p.A. Office 58,345 23-dic-16 22-dic-28 22-dic-32 € ,, 75% 23-dic-17 3,221,250 Pirelli guarantee mln Italy Viale Monza 2 Vacant Retail 260 Valutrans released premised on 31-12-2017 Bailment agreement from 1 dec 2017 to 15 Italy Viale Monza 2 NI.SI.DA. SRL Retail 411 01-dic-11 30-nov-17 15-mag-18 € - 12,750 Deposit may 2018 Marionnaud Negotiations with tenant on spaces release Italy Viale Monza 2 Parfummeries Italia Retail 738 01-dic-10 30-nov-16 30-nov-22 € , 27,500 Deposit ongoing S.p.A. Cariparma - Credit Bank Amendment signed: new lease expiry 30-06- Italy Viale Monza 2 Retail 1,453 01-gen-12 30-giu-18 30-giu-18 € , 75% 01-gen-18 74,500 Agricole S.p.A. guarantee 2018 Italy Viale Monza 2 Vacant Retail 679 Eviction executed on october 19th 2017 Italy Viale Monza 2 Vacant Office 154 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 8,423 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 1,362 Tenant expected to leave the asset at first Italy Piazzale Lodi 3 Allianz S.p.A. Office 5,360 31-mar-17 43281 30-giu-18 € , expiry Allianz Bank Financial Termination notice sent from tenant - next Italy Piazzale Lodi 3 Office 13,790 31-mar-17 43220 30-apr-18 € ,, Advisors S.p.A. lease expiry 30-04-2018 Italy Piazzale Lodi 3 Vacant Office 6,660 Italy Piazzale Lodi 3 Common area Office 3,111 Italy Piazza Velasca 7/9 Vacant Office 5,823 Tenant released the asset on 16-01-2018 Italy Piazza Velasca 7/9 Alfia S.r.l. Office 54 01-lug-17 30-giu-23 30-giu-29 € , 75% 01-lug-19 2,000 Deposit Italy Porta Romana 13 Vacant Office 4,239 Italy Corso Monforte 19 Vacant Office 1,443 Italy Via Veneto 54 Vacant Office 4,021 116,326 € 8,892,585 * net 12 months - inclusive of incentives such as Free Rent/discounts

Source: Kryalos SGR SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

F SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL EVIDENCE

UNITARY RENT # ADDRESS SUBMARKET YEAR SQ M TENANT USER TYPE GRADE STATUS COMMENTS (€/SQ M) Part of the "Symbiosis" scheme, Fastweb will occupy more than 16,000 sqm of offices, with an option to let others 3,000 sqm in the same building, the delivery of the building to Fastweb is planned for October 2018 with A Viale Ortles Peripheral 2016 16,100 Confidential Fastweb Telecom A pre-let a lease expiry in March 2029. It will be the first building to be developed in the Symbiosis area and It will be also the largest building of all those planned in this area (around 20% of total office GLA).The project targets a LEED Core & Shell Gold Certification, a BRAVE AAA certification and will be CENED energy class A. B Via Marco d'Agrate Peripheral 2016 650 105 n.a. n.a C Leased C Via Decembrio Peripheral 2016 500 Unknown n.a. n.a B Leased Former Total HQ, located in the eastern part of Milan, near the external ring road (Viale Umbria), not far from D Via Arconati 1 Peripheral 2017 680 230 Gesafin Business Service B Leased Porta Vittoria railway station. Office spaces with standard features (false ceiling with lighting fixtures, and air conditioning system). E Via Polesine 13 Peripheral 2017 350 170 Daiwa Manufacturing & Energy B Leased F Via Polesine 13 Peripheral 2017 1591 175 Città Metropolitana di Milano Public B Leased G Via Pier Candido Decembrio 28 Lodi 2018 500 165 YAM11 2003 srl Creative Industries B Leased 1 Via Caviglia 11 Peripheral Immediate 9,919 140 - - B 8 floors office building under developement, construction supendend until new pre-let will be signed. Located in a 2 Via Sile 18 Immediate 5,410 190 - - B Asking more secondary location respect to the subject property, with worse context and good car accessibility. 3 Via Pier Candido Decembrio 30 Immediate 980 240 - B Asking Portion of a Grade B multi-tenant office building spread over 6 floors above the ground; the building dates back 4 Viale Brenta, 18 Peripheral Immediate 700 150 - - B Asking to the 80s and is in good state of repair. Office complex consisting of three contiguous buildings with two separate entrances from St #29 (pedestrian and vehicular entrance), and the second one from St #27 (only pedestrian). Open-space offices with cooling and 5 Viale Brenta, 27/29 Immediate 2475 170 - - B Asking heating through fan coilor ceiling distribution system. The building is located in a more secondary location with respect to the subject property, further from a metro station (Brenta) and with worse car accessibility. Office complex comprising two Grade A office buildings. Inferior location with respect to the subject property 6 Via Spadolini 5, 7 Immediate 10,706 250-260 - - A Asking (MM3 "Lodi TIBB" 1,6 km) SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF INVESTMENT EVIDENCE

Gross # Year Half Town Address Use Size (sq m) Price (local) Capital value Net Yield (%) Purchaser Vendor Yield (%) 1 2016 H1 Milan Lorenteggio 255 Office 4,000 9 2,125 Pellegrini Group Spa AXA Real estate 2 2016 H1 Milan L'Oreal HQ - Via Primaticcio Office 32,388 64 1,961 6.60 6.00 Amundi Real Estate Italia Sgr WestInvest ImmoValue 3 2016 H1 Milan Vodafone Village (3 bldns) Office 61,000 200 3,279 6.92 6.10 Coima RES Spa SIIQ Real Estate Center Spa 4 2016 H2 Milan Forlanini 23 Office 16,000 59 3,688 5-5.3 Fondo Fundamenta -BNP Paribas sgr Cardif ORION 5 2016 H2 Milan Via Bisceglie 71-73-75 Office 15,400 37 2,422 7.00 6.40 Keppel DC REIT BI71 S.r.l. - via Natixis Lease 6 2016 H2 Milan Affori Centre Office 12,000 35 2,900 5.50 BNP Paribas Green Oak 7 2017 H1 Milan Via Deruta 19 Office 13,650 46 3,370 7.50 6.80 Coima TH Real Estate 8 2017 H1 Milan Via Nizzoli 6,8 Office 6,749 14 2,104 Tristan Capital Partners AXA REIM 9 2017 H1 Milan Viale Giulio Richard 1, Torre B Office 10,547 10 977 Investire sgr (Kildare) Investire Sgr 10 2017 H1 Milan Via Piranesi Office n.a. 8 n.a. Nexity Sanofi 11 2017 H2 Milan Via Amadeo 59 Office 11,846 33 2,786 5.75 Prelios sgr BNPParibas sgr (Apollo) 12 2017 H2 Milan Via Pampuri 13 Office 9,000 17 1,889 Private (BRIXIA Fin Real estate) ERGO Insurance VALUATION PRINTOUTS

G VALUATION PRINTOUTS VALUATION PRINTOUTS

Market Value – Argus Printouts REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_4 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €83,569,446 Capital Costs -€12,552,142 Net Value Before Fees €71,017,304

Less Stamp Duty @2.00% of Net Value -€1,368,000 Agents Fee @1.00% of Net Value -€834,480 Legal Fee @0.50% of Net Value -€417,240

Fees include non recoverable VAT @ 22.00 % Net Valuation €68,397,584 Say €68,400,000

Equivalent Yield 4.4540% True Equivalent Yield 4.5667% Initial Yield (Deemed) -0.0177% Initial Yield (Contracted) -0.0177% Reversion Yield 5.9155%

Total Contracted Rent €710,179 Total Current Rent €710,179 Total Rental Value €4,763,100 No. Tenants 5 Capital value per m² €3,295.91

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Capex On Valuation Fixed €8,955,360 = -€8,955,360 -€8,955,360

Profit On Valuation Fixed €620,000 = -€620,000 -€620,000

Parking Spaces Fee 14-Mar-2035 Fixed €280,000 = -€280,000 -€105,272 -€9,680,632

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €710,179 -€12,552 -0.0177 % -0.0177 % 01-Jul-2018 €0 -€712,077 -1.0027 % -1.0090 % 28-May-2019 €0 -€613,517 -0.8639 % -0.8686 % 28-Nov-2019 €0 -€554,112 -0.7802 % -0.7841 % 28-May-2020 €2,122,000 €1,599,569 2.2524 % 2.2844 % 28-Nov-2020 €3,429,500 €2,887,457 4.0658 % 4.1713 % 28-May-2021 €4,763,100 €4,201,053 5.9155 % 6.1409 %

Yields based on €71,017,304

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - 1° tenant - Future Lease

Description Office Status Occupied and Let Lease 6 years from 28-May-2019 Expiring 27-May-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €2,122,000 from Areas (Rounded) Valuation Method Hardcore (4.575 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €290.00 1,259 100.00 % 0.00 €365,110 Office 1-4 €300.00 5,025 100.00 % 0.00 €1,507,500 Car spaces €0.00 0 100.00 % 0.00 €65,600 Moto Spaces €0.00 0 100.00 % 0.00 €19,250 Office B1 €230.00 633 100.00 % 0.00 €145,590 Deposits B1 €100.00 189 100.00 % 0.00 €18,900 7,106 €2,121,950 *Rental Value using Rounded ERV €2,122,000

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 0 0 Pre Void €0 28-May-2019 1 0 0 Rent Free €0 28-May-2020 5 0 0 ResumeERV €2,122,000 28-May-2025 0 0 0 Reversion €2,122,000

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 7,106 m² x €150.00 = -€1,065,900 -€1,065,900

Letting Fee On Lease Start/Renwal With Void ERV €2,122,000 @ 10.0000 % = -€212,200 -€212,200 -€1,278,100 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 3 months In Perpetuity 7,106 m² x €22.26 pa = -€158,180 Property Management On Valuation every 3 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 7,106 m² x €1.38 pa = -€9,806 Ordinary Maintenance On All Voids every 3 months until end of eve7,106 m² x €2.79 pa = -€19,826 Utilities On All Voids every 3 months until end of eve7,106 m² x €11.08 pa = -€78,734 -€266,546

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€266,546 Net rent -€266,546 Valuation rent -€266,546

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

YP 1 Year 0 Mths @ 4.57% 0.9563 yp -€254,885 28-May-2019 Gross rent (Rent Free) €0 Less costs -€167,986 Net rent -€167,986 Valuation rent -€167,986 YP 1 Year 0 Mths @ 4.57% 0.9563 yp PV 1 Year @ 4.57% x 0.9563 0.9144 yp -€153,609 28-May-2020 Gross rent (Resume market (non-RR)) €2,122,000 Less costs -€199,816 Net rent €1,922,184 Valuation rent €1,922,184 YP perp @ 4.57% 21.8579 yp PV 2 Yrs @ 4.57% x 0.9144 19.9873 yp €38,419,187

Gross Value €38,010,693

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - 2° tenant - Future Lease

Description Office Status Occupied and Let Lease 6 years from 28-Nov-2019 Expiring 27-Nov-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €1,307,500 from Areas (Rounded) Valuation Method Hardcore (4.575 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €290.00 638 100.00 % 0.00 €185,020 Office 1-4 €300.00 3,071 100.00 % 0.00 €921,300 Car spaces €0.00 0 100.00 % 0.00 €64,000 Moto Spaces €0.00 0 100.00 % 0.00 €18,700 Office B1 €230.00 470 100.00 % 0.00 €108,100 Deposits B1 €100.00 104 100.00 % 0.00 €10,400 4,283 €1,307,520 *Rental Value using Rounded ERV €1,307,500

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 1 0 0 Rent Free €0 28-Nov-2020 5 0 0 ResumeERV €1,307,500 28-Nov-2025 0 0 0 Reversion €1,307,500

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 4,283 m² x €150.00 = -€642,450 -€642,450

Letting Fee On Lease Start/Renwal With Void ERV €1,307,500 @ 10.0000 % = -€130,750 -€130,750 -€773,200 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 3 months In Perpetuity 4,283 m² x €22.26 pa = -€95,340 Property Management On Valuation every 3 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 4,283 m² x €1.38 pa = -€5,911 Ordinary Maintenance On All Voids every 3 months until end of eve4,283 m² x €2.79 pa = -€11,950 Utilities On All Voids every 3 months until end of eve4,283 m² x €11.08 pa = -€47,456 -€160,655

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€160,655 Net rent -€160,655 Valuation rent -€160,655 YP 1 Year 6 Mths @ 4.57% 1.4186 yp -€227,901 28-Nov-2019 Gross rent (Rent Free) €0

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Less costs -€101,250 Net rent -€101,250 Valuation rent -€101,250 YP 1 Year 0 Mths @ 4.57% 0.9563 yp PV 1 Year 6 Mths @ 4.57% x 0.9351 0.8942 yp -€90,537 28-Nov-2020 Gross rent (Resume market (non-RR)) €1,307,500 Less costs -€120,863 Net rent €1,186,637 Valuation rent €1,186,637 YP perp @ 4.57% 21.8579 yp PV 2 Yrs 6 Mths @ 4.57% x 0.8942 19.5452 yp €23,193,018

Gross Value €22,874,580

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 5 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - 3° tenant - Future Lease

Description Office Status Occupied and Let Lease 6 years from 28-May-2020 Expiring 27-May-2026 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €1,333,600 from Areas (Rounded) Valuation Method Hardcore (4.575 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €290.00 1,075 100.00 % 0.00 €311,750 Office 1-4 €300.00 2,769 100.00 % 0.00 €830,700 Car spaces €0.00 0 100.00 % 0.00 €64,000 Moto Spaces €0.00 0 100.00 % 0.00 €18,700 Office B1 €230.00 269 100.00 % 0.00 €61,870 Deposits B1 €100.00 466 100.00 % 0.00 €46,600 4,579 €1,333,620 *Rental Value using Rounded ERV €1,333,600

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 0 0 Pre Void €0 28-May-2020 1 0 0 Rent Free €0 28-May-2021 5 0 0 ResumeERV €1,333,600 28-May-2026 0 0 0 Reversion €1,333,600

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 4,579 m² x €150.00 = -€686,850 -€686,850

Letting Fee On Lease Start/Renwal With Void ERV €1,333,600 @ 10.0000 % = -€133,360 -€133,360 -€820,210 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 3 months In Perpetuity 4,579 m² x €22.26 pa = -€101,929 Property Management On Valuation every 3 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 4,579 m² x €1.38 pa = -€6,319 Ordinary Maintenance On All Voids every 3 months until end of eve4,579 m² x €2.79 pa = -€12,775 Utilities On All Voids every 3 months until end of eve4,579 m² x €11.08 pa = -€50,735 -€171,758

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€171,758 Net rent -€171,758 Valuation rent -€171,758 YP 2 Yrs 0 Mths @ 4.57% 1.8707 yp -€321,303 28-May-2020 Gross rent (Rent Free) €0

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 6 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Less costs -€108,248 Net rent -€108,248 Valuation rent -€108,248 YP 1 Year 0 Mths @ 4.57% 0.9563 yp PV 2 Yrs @ 4.57% x 0.9144 0.8744 yp -€94,653 28-May-2021 Gross rent (Resume market (non-RR)) €1,333,600 Less costs -€128,252 Net rent €1,205,348 Valuation rent €1,205,348 YP perp @ 4.57% 21.8579 yp PV 3 Yrs @ 4.57% x 0.8744 19.1128 yp €23,037,636

Gross Value €22,621,680

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 7 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Allianz S.p.A.

Description Office Status Vacant Lease 1 years from 31-Mar-2017 Expiring 30-Jun-2018 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €710,179 Rental Value €0 from Areas (Rounded) Valuation Method Hardcore (4.575 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €0.00 0 100.00 % 0.00 €0 Meeting Room €0.00 0 100.00 % 0.00 €0 Car spaces €0.00 0 100.00 % 0.00 €0 Car spaces €0.00 0 100.00 % 0.00 €0 0 €0 *Rental Value using Rounded ERV €0

Lease History

Date Years Months Days Event Rent Paid 31-Mar-2017 1 3 0 Review €710,179 01-Jul-2018 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fee On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 3 months In Perpetuity 0 m² x €22.26 pa = €0 Property Management On Valuation every 3 months In Perpetuity R.Pass €710,179 @ 1.000 % pa = -€7,102 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €710,179 @ 0.500 % pa = -€3,551 Insurance On Valuation every 3 months In Perpetuity 0 m² x €1.38 pa = €0 Ordinary Maintenance On All Voids every 3 months until end of eve = €0 Utilities On All Voids every 3 months until end of eve = €0 -€10,653

Component Valuation

28-May-2018 Gross rent (Current over-rented) €710,179 Rental Value €0 Less costs -€10,653 Net rent €699,525 Less Froth Ded. -€710,179 Valuation rent -€10,653 YP 0 Yrs 1 Month @ 4.57% 0.0893 yp -€952 28-May-2018 Gross rent (Froth) €710,179 Valuation rent €710,179 YP 0 Yrs 1 Month @ 4.57% 0.0893 yp €63,445

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 8 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €62,493

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 9 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Common Areas

Description Common Areas Status Vacant Lease 1 years from 28-May-2018 Expiring 27-May-2019 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €0 Valuation Method Hardcore (0.000 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Lobby €0.00 1,069 100.00 % 0.00 €0 Technical Area €0.00 1,830 100.00 % 0.00 €0 Vertical Connections €0.00 1,572 100.00 % 0.00 €0 External/Terraces €0.00 314 100.00 % 0.00 €0 4,785 €0 *Rental Value using Manually input ERV €0

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 0 0 Review €0 28-May-2019 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fee On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 3 months In Perpetuity 4,785 m² x €22.26 pa = -€106,514 Property Management On Valuation every 3 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 4,785 m² x €1.38 pa = -€6,603 Ordinary Maintenance On All Voids every 3 months until end of eve = €0 Utilities On All Voids every 3 months until end of eve = €0 -€113,117

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 10 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar MV Update 18

Property: Lodi,Piazzale Lodi 3,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_4

1° tenant - Future Lease 7,106 €0 €0.00 €2,122,000 €298.62 €24.89 12 12 0 0 0.000% 4.575% 6.564% -€5,681,235 €31,139,006 €4,382.07 2° tenant - Future Lease 4,283 €0 €0.00 €1,307,500 €305.28 €25.44 18 12 0 0 0.000% 4.575% 6.722% -€3,422,977 €18,735,196 €4,374.32 3° tenant - Future Lease 4,579 €0 €0.00 €1,333,600 €291.24 €24.27 24 12 0 0 0.000% 4.575% 6.953% -€3,440,691 €18,472,501 €4,034.18 Allianz S.p.A. 30-Jun-2018 No RR 0 €710,179 €0.00 €0 €0.00 €0.00 0.09 0 0 0 0 1285.291% 4.575% 0.000% -€7,239 €53,297 €0.00 Common Areas 27-May-2019 No RR 4,785 €0 €0.00 €0 €0.00 €0.00 1.00 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00

Totals 20,753 €710,179 €2.85 €4,763,100 €229.51 €19.13 -0.018% 4.454% 5.916% -€12,552,142 €68,400,000 €3,295.91

Property Total Net Income Valued -€12,552 Initial Yield -0.018 % Equivalent Yield 4.454 % True Equivalent Yield 4.567 % Reversionary Yield 5.916 % Avg WUT to Expiry/Break (Current Income) 0.09 yrs Avg WUT to Expiry (Current Income) 0.09 yrs Avg WUT to Expiry/Break (ERV) 0.00 yrs Avg WUT to Expiry (ERV) 0.00 yrs Vacant % by ERV 100.00 %

Vacant Possession Value - Argus Printouts REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_4 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €83,506,952 Capital Costs -€12,552,142 Net Value Before Fees €70,954,810

Less Stamp Duty @2.00% of Net Value -€1,366,000 Agents Fee @1.00% of Net Value -€833,260 Legal Fee @0.50% of Net Value -€416,630

Fees include non recoverable VAT @ 22.00 % Net Valuation €68,338,920 Say €68,300,000

Equivalent Yield 4.4540% True Equivalent Yield 4.5666% Initial Yield (Deemed) -1.0036% Initial Yield (Contracted) -1.0036% Reversion Yield 5.9207%

Total Contracted Rent €0 Total Current Rent €0 Total Rental Value €4,763,100 No. Tenants 4 Capital value per m² €3,291.09

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Capex On Valuation Fixed €8,955,360 = -€8,955,360 -€8,955,360

Profit On Valuation Fixed €620,000 = -€620,000 -€620,000

Parking Spaces Fee 14-Mar-2035 Fixed €280,000 = -€280,000 -€105,272 -€9,680,632

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €0 -€712,077 -1.0036 % -1.0099 % 28-May-2019 €0 -€613,517 -0.8647 % -0.8694 % 28-Nov-2019 €0 -€554,112 -0.7809 % -0.7848 % 28-May-2020 €2,122,000 €1,599,569 2.2543 % 2.2865 % 28-Nov-2020 €3,429,500 €2,887,457 4.0694 % 4.1751 % 28-May-2021 €4,763,100 €4,201,053 5.9207 % 6.1465 %

Yields based on €70,954,810

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - 1° tenant - Future Lease

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 0 0 Pre Void €0 28-May-2019 1 0 0 Rent Free €0 28-May-2020 5 0 0 ResumeERV €2,122,000 28-May-2025 0 0 0 Reversion €2,122,000

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 7,106 m² x €150.00 = -€1,065,900 -€1,065,900

Letting Fee On Lease Start/Renwal With Void ERV €2,122,000 @ 10.0000 % = -€212,200 -€212,200 -€1,278,100 Running Costs

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€266,546 Net rent -€266,546 Valuation rent -€266,546

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €38,010,693

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - 2° tenant - Future Lease

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 1 0 0 Rent Free €0 28-Nov-2020 5 0 0 ResumeERV €1,307,500 28-Nov-2025 0 0 0 Reversion €1,307,500

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 4,283 m² x €150.00 = -€642,450 -€642,450

Letting Fee On Lease Start/Renwal With Void ERV €1,307,500 @ 10.0000 % = -€130,750 -€130,750 -€773,200 Running Costs

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€160,655 Net rent -€160,655 Valuation rent -€160,655 YP 1 Year 6 Mths @ 4.57% 1.4186 yp -€227,901 28-Nov-2019 Gross rent (Rent Free) €0

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €22,874,580

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 5 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - 3° tenant - Future Lease

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 0 0 Pre Void €0 28-May-2020 1 0 0 Rent Free €0 28-May-2021 5 0 0 ResumeERV €1,333,600 28-May-2026 0 0 0 Reversion €1,333,600

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 4,579 m² x €150.00 = -€686,850 -€686,850

Letting Fee On Lease Start/Renwal With Void ERV €1,333,600 @ 10.0000 % = -€133,360 -€133,360 -€820,210 Running Costs

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€171,758 Net rent -€171,758 Valuation rent -€171,758 YP 2 Yrs 0 Mths @ 4.57% 1.8707 yp -€321,303 28-May-2020 Gross rent (Rent Free) €0

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 6 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €22,621,680

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 7 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Common Areas

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 0 0 Review €0 28-May-2019 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fee On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 8 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar VPV Update 18

Property: Lodi,Piazzale Lodi 3,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_4

1° tenant - Future Lease 7,106 €0 €0.00 €2,122,000 €298.62 €24.89 12 12 0 0 0.000% 4.575% 6.564% -€5,684,530 €31,117,730 €4,379.08 2° tenant - Future Lease 4,283 €0 €0.00 €1,307,500 €305.28 €25.44 18 12 0 0 0.000% 4.575% 6.722% -€3,424,960 €18,722,395 €4,371.33 3° tenant - Future Lease 4,579 €0 €0.00 €1,333,600 €291.24 €24.27 24 12 0 0 0.000% 4.575% 6.953% -€3,442,652 €18,459,875 €4,031.42 Common Areas 27-May-2019 No RR 4,785 €0 €0.00 €0 €0.00 €0.00 1.00 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00

Totals 20,753 €0 €0.00 €4,763,100 €229.51 €19.13 -1.004% 4.454% 5.921% -€12,552,142 €68,300,000 €3,291.09

Property Total Net Income Valued -€712,077 Initial Yield -1.004 % Equivalent Yield 4.454 % True Equivalent Yield 4.567 % Reversionary Yield 5.921 % Avg WUT to Expiry/Break (Current Income) 0.00 yrs Avg WUT to Expiry (Current Income) 0.00 yrs Avg WUT to Expiry/Break (ERV) 0.00 yrs Avg WUT to Expiry (ERV) 0.00 yrs Vacant % by ERV 100.00 %

Stabilised Value - Argus Printouts

REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_4 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €85,852,264 Capital Costs -€105,272 Net Value Before Fees €85,746,991

Less Stamp Duty @2.00% of Net Value -€1,652,000 Agents Fee @1.00% of Net Value -€1,007,720 Legal Fee @0.50% of Net Value -€503,860

Fees include non recoverable VAT @ 22.00 % Net Valuation €82,583,411 Say €82,600,000

Equivalent Yield 4.8607% True Equivalent Yield 5.0121% Initial Yield (Deemed) 4.8667% Initial Yield (Contracted) 4.8667% Reversion Yield 4.8667%

Total Contracted Rent €4,763,100 Total Current Rent €4,763,100 Total Rental Value €4,763,100 No. Tenants 4 Capital value per m² €3,980.15

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Parking Spaces Fee 14-Mar-2035 Fixed €280,000 = -€280,000 -€105,272 -€105,272

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €4,763,100 €4,173,036 4.8667 % 5.0184 %

Yields based on €85,746,991

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - 1° tenant - Future Lease

Description Office Status Occupied and Let Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €2,122,000 Rental Value €2,122,000 from Areas (Rounded) Valuation Method Hardcore (5.000 % )

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €2,122,000 28-May-2024 0 0 0 Reversion €2,122,000

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fee On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 3 months In Perpetuity 7,106 m² x €22.26 pa = -€158,180 Property Management On Valuation every 3 months In Perpetuity R.Pass €2,122,000 @ 1.000 % = -€21,220 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €2,122,000 @ 0.500 % = -€10,610 Insurance On Valuation every 3 months In Perpetuity 7,106 m² x €2.73 pa = -€19,399 -€209,409

Component Valuation

28-May-2018 Gross rent (Current) €2,122,000 Less costs -€209,409 Net rent €1,912,591 Valuation rent €1,912,591 YP perp @ 5.00% 20.0000 yp €38,251,821

Gross Value €38,251,821

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - 2° tenant - Future Lease

Description Office Status Occupied and Let Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €1,307,500 Rental Value €1,307,500 from Areas (Rounded) Valuation Method Hardcore (5.000 % )

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €1,307,500 28-May-2024 0 0 0 Reversion €1,307,500

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fee On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 3 months In Perpetuity 4,283 m² x €22.26 pa = -€95,340 Property Management On Valuation every 3 months In Perpetuity R.Pass €1,307,500 @ 1.000 % = -€13,075 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €1,307,500 @ 0.500 % = -€6,538 Insurance On Valuation every 3 months In Perpetuity 4,283 m² x €2.73 pa = -€11,693 -€126,645

Component Valuation

28-May-2018 Gross rent (Current) €1,307,500 Less costs -€126,645 Net rent €1,180,855 Valuation rent €1,180,855 YP perp @ 5.00% 20.0000 yp €23,617,107

Gross Value €23,617,107

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - 3° tenant - Future Lease

Description Office Status Occupied and Let Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €1,333,600 Rental Value €1,333,600 from Areas (Rounded) Valuation Method Hardcore (5.000 % )

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €1,333,600 28-May-2024 0 0 0 Reversion €1,333,600

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fee On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 3 months In Perpetuity 4,579 m² x €22.26 pa = -€101,929 Property Management On Valuation every 3 months In Perpetuity R.Pass €1,333,600 @ 1.000 % = -€13,336 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €1,333,600 @ 0.500 % = -€6,668 Insurance On Valuation every 3 months In Perpetuity 4,579 m² x €2.73 pa = -€12,501 -€134,433

Component Valuation

28-May-2018 Gross rent (Current) €1,333,600 Less costs -€134,433 Net rent €1,199,167 Valuation rent €1,199,167 YP perp @ 5.00% 20.0000 yp €23,983,336

Gross Value €23,983,336

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 REPORT Property Valuation CBRE Ltd

Lodi,Piazzale Lodi 3,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Common Areas

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 0 0 Review €0 28-May-2019 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fee On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 5 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar SV Update 18

Property: Lodi,Piazzale Lodi 3,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_4

1° tenant - Future Lease 27-May-2024 No RR 7,106 €2,122,000 €24.89 €2,122,000 €298.62 €24.89 6.00 0 0 0 0 5.554% 5.000% 5.554% -€46,905 €36,802,762 €5,179.11 2° tenant - Future Lease 27-May-2024 No RR 4,283 €1,307,500 €25.44 €1,307,500 €305.28 €25.44 6.00 0 0 0 0 5.543% 5.000% 5.543% -€28,959 €22,722,441 €5,305.26 3° tenant - Future Lease 27-May-2024 No RR 4,579 €1,333,600 €24.27 €1,333,600 €291.24 €24.27 6.00 0 0 0 0 5.567% 5.000% 5.567% -€29,408 €23,074,797 €5,039.27 Common Areas 27-May-2019 No RR 4,785 €0 €0.00 €0 €0.00 €0.00 1.00 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00

Totals 20,753 €4,763,100 €19.13 €4,763,100 €229.51 €19.13 4.867% 4.861% 4.867% -€105,272 €82,600,000 €3,980.15

Property Total Net Income Valued €4,173,036 Initial Yield 4.867 % Equivalent Yield 4.861 % True Equivalent Yield 5.012 % Reversionary Yield 4.867 % Avg WUT to Expiry/Break (Current Income) 6.00 yrs Avg WUT to Expiry (Current Income) 6.00 yrs Avg WUT to Expiry/Break (ERV) 6.00 yrs Avg WUT to Expiry (ERV) 6.00 yrs Vacant % by ERV 0.00 %

H CASH FLOWS May '18-Jul '18 Aug '18-Oct '18 Nov '18-Jan '19 Feb '19-Apr '19 May '19-Jul '19 Lodi,Piazzale Lodi 3,Milan Months 1 - 3 Months 4 - 6 Months 7 - 9 Months 10 - 12 Months 13 - 15 Total Rental income 66,818 0 0 0 0

Total Rental Income 66,818 0 0 0 0 Other Income 0 0 0 0 0 Total Gross Income 66,818 0 0 0 0

Total LH Ground Rent payments 0 0 0 0 0 Property Management -592 0 0 0 0 Insurance -7,160 -7,160 -7,160 -7,160 -7,160 Property Tax -115,490 -115,490 -115,490 -115,490 -115,490 Registration Tax -296 0 0 0 0 Other non-rec -55,369 -55,369 -55,369 -55,369 -30,729 Total Non-recoverable Costs -178,907 -178,019 -178,019 -178,019 -153,379

Letting Fees 0 0 0 0 -212,200 Fit Out / TI 0 0 0 0 -1,065,900 Total Non-regular costs 0 0 0 0 -1,278,100

Gross Income 66,818 0 0 0 0 Non-recoverable costs -178,907 -178,019 -178,019 -178,019 -153,379 Net Income -112,089 -178,019 -178,019 -178,019 -153,379 Other costs 0 0 0 0 -1,278,100 NCF after capital items (letting fee, tenant incentives) -112,089 -178,019 -178,019 -178,019 -1,431,479

Costs Treated as Day 1 deduction Capex -8,955,360 * Lodi: €280,000 future payment for car -8,955,360 0 0 0 0 Other 1 (Profit) -620,000 parking in 2035 discounted at 6% to -620,000 0 0 0 0 produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) -105,272 -105,272 0 0 0 0 Surrender Payment 0 Aug '19-Oct '19 Nov '19-Jan '20 Feb '20-Apr '20 May '20-Jul '20 Aug '20-Oct '20 Lodi,Piazzale Lodi 3,Milan Months 16 - 18 Months 19 - 21 Months 22 - 24 Months 25 - 27 Months 28 - 30 Total Rental income 0 0 0 376,484 530,500

Total Rental Income 0 0 0 376,484 530,500 Other Income 0 0 0 0 0 Total Gross Income 0 0 0 376,484 530,500

Total LH Ground Rent payments 0 0 0 0 0 Property Management 0 0 0 -3,537 -5,305 Insurance -7,160 -7,160 -7,160 -7,160 -7,160 Property Tax -115,490 -115,490 -115,490 -115,490 -115,490 Registration Tax 0 0 0 -1,768 -2,653 Other non-rec -30,729 -15,878 -15,878 0 0 Total Non-recoverable Costs -153,379 -138,528 -138,528 -127,955 -130,608

Letting Fees 0 -130,750 0 -133,360 0 Fit Out / TI 0 -642,450 0 -686,850 0 Total Non-regular costs 0 -773,200 0 -820,210 0

Gross Income 0 0 0 376,484 530,500 Non-recoverable costs -153,379 -138,528 -138,528 -127,955 -130,608 Net Income -153,379 -138,528 -138,528 248,529 399,892 Other costs 0 -773,200 0 -820,210 0 NCF after capital items (letting fee, tenant incentives) -153,379 -911,728 -138,528 -571,681 399,892

Costs Treated as Day 1 deduction Capex -8,955,360 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -620,000 parking in 2035 discounted at 6% to 0 0 0 0 0 produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) -105,272 0 0 0 0 0 Surrender Payment 0 Nov '20-Jan '21 Feb '21-Apr '21 May '21-Jul '21 Aug '21-Oct '21 Nov '21-Jan '22 Lodi,Piazzale Lodi 3,Milan Months 31 - 33 Months 34 - 36 Months 37 - 39 Months 40 - 42 Months 43 - 45 Total Rental income 759,313 857,375 1,093,981 1,190,775 1,190,775

Total Rental Income 759,313 857,375 1,093,981 1,190,775 1,190,775 Other Income 0 0 0 0 0 Total Gross Income 759,313 857,375 1,093,981 1,190,775 1,190,775

Total LH Ground Rent payments 0 0 0 0 0 Property Management -7,484 -8,574 -10,796 -11,908 -11,908 Insurance -7,160 -7,160 -7,160 -7,160 -7,160 Property Tax -115,490 -115,490 -115,490 -115,490 -115,490 Registration Tax -3,742 -4,287 -5,398 -5,954 -5,954 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -133,876 -135,511 -138,844 -140,512 -140,512

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 759,313 857,375 1,093,981 1,190,775 1,190,775 Non-recoverable costs -133,876 -135,511 -138,844 -140,512 -140,512 Net Income 625,437 721,864 955,137 1,050,263 1,050,263 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 625,437 721,864 955,137 1,050,263 1,050,263

Costs Treated as Day 1 deduction Capex -8,955,360 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -620,000 parking in 2035 discounted at 6% to 0 0 0 0 0 produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) -105,272 0 0 0 0 0 Surrender Payment 0 Feb '22-Apr '22 May '22-Jul '22 Aug '22-Oct '22 Nov '22-Jan '23 Feb '23-Apr '23 Lodi,Piazzale Lodi 3,Milan Months 46 - 48 Months 49 - 51 Months 52 - 54 Months 55 - 57 Months 58 - 60 Total Rental income 1,190,775 1,190,775 1,190,775 1,190,775 1,190,775

Total Rental Income 1,190,775 1,190,775 1,190,775 1,190,775 1,190,775 Other Income 0 0 0 0 0 Total Gross Income 1,190,775 1,190,775 1,190,775 1,190,775 1,190,775

Total LH Ground Rent payments 0 0 0 0 0 Property Management -11,908 -11,908 -11,908 -11,908 -11,908 Insurance -7,160 -7,160 -7,160 -7,160 -7,160 Property Tax -115,490 -115,490 -115,490 -115,490 -115,490 Registration Tax -5,954 -5,954 -5,954 -5,954 -5,954 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -140,512 -140,512 -140,512 -140,512 -140,512

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 1,190,775 1,190,775 1,190,775 1,190,775 1,190,775 Non-recoverable costs -140,512 -140,512 -140,512 -140,512 -140,512 Net Income 1,050,263 1,050,263 1,050,263 1,050,263 1,050,263 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 1,050,263 1,050,263 1,050,263 1,050,263 1,050,263

Costs Treated as Day 1 deduction Capex -8,955,360 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -620,000 parking in 2035 discounted at 6% to 0 0 0 0 0 produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) -105,272 0 0 0 0 0 Surrender Payment 0 May '23-Jul '23 Aug '23-Oct '23 Nov '23-Jan '24 Feb '24-Apr '24 May '24-Jul '24 Lodi,Piazzale Lodi 3,Milan Months 61 - 63 Months 64 - 66 Months 67 - 69 Months 70 - 72 Months 73 - 75 Total Rental income 1,190,775 1,190,775 1,190,775 1,190,775 1,190,775

Total Rental Income 1,190,775 1,190,775 1,190,775 1,190,775 1,190,775 Other Income 0 0 0 0 0 Total Gross Income 1,190,775 1,190,775 1,190,775 1,190,775 1,190,775

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Costs Treated as Day 1 deduction Capex -8,955,360 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -620,000 parking in 2035 discounted at 6% to 0 0 0 0 0 produce €105,272 day 1. Other 2 (Void allowance, leasehold payment*) -105,272 0 0 0 0 0 Surrender Payment 0 PROPERTY ID: Allstar_5 - Velasca+Romana ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018 FINAL Velasca+Romana, Milan

Static Maps Active Property

Net Market Value (MV) 36,800,000 EUR

Drivers of CV Change

VALUATION METRICS (currency - EUR) KEY FACTS Metric Value Metric Value Market Value 36,800,000 Accomodation Area (sq m) 10,877 Market Value (per sq m) 3,383 WAULT to Break by Rent - Net Initial Yield -0.95% WAULT to Break by ERV - Reversionary Yield 6.35% WAULT to Expiry by Rent - Equivalent Yield 4.30% WAULT to Expiry by ERV - Gross Income 11,500 Percentage of Vacancy (Area) 100%**

Gross Income (per sq m) 1 **A small portion of the ground floor (some 54 sq.m.) appears to be leased to Alfia *Adj. Gross Income 11,500 S.r.l. with a passing rent of 11,500 €\annum, expiring as at 30/06/2023. We have Adj. Gross Income (per sq m) 1 not been provided with a copy of the lease. At the time of our inspection, the property appeared to be vacant in its entirety. Net Income -361,327 Net Income (per sq m) -33 Gross Rental Value 2,756,560 Gross Rental Value (per sq m) 253 Net Rental Value 2,429,148 Capital Expenditure -12,484,478 Transaction Costs 3.83% Over / Under Rented - VPV 36,800,000 SV 58,300,000 * Adjusted Gross Income equates to the Gross Income excluding any rent free periods

TOP 5 LEASES BY RENT (Valuation 28/05/2018) Tenant Name Term to Break Term to Expiry Area (sq m) Current Rent ERV % of rent Alfia Srl 5.09 5.09 54 11,500 0 100.0% Common Areas 3,441 0 0 0.0%

Others 0 0 0 0.0% Vacant n/a n/a 7,382 n/a 2,756,560 n/a

Printed 14/06/2018 15:48 PROPERTY ID: Allstar_5 - Velasca+Romana ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Area Term to any Term to Term to ERV / Area Current Void Current Rent Expiry Void Renewal Rent Apportioned Tenant Name Expiry Date Area Car Parks Net Rent Gross Rent ERV Hardcore Rate Unit Break active Break Expiry Unit Months Free Months Months Free Months Value Velasca_Cluster 2 27/05/2026 sq m 2,364 0 -89,903 0 921,960 390 24 6 0 0 4.60% 11,743,395 Velasca_Cluster 1 27/11/2025 sq m 2,364 0 -89,903 0 921,960 390 18 6 0 0 4.60% 12,056,993 Porta Romana_Cluster 2 27/05/2026 sq m 1,327 0 -50,460 0 456,220 344 24 6 0 0 4.20% 6,420,386 Porta Romana_Cluster 1 27/11/2025 sq m 1,327 0 -50,470 0 456,420 344 18 6 0 0 4.20% 6,580,933 Common Areas 31/12/2024 sq m 3,441 0 -90,498 0 0 0 0 0 0 0 0.00% 0 Alfia Srl 30/06/2023 sq m 54 0 5.09 5.09 5.09 9,907 11,500 0 0 0 0 0 0 4.60% 14,797 TOTAL sq m 10,877 0 -361,327 11,500 2,756,560 253 18 to 24 6 - - 36,816,509

Printed 14/06/2018 15:48 ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY REPORT

PORTA ROMANA 13 & VELASCA 7/9, MILANO

INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE

CBRE LONDON & 28/05/18 28/05/18 OFFICE CBRE MILAN

Please note the properties were previously reported separately in 2017, including special assumption that they were merged. The assets are now physically inter-connected and works underway to bind the buildings in line with the business plan. As such, we consider it prudent to deliver a single report and value for the asset in its entirety.

KEY VALUATION FACTORS

POSITIVE ▪ Central location within the Milan Historical Centre, in close proximity to the Milan CBD;

▪ Subject to completion, the building will have good prominence with the main entrance from Porta Romana;

▪ Subject to completion, the proposed business plan indicates the property will provide high quality office space

▪ The overall status of the building will be significantly improved by combining the 2 buildings.

NEGATIVE ▪ The area is an emerging business location with predominantly residential surroundings; ▪ The buildings are entirely vacant and works are underway to completely refurbish the space. This carries the associated risk of a gap in any income;

▪ High refurbishment cost due to the historic nature of the “Mellerio Building” (Porta Romana);

▪ Relatively high level of competition from similar assets in the surroundings due to complete within a similar timeframe

▪ The Velasca section at the rear has restrictive natural sunlight;

▪ Limited number of car parking spaces.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY DESCRIPTION

CURRENT BUSINESS The office building located at Piazza Velasca 7/9 (“Velasca”) was acquired by PLAN OR the All Star Fund during Q1 2017 from Allianz, for a purchase price of ca. INVESTMENT €25.4 M. At the date of acquisition, Allianz Group remained in occupation as DESCRIPTION a tenant on a short term, flexible arrangement which has since expired and the property is currently vacant in its entirety. Albeit, we understand that a small portion of the ground floor (some 54 sq.m.) appears to be leased to Alfia S.r.l. with a passing rent of 11,500 €\annum, expiring as at 30/06/2023. We have not been provided with a copy of the lease. The office building located in Corso di Porta Romana 13 (“Mellerio”) was purchased by All Star Fund in September 2017 for ca. 12,500,000. A legal pre-emption right over Porta Romana delayed the sale. At the date of acquisition, the property was entirely vacant. The investor strategy is to combine the 2 buildings by creating internal connections on the first and second floors, whilst improving the existing connection at ground floor level. Both buildings will be extensively refurbished to provide high quality office space throughout. This includes strip out and remediation of both buildings, followed by total renovation, restoration (Porta Romana) and upgrade of all facilities. The mechanical and electrical system will include new distribution and units, whilst the elevators in Velasca will be replaced and new elevators installed to Porta Romana. The main entrance to the newly merged assets will be from Porta Romana, whilst Velasca will feature a supplementary employee access point. At the time of our inspection, strip out works appeared to be largely completed within Porta Romana and nearing completion within Velasca. Asbestos removal was necessary within each floor of Velasca and we understand that the last remaining floor was due to be cleared within days of our site visit. Given that Porta Romana is subject to local heritage constraints, we understand that the municipality require ongoing input to the restoration process. Once strip out works are complete, we understand that the process of fit-out can commence. Initially this involves undertaking a tender process with potential contractors in coming weeks.

ACCOMMODATION We have not measured the property, but as instructed, we have relied upon floor areas made available to us. We understand the property has a total GEA of 10,823 sqm and total GLA of 7,382 sqm. In accordance with our Argus valuation file, we have summarised the GEA as set out below:

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Floor Areas FLOOR / UNIT USE SQ M Lobby / Technical Areas / Common Areas 3,441 Vertical+Horizontal Alfia Srl Office 54* Velasca_Cluster 1 Office 2,364 Velasca_Cluster 2 Office 2,364 Porta Romana_Cluster 1 Office, Archives, 1,327 Courtyard Porta Romana_Cluster 2 Office, Courtyard / 1,327 Terraces, Archives TOTAL 10,832 *the area over Alfia has been excluded from the total figure

TECHNICAL/ We retain on file a Technical Due Diligence report prepared by JLL for ENVIRONMENTAL Velasca and Porta Romana, dated 2 December 2016 and 23 February DD 2017. No potential critical issues have been highlighted in either report. For Velasca only a short-term capex is recommended in order to replace fairly dated 2-pipe fan coils and to create a dedicated electrical cabin, electrical system and wiring system with the related power panel inside the building. We consider that the items in need of repair are relatively minor and would in any event be covered by capex amount for the full refurbishment of the property. We believe that the contents of the technical due diligence report do not impact upon our valuation. We have also read the content of the Due Diligence Red Flag Report (Final) prepared for JPMorgan by Arcadis, dated July 2017, plus the High-Level Development Budget analysis contained therein: Velasca - The document calculates some €8,151,781 to be spent on the property for the re-development scenario; exceeding the CapEx budget provided by the Borrower by approximately €3,300,000. We have reviewed the content of the analysis; the main difference related to some €1,450,000 allowed for environmental liabilities (Asbestos Containing Materials - ACM and Man-Made Vitreous Fibres - MMVF removal and disposal). Another discrepancy includes an additional €900,000 to be spent on technical plant according to the TDD. Porta Romana - The document calculates combined CapEx for the Velasca and Porta Romana properties. Considering the Porta Romana property in isolation, the Due Diligence reports some €5,243,642 to be spent on the property for the re-development scenario; exceeding the capex budget provided by the Borrower by approximately €1,600,000. We have reviewed the content of the analysis; the main difference related to some €2,180,000 allowed for environmental liabilities on both buildings (Asbestos Containing Materials - ACM and Man-Made Vitreous Fibers - MMVF removal and disposal).

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

At the time of our inspection, we were advised that asbestos removal works would be complete within a matter of days after our inspection.

VALUATION CONSIDERATIONS

TENANCIES: A small portion of the ground floor (some 54 sq.m.) appears to be leased to Alfia S.r.l. with a passing rent of 11,500 €\annum, expiring as at 30/06/2023. We have not been provided with a copy of the lease. At the time of our inspection, the property appeared to be vacant in its entirety.

COSTS AND We have been provided with an updated capex amount on behalf of Kryalos ADJUSTMENTS SGR S.p.A., with a reported figure of €9,865,129. The revised figure accounts for some works undertaken from the total budgeted capex figure of €9,950,000 - We have reviewed the amount and we consider the figure to be in line with what an ordinary investor would spend on the property in order to modify it according to strategy, historic nature of Porta Romana and the requested characteristics for office space in Milan. Overall, the capital expenditure amount allowed within the budget is considered aligned with what would be expected of market standards to provide good quality space. In addition to the above, we have also considered a fit-out contribution of some 150-200 €/sq. m as an incentive to new tenants (in line with our knowledge of similar deals within the semi-central area of Milan), considering that the property will be fully refurbished once put on the market. This is equal to circa €1.34 Million to be spent upon re-letting. Other non-recoverable costs that were allowed are as follows (please note that due to rounding on a per sq. m basis within the valuation files some minor discrepancies could appear on the total cost, which however does not affect Market Value):  Property Tax (provided): say approximately €271,356 p.a. equal to 24.95 €/sq. m p.a.;  Insurance (provided): say approximately €14,684 p.a., equal to 1.37 €/sq. m;  Rent Tax (Italian Law) 0.50% of passing rent;  Utilities and Void Allowance: say approximately € 127,478 p.a., equal to 11.72 €/sq. m;  Letting Fees equivalent to 10% of rental value;

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

 Property Management (CBRE assumption) 1.00% of Passing Rent;  We have assumed Capex to be carried out during void periods; we consider service charges on vacant spaces to be included within the amounts allowed for capex and provision for extraordinary maintenance on such spaces.  Considering the property will be entirely refurbished, we have not allowed for any provision for extraordinary maintenance in the short term after works are completed.  According to standard market practice, and provided that the works to be carried out within the property are limited and do not reflect any town planning risk, we have also allowed a Profit equal to some 9% of the hard costs (Capex and Fit Out Contribution); this is equal to approximately €1,000,000 (c10% on the sole Capex amount) which we have allowed on day one in our valuation.

VOID PERIODS AND The property includes 2 office buildings located in Milan city centre, which RE-LETTABILITY: will be combined and extensively refurbished as part of ongoing refurbishment/ redevelopment works. A small element of the Velasca space is income producing albeit it was not evident that this tenant is in occupation. We anticipate that the development phase will last 18 months, whilst the total void period will range between 18 and 24 months. We have assumed that pre-lets will be secured over a portion of the space during the development phase. With consideration of the CapEx plan and the Business Plan provided, we have assumed that part of the Velasca and Porta Romana space will be complete and occupied by Q4 2019, whilst the remainder will be occupied by Q2 2020. This includes 6 months’ rent free or equivalent capital contribution. Based on our knowledge of similar deals and post refurbishment, we have allowed for a fit-out contribution of between 150 and 200 €/sq. m for Velasca and Porta Romana respectively. We consider the fit-out cost to be lower over Porta given it is generally considered the most sought after element of the property. The property could be suited to single occupation or for multiple tenants. Porta Romana is undoubtedly suited to providing meeting room / client facing space given the history and charm of the building, whilst Velasca at the rear would provide general office accommodation with relatively standard floor plates.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

MARKETABILITY & The property comprises 2 office buildings in a semi-central position, POTENTIAL benefitting from good accessibility links via public transport, architectural PURCHASERS: prestige and significant upside potential. Having regard to the current state of the buildings, we consider the property would attract mostly opportunistic or value add investors / development companies, interested in acquiring the property and maximising its value through an active asset management strategy, largely in line with the current business plan intentions. Once fully let, the property could appeal to both National and International investors, including some institutional investors, funds and large private equity companies. In terms of marketing timing we believe that an achievable marketing period would be in the region of 12-15 months; (considering that 6 months is the standard time needed by potential investors to undertake Due Diligence and analysis before entering the negotiations).

SALES PERIOD: 12-15 Months

OCCUPATIONAL The subject property is in a good office location which at present is COMPARABLES charasterised by a high office supply. Subject to the completion of works, the property is earmarked to provide 1 single asset providing high quality office accommodation. The completed product will be considered superior to what is currently available in the immediate area but having regard to the pipeline over the coming years, competition is a potential threat. We have considered the evidence within the table appended to this report, including the letting at Corso di Porta Romana 68 which was let for 350 €/sq. m. The subject property is in a superior location and the space which will be provided within the completed project will also be better. We would also highlight the letting transaction no. 4 (Piazza Tommaso Edison 1), regards the lease of some 1,600 sqm of office space within a Grade A office building, an iconic building which was built in the late 1930s on behalf of the "Banco di Roma" bank (now in the Unicredit Group). The comparable evidence benefits from a better location within the CBD, therefore we would expect the subject property to achieve a lower ERV rate. Having regard to the evidence available we have applied 400 €/sq. m to the office space in Porta Romana, 390 €/sq. m to the office space in Velasca and 200€/sq. m to the Archiving and Terrace space in Porta Romana. The office space in Porta Romana is considered superior given the prestige and road side frontage whilst the rate over Velasca is slightly lower given it is setback from any road, with restricted access if it were not for the connection through Porta Romana. This is slightly higher than the recent comparable evidence highlighted albeit we believe the property will achieve a higher quality finish after the hard refurbishment works.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Our assessed ERV of €2,756,560 per annum, equal to some 255 €/sq. m on the entire current GEA and some 373 €/sq. m over the GLA.

INVESTMENT In arriving at an appropriate yield to apply for our valuation of the property COMPARABLES we have taken the following key investment characteristics into account: the combined buildings will provide a relatively unique proposition in the area, there is significant investment potential subject to completion of works to provide high quality office space and whilst the location is not established, current occupier demand in Milan remains high and new areas are continually being considered. We believe that the property should be compared to the sale of assets which benefit from vacant possession, as there is no income deriving from the occupation. As shown in the tables, transactions of vacant properties in the Milan CDB have reflected values above 8,000 €/sq m for the properties within the established and more popular areas of the CBD (Piazza Cordusio and via Cantù), while properties at the borders of the CBD have been transacted at values between 4,000 and 4,700 €/sq m on the office spaces GLA (including archives but excluding common areas and technical spaces); Transaction n. 5: In Q3 2016 BNP Paribas sold a building in Piazza Missori to a Real Estate Fund (transaction information is confidential); the property is spread over some 9,000 sq m and will be refurbished into a hotel. The property dates back to the 1930s, with extensive basement levels. The purchase price reflected some 4,700 €/sq m on the current office and archives GLA. Comparable 2: In Q2 2016, HSBC sold its former HQ to AM Trust. The property forms part of a wider office building which is due to be completely refurbished. The property has similar visibility and access, though being very close to the Teatro La Scala and within the CBD of Milan. The selling price reflected some 4,200 €/sq m of capital value on the office GLA. Considering the aforementioned transaction comparables, we believe that the subject property would transact at a capital value (on the sole office+archive spaces) lower than comparable 5, being in a more secondary location at the borders of the CBD, and in line with the Comp.2 property, with an allowance for the inferior location, visibility and external appeal, but featuring a more efficient office/common and technical space ratio, in addition to the improved market conditions.”

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

anticipated rental growth, both in terms of the market rental value and the annual step rent or indexation growth. The valuation product is net of purchaser’s costs, as the yield reflects net rents over the gross price in line with Italian market research reports, though please note that comparable reported within this report reflect a Net/Net calculation. Any items of capital expenditure are also deducted. We have targeted split equivalent yields over Porta Romana and Velasca of 4.2% and 4.6% respectively, reflecting that the Porta Romana element would be more sought after. This equates to a market value of €36,800,000 reflecting a value in the region of 3,383 €/sq. m. on gross building area and 4,985 €/sq. m. on GLA basis. The above approach results in a reversionary yield (Net Reversionary Rent/Net Market Value) of 6.35%, reflecting that works are ongoing and there is re-letting risk given the space is being refurbished speculatively. This results in a current Equivalent Yield of 4.30%.

VALUATION Given the property is entirely vacant, our vacant possession value is equal to METHODOLOGY – our opinion of Market Value. VACANT POSSESSION VALUE:

VALUATION This Value is based upon the special assumption that all works are completed METHODOLOGY – as planned without any issues, and that the property is fully let, as at STABILISED VALUE: 28/05/2018. In approaching our valuation under the Special Assumption that the property is stabilised, we have adopted an equivalent yield of 4%, resulting in a value of €58,300,000, equating to €5,387 per sq. m.

REINSTATEMENT Our reinstatement cost remains unchanged from the previous valuation. We COST ASSESSMENT: have been provided with copies of the Reinstatement Cost Assessment produced by JLL, prepared for each property in isolation. The property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we estimate that the reinstatement cost of the property would be in the region of €16,900,000 on a day one basis, including demolition and fees but excluding VAT and inflation. In arriving at our opinion, we have had regard to the figure stated within the TDD report and our market knowledge, including internal benchmarking. This figure and the amount stated within the TDD report should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Costs Assessment is carried out.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

LOCATION PLANS

A LOCATION PLANS

LOCATION PLANS

Macro location Corso di Porta Romana 13/ Piazza Velasca 7/9, Milan

Source: internet Source: internet

Micro location Corso di Porta Romana 13/ Piazza Velasca 7/9, Milan

Source: internet Source: internet

PHOTOGRAPHS

B PHOTOGRAPHS

PHOTOGRAPHS

Photograph 1: external view - Corso di Porta Romana 13

Source: CBRE

Photograph 2: external view - Corso di Porta Romana 13

Source: CBRE

PHOTOGRAPHS

Photograph 3: external view – Piazza Velasca 7/9

Source: CBRE

Photograph 4: external view – Piazza Velasca 7/9

Source: CBRE

PHOTOGRAPHS

Photograph 5: external view - Corso di Porta Romana 13 – internal courtyard

Source: CBRE Photograph 6: external view - Corso di Porta Romana 13 – Porch

Source: CBRE

PHOTOGRAPHS

Photograph 7: internal view - Corso di Porta Romana 13

Source: CBRE Photograph 8: internal view - Corso di Porta Romana 13

Source: CBRE

PHOTOGRAPHS

Photograph 9 : internal view - Corso di Porta Romana 13

Source: CBRE Photograph 10: internal view - Corso di Porta Romana 13

Source: CBRE

PHOTOGRAPHS

Photograph 11 : internal view - Piazza Velasca 7/9

Source: CBRE Photograph 12: internal view - Piazza Velasca 7/9

Source: CBRE

FLOOR AREA SCHEDULE

C FLOOR AREA SCHEDULE

FLOOR AREA SCHEDULE

P.TA ROMANA ACCOMODATION DATA_PREVIOUS VALUATION UPDATED ACCOMODATION DATA Floor / Unit Use GEA (Sq m) GLA GEA (Sq m) GLA BF-F4 Technical Area 1,092 - 636 - BF-F4 Common areas 445 - 514 - B1+2F Archives 97 97 206 206 GF-F3 Working Area 2,095 2,095 1,909 1,909 GF-F3 Terraces/Courtyard 510 135 539 539 SUBTOTAL 4,239 2,327 3,803 2,654

VELASCA ACCOMODATION DATA_PREVIOUS VALUATION UPDATED ACCOMODATION DATA Floor / Unit Use GEA (Sq m) GLA GEA (Sq m) GLA GF Lobby 152 - 274 - GF Working Area 289 289 265.9 266 MF-F7 Working Area 4,539 4,539 4,462 4,462 GF-F7 Technical Area 85 - 78.8 - GF-F7 Vertical Connection 812 - 643 - SUBTOTAL 5,877 4,828 5,723 4,728 FURTHER SPACES NOT REPORTED IN THE PREVIOUS VALUATION GF Courtyard 529 - MF-F7 Common areas (horizontal) 121 - Roof Technical Area 647 - SUBTOTAL 1,296 0 TOTAL 7,020 4,728

TOTAL P.TA ROMANA + VELASCA 10,116 7,155 10,823 7,382

LEASE SUMMARIES

D LEASE SUMMARIES

LEASE SUMMARIES

The Property is vacant.

TENANCY SCHEDULE

E TENANCY SCHEDULE

TENANCY SCHEDULE

All Star Fund - Rent Roll as at 31st march 2018 Destination Gross Area 1st Break Lease Annual rent % index Next Guarantee Country Property Tenant Lease Start First expiry Guarantee Comments of use (sqm) Option Termination (*) application indexation type Viale Piero e Alberto Bank Stabilized rent from 23/12/2017 at Euro 4.875 Italy Pirelli & C. S.p.A. Office 58,345 23-dic-16 22-dic-28 22-dic-32 € ,, 75% 23-dic-17 3,221,250 Pirelli guarantee mln Italy Viale Monza 2 Vacant Retail 260 Valutrans released premised on 31-12-2017 Bailment agreement from 1 dec 2017 to 15 Italy Viale Monza 2 NI.SI.DA. SRL Retail 411 01-dic-11 30-nov-17 15-mag-18 € - 12,750 Deposit may 2018 Marionnaud Negotiations with tenant on spaces release Italy Viale Monza 2 Parfummeries Italia Retail 738 01-dic-10 30-nov-16 30-nov-22 € , 27,500 Deposit ongoing S.p.A. Cariparma - Credit Bank Amendment signed: new lease expiry 30-06- Italy Viale Monza 2 Retail 1,453 01-gen-12 30-giu-18 30-giu-18 € , 75% 01-gen-18 74,500 Agricole S.p.A. guarantee 2018 Italy Viale Monza 2 Vacant Retail 679 Eviction executed on october 19th 2017 Italy Viale Monza 2 Vacant Office 154 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 8,423 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 1,362 Tenant expected to leave the asset at first Italy Piazzale Lodi 3 Allianz S.p.A. Office 5,360 31-mar-17 30-giu-18 30-giu-18 € , expiry Allianz Bank Financial Termination notice sent from tenant - next Italy Piazzale Lodi 3 Office 13,790 31-mar-17 30-apr-18 30-apr-18 € ,, Advisors S.p.A. lease expiry 30-04-2018 Italy Piazzale Lodi 3 Vacant Office 6,660 Italy Piazzale Lodi 3 Common area Office 3,111 Italy Piazza Velasca 7/9 Vacant Office 5,823 Tenant released the asset on 16-01-2018 Italy Piazza Velasca 7/9 Alfia S.r.l. Office 54 01-lug-17 45107 30-giu-29 € , 0.75 01-lug-19 2,000 Deposit Italy Porta Romana 13 Vacant Office 4,239 Italy Corso Monforte 19 Vacant Office 1,443 Italy Via Veneto 54 Vacant Office 4,021 116,326 € 8,892,585 * net 12 months - inclusive of incentives such as Free Rent/discounts

Source: Kryalos SGR SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

F SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL EVIDENCE

# ADDRESS SUBMARKET YEAR OFFICE GLA (SQUNITARY RENT (€/SQ M) OCCUPIER TYPE GRADE STATUS 1 Piazza Armando Diaz 1 CBD Q1 2017 400 300 Banca Progetto Financial A Leased 2 Via Santa Maria alla Porta 1 CBD Q2 2017 611 350 Sator Sgr Business Service - Real Estate A Leased 3 Corso di Porta Romana/Via Pantano 19 PORTA ROMANA Q4 2017 7,000 n.a. Unipol Financial - Insurance A Leased 4 Piazza Tommaso Edison 1 CBD Q4 2017 1610 430 CNP Partners Financial A Leased 5 Corso Italia 13 CENTRO Q4 2017 930 360 SZA Studio Legale Professional - Legal Sector A Leased 6 Piazza Armando Diaz 7 CBD Q4 2017 850 400 Coeclerici / Diaz7 Manufacturing & Energy B Leased 7 Corso Europa 2 CBD Q4 2017 330 450 Decalia Group Financial A Leased 8 Corso di Porta Romana 68 CENTRO Q4 2017 260 350 Indivior Manufacturing & Energy - Pharma A Leased 9 Piazza Armando Diaz 1 CBD Q4 2017 180 330 Confidential Professional - Legal Sector A Leased 10 Via Privata Maria Teresa 8 CBD Q1 2018 425 300 InStyle Distribution Manufacturing & Energy B Leased 11 Piazza Armando Diaz 2 CBD Q1 2018 145 380 Axpo Manufacturing & Energy A Leased

SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF INVESTMENT EVIDENCE

SUB # YEAR CITY NAME ADDRESS USE SIZE (SQ M) PRICE € €/S YIELD (%) PURCHASER VENDOR MARKET 1 Q1 2016 Milan CBD Piazza Affari 1 Piazza Affari 1 Office 4,200 (Office GLA) 19.0 4,524 n.a. Vacant Partners Group - MPO Fondo Torre sgr unknown 2 Q2 2016 Milan CBD ex HSBC \ Office 2,500 (Office GLA) 10.5 4,200 n.a. Vacant AM Trust HSBC Fondo Finint Virgilio (managed by Finint 3 Q2 2017 Milan CBD Ex GUCCI HQ Via Broletto 22 Office 10,565 50.0 4,733 n.a. Vacant Savills Sgr (Hines Italia) Investments SGR) Bayerische Versorgungskammer (BVK) (Hines Fondo Donatello - Comparto David - Sorgente 4 Q2 2018 Milan CBD Piazza Cordusio 2 Piazza Cordusio 2 Office 14,300 130.0 9,091 n.a. Vacant Italia) Sgr Real Estate Fund (information are 5 Q3 2016 Milan CBD Piazza Missori Piazza Missori Office 9,000 (Office GLA) Confidential 4,700 n.a. Vacant BNP Paribas confidential) 6 Q1 2017 Milan CBD Former Luxottica HQ Via Catù Office 12,000 100.0 8,333 n.a. Vacant Hines Luxottica 7 Q4 2017 Milan CBD Carige Portfolio (3 Assets) Corso Vittorio Emanuele Office 2,482 107.5 - n.a. Vacant Antirion Sgr (Fondo Core) Banca Carige 8 Q3 2017 Milan CBD Former Risanamento HQ Via Bagutta, 20 Office 2,900 (Office GLA) Above 26.5 Above 9,200 n.a. Vacant Invel (Castello sgr) Risanamento

SUB # YEAR CITY NAME ADDRESS USE SIZE (SQ M) PRICE € €/s YIELD (%) PURCHASER VENDOR MARKET Palazzo Turati - Camera di Coia SGR o ehalf of Sofaz – Soveeig Tehoholdig – a Mila Chae of 9 Q1 2016 Milan CBD Via Meravigli 7 Office 14,800 97.0 6,600 n.a. Commercio fund of Azerbaijan Commerce company 10 Q1 2016 Milan CBD Itas Mutua new HQ Via Santa Maria Segreta 5 Office 3,500 22.5 6,500 n.a. Itas Mutua Valore Sviluppo Immobiliare - Sezione I 11 Q1 2016 Milan CBD Ex BNP Paribas HQ Piazza San fedele Office 10,000 80.0 8,000 n.a. Coima sgr (Regeneration Fund) BNP Paribas 12 Q4 2016 Milan CBD Corso Europa 2 Corso Europa 2 Office 15,000 92.0 6,100 3.8% Net BNP Paribas sgr Borromeo Family 13 Q4 2016 Milan CBD Palazzo Banca di Roma Piazza Edison 1 Office 22,000 220.0 10,000 Below 3.5% Fondo Italian Trophy Assets Fondo Core Nord Est (REAM) Fondo Diamond Italian Properties - IdeaFimit 14 Q1 2017 Milan Centre Corso di Porta Vittoria Corso di Porta Vittoria Office 4,900 28.0 5,700 5% Net n.a. sgr 15 Q1 2017 Milan CBD Via Borgogna 8 Via Borgogna 8 Office 6,700 (Office GLA) 85.0 12,600 3.9E Net Fabrica SGR IDeA Fimit Rho Immobiliare Fund - Comparto Core (Idea 16 2017 Q1 Milan CBD Galleria San Carlo, 6 Galleria San Carlo, 6 Office n.a. 54.0 n.a. International Investor Fimit) 17 2017 Q2 Milan CENTRE Corso di Porta Ticinese 1 Corso di Porta Ticinese 1 Office n.a. 61.5 n.a. 4.10% Net Invesco Real Estate Generali 18 2017 Q3 Milan CBD Piazza Affari 1 Piazza Affari 1 Office 3,486 40.0 11,474 4.00% Net Generali Partners Group 19 2017 Q3 Milan CBD Luxottica HQ Via San Nicolao 3 Office 11,705 114.5 9,782 4.20% (GOI/Net) Luxottica Beni Stabili 20 2017 Q3 Milan CENTRE via Festa del Perdono 10 via Festa del Perdono 10 Office 2,450 11.5 4,694 n.a. Private n.a. 21 2017 Q4 Milan Centro Palazzo Edison Via Forobonaparte 31 Office 30,000 272.0 9,067 4.20% (GOI/Net) ENPAM (IdeaFimit) Edison

Office+Retai DeaCapital (on behalf of an institutional 22 2018 Q1 Milan CBD INPS Via Gonzaga 16,480 65.0 3,944 3.30% Net FIP l investor- GAMMA Fund also invested by INPS)

23 2018 Q1 Milan CBD - Corso Matteotti 12 Office 8,571 139.0 16,217 3.88% Net Amundi Real Estate Sgr - Fondo Nexus 2 n.a. (Two assets - 1 in Milan + 1 in Rome)

VALUATION PRINTOUTS

G VALUATION PRINTOUTS VALUATION PRINTOUTS

Market Value – Argus Printouts

REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

File/Ref No Allstar_5 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €50,710,421 Capital Costs -€12,484,478 Net Value Before Fees €38,225,943

Less Stamp Duty @2.00% of Net Value -€736,000 Agents Fee @1.00% of Net Value -€448,960 Legal Fee @0.50% of Net Value -€224,480

Fees include non recoverable VAT @ 22.00 % Net Valuation €36,816,503 Say €36,800,000

Equivalent Yield 4.2989% True Equivalent Yield 4.4050% Initial Yield (Deemed) -0.9452% Initial Yield (Contracted) -0.9452% Reversion Yield 6.3547%

Total Contracted Rent €11,500 Total Current Rent €11,500 Total Rental Value €2,756,560 No. Tenants 6 Capital value per m² €3,383.30

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Capex On Valuation Fixed €9,865,129 = -€9,865,129 -€9,865,129

Profit On Valuation Fixed €1,000,000 = -€1,000,000 -€1,000,000 -€10,865,129

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €11,500 -€361,327 -0.9452 % -0.9508 % 28-Nov-2019 €11,500 -€318,030 -0.8320 % -0.8363 % 28-May-2020 €1,389,880 €1,082,968 2.8331 % 2.8840 % 28-Nov-2020 €2,768,060 €2,440,475 6.3843 % 6.6475 % 01-Jul-2023 €2,756,560 €2,429,148 6.3547 % 6.6153 %

Yields based on €38,225,943

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Velasca_Cluster 2

Description Status Occupied and Let Lease 6 years from 28-May-2020 Expiring 27-May-2026 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €921,960 from Areas (Rounded) Valuation Method Hardcore (4.600 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €390.00 2,364 100.00 % 0.00 €921,960 2,364 €921,960 *Rental Value using Rounded ERV €921,960

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 0 0 Pre Void €0 28-May-2020 0 6 0 Rent Free €0 28-Nov-2020 5 6 0 ResumeERV €921,960 28-May-2026 0 0 0 Reversion €921,960

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value fit Out Contribution On Initial Lease Start 2,364 m² x €200.00 = -€472,800 -€472,800

Letting Fees On Lease Start/Renwal With Void ERV €921,960 @ 10.0000 % = -€92,196 -€92,196 -€564,996 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 6 months In Perpetuity 2,364 m² x €24.95 pa = -€58,982 Property Management On Valuation when rent paid In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Insurance On Valuation every month In Perpetuity 2,364 m² x €1.35 pa = -€3,191 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 SC - Utilities & Void allo On All Voids every 3 months until end of eve2,364 m² x €11.73 pa = -€27,730 -€89,903

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€89,903 Net rent -€89,903 Valuation rent -€89,903 YP 2 Yrs 0 Mths @ 4.60% 1.8700 yp -€168,119 28-May-2020 Gross rent (Rent Free) €0 Less costs -€62,173 Net rent -€62,173

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

Valuation rent -€62,173 YP 0 Yrs 6 Mths @ 4.60% 0.4834 yp PV 2 Yrs @ 4.60% x 0.9140 0.4418 yp -€27,468 28-Nov-2020 Gross rent (Resume market (non-RR)) €921,960 Less costs -€76,003 Net rent €845,957 Valuation rent €845,957 YP perp @ 4.60% 21.7391 yp PV 2 Yrs 6 Mths @ 4.60% x 0.8937 19.4273 yp €16,434,688

Gross Value €16,239,101

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

Tenant - Velasca_Cluster 1

Description Status Vacant Unlet Lease 6 years from 28-Nov-2019 Expiring 27-Nov-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €921,960 from Areas (Rounded) Valuation Method Hardcore (4.600 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €390.00 2,364 100.00 % 0.00 €921,960 2,364 €921,960 *Rental Value using Rounded ERV €921,960

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 0 6 0 Rent Free €0 28-May-2020 5 6 0 ResumeERV €921,960 28-Nov-2025 0 0 0 Reversion €921,960

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Initial Lease Start 2,364 m² x €200.00 = -€472,800 -€472,800

Letting Fees On Lease Start/Renwal With Void ERV €921,960 @ 10.0000 % = -€92,196 -€92,196 -€564,996 Running Costs

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€89,903 Net rent -€89,903 Valuation rent -€89,903 YP 1 Year 6 Mths @ 4.60% 1.4182 yp -€127,496 28-Nov-2019 Gross rent (Rent Free) €0 Less costs -€62,173 Net rent -€62,173 Valuation rent -€62,173 YP 0 Yrs 6 Mths @ 4.60% 0.4834 yp PV 1 Year 6 Mths @ 4.60% x 0.9348 0.4519 yp

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

-€28,093 28-May-2020 Gross rent (Resume market (non-RR)) €921,960 Less costs -€76,003 Net rent €845,957 Valuation rent €845,957 YP perp @ 4.60% 21.7391 yp PV 2 Yrs @ 4.60% x 0.9140 19.8691 yp €16,808,436

Gross Value €16,652,847

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 5 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

Tenant - Porta Romana_Cluster 2

Description Status Vacant Unlet Lease 6 years from 28-May-2020 Expiring 27-May-2026 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €456,220 from Areas (Rounded) Valuation Method Hardcore (4.200 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa OFFICE €400.00 954 100.00 % 0.00 €381,700 Courtyard/Terraces €200.00 270 100.00 % 0.00 €53,900 Archives €200.00 103 100.00 % 0.00 €20,620 1,327 €456,220 *Rental Value using Rounded ERV €456,220

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 0 0 Pre Void €0 28-May-2020 0 6 0 Rent Free €0 28-Nov-2020 5 6 0 ResumeERV €456,220 28-May-2026 0 0 0 Reversion €456,220

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 1,327 m² x €150.00 = -€199,028 -€199,028

Letting Fees On Lease Start/Renwal With Void ERV €456,220 @ 10.0000 % = -€45,622 -€45,622 -€244,650 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 6 months In Perpetuity 1,327 m² x €24.95 pa = -€33,105 Property Management On Valuation when rent paid In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Insurance On Valuation every month In Perpetuity 1,327 m² x €1.35 pa = -€1,791 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 SC - Utilities & Void allo On All Voids every 3 months until end of eve1,327 m² x €11.73 pa = -€15,564 -€50,460

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€50,460 Net rent -€50,460 Valuation rent -€50,460 YP 2 Yrs 0 Mths @ 4.20% 1.8807 yp -€94,900 28-May-2020 Gross rent (Rent Free) €0 Less costs -€34,896 Net rent -€34,896 Valuation rent -€34,896 YP 0 Yrs 6 Mths @ 4.20% 0.4848 yp

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 6 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

PV 2 Yrs @ 4.20% x 0.9210 0.4465 yp -€15,581 28-Nov-2020 Gross rent (Resume market (non-RR)) €456,220 Less costs -€41,739 Net rent €414,481 Valuation rent €414,481 YP perp @ 4.20% 23.8095 yp PV 2 Yrs 6 Mths @ 4.20% x 0.9023 21.4823 yp €8,904,009

Gross Value €8,793,528

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 7 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

Tenant - Porta Romana_Cluster 1

Description Status Vacant Unlet Lease 6 years from 28-Nov-2019 Expiring 27-Nov-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €456,420 from Areas (Rounded) Valuation Method Hardcore (4.200 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa OFFICE €400.00 955 100.00 % 0.00 €382,000 ARCHIVES €200.00 103 100.00 % 0.00 €20,620 Courtyard €200.00 269 100.00 % 0.00 €53,800 1,327 €456,420 *Rental Value using Rounded ERV €456,420

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 0 6 0 Rent Free €0 28-May-2020 5 6 0 ResumeERV €456,420 28-Nov-2025 0 0 0 Reversion €456,420

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 1,327 m² x €150.00 = -€199,065 -€199,065

Letting Fees On Lease Start/Renwal With Void ERV €456,420 @ 10.0000 % = -€45,642 -€45,642 -€244,707 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 6 months In Perpetuity 1,327 m² x €24.95 pa = -€33,111 Property Management On Valuation when rent paid In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Insurance On Valuation every month In Perpetuity 1,327 m² x €1.35 pa = -€1,792 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 SC - Utilities & Void allo On All Voids every 3 months until end of eve1,327 m² x €11.73 pa = -€15,567 -€50,470

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€50,470 Net rent -€50,470 Valuation rent -€50,470 YP 1 Year 6 Mths @ 4.20% 1.4249 yp -€71,916 28-Nov-2019 Gross rent (Rent Free) €0 Less costs -€34,903 Net rent -€34,903 Valuation rent -€34,903 YP 0 Yrs 6 Mths @ 4.20% 0.4848 yp

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 8 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

PV 1 Year 6 Mths @ 4.20% x 0.9402 0.4558 yp -€15,908 28-May-2020 Gross rent (Resume market (non-RR)) €456,420 Less costs -€41,749 Net rent €414,671 Valuation rent €414,671 YP perp @ 4.20% 23.8095 yp PV 2 Yrs @ 4.20% x 0.9210 21.9288 yp €9,093,246

Gross Value €9,005,422

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 9 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

Tenant - Common Areas

Description Status Vacant Unlet Lease 25 years from 01-Jan-2000 Expiring 31-Dec-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €0 from Areas (Unrounded) Valuation Method Hardcore (0.000 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Lobby €0.00 274 100.00 % 0.00 €0 Technical Areas €0.00 1,361 100.00 % 0.00 €0 Vertical+Horiz €0.00 1,806 100.00 % 0.00 €0 3,441 €0 *Rental Value using UnRounded ERV €0

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2000 25 0 0 Review €0 01-Jan-2025 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 6 months In Perpetuity 3,441 m² x €24.95 pa = -€85,853 Property Management On Valuation when rent paid In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Insurance On Valuation every month In Perpetuity 3,441 m² x €1.35 pa = -€4,645 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 SC - Utilities & Void allo On All Voids every 3 months until end of eve = €0 -€90,498

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 10 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 04 July 2018 Valuation Date 28 May 2018

Tenant - Alfia Srl

Description Office Status Occupied and Let Lease 6 years from 01-Jul-2017 Expiring 30-Jun-2023 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €11,500 Rental Value €0 Valuation Method Hardcore (4.600 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa €0.00 54 100.00 % 0.00 €0 54 €0 *Rental Value using Manually input ERV €0

Lease History

Date Years Months Days Event Rent Paid 01-Jul-2017 6 0 0 Review €11,500 01-Jul-2023 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 6 months In Perpetuity 54 m² x €24.95 pa = -€1,347 Property Management On Valuation when rent paid In Perpetuity R.Pass €11,500 @ 1.000 % pa = -€115 Insurance On Valuation every month In Perpetuity 54 m² x €1.35 pa = -€73 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €11,500 @ 0.500 % pa = -€57 SC - Utilities & Void allo On All Voids every 3 months until end of eve = €0 -€1,593

Component Valuation

28-May-2018 Gross rent (Current over-rented) €11,500 Rental Value €0 Less costs -€1,593 Net rent €9,907 Valuation rent €9,907 YP perp @ 4.60% 21.7391 yp €215,376 01-Jul-2023 Gross rent (Reversion) €0 Less costs -€1,420 Net rent -€1,420 Valuation rent -€11,328 YP perp @ 4.60% 21.7391 yp PV 5 Yrs 1 Month @ 4.60% x 0.7953 17.2900 yp -€195,853

Gross Value €19,523

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 11 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar MV Update 18

Property: Velasca+Romana,Piazza Velasca 7/9,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_5

Velasca_Cluster 2 2,364 €0 €0.00 €921,960 €390.00 €32.50 24 6 0 0 0.000% 4.600% 7.560% -€4,044,358 €11,738,131 €4,965.37 Velasca_Cluster 1 2,364 €0 €0.00 €921,960 €390.00 €32.50 18 6 0 0 0.000% 4.600% 7.364% -€4,133,007 €12,051,588 €5,097.96 Porta Romana_Cluster 2 1,327 €0 €0.00 €456,220 €343.84 €28.65 24 6 0 0 0.000% 4.200% 6.845% -€2,128,736 €6,417,507 €4,836.65 Porta Romana_Cluster 1 1,327 €0 €0.00 €456,420 €343.92 €28.66 18 6 0 0 0.000% 4.200% 6.681% -€2,174,194 €6,577,983 €4,956.66 Common Areas 31-Dec-2024 No RR 3,441 €0 €0.00 €0 €0.00 €0.00 6.60 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00 Alfia Srl 30-Jun-2023 No RR 54 €11,500 €17.75 €0 €0.00 €0.00 5.09 0 0 0 0 74.966% 4.600% 0.000% -€4,183 €14,791 €273.91

Totals 10,877 €11,500 €0.09 €2,756,560 €253.43 €21.12 -0.945% 4.299% 6.355% -€12,484,478 €36,800,000 €3,383.30

Property Total Net Income Valued -€361,327 Initial Yield -0.945 % Equivalent Yield 4.299 % True Equivalent Yield 4.405 % Reversionary Yield 6.355 % Avg WUT to Expiry/Break (Current Income) 5.09 yrs Avg WUT to Expiry (Current Income) 5.09 yrs Avg WUT to Expiry/Break (ERV) 0.00 yrs Avg WUT to Expiry (ERV) 0.00 yrs Vacant % by ERV 100.00 %

Vacant Possession Value - Argus Printouts

REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_5 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €50,690,897 Capital Costs -€12,484,478 Net Value Before Fees €38,206,420

Less Stamp Duty @2.00% of Net Value -€736,000 Agents Fee @1.00% of Net Value -€448,960 Legal Fee @0.50% of Net Value -€224,480

Fees include non recoverable VAT @ 22.00 % Net Valuation €36,796,980 Say €36,800,000

Equivalent Yield 4.2990% True Equivalent Yield 4.4050% Initial Yield (Deemed) -0.9717% Initial Yield (Contracted) -0.9717% Reversion Yield 6.3617%

Total Contracted Rent €0 Total Current Rent €0 Total Rental Value €2,756,560 No. Tenants 5 Capital value per m² €3,400.18

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Capex On Valuation Fixed €9,865,129 = -€9,865,129 -€9,865,129

Profit On Valuation Fixed €1,000,000 = -€1,000,000 -€1,000,000 -€10,865,129

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €0 -€371,234 -0.9717 % -0.9776 % 28-Nov-2019 €0 -€327,937 -0.8583 % -0.8630 % 28-May-2020 €1,378,380 €1,073,061 2.8086 % 2.8586 % 28-Nov-2020 €2,756,560 €2,430,568 6.3617 % 6.6229 %

Yields based on €38,206,420

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Common Areas

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2000 25 0 0 Review €0 01-Jan-2025 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Porta Romana_Cluster 1

Description Status Vacant Unlet Lease 6 years from 28-Nov-2019 Expiring 27-Nov-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €456,420 from Areas (Rounded) Valuation Method Hardcore (4.200 % )

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 0 6 0 Rent Free €0 28-May-2020 5 6 0 ResumeERV €456,420 28-Nov-2025 0 0 0 Reversion €456,420

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 1,327 m² x €150.00 = -€199,065 -€199,065

Letting Fees On Lease Start/Renwal With Void ERV €456,420 @ 10.0000 % = -€45,642 -€45,642 -€244,707 Running Costs

Component Valuation

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €9,005,422

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Porta Romana_Cluster 2

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 0 0 Pre Void €0 28-May-2020 0 6 0 Rent Free €0 28-Nov-2020 5 6 0 ResumeERV €456,220 28-May-2026 0 0 0 Reversion €456,220

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Lease Start/Renwal With Void 1,327 m² x €150.00 = -€199,028 -€199,028

Letting Fees On Lease Start/Renwal With Void ERV €456,220 @ 10.0000 % = -€45,622 -€45,622 -€244,650 Running Costs

Component Valuation

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 5 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €8,793,528

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 6 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Velasca_Cluster 1

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €390.00 2,364 100.00 % 0.00 €921,960 2,364 €921,960 *Rental Value using Rounded ERV €921,960

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 0 6 0 Rent Free €0 28-May-2020 5 6 0 ResumeERV €921,960 28-Nov-2025 0 0 0 Reversion €921,960

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit Out Contribution On Initial Lease Start 2,364 m² x €200.00 = -€472,800 -€472,800

Letting Fees On Lease Start/Renwal With Void ERV €921,960 @ 10.0000 % = -€92,196 -€92,196 -€564,996 Running Costs

Component Valuation

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 7 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €16,652,847

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 8 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Velasca_Cluster 2

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €390.00 2,364 100.00 % 0.00 €921,960 2,364 €921,960 *Rental Value using Rounded ERV €921,960

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 0 0 Pre Void €0 28-May-2020 0 6 0 Rent Free €0 28-Nov-2020 5 6 0 ResumeERV €921,960 28-May-2026 0 0 0 Reversion €921,960

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value fit Out Contribution On Initial Lease Start 2,364 m² x €200.00 = -€472,800 -€472,800

Letting Fees On Lease Start/Renwal With Void ERV €921,960 @ 10.0000 % = -€92,196 -€92,196 -€564,996 Running Costs

Component Valuation

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 9 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

-€27,468 28-Nov-2020 Gross rent (Resume market (non-RR)) €921,960 Less costs -€76,003 Net rent €845,957 Valuation rent €845,957 YP perp @ 4.60% 21.7391 yp PV 2 Yrs 6 Mths @ 4.60% x 0.8937 19.4273 yp €16,434,688

Gross Value €16,239,101

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 10 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar VPV Update 18

Property: Velasca+Romana,Piazza Velasca 7/9,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_5

Common Areas 31-Dec-2024 No RR 3,441 €0 €0.00 €0 €0.00 €0.00 6.60 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00 Porta Romana_Cluster 1 1,327 €0 €0.00 €456,420 €343.92 €28.66 18 6 0 0 0.000% 4.200% 6.682% -€2,174,937 €6,580,633 €4,958.66 Porta Romana_Cluster 2 1,327 €0 €0.00 €456,220 €343.84 €28.65 24 6 0 0 0.000% 4.200% 6.846% -€2,129,462 €6,420,092 €4,838.60 Velasca_Cluster 1 2,364 €0 €0.00 €921,960 €390.00 €32.50 18 6 0 0 0.000% 4.600% 7.365% -€4,134,381 €12,056,430 €5,100.01 Velasca_Cluster 2 2,364 €0 €0.00 €921,960 €390.00 €32.50 24 6 0 0 0.000% 4.600% 7.561% -€4,045,698 €11,742,844 €4,967.36

Totals 10,823 €0 €0.00 €2,756,560 €254.70 €21.22 -0.972% 4.299% 6.362% -€12,484,478 €36,800,000 €3,400.18

Property Total Net Income Valued -€371,234 Initial Yield -0.972 % Equivalent Yield 4.299 % True Equivalent Yield 4.405 % Reversionary Yield 6.362 % Avg WUT to Expiry/Break (Current Income) 0.00 yrs Avg WUT to Expiry (Current Income) 0.00 yrs Avg WUT to Expiry/Break (ERV) 0.00 yrs Avg WUT to Expiry (ERV) 0.00 yrs Vacant % by ERV 100.00 %

Stabilised Value - Argus Printouts REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_5 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €60,538,548 Capital Costs €0 Net Value Before Fees €60,538,548

Less Stamp Duty @2.00% of Net Value -€1,166,000 Agents Fee @1.00% of Net Value -€711,260 Legal Fee @0.50% of Net Value -€355,630

Fees include non recoverable VAT @ 22.00 % Net Valuation €58,305,658 Say €58,300,000

Equivalent Yield 4.0149% True Equivalent Yield 4.1177% Initial Yield (Deemed) 4.0149% Initial Yield (Contracted) 4.0149% Reversion Yield 4.0149%

Total Contracted Rent €2,756,560 Total Current Rent €2,756,560 Total Rental Value €2,756,560 No. Tenants 5 Capital value per m² €5,386.70

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €2,756,560 €2,430,568 4.0149 % 4.1177 %

Yields based on €60,538,548

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Common Areas

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2000 25 0 0 Review €0 01-Jan-2025 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Porta Romana_Cluster 1

Description Status Vacant Unlet Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €456,420 Rental Value €456,420 from Areas (Rounded) Valuation Method Hardcore (4.000 % )

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €456,420 28-May-2024 0 0 0 Reversion €456,420

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 6 months In Perpetuity 1,327 m² x €24.95 pa = -€33,111 Property Management On Valuation when rent paid In Perpetuity R.Pass €456,420 @ 1.000 % pa = -€4,564 Insurance On Valuation every month In Perpetuity 1,327 m² x €1.35 pa = -€1,792 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €456,420 @ 0.500 % pa = -€2,282 -€41,749

Component Valuation

28-May-2018 Gross rent (Current) €456,420 Less costs -€41,749 Net rent €414,671 Valuation rent €414,671 YP perp @ 4.00% 25.0000 yp €10,366,774

Gross Value €10,366,774

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Porta Romana_Cluster 2

Description Status Vacant Unlet Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €456,220 Rental Value €456,220 from Areas (Rounded) Valuation Method Hardcore (4.000 % )

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €456,220 28-May-2024 0 0 0 Reversion €456,220

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 6 months In Perpetuity 1,327 m² x €24.95 pa = -€33,105 Property Management On Valuation when rent paid In Perpetuity R.Pass €456,220 @ 1.000 % pa = -€4,562 Insurance On Valuation every month In Perpetuity 1,327 m² x €1.35 pa = -€1,791 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €456,220 @ 0.500 % pa = -€2,281 -€41,739

Component Valuation

28-May-2018 Gross rent (Current) €456,220 Less costs -€41,739 Net rent €414,481 Valuation rent €414,481 YP perp @ 4.00% 25.0000 yp €10,362,014

Gross Value €10,362,014

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Velasca_Cluster 1

Description Status Vacant Unlet Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €921,960 Rental Value €921,960 from Areas (Rounded) Valuation Method Hardcore (4.250 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €390.00 2,364 100.00 % 0.00 €921,960 2,364 €921,960 *Rental Value using Rounded ERV €921,960

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €921,960 28-May-2024 0 0 0 Reversion €921,960

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 6 months In Perpetuity 2,364 m² x €24.95 pa = -€58,982 Property Management On Valuation when rent paid In Perpetuity R.Pass €921,960 @ 1.000 % pa = -€9,220 Insurance On Valuation every month In Perpetuity 2,364 m² x €1.35 pa = -€3,191 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €921,960 @ 0.500 % pa = -€4,610 -€76,003

Component Valuation

28-May-2018 Gross rent (Current) €921,960 Less costs -€76,003 Net rent €845,957 Valuation rent €845,957 YP perp @ 4.25% 23.5294 yp €19,904,880

Gross Value €19,904,880

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 5 REPORT Property Valuation CBRE Ltd

Velasca+Romana,Piazza Velasca 7/9,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Velasca_Cluster 2

Description Status Occupied and Let Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €921,960 Rental Value €921,960 from Areas (Rounded) Valuation Method Hardcore (4.250 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €390.00 2,364 100.00 % 0.00 €921,960 2,364 €921,960 *Rental Value using Rounded ERV €921,960

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €921,960 28-May-2024 0 0 0 Reversion €921,960

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount IMU - TASI On Valuation every 6 months In Perpetuity 2,364 m² x €24.95 pa = -€58,982 Property Management On Valuation when rent paid In Perpetuity R.Pass €921,960 @ 1.000 % pa = -€9,220 Insurance On Valuation every month In Perpetuity 2,364 m² x €1.35 pa = -€3,191 Registration Tax On Valuation when rent paid In Perpetuity R.Pass €921,960 @ 0.500 % pa = -€4,610 -€76,003

Component Valuation

28-May-2018 Gross rent (Current) €921,960 Less costs -€76,003 Net rent €845,957 Valuation rent €845,957 YP perp @ 4.25% 23.5294 yp €19,904,880

Gross Value €19,904,880

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 6 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar SV Update 18

Property: Velasca+Romana,Piazza Velasca 7/9,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_5

Common Areas 31-Dec-2024 No RR 3,441 €0 €0.00 €0 €0.00 €0.00 6.60 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00 Porta Romana_Cluster 1 27-May-2024 No RR 1,327 €456,420 €28.66 €456,420 €343.92 €28.66 6.00 0 0 0 0 4.403% 4.000% 4.403% €0 €9,983,440 €7,522.75 Porta Romana_Cluster 2 27-May-2024 No RR 1,327 €456,220 €28.65 €456,220 €343.84 €28.65 6.00 0 0 0 0 4.403% 4.000% 4.403% €0 €9,978,855 €7,520.71 Velasca_Cluster 1 27-May-2024 No RR 2,364 €921,960 €32.50 €921,960 €390.00 €32.50 6.00 0 0 0 0 4.632% 4.250% 4.632% €0 €19,168,853 €8,108.65 Velasca_Cluster 2 27-May-2024 No RR 2,364 €921,960 €32.50 €921,960 €390.00 €32.50 6.00 0 0 0 0 4.632% 4.250% 4.632% €0 €19,168,853 €8,108.65

Totals 10,823 €2,756,560 €21.22 €2,756,560 €254.70 €21.22 4.015% 4.015% 4.015% €0 €58,300,000 €5,386.70

Property Total Net Income Valued €2,430,568 Initial Yield 4.015 % Equivalent Yield 4.015 % True Equivalent Yield 4.118 % Reversionary Yield 4.015 % Avg WUT to Expiry/Break (Current Income) 6.00 yrs Avg WUT to Expiry (Current Income) 6.00 yrs Avg WUT to Expiry/Break (ERV) 6.00 yrs Avg WUT to Expiry (ERV) 6.00 yrs Vacant % by ERV 0.00 %

H CASH FLOWS May '18-Jul '18 Aug '18-Oct '18 Nov '18-Jan '19 Feb '19-Apr '19 May '19-Jul '19 Velasca+Romana,Piazza Velasca 7/9,Milan Months 1 - 3 Months 4 - 6 Months 7 - 9 Months 10 - 12 Months 13 - 15 Total Rental income 2,040 2,875 2,875 2,875 2,875

Total Rental Income 2,040 2,875 2,875 2,875 2,875 Other Income 0 0 0 0 0 Total Gross Income 2,040 2,875 2,875 2,875 2,875

Total LH Ground Rent payments 0 0 0 0 0 Property Management -19 -29 -29 -29 -29 Insurance -3,671 -3,671 -3,671 -3,671 -3,671 Property Tax -67,845 -67,845 -67,845 -67,845 -67,845 Registration Tax -10 -14 -14 -14 -14 Other non-rec -21,647 -21,648 -21,648 -21,648 -21,648 Total Non-recoverable Costs -93,192 -93,207 -93,207 -93,207 -93,207

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 2,040 2,875 2,875 2,875 2,875 Non-recoverable costs -93,192 -93,207 -93,207 -93,207 -93,207 Net Income -91,152 -90,332 -90,332 -90,332 -90,332 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) -91,152 -90,332 -90,332 -90,332 -90,332

Costs Treated as Day 1 deduction Capex -9,865,129 * Lodi: €280,000 future payment for car -9,865,129 0 0 0 0 Other 1 (Profit) -1,000,000 parking in 2035 discounted at 6% to -1,000,000 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Aug '19-Oct '19 Nov '19-Jan '20 Feb '20-Apr '20 May '20-Jul '20 Aug '20-Oct '20 Velasca+Romana,Piazza Velasca 7/9,Milan Months 16 - 18 Months 19 - 21 Months 22 - 24 Months 25 - 27 Months 28 - 30 Total Rental income 2,875 2,875 2,875 247,426 347,470

Total Rental Income 2,875 2,875 2,875 247,426 347,470 Other Income 0 0 0 0 0 Total Gross Income 2,875 2,875 2,875 247,426 347,470

Total LH Ground Rent payments 0 0 0 0 0 Property Management -29 -29 -29 -2,326 -3,475 Insurance -3,671 -3,671 -3,671 -3,671 -3,671 Property Tax -67,845 -67,845 -67,845 -67,845 -67,845 Registration Tax -14 -14 -14 -1,163 -1,737 Other non-rec -21,648 -10,823 -10,823 0 0 Total Non-recoverable Costs -93,207 -82,382 -82,382 -75,005 -76,728

Letting Fees 0 -137,838 0 -137,818 0 Fit Out / TI 0 -671,865 0 -671,828 0 Total Non-regular costs 0 -809,703 0 -809,646 0

Gross Income 2,875 2,875 2,875 247,426 347,470 Non-recoverable costs -93,207 -82,382 -82,382 -75,005 -76,728 Net Income -90,332 -79,507 -79,507 172,421 270,742 Other costs 0 -809,703 0 -809,646 0 NCF after capital items (letting fee, tenant incentives) -90,332 -889,210 -79,507 -637,225 270,742

Costs Treated as Day 1 deduction Capex -9,865,129 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -1,000,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Nov '20-Jan '21 Feb '21-Apr '21 May '21-Jul '21 Aug '21-Oct '21 Nov '21-Jan '22 Velasca+Romana,Piazza Velasca 7/9,Milan Months 31 - 33 Months 34 - 36 Months 37 - 39 Months 40 - 42 Months 43 - 45 Total Rental income 588,652 692,015 692,015 692,015 692,015

Total Rental Income 588,652 692,015 692,015 692,015 692,015 Other Income 0 0 0 0 0 Total Gross Income 588,652 692,015 692,015 692,015 692,015

Total LH Ground Rent payments 0 0 0 0 0 Property Management -5,772 -6,920 -6,920 -6,920 -6,920 Insurance -3,671 -3,671 -3,671 -3,671 -3,671 Property Tax -67,845 -67,845 -67,845 -67,845 -67,845 Registration Tax -2,886 -3,460 -3,460 -3,460 -3,460 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -80,174 -81,896 -81,896 -81,896 -81,896

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 588,652 692,015 692,015 692,015 692,015 Non-recoverable costs -80,174 -81,896 -81,896 -81,896 -81,896 Net Income 508,478 610,119 610,119 610,119 610,119 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 508,478 610,119 610,119 610,119 610,119

Costs Treated as Day 1 deduction Capex -9,865,129 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -1,000,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Feb '22-Apr '22 May '22-Jul '22 Aug '22-Oct '22 Nov '22-Jan '23 Feb '23-Apr '23 Velasca+Romana,Piazza Velasca 7/9,Milan Months 46 - 48 Months 49 - 51 Months 52 - 54 Months 55 - 57 Months 58 - 60 Total Rental income 692,015 692,015 692,015 692,015 692,015

Total Rental Income 692,015 692,015 692,015 692,015 692,015 Other Income 0 0 0 0 0 Total Gross Income 692,015 692,015 692,015 692,015 692,015

Total LH Ground Rent payments 0 0 0 0 0 Property Management -6,920 -6,920 -6,920 -6,920 -6,920 Insurance -3,671 -3,671 -3,671 -3,671 -3,671 Property Tax -67,845 -67,845 -67,845 -67,845 -67,845 Registration Tax -3,460 -3,460 -3,460 -3,460 -3,460 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -81,896 -81,896 -81,896 -81,896 -81,896

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 692,015 692,015 692,015 692,015 692,015 Non-recoverable costs -81,896 -81,896 -81,896 -81,896 -81,896 Net Income 610,119 610,119 610,119 610,119 610,119 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 610,119 610,119 610,119 610,119 610,119

Costs Treated as Day 1 deduction Capex -9,865,129 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -1,000,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 May '23-Jul '23 Aug '23-Oct '23 Nov '23-Jan '24 Feb '24-Apr '24 May '24-Jul '24 Velasca+Romana,Piazza Velasca 7/9,Milan Months 61 - 63 Months 64 - 66 Months 67 - 69 Months 70 - 72 Months 73 - 75 Total Rental income 691,057 689,140 689,140 689,140 689,140

Total Rental Income 691,057 689,140 689,140 689,140 689,140 Other Income 0 0 0 0 0 Total Gross Income 691,057 689,140 689,140 689,140 689,140

Total LH Ground Rent payments 0 0 0 0 0 Property Management -6,911 -6,891 -6,891 -6,891 -6,891 Insurance -3,671 -3,671 -3,671 -3,671 -3,671 Property Tax -67,845 -67,845 -67,845 -67,845 -67,845 Registration Tax -3,455 -3,446 -3,446 -3,446 -3,446 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -81,882 -81,853 -81,853 -81,853 -81,853

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 691,057 689,140 689,140 689,140 689,140 Non-recoverable costs -81,882 -81,853 -81,853 -81,853 -81,853 Net Income 609,175 607,287 607,287 607,287 607,287 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 609,175 607,287 607,287 607,287 607,287

Costs Treated as Day 1 deduction Capex -9,865,129 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -1,000,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 PROPERTY ID: Allstar_6 - Loreto ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018 FINAL Loreto , Milan

Static Maps Active Property

Net Market Value (MV) 21,100,000 EUR

Drivers of CV Change

VALUATION METRICS (currency - EUR) KEY FACTS Metric Value Metric Value Market Value 21,100,000 Accomodation Area (sq m) 13,480 Market Value (per sq m) 1,565 WAULT to Break by Rent 0.09 Net Initial Yield -0.38% WAULT to Break by ERV - Reversionary Yield 12.73% WAULT to Expiry by Rent 0.09 Equivalent Yield 5.50% WAULT to Expiry by ERV - Gross Income 416,810 Percentage of Vacancy (Area) 83.7% Gross Income (per sq m) 31 *Adj. Gross Income 416,810 Adj. Gross Income (per sq m) 31 Net Income -82,067 Net Income (per sq m) -6 Gross Rental Value 3,199,206 Gross Rental Value (per sq m) 237 Net Rental Value 2,783,888 Capital Expenditure -21,555,477 Transaction Costs 3.83% Over / Under Rented - VPV 21,000,000 SV 53,600,000 * Adjusted Gross Income equates to the Gross Income excluding any rent free periods

TOP 5 LEASES BY RENT (Valuation 28/05/2018) Tenant Name Term to Break Term to Expiry Area (sq m) Current Rent ERV % of rent Cariparma - Credit Agricole S.p.A. 0.09 0.09 0 300,680 0 72.1% Marionnaud Parfumers Italia S.p.A. 0.09 0.09 0 116,130 0 27.9% Common Areas 6.60 3,988 0 0 0.0%

Others 0 0 0 0.0% Vacant n/a n/a 11,289 n/a 3,199,206 n/a

Printed 14/06/2018 15:48 PROPERTY ID: Allstar_6 - Loreto ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

Area Term to any Term to Term to ERV / Area Current Void Current Rent Expiry Void Renewal Rent Apportioned Tenant Name Expiry Date Area Car Parks Net Rent Gross Rent ERV Hardcore Rate Unit Break active Break Expiry Unit Months Free Months Months Free Months Value Signage 27/11/2025 sq m 0 1 0 0 300,000 18 0 0 0 5.72% 2,530,040 Retail future lease 27/11/2025 sq m 2,208 0 -89,314 0 580,866 263 18 3 0 0 5.70% 3,706,454 Office -Tenant 3 future lease 27/11/2026 sq m 2,418 0 -97,808 0 769,730 318 30 9 0 0 5.72% 4,739,107 Office -Tenant 2 future lease 27/05/2026 sq m 2,418 0 -97,808 0 769,730 318 24 9 0 0 5.72% 4,914,548 Office -Tenant 1 future lease 27/11/2025 sq m 2,448 0 -99,022 0 778,880 318 18 9 0 0 5.72% 5,154,914 Marionnaud Parfumers Italia S.p.A.30/06/2018 sq m 0 0 0.09 0.09 0.09 114,388 116,130 0 0 0 0 0 5.70% 5,472 Common Areas 31/12/2024 sq m 3,988 0 -108,673 0 0 0 0 0 0 0 0.00% 0 Cariparma - Credit Agricole S.p.A. 30/06/2018 sq m 0 0 0.09 0.09 0.09 296,170 300,680 0 0 0 0 0 5.70% 14,169 TOTAL sq m 13,480 1 -82,067 416,810 3,199,206 237 18 to 30 3 to 9 - - 21,064,710

Printed 14/06/2018 15:48

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY REPORT

V.LE MONZA, 2 20127 MILAN, ITALY

INSPECTED BY: INSPECTION DATE: VALUATION DATE: PROPERTY TYPE

CBRE LONDON & 29/05/18 28/05/18 OFFICE CBRE MILAN

KEY VALUATION FACTORS

POSITIVE ▪ Semi-central location; ▪ Very good accessibility by public transport; ▪ Excellent visibility from one of the main retail streets in Milan (Corso Buenos Aires); ▪ Internally, the office accommodation offers good views over the surrounding neighbourhood; ▪ Refurbishment will provide effectively a ‘brand new’ building with strong architectural design elements. ▪ The property will become a unique and very recognisable building within the area which will likely improve leasing and sale prospects. ▪ Flexible floorplates offering potential to split-up assuming a multi- tenant scenario per floor; ▪ The possibility for the future tenant/s to have the signage directly facing Corso Buenos Aires could lead to higher achievable rents and shorter take-up timing with respect to similar buildings in the area

NEGATIVE ▪ The immediate area is predominantly residential and retail. It is not considered a typical business location; ▪ Poor original design leading to high refurbishment costs, ▪ Internal height lower than 3 meters, not in line with typical market requirements; ▪ Minimal provision of parking spaces, limited to street level parking only. ▪ The pedestrian walkway at the rear, held under municipal ownership is in relatively poor condition and may pose future security concerns;

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

PROPERTY DESCRIPTION

CURRENT BUSINESS The office building located in Piazzale Loreto/Viale Monza, 2 was acquired by PLAN OR All Star Fund on March 31st, 2017 from Allianz, for a purchase price of ca. INVESTMENT €26.1 M. The property was purchased as a strategic redevelopment DESCRIPTION opportunity. At the acquisition date, the SGR, on behalf of the Fund, entered into two short term lease agreements with Genialloyd and AMOS (Allianz Group companies), occupying 6 out of 8 office floors above ground. Allianz vacated the building February 28th, 2018. In addition, ground floor the asset was let to five retailers who have also now vacated. Now the property is vacant, the investor strategy is to proceed with the strip- out and full internal and external refurbishment with work expected to be completed by 4Q-19 at which time the property is expected to be released on a multi-tenant basis. The building is to be extensively refurbished to provide high quality ground floor retail units and upper floor office accommodation throughout. The mechanical and electrical system will include new distribution and units and new elevators installed to provide vertical connection. From our inspection, strip out works were ongoing as per the Business and CapEx plan provided and should be completed by the end of July 2018. By the end of the year (2018) the General Contractor will be appointed for the refurbishment works. Refurbishment works are expected to be completed in 4Q-19. We have been informed that the project has been approved by the landscape committee and by the Municipality. No further administrative authorizations are needed. We deem that the envisaged refurbishment works could be completed by the end of 2019 and the refurbishment plan to be consistent with the business plan. We therefore assumed 18 months of void to allow the completion of the refurbishment works as BP provided.

ACCOMMODATION We have not measured the property, but as instructed, we have relied upon floor areas made available to us. We understand the property has a total GEA of 13,480 sqm and total GLA of 9,492 sqm. Furthermore, in accordance with the tenancy schedule provided the property has a total vacant area of 11,289 sqm equating to a vacancy rate of 83.7% over the GEA. In accordance with our Argus valuation file, we have summarised the GEA as set out below:

Floor Areas FLOOR / UNIT USE SQ M G Retail Stock (Bank other units) 9.00 B1&2 Archives 890.00 G Retail & Bank 1,365.00 F1-F8 Office 7,228.00 B2-F9 Common area/vertical- 3,988.00 connection

TOTAL 13,480.00

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

TECHNICAL/ We retain on file a Technical Due Diligence report prepared by JLL, dated 2 ENVIRONMENTAL December 2016 and a Technical Due Diligence report prepared by Kryalos- DD Asti Architetti, dated 28 November 2016. No potential critical issues have been highlighted in the report prepared by JLL: only a short-term capex is recommended for the refurbishment of the 7th and 8th floor, adjustment works on the basement floors, the execution of prescriptions as per CEI 016 for electrical storage space and adequate ventilation in the UPS room. We consider that the items in need of repair are relatively minor and would in any event be covered by capex amount for the full refurbishment of the property. We believe that the contents of the technical due diligence report do not impact upon our valuation. We retain on file an Environmental Due Diligence Red Flag Report prepared by REAAS, dated 24/11/2016. The report concludes that the site represents overall low environmental risk. The document reports some €100,000 allowed for environmental liabilities (Asbestos Containing Materials - ACM and Man-Made Vitreous Fibers - MMVF removal and disposal). We consider that such potential liabilities will be resolved during refurbishment works. These costs have been absorbed within our total capital expenditure estimate.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

VALUATION CONSIDERATIONS

TENANCIES: The property is currently vacant whilst the property is being extensively refurbished.

COSTS AND We have been provided with an updated capex amount on behalf of Kryalos ADJUSTMENTS SGR S.p.A., with a reported figure of €17,326,756. The revised figure accounts for some works undertaken from the total budgeted capex figure of €17,538,000. We have reviewed the amount and we consider the figure to be in line with what an ordinary investor would spend on the property in order to modify it according to the new multi-let scenario and the requested characteristics for office space in Milan. Overall, the capital expenditure amount allowed within the budget is considered aligned with what would be expected of market standards to provide good quality space. In addition to the above, we have also considered a fit-out contribution of between 200-250 €/sq. m as an incentive to new tenants (in line with our knowledge of similar deals within the semi-central area of Milan), considering that the property will be fully refurbished once put on the market. This is equal to circa €2.0 Million to be spent upon re-letting. Other non-recoverable costs that were allowed are as follows (please note that due to rounding on a per sq. m basis within the valuation files some minor discrepancies could appear on the total cost, which however does not affect Market Value):

 Property Tax (provided): say approximately €346,975 p.a. equal to 25,73 €/sq. m p.a.;

 Insurance last year Insurance was some €24,800, which was nearly 2 times higher than what has been budgeted. Therefore, we adopted a more prudent approach assuming 0.1% on the RC €20,355 p.a., equal to 1.50 €/sq. m;

 Rent Tax (Italian Law) 0.50% of passing rent;  Property Management (CBRE assumption) 1.00% of Passing Rent;  Service Charge Utilities over void: say approximately € 125,296 p.a., equal to 13.19 €/sq. m;

 We have assumed Capex to be carried out during void periods;  Considering the property will be entirely refurbished, we have not allowed for any provision for extraordinary maintenance in the short term after works are completed.

 According to standard market practice, and provided that the works to be carried out within the property are extensive, we have also allowed a Profit equal to some 10% of the hard costs (Capex and Fit Out Contribution); this is equal to approximately €1,900,000

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

(11.7% on the sole Capex amount) which we have allowed on day one in our valuation.

VOID PERIODS AND The property is a stand-alone office complex in a semi central position that RE-LETTABILITY: benefits from very good accessibility via public transport. The strategy is to undertake a total renovation of the facades and an entire refurbishment of all floors in order to increase the appeal of the property for future tenants. The property will greatly benefit from the associated works, though will not achieve grade A specifications (due to the lower clearance height). Though the competition from Porta Nuova is considered significant, the property itself would not have direct competition in the immediate surroundings, and would be extremely appealing due to the prominence and the lower rent with respect to more established sub-markets. We anticipate that the development phase will last 18 months, whilst the total void period will range between 18 and 30 months. We have assumed that pre-lets will be secured over a portion of the space during the development phase. Having consideration to average take-up for the area, the future competition, the leading position within the reference market once refurbished, we consider the phased re-letting period to be reasonable. We anticipate some 30% of the office space taken up every 6 months) and 9 months’ rent-free period on each first year to secure a 6+6- year lease for the office space. We believe that the retail units will be extremely appealing, with 3 months’ rent free to secure a 6+6-year lease. In addition, we have also considered a fit-out contribution of some 200 €/sq. m as an incentive to new tenants (in line with our knowledge of similar deals within the semi-central and Porta Nuova area of Milan), considering that the property will be fully refurbished once put on the market. Considering that the cost of fit-out associated with retail space is higher, we have prudently allowed 250 € /sq. m as a fit-out contribution.

MARKETABILITY & The property is a mixed-use building which benefits from excellent POTENTIAL accessibility both via private and public transport, though lacking in parking PURCHASERS: spaces, with a short remaining cash flow. We believe that as at the date of valuation, the property would attract mostly opportunistic or value add investors, interested in acquiring the property and maximising its value through the refurbishment and active asset management. Once fully let, the property could appeal to both National and International investors, including some institutional investor, funds and large private equity companies. In terms of marketing, we believe that a sustainable marketing period would be in the region of 12-18 months; (6 months is considered the standard timing needed by potential investors to run all the Due Diligence processes and analysis before entering the negotiations).

SALES PERIOD: 12-18 Months

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

OCCUPATIONAL From our analysis of the local market, due to the peripheral location of the COMPARABLES subject property, albeit prominence and accessibility along Piazzale Loreto and Corso Buenos Aires, we focused on letting transactions within the Porta Nuova Business District (BD), as area which is increasingly considered an extension of Milan’s CBD and Semi Centre District. The table above highlights 24 letting transactions that took place between Q1 2018 - 2017 in the reference area; indicating good levels of take-up within the Porta Nuova sub-market, which is slowly improving trends within the wider area. It also indicates the fairly extensive range of rental levels linked to grade of properties and their location with respect to the Porta Nuova Development. From our analysis, rents ranged from €185 to €430 per sqm per annum with values varying based on quality, type and flexibility of the property, location, proximity to public transportation, amenities and surrounding area; the lowest value of €185 was for inferior location and condition of accommodation, while Grade A buildings within the heart of the Porta Nuova district generally achieve higher rents (up to 430 €/sq. m p.a.) We note the average rental value rete was €315 per sqm per annum. Based on the evidence considered, with respect to the grade A properties, we consider that the subject property would achieve a lower rental value due to its peripheral location compared with the Porta Nuova Development and due to inferior specifications (internal clearance height is lower than 3 m). We would expect a rental level in line with the high-end of the market for grade B properties, due to the excellent prominence and accessibility, and the proposed specification after refurbishment. Assuming that the proposed refurbishment works are complete and the commercial appeal is improved, the rents could be in line with high quality office space in the surrounding area, though much lower than Grade A buildings located in the proximity of the Porta Nuova Development. According to the analysis, we have adopted an ERV of 320 €/sq. m on the office space, 380 €/sq. m on the Retail and Bank at GF, 114 €/ sq. m on Storage B1 – Bank and 96 €/ sq. m on Storage B2. This is equal to €2,899,206 per annum. In addition to the above, we have also considered the rental income obtainable from the rooftop signage. The prominence from one of the main mass-market retail streets in Milan provides the signage with an extremely high appeal. We envisage that tenants who take occupation of the office accommodation within the property would also be interested in the opportunity to advertise their brand in this manner.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

As comparable evidence, we have been informed that signage of a similar size, located within the Centre of Milan (via Broletto), which is let to a primary Italian luxury fashion group, pays some 300,000 €/annum. Though the location is less exclusive, the signage in Piazzale Loreto would benefit from a higher footfall along the streets and an extremely high traffic flow during the entire day. The total rent achievable is € 3,199,206 per annum, some 237 €/sq. m on the GEA and 337 €/sq. m p.a. on the GLA – the latter places the property in a competitive range with respect to the office offer in the wider area.

INVESTMENT In the local market, there has not been a good sample of comparable COMPARABLES transactions. Therefore, the survey was extended to the area of Porta Nuova, which has been subject to recent redevelopment, and to the peripheral areas of Milan, with particular attention to properties that may be considered similar in terms of quality and functional purpose to the subject property. In approaching our valuation, we strongly considered comparable transaction number 2 being an office building within the reference area which was sold with vacant possession. The property will be entirely refurbished and put on the market, with refurbishments similar to those forecast on the subject property. The property is located within the established submarket of Porta Nuova, with very good accessibility via public transport. We believe that the subject property would reflect a value per sq. m below the comparable 1 (Ex INPS, Via Melchiorre Gioia 22) due to the landmark status of the asset (which spreads over 18 floors along the main road leading to the Porta Nuova Development, benefitting from excellent visibility and a location within one of the best performing submarkets of Milan), albeit with some account for the market improvement since Q4 2015.

ON BEHALF OF: JPMORGAN VALUATION DATE: 28/05/2018

space GLA, it equates to 2,223 €/Sq. m. This is below comparable n. 3 (3,429 €/sq. m GLA for Office only), which in our opinion is consistent with market evidence and conditions, as the achievable rent is in our opinion lower by some 20-30% to via Pola, and market yields in the Porta Nuova Sub-market are lower. The double-digit RY in our opinion reflects the risks entailed in the operation, especially the significant amount of Capex, the Town Planning risk and the re-letting risks impacted by the level of competition from Porta Nuova.

VALUATION The constituent inputs largely align with the Market Value approach given the METHODOLOGY – property is predominantly vacant or nearing complete vacancy. We note our VACANT POSSESSION vacancy rate above is calculated on the gross building area. VALUE: In approaching our valuation under the Special Assumption that the property is entirely vacant (Vacant Possession Value), we have adopted an equivalent yield of 5.50%, phased void period of 18-30 months and rent-free period of between 3-9 months. This results in a value of €21,000,000, equating to €1,557 per sq. m.

VALUATION This Value is based upon the special assumption that all works are completed METHODOLOGY – as planned without any issues, and that the property is fully let, as at STABILISED VALUE: 28/05/2018. In approaching our valuation under the Special Assumption that the property is stabilised, we have adopted an equivalent yield of 5.00%, resulting in a value of €53,600,000, equating to €3,974 per sq. m.

REINSTATEMENT Our reinstatement cost remains unchanged from the previous valuation. We COST ASSESSMENT: have been provided with copies of the Reinstatement Cost Assessment produced by JLL. The property has not been inspected by a suitably qualified building surveyor from CBRE, nor have we carried out a full Reinstatement Cost Assessment. For indicative purposes only, we estimate that the reinstatement cost of the property would be in the region of €23,600,000 on a day one basis, including demolition and fees but excluding VAT and inflation. In arriving at our opinion, we have had regard to the figure stated within the TDD report and our market knowledge, including internal benchmarking. This figure and the amount stated within the TDD report should be compared with the current sum insured and if a material discrepancy exists we suggest that a full Reinstatement Costs Assessment is carried out.

A LOCATION PLANS

LOCATION PLANS

Macro location Viale Monza 2, Milan

Source: www.googlemaps.com Source: www.googlemaps.com

Micro location Viale Monza 2, Milan

Source: www.googlemaps.com Source: www.googlemaps.com

PHOTOGRAPHS

B PHOTOGRAPHS

PHOTOGRAPHS

Photograph 1: external view

Source: CBRE

Photograph 2: external view

Source: CBRE

PHOTOGRAPHS

Photograph 3: external view

Source: CBRE

Photograph 4: internal view

Source: CBRE

PHOTOGRAPHS

Photograph 5: internal view

Source: CBRE

Photograph 6: internal view

Source: CBRE

PHOTOGRAPHS

Photograph 7: internal view - courtyard

Source: CBRE

Photograph 8: internal view

Source: CBRE

FLOOR AREA SCHEDULE

C FLOOR AREA SCHEDULE

FLOOR AREA SCHEDULE

ACCOMODATION DATA_PREVIOUS VALUATION UPDATED ACCOMODATION DATA Floor / Unit Use GEA (Sq m) GLA Use GEA (Sq m) GLA B2 Retail Stock (Bank+other units) 209 209 BASEMENT (-2) Retail Storage 156 156 B1 Retail Stock (Bank+other units) 1,191 1,191 BASEMENT (-2) Offices Storage 56 56 B2 Archives 174 174 BASEMENT (-1) Retail Storage 678 678 GF Retail + Bank 952 952 GROUND FLOOR Storage Retail 7 7 GF Lobby 155 - RAISED FLOOR Storage Retail 2 2 MF Retail + Bank 714 714 GROUND FLOOR Retail 800 800 F1-F8 Office 6,528 6,528 RAISED FLOOR Retail 565 565 B2-F8 Common areas/vertical-orizzontal co 2,313 - 1F - 8F Offices 7,228 7,228 B2-F9 Technical Spaces 1,540 - SUBTOTAL 13,776 9,768 9,492 9,492 B2-F9 Technical Shafts 287 - Lobby 214 - B2 Electrical Booth 112 - Vertical/Horiz connections 1,313 - 2F-9F Terraces - - Terraces/Porches 858 - - - Technical Areas 1,603 - SUBTOTAL - - 3,988 TOTAL 14,176 9,768 13,480 9,492

LEASE SUMMARIES

D LEASE SUMMARIES

LEASE SUMMARIES

TENANCY SCHEDULE

E TENANCY SCHEDULE

TENANCY SCHEDULE

All Star Fund - Rent Roll as at 31st march 2018 Destination Gross Area 1st Break Lease Annual rent % index Next Guarantee Country Property Tenant Lease Start First expiry Guarantee Comments of use (sqm) Option Termination (*) application indexation type Viale Piero e Alberto Bank Stabilized rent from 23/12/2017 at Euro 4.875 Italy Pirelli & C. S.p.A. Office 58,345 23-dic-16 22-dic-28 22-dic-32 € ,, 75% 23-dic-17 3,221,250 Pirelli guarantee mln Italy Viale Monza 2 Vacant Retail 260 Valutrans released premised on 31-12-2017 Bailment agreement from 1 dec 2017 to 15 Italy Viale Monza 2 NI.SI.DA. SRL Retail 411 01-dic-11 43069 15-mag-18 € - 12,750 Deposit may 2018 Marionnaud Negotiations with tenant on spaces release Italy Viale Monza 2 Parfummeries Italia Retail 738 01-dic-10 42704 30-nov-22 € , 27,500 Deposit ongoing S.p.A. Cariparma - Credit Bank Amendment signed: new lease expiry 30-06- Italy Viale Monza 2 Retail 1,453 01-gen-12 43281 30-giu-18 € , 0.75 01-gen-18 74,500 Agricole S.p.A. guarantee 2018 Italy Viale Monza 2 Vacant Retail 679 Eviction executed on october 19th 2017 Italy Viale Monza 2 Vacant Office 154 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 8,423 Tenant left the asset on feb-2018 Italy Viale Monza 2 Vacant Office 1,362 Tenant expected to leave the asset at first Italy Piazzale Lodi 3 Allianz S.p.A. Office 5,360 31-mar-17 30-giu-18 30-giu-18 € , expiry Allianz Bank Financial Termination notice sent from tenant - next Italy Piazzale Lodi 3 Office 13,790 31-mar-17 30-apr-18 30-apr-18 € ,, Advisors S.p.A. lease expiry 30-04-2018 Italy Piazzale Lodi 3 Vacant Office 6,660 Italy Piazzale Lodi 3 Common area Office 3,111 Italy Piazza Velasca 7/9 Vacant Office 5,823 Tenant released the asset on 16-01-2018 Italy Piazza Velasca 7/9 Alfia S.r.l. Office 54 01-lug-17 30-giu-23 30-giu-29 € , 75% 01-lug-19 2,000 Deposit Italy Porta Romana 13 Vacant Office 4,239 Italy Corso Monforte 19 Vacant Office 1,443 Italy Via Veneto 54 Vacant Office 4,021 116,326 € 8,892,585 * net 12 months - inclusive of incentives such as Free Rent/discounts

Source: Kryalos SGR SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

F SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF RENTAL EVIDENCE

SIZE # ADDRESS SUBMARKET YEAR (SQ M) UNITARY RENT (€/SQ M) OCCUPIER TYPE GRADE STATUS 1 Via Tonale 26 Milan Italia Porta Nuova Q1 2018 500 240 NWL Italy Manufacturing & Energy B Leased 2 Via Fara 26 Milan Italia Porta Nuova Q1 2018 700 355 Mach 1 Financial A Leased 3 Via Melchiorre Gioia 8 Milan Italia Porta Nuova Q1 2018 700 370 Angelini Farmaceutica Manufacturing & Energy A Leased 4 Viale Abruzzi 94 Milan Italia Semicentre Q1 2018 1200 225 REGUS Business Services B Leased 5 Via Vittor Pisani 14 Milan Italia Porta Nuova Q1 2018 1200 300 PRA International Manufacturing & Energy B Leased 6 Via Fara 26 Milan Italia Porta Nuova Q4 2017 600 350 Accor Hospitality Italia Business Service A Leased 7 Viale Monza 338 Milan Italia Viale Monza Q4 2017 800 230 Chep Manufacturing & Energy A Leased 8 Via Fabio Filzi 25A Milan Italia Porta Nuova Q3 2017 450 320 Jusy Meazza Buying Company Srl Other A Leased 9 Viale Monza 338 Milan Italia Viale Monza Q3 2017 800 220 Indra Italia Business Service A Leased 10 Via Ferrante Aporti 8 Milan Italia Semicentre Q3 2017 1200 400 Coty Consumer Services & Leisure A Leased 11 Piazza della Repubblica 14, 16 Milan Italia Porta Nuova Q3 2017 1272 350 Euler Hermes Italia Financial A Leased 12 Via Tolmezzo 15 Milan Italia Periphery Q3 2017 3700 240 Adecco Business Service A Leased 13 Viale Monza 347 Milan Italia Viale Monza Q3 2017 3768 185 Bureau Veritas Italia Spa Business Service A Leased 14 Via Vittor Pisani 26 Porta Nuova Q2 2017 473 320 RBC Financial B Leased 15 Via Pergolesi 2A Semicentre Q2 2017 1,052 310 2 tenants Business Services and Manufacturing & energy B Leased 16 Via Filzi 29 Porta Nuova Q2 2017 550 400 IMS Health Manufacturing & Energy A Leased 17 Via Monte Grappa 3 Porta Nuova Q1 2017 17,732 430 Amazon Consumer Services & Leisure A Leased 18 Via Liberazione 16/18 Porta Nuova Q1 2017 8,500 430 Versace Fashion A Leased 19 Via della Moscova 3 Porta Nuova Q1 2017 1,000 390 Keyence Manufacturing & Energy B Leased 20 Corso Buenos Aires 54 Semicentre Q1 2017 860 280 Luois Vuitton Fashion B Leased 21 Corso di Porta Nuova 18 Porta Nuova Q1 2017 575 n.a. Staff Italia Business Service B Leased 22 Piazza Cavour 1 Porta Nuova Q1 2017 300 n.a. Cassiopea Partners Srl Financial B Leased 23 Via Tazzoli 6 Porta Nuova Q1 2017 278 251 Opteven Business Service B Leased 24 Via Filzi 25/A Porta Nuova Q1 2017 450 330 Incyte Manufacturing & Energy A Leased 25 Via Galilei 7 Porta Nuova Q4 2016 500 300 Lindorff Financial B Leased 26 Piazza della Republica 14/16 Porta Nuova Q4 2016 320 350 Turner Broadcasting Business Service A Leased 27 Via Filzi 29 Porta Nuova Q4 2016 1,446 390 Nurun Computers & High-Tech A Leased 28 Via Filzi 29 Porta Nuova Q4 2016 700 390 Liberty Limited Financial A Leased 29 Via Pergolesi 25 Semicentre Q4 2016 559 300 Cathay Pacific Airways Limited B Leased 30 Via Fabio Filzi 25/A Porta Nuova Q4 2016 450 330 UPM Kymmene Manufacturing & Energy A Leased 31 Via Fabio Filzi 25/A Porta Nuova Q4 2016 450 330 Accenture Business Service A Leased 32 Via Fara 26 Porta Nuova Q4 2016 985 340 Red Hat Computers & High-Tech A Leased 33 Via Fara 35 Porta Nuova Q4 2016 252 200 RBA Italia Srl Business Service B Leased 34 Via Lepetit 8/10 Porta Nuova Q3 2016 920 150 Ticket One Consumer Services & Leisure A Leased 35 Via Lepetit 8/10 Porta Nuova Q3 2016 750 310 Ayming Business Service A Leased 36 Via Filzi 29 Porta Nuova Q3 2016 754 390 Otsuka Manufacturing & Energy A Leased 37 Viale Restelli 29 Porta Nuova Q2 2016 200 160 Omnia Salute Consumer Services & Leisure B Leased 38 Via Benedetto Marcello 1 Semicentre Q1 2016 190 158 Unknown Unknown C Leased

SCHEDULE OF RENTAL AND INVESTMENT EVIDENCE

SCHEDULE OF INVESTMENT EVIDENCE

# YEAR CITY SUB MARKET NAME ADDRESS USE SIZE (SQ M) PRICE (€) €/SQ M YIELD (%) PURCHASER VENDOR Via Bonnet 10 - Ex Fondo Porta Nuova Bonnet - 1 Q4 2016 Milan Porta Nuova Via Bonnet 8/10 Office 16,100 51 3,168 80% Vacant Edilizia Commerciale - Edoardo Caltagirone Group Unilever Coima SGR 2 Q4 2016 Milan Porta Nuova sede INPS via Pola 9 Office 12,248 44 3,429 (Office GLA) Vacant Barings ( Kryalos sgr) Sara Assicurazioni Coima SGR Fondo MH Real Estate Crescita (gestito da 3 Q4 2016 Milan Porta Nuova Gioiaotto Via Melchiorre Gioia Office 13600 57 4,213 (Office GLA) 5.5% Net Coima RES Spa SIIQ MPS, in liquidazione) 4 Q1 2017 Milan Periphery Fondo Obelisco Viale Giulio Richard 1, Torre B Office 10,600 33 3,113 (office GLA) n.a. Investire Sgr To be demolished and 5 Q2 2017 Milan Periphery Via Piranesi Via Piranesi Offce n.a. 8.4 n.a. Nexity Sanofi fully ref 6 Q2 2017 Milan Semicentre Via Pavia 6 Via Pavia 6 Resi/office/retail n.a. 7 n.a. Private Invesco Real Estate 13.7 (GOI/Net Price) 7 Q3 2017 Milan Porta Nuova Tecla (2 assets) Via Alserio 10 Office 9000 12.5 1,389 Savills IM sgr (Cerberus) Prelios sgr (Fondo Tecla) Opportunistic 8 Q3 2017 Milan Porta Nuova Via Sassetti 32 Via Sassetti 32 Office 6200 52 8,387 Owner Occupied Banca Sella Invesco Real Estate (per conto di un separate account) Via Melchiorre Gioia 26 and 9 Q3 2017 Milan Porta Nuova Kensinghton Portfolio Office 16000 145 9,063 3.5-4.00 Net/Net Allianz RE Blackstone Bastioni di Porta Nuova 10 Q3 2017 Milan Periphery Amadeo 59 Via Amadeo 59 Office 11846 33 2,786 5.75 Net/Net Prelios sgr BNPParibas sgr (Apollo) 11 Q1 2018 Milan Maciachini Viale Stelvio 55-57 Office 12000 42.25 3,521 3.86 Net/Net BNP (Cardiff) Manuli (Private family)

VALUATION PRINTOUTS

G VALUATION PRINTOUTS VALUATION PRINTOUTS

Market Value – Argus Printouts

REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_6 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €43,428,309 Capital Costs -€21,555,477 Net Value Before Fees €21,872,832

Less Stamp Duty @2.00% of Net Value -€422,000 Agents Fee @1.00% of Net Value -€257,420 Legal Fee @0.50% of Net Value -€128,710

Fees include non recoverable VAT @ 22.00 % Net Valuation €21,064,702 Say €21,100,000

Equivalent Yield 5.4988% True Equivalent Yield 5.6662% Initial Yield (Deemed) -0.3752% Initial Yield (Contracted) -0.3752% Reversion Yield 12.7276%

Total Contracted Rent €416,810 Total Current Rent €416,810 Total Rental Value €3,199,206 No. Tenants 8 Capital value per m² €1,565.28

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Capex 1 On Valuation Fixed €17,326,756 = -€17,326,756 -€17,326,756

Profit On Valuation Fixed €1,900,000 = -€1,900,000 -€1,900,000 -€19,226,756

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €416,810 -€82,067 -0.3752 % -0.3761 % 01-Jul-2018 €0 -€492,624 -2.2522 % -2.2843 % 28-Nov-2019 €300,000 -€135,665 -0.6202 % -0.6227 % 28-Feb-2020 €880,866 €436,488 1.9956 % 2.0207 % 28-May-2020 €880,866 €468,405 2.1415 % 2.1705 % 28-Aug-2020 €1,659,746 €1,235,602 5.6490 % 5.8542 % 28-Nov-2020 €1,659,746 €1,267,520 5.7950 % 6.0111 % 28-Feb-2021 €2,429,476 €2,025,704 9.2613 % 9.8232 % 28-Aug-2021 €3,199,206 €2,783,888 12.7276 % 13.8083 %

Yields based on €21,872,832

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Cariparma - Credit Agricole S.p.A.

Description Bank Status Occupied and Let Lease 6 years from 01-Jan-2012 Expiring 30-Jun-2018 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €300,680 Rental Value €0 from Areas (Rounded) Valuation Method Hardcore (5.700 % )

Notes

Areas - None Defined

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2012 6 6 0 Review €300,680 01-Jul-2018 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Service Charge (UtilitiesOn All Voids every 3 months until end of eve = €0 Property managment On Valuation every 12 months In Perpetuity R.Pass €300,680 @ 1.000 % pa = -€3,007 Registration tax On Valuation when rent paid In Perpetuity R.Pass €300,680 @ 0.500 % pa = -€1,503 Insurance On Valuation every 3 months In Perpetuity 0 m² x €1.51 pa = €0 Property tax On Valuation every 3 months In Perpetuity 0 m² x €25.74 pa = €0 -€4,510

Component Valuation

28-May-2018 Gross rent (Current over-rented) €300,680 Rental Value €0 Less costs -€4,510 Net rent €296,170 Less Froth Ded. -€300,680 Valuation rent -€4,510 YP 0 Yrs 1 Month @ 5.70% 0.0888 yp -€401 28-May-2018 Gross rent (Froth) €300,680 Valuation rent €300,680 YP 0 Yrs 1 Month @ 5.70% 0.0888 yp €26,704

Gross Value €26,304

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Common Areas

Description Status Occupied and Let Lease 25 years from 01-Jan-2000 Expiring 31-Dec-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €0 from Areas (Unrounded) Valuation Method Hardcore (0.000 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Common areas €0.00 3,988 100.00 % 0.00 €0 3,988 €0 *Rental Value using UnRounded ERV €0

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2000 25 0 0 Review €0 01-Jan-2025 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Service Charge (UtilitiesOn All Voids every 3 months until end of eve = €0 Property managment On Valuation every 12 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 3,988 m² x €1.51 pa = -€6,022 Property tax On Valuation every 3 months In Perpetuity 3,988 m² x €25.74 pa = -€102,651 -€108,673

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Marionnaud Parfumers Italia S.p.A.

Description Retail Status Occupied and Let Lease 7 years from 01-Dec-2010 Expiring 30-Jun-2018 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €116,130 Rental Value €0 from Areas (Rounded) Valuation Method Hardcore (5.700 % )

Notes

Areas - None Defined

Lease History

Date Years Months Days Event Rent Paid 01-Dec-2010 7 7 0 Review €116,130 01-Jul-2018 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Service Charge (UtilitiesOn All Voids every 3 months until end of eve = €0 Property managment On Valuation every 12 months In Perpetuity R.Pass €116,130 @ 1.000 % pa = -€1,161 Registration tax On Valuation when rent paid In Perpetuity R.Pass €116,130 @ 0.500 % pa = -€581 Insurance On Valuation every 3 months In Perpetuity 0 m² x €1.51 pa = €0 Property tax On Valuation every 3 months In Perpetuity 0 m² x €25.74 pa = €0 -€1,742

Component Valuation

28-May-2018 Gross rent (Current over-rented) €116,130 Rental Value €0 Less costs -€1,742 Net rent €114,388 Less Froth Ded. -€116,130 Valuation rent -€1,742 YP 0 Yrs 1 Month @ 5.70% 0.0888 yp -€155 28-May-2018 Gross rent (Froth) €116,130 Valuation rent €116,130 YP 0 Yrs 1 Month @ 5.70% 0.0888 yp €10,314

Gross Value €10,159

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Office -Tenant 1 future lease

Description Office Status Occupied and Let Lease 6 years from 28-Nov-2019 Expiring 27-Nov-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €778,880 from Areas (Rounded) Valuation Method Hardcore (5.720 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €320.00 2,428 100.00 % 0.00 €776,960 Office €96.00 20 100.00 % 0.00 €1,920 2,448 €778,880 *Rental Value using Rounded ERV €778,880

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 0 9 0 Rent Free €0 28-Aug-2020 5 3 0 ResumeERV €778,880 28-Nov-2025 0 0 0 Reversion €778,880

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit out capex 01-Jan-2020 2,448 m² x €200.00 = -€489,600 -€489,600

Letting Fees On Lease Start/Renwal With Void ERV €778,880 @ 10.0000 % = -€77,888 -€77,888 -€567,488 Running Costs

Label Timing Initial Annual Amount Service Charge (UtilitiesOn All Voids every 3 months until end of eve2,448 m² x €13.20 pa = -€32,314 Property managment On Valuation every 12 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 2,448 m² x €1.51 pa = -€3,696 Property tax On Valuation every 3 months In Perpetuity 2,448 m² x €25.74 pa = -€63,012 -€99,022

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€99,022 Net rent -€99,022 Valuation rent -€99,022 YP 1 Year 6 Mths @ 5.72% 1.3995 yp -€138,578 28-Nov-2019 Gross rent (Rent Free) €0 Less costs -€66,708 Net rent -€66,708 Valuation rent -€66,708 YP 0 Yrs 9 Mths @ 5.72% 0.7143 yp PV 1 Year 6 Mths @ 5.72% x 0.9200

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 5 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

0.6571 yp -€43,837 28-Aug-2020 Gross rent (Resume market (non-RR)) €778,880 Less costs -€78,391 Net rent €700,489 Valuation rent €700,489 YP perp @ 5.72% 17.4825 yp PV 2 Yrs 3 Mths @ 5.72% x 0.8824 15.4259 yp €10,805,667

Gross Value €10,623,252

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 6 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Office -Tenant 2 future lease

Description Office Status Occupied and Let Lease 6 years from 28-May-2020 Expiring 27-May-2026 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €769,730 from Areas (Rounded) Valuation Method Hardcore (5.720 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €320.00 2,400 100.00 % 0.00 €768,000 Office €96.00 18 100.00 % 0.00 €1,728 2,418 €769,728 *Rental Value using Rounded ERV €769,730

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 0 0 Pre Void €0 28-May-2020 0 9 0 Rent Free €0 28-Feb-2021 5 3 0 ResumeERV €769,730 28-May-2026 0 0 0 Reversion €769,730

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit out capex 01-Jun-2020 2,418 m² x €200.00 = -€483,600 -€483,600

Letting Fees On Lease Start/Renwal With Void ERV €769,730 @ 10.0000 % = -€76,973 -€76,973 -€560,573 Running Costs

Label Timing Initial Annual Amount Service Charge (UtilitiesOn All Voids every 3 months until end of eve2,418 m² x €13.20 pa = -€31,918 Property managment On Valuation every 12 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 2,418 m² x €1.51 pa = -€3,651 Property tax On Valuation every 3 months In Perpetuity 2,418 m² x €25.74 pa = -€62,239 -€97,808

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€97,808 Net rent -€97,808 Valuation rent -€97,808 YP 2 Yrs 0 Mths @ 5.72% 1.8406 yp -€180,027 28-May-2020 Gross rent (Rent Free) €0 Less costs -€65,890 Net rent -€65,890 Valuation rent -€65,890 YP 0 Yrs 9 Mths @ 5.72% 0.7143 yp PV 2 Yrs @ 5.72% x 0.8947

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 7 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

0.6391 yp -€42,112 28-Feb-2021 Gross rent (Resume market (non-RR)) €769,730 Less costs -€77,436 Net rent €692,294 Valuation rent €692,294 YP perp @ 5.72% 17.4825 yp PV 2 Yrs 9 Mths @ 5.72% x 0.8582 15.0028 yp €10,386,330

Gross Value €10,164,191

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 8 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Office -Tenant 3 future lease

Description Office Status Occupied and Let Lease 6 years from 28-Nov-2020 Expiring 27-Nov-2026 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €769,730 from Areas (Rounded) Valuation Method Hardcore (5.720 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €320.00 2,400 100.00 % 0.00 €768,000 Storage €96.00 18 100.00 % 0.00 €1,728 2,418 €769,728 *Rental Value using Rounded ERV €769,730

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 6 0 Pre Void €0 28-Nov-2020 0 9 0 Rent Free €0 28-Aug-2021 5 3 0 ResumeERV €769,730 28-Nov-2026 0 0 0 Reversion €769,730

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit out capex 01-Jan-2021 2,418 m² x €200.00 = -€483,600 -€483,600

Letting Fees On Lease Start/Renwal With Void ERV €769,730 @ 10.0000 % = -€76,973 -€76,973 -€560,573 Running Costs

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€97,808 Net rent -€97,808 Valuation rent -€97,808 YP 2 Yrs 6 Mths @ 5.72% 2.2696 yp -€221,990 28-Nov-2020 Gross rent (Rent Free) €0 Less costs -€65,890 Net rent -€65,890 Valuation rent -€65,890 YP 0 Yrs 9 Mths @ 5.72% 0.7143 yp PV 2 Yrs 6 Mths @ 5.72% x 0.8702

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 9 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

0.6216 yp -€40,957 28-Aug-2021 Gross rent (Resume market (non-RR)) €769,730 Less costs -€77,436 Net rent €692,294 Valuation rent €692,294 YP perp @ 5.72% 17.4825 yp PV 3 Yrs 3 Mths @ 5.72% x 0.8346 14.5913 yp €10,101,445

Gross Value €9,838,498

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 10 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Retail future lease

Description Status Occupied and Let Lease 6 years from 28-Nov-2019 Expiring 27-Nov-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €580,866 from Areas (Unrounded) Valuation Method Hardcore (5.700 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Ground Floor €380.00 800 100.00 % 0.00 €304,000 Stock/Storage Ground €114.00 7 100.00 % 0.00 €798 Raised Floor €320.00 565 100.00 % 0.00 €180,800 Stock/Storage Raised €96.00 2 100.00 % 0.00 €192 Storage €114.00 834 100.00 % 0.00 €95,076 2,208 €580,866 *Rental Value using UnRounded ERV €580,866

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 0 3 0 Rent Free €0 28-Feb-2020 5 9 0 ResumeERV €580,866 28-Nov-2025 0 0 0 Reversion €580,866

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit out capex 01-Jan-2020 2,208 m² x €250.00 = -€552,000 -€552,000

Letting Fees On Lease Start/Renwal With Void ERV €580,866 @ 10.0000 % = -€58,087 -€58,087 -€610,087 Running Costs

Label Timing Initial Annual Amount Service Charge (UtilitiesOn All Voids every 3 months until end of eve2,208 m² x €13.20 pa = -€29,146 Property managment On Valuation every 12 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 2,208 m² x €1.51 pa = -€3,334 Property tax On Valuation every 3 months In Perpetuity 2,208 m² x €25.74 pa = -€56,834 -€89,314

Component Valuation

28-May-2018 Gross rent (Current) €0 Less costs -€89,314 Net rent -€89,314 Valuation rent -€89,314 YP 1 Year 6 Mths @ 5.70% 1.3998 yp -€125,021 28-Nov-2019 Gross rent (Rent Free) €0 Less costs -€60,168 Net rent -€60,168

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 11 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Valuation rent -€60,168 YP 0 Yrs 3 Mths @ 5.70% 0.2415 yp PV 1 Year 6 Mths @ 5.70% x 0.9202 0.2222 yp -€13,369 28-Feb-2020 Gross rent (Resume market (non-RR)) €580,866 Less costs -€68,881 Net rent €511,985 Valuation rent €511,985 YP perp @ 5.70% 17.5439 yp PV 1 Year 9 Mths @ 5.70% x 0.9075 15.9219 yp €8,151,756

Gross Value €8,013,366

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 12 REPORT Property Valuation CBRE Ltd

Loreto ,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Signage

Description Status Occupied and Let Lease 6 years from 28-Nov-2019 Expiring 27-Nov-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €300,000 from Areas (Unrounded) Valuation Method Hardcore (5.720 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Signage €0.00 0 100.00 % 0.00 €300,000 0 €300,000 *Rental Value using UnRounded ERV €300,000

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 6 0 0 Review €300,000 28-Nov-2025 0 0 0 Reversion €300,000

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void ERV €300,000 @ 10.0000 % = -€30,000 -€30,000 -€30,000 Running Costs

Label Timing Initial Annual Amount Service Charge (UtilitiesOn All Voids every 3 months until end of eve0 m² x €13.20 pa = €0 Property managment On Valuation every 12 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 0 m² x €1.51 pa = €0 Property tax On Valuation every 3 months In Perpetuity 0 m² x €25.74 pa = €0 €0

Component Valuation

28-Nov-2019 Gross rent (Current) €300,000 Less costs -€4,500 Net rent €295,500 Valuation rent €295,500 YP perp @ 5.72% 17.4825 yp PV 1 Year 6 Mths @ 5.72% x 0.9200 16.0830 yp €4,752,540

Gross Value €4,752,540

Portfolio: JPM Project Allstar MV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 13 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar MV Update 18

Property: Loreto ,Viale Monza 2,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_6

Cariparma - Credit Agricole S.p.A. 30-Jun-2018 No RR 0 €300,680 €0.00 €0 €0.00 €0.00 0.09 0 0 0 0 2051.247% 5.700% 0.000% -€11,645 €14,193 €0.00 Common Areas 31-Dec-2024 No RR 3,988 €0 €0.00 €0 €0.00 €0.00 6.60 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00 Marionnaud Parfumers Italia S.p.A. 30-Jun-2018 No RR 0 €116,130 €0.00 €0 €0.00 €0.00 0.09 0 0 0 0 2051.247% 5.700% 0.000% -€4,498 €5,482 €0.00 Office -Tenant 1 future lease 2,448 €0 €0.00 €778,880 €318.17 €26.51 18 9 0 0 0.000% 5.720% 14.551% -€5,270,657 €5,163,552 €2,109.29 Office -Tenant 2 future lease 2,418 €0 €0.00 €769,730 €318.33 €26.53 24 9 0 0 0.000% 5.720% 15.082% -€5,060,504 €4,922,782 €2,035.89 Office -Tenant 3 future lease 2,418 €0 €0.00 €769,730 €318.33 €26.53 30 9 0 0 0.000% 5.720% 15.638% -€4,916,313 €4,747,048 €1,963.21 Retail future lease 2,208 €0 €0.00 €580,866 €263.07 €21.92 18 3 0 0 0.000% 5.700% 15.066% -€4,157,796 €3,712,665 €1,681.46 Signage 0 €0 €0.00 €300,000 €0.00 €0.00 18 0 0 0 0.000% 5.720% 11.457% -€2,134,063 €2,534,279 €0.00

Totals 13,480 €416,810 €2.58 €3,199,206 €237.33 €19.78 -0.375% 5.499% 12.728% -€21,555,477 €21,100,000 €1,565.28

Property Total Net Income Valued -€82,067 Initial Yield -0.375 % Equivalent Yield 5.499 % True Equivalent Yield 5.666 % Reversionary Yield 12.728 % Avg WUT to Expiry/Break (Current Income) 0.09 yrs Avg WUT to Expiry (Current Income) 0.09 yrs Avg WUT to Expiry/Break (ERV) 0.00 yrs Avg WUT to Expiry (ERV) 0.00 yrs Vacant % by ERV 100.00 %

Vacant Possession Value - Argus Printouts

REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_6 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €43,391,846 Capital Costs -€21,555,477 Net Value Before Fees €21,836,370

Less Stamp Duty @2.00% of Net Value -€420,000 Agents Fee @1.00% of Net Value -€256,200 Legal Fee @0.50% of Net Value -€128,100

Fees include non recoverable VAT @ 22.00 % Net Valuation €21,032,070 Say €21,000,000

Equivalent Yield 5.4988% True Equivalent Yield 5.6661% Initial Yield (Deemed) -2.2560% Initial Yield (Contracted) -2.2560% Reversion Yield 12.7489%

Total Contracted Rent €0 Total Current Rent €0 Total Rental Value €3,199,206 No. Tenants 6 Capital value per m² €1,557.86

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Capex 1 On Valuation Fixed €17,326,756 = -€17,326,756 -€17,326,756

Profit On Valuation Fixed €1,900,000 = -€1,900,000 -€1,900,000 -€19,226,756

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €0 -€492,624 -2.2560 % -2.2882 % 28-Nov-2019 €300,000 -€135,665 -0.6213 % -0.6237 % 28-Feb-2020 €880,866 €436,488 1.9989 % 2.0241 % 28-May-2020 €880,866 €468,405 2.1451 % 2.1741 % 28-Aug-2020 €1,659,746 €1,235,602 5.6585 % 5.8644 % 28-Nov-2020 €1,659,746 €1,267,520 5.8046 % 6.0215 % 28-Feb-2021 €2,429,476 €2,025,704 9.2767 % 9.8406 % 28-Aug-2021 €3,199,206 €2,783,888 12.7489 % 13.8333 %

Yields based on €21,836,370

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Common Areas

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Common areas €0.00 3,988 100.00 % 0.00 €0 3,988 €0 *Rental Value using UnRounded ERV €0

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2000 25 0 0 Review €0 01-Jan-2025 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Service Charge (UtilitiesOn All Voids every 3 months until end of eve = €0 Property managment On Valuation every 12 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 3,988 m² x €1.51 pa = -€6,022 Property tax On Valuation every 3 months In Perpetuity 3,988 m² x €25.74 pa = -€102,651 -€108,673

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Office -Tenant 1 future lease

Description Office Status Occupied and Let Lease 6 years from 28-Nov-2019 Expiring 27-Nov-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €778,880 from Areas (Rounded) Valuation Method Hardcore (5.720 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €320.00 2,428 100.00 % 0.00 €776,960 Office €96.00 20 100.00 % 0.00 €1,920 2,448 €778,880 *Rental Value using Rounded ERV €778,880

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 0 9 0 Rent Free €0 28-Aug-2020 5 3 0 ResumeERV €778,880 28-Nov-2025 0 0 0 Reversion €778,880

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit out capex 01-Jan-2020 2,448 m² x €200.00 = -€489,600 -€489,600

Letting Fees On Lease Start/Renwal With Void ERV €778,880 @ 10.0000 % = -€77,888 -€77,888 -€567,488 Running Costs

Component Valuation

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €10,623,252

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Office -Tenant 2 future lease

Description Office Status Occupied and Let Lease 6 years from 28-May-2020 Expiring 27-May-2026 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €769,730 from Areas (Rounded) Valuation Method Hardcore (5.720 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €320.00 2,400 100.00 % 0.00 €768,000 Office €96.00 18 100.00 % 0.00 €1,728 2,418 €769,728 *Rental Value using Rounded ERV €769,730

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 0 0 Pre Void €0 28-May-2020 0 9 0 Rent Free €0 28-Feb-2021 5 3 0 ResumeERV €769,730 28-May-2026 0 0 0 Reversion €769,730

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit out capex 01-Jun-2020 2,418 m² x €200.00 = -€483,600 -€483,600

Letting Fees On Lease Start/Renwal With Void ERV €769,730 @ 10.0000 % = -€76,973 -€76,973 -€560,573 Running Costs

Component Valuation

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 5 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €10,164,191

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 6 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Office -Tenant 3 future lease

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €320.00 2,400 100.00 % 0.00 €768,000 Storage €96.00 18 100.00 % 0.00 €1,728 2,418 €769,728 *Rental Value using Rounded ERV €769,730

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 2 6 0 Pre Void €0 28-Nov-2020 0 9 0 Rent Free €0 28-Aug-2021 5 3 0 ResumeERV €769,730 28-Nov-2026 0 0 0 Reversion €769,730

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit out capex 01-Jan-2021 2,418 m² x €200.00 = -€483,600 -€483,600

Letting Fees On Lease Start/Renwal With Void ERV €769,730 @ 10.0000 % = -€76,973 -€76,973 -€560,573 Running Costs

Component Valuation

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 7 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €9,838,498

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 8 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Retail future lease

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 0 3 0 Rent Free €0 28-Feb-2020 5 9 0 ResumeERV €580,866 28-Nov-2025 0 0 0 Reversion €580,866

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Fit out capex 01-Jan-2020 2,208 m² x €250.00 = -€552,000 -€552,000

Letting Fees On Lease Start/Renwal With Void ERV €580,866 @ 10.0000 % = -€58,087 -€58,087 -€610,087 Running Costs

Component Valuation

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 9 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Gross Value €8,013,366

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 10 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Signage

Description Status Occupied and Let Lease 6 years from 28-Nov-2019 Expiring 27-Nov-2025 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €0 Rental Value €300,000 from Areas (Unrounded) Valuation Method Hardcore (5.720 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Signage €0.00 0 100.00 % 0.00 €300,000 0 €300,000 *Rental Value using UnRounded ERV €300,000

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 1 6 0 Pre Void €0 28-Nov-2019 6 0 0 Review €300,000 28-Nov-2025 0 0 0 Reversion €300,000

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void ERV €300,000 @ 10.0000 % = -€30,000 -€30,000 -€30,000 Running Costs

Component Valuation

28-Nov-2019 Gross rent (Current) €300,000 Less costs -€4,500 Net rent €295,500 Valuation rent €295,500 YP perp @ 5.72% 17.4825 yp PV 1 Year 6 Mths @ 5.72% x 0.9200 16.0830 yp €4,752,540

Gross Value €4,752,540

Portfolio: JPM Project Allstar VPV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 11 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar VPV Update 18

Property: Loreto,Viale Monza 2,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_6

Common Areas 31-Dec-2024 No RR 3,988 €0 €0.00 €0 €0.00 €0.00 6.60 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00 Office -Tenant 1 future lease 2,448 €0 €0.00 €778,880 €318.17 €26.51 18 9 0 0 0.000% 5.720% 14.562% -€5,274,609 €5,143,878 €2,101.26 Office -Tenant 2 future lease 2,418 €0 €0.00 €769,730 €318.33 €26.53 24 9 0 0 0.000% 5.720% 15.093% -€5,064,286 €4,904,015 €2,028.13 Office -Tenant 3 future lease 2,418 €0 €0.00 €769,730 €318.33 €26.53 30 9 0 0 0.000% 5.720% 15.650% -€4,919,973 €4,728,940 €1,955.72 Retail future lease 2,208 €0 €0.00 €580,866 €263.07 €21.92 18 3 0 0 0.000% 5.700% 15.077% -€4,160,777 €3,698,407 €1,675.00 Signage 0 €0 €0.00 €300,000 €0.00 €0.00 18 0 0 0 0.000% 5.720% 11.465% -€2,135,832 €2,524,761 €0.00

Totals 13,480 €0 €0.00 €3,199,206 €237.33 €19.78 -2.256% 5.499% 12.749% -€21,555,477 €21,000,000 €1,557.86

Property Total Net Income Valued -€492,624 Initial Yield -2.256 % Equivalent Yield 5.499 % True Equivalent Yield 5.666 % Reversionary Yield 12.749 % Avg WUT to Expiry/Break (Current Income) 0.00 yrs Avg WUT to Expiry (Current Income) 0.00 yrs Avg WUT to Expiry/Break (ERV) 0.00 yrs Avg WUT to Expiry (ERV) 0.00 yrs Vacant % by ERV 100.00 %

Stabilised Value - Argus Printouts

REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

File/Ref No Allstar_6 Region Europe

Description / Notes Assumptions

Valuation Tables Annually in Arrears

Valuation

Gross Valuation €55,626,173 Capital Costs €0 Net Value Before Fees €55,626,173

Less Stamp Duty @2.00% of Net Value -€1,072,000 Agents Fee @1.00% of Net Value -€653,920 Legal Fee @0.50% of Net Value -€326,960

Fees include non recoverable VAT @ 22.00 % Net Valuation €53,573,293 Say €53,600,000

Equivalent Yield 5.0046% True Equivalent Yield 5.1652% Initial Yield (Deemed) 5.0046% Initial Yield (Contracted) 5.0046% Reversion Yield 5.0046%

Total Contracted Rent €3,199,206 Total Current Rent €3,199,206 Total Rental Value €3,199,206 No. Tenants 6 Capital value per m² €3,976.26

Running Yields

Date Gross Rent Net Rent Annual Quarterly 28-May-2018 €3,199,206 €2,783,888 5.0046 % 5.1652 %

Yields based on €55,626,173

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Freehold Tenure

Tenant - Common Areas

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Common areas €0.00 3,988 100.00 % 0.00 €0 3,988 €0 *Rental Value using UnRounded ERV €0

Lease History

Date Years Months Days Event Rent Paid 01-Jan-2000 25 0 0 Review €0 01-Jan-2025 0 0 0 Reversion €0

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Property managment On Valuation every 12 months In Perpetuity R.Pass €0 @ 1.000 % pa = €0 Registration tax On Valuation when rent paid In Perpetuity R.Pass €0 @ 0.500 % pa = €0 Insurance On Valuation every 3 months In Perpetuity 3,988 m² x €1.51 pa = -€6,022 Property tax On Valuation every 3 months In Perpetuity 3,988 m² x €25.74 pa = -€102,651 -€108,673

Component Valuation

Gross Value €0

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 2 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Office -Tenant 1 future lease

Description Office Status Occupied and Let Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €778,880 Rental Value €778,880 from Areas (Rounded) Valuation Method Hardcore (5.200 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €320.00 2,428 100.00 % 0.00 €776,960 Office €96.00 20 100.00 % 0.00 €1,920 2,448 €778,880 *Rental Value using Rounded ERV €778,880

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €778,880 28-May-2024 0 0 0 Reversion €778,880

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Property managment On Valuation every 12 months In Perpetuity R.Pass €778,880 @ 1.000 % pa = -€7,789 Registration tax On Valuation when rent paid In Perpetuity R.Pass €778,880 @ 0.500 % pa = -€3,894 Insurance On Valuation every 3 months In Perpetuity 2,448 m² x €1.51 pa = -€3,696 Property tax On Valuation every 3 months In Perpetuity 2,448 m² x €25.74 pa = -€63,012 -€78,391

Component Valuation

28-May-2018 Gross rent (Current) €778,880 Less costs -€78,391 Net rent €700,489 Valuation rent €700,489 YP perp @ 5.20% 19.2308 yp €13,470,939

Gross Value €13,470,939

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 3 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Office -Tenant 2 future lease

Description Office Status Occupied and Let Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €769,730 Rental Value €769,730 from Areas (Rounded) Valuation Method Hardcore (5.200 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €320.00 2,400 100.00 % 0.00 €768,000 Office €96.00 18 100.00 % 0.00 €1,728 2,418 €769,728 *Rental Value using Rounded ERV €769,730

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €769,730 28-May-2024 0 0 0 Reversion €769,730

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Property managment On Valuation every 12 months In Perpetuity R.Pass €769,730 @ 1.000 % pa = -€7,697 Registration tax On Valuation when rent paid In Perpetuity R.Pass €769,730 @ 0.500 % pa = -€3,849 Insurance On Valuation every 3 months In Perpetuity 2,418 m² x €1.51 pa = -€3,651 Property tax On Valuation every 3 months In Perpetuity 2,418 m² x €25.74 pa = -€62,239 -€77,436

Component Valuation

28-May-2018 Gross rent (Current) €769,730 Less costs -€77,436 Net rent €692,294 Valuation rent €692,294 YP perp @ 5.20% 19.2308 yp €13,313,338

Gross Value €13,313,338

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 4 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Office -Tenant 3 future lease

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Office €320.00 2,400 100.00 % 0.00 €768,000 Storage €96.00 18 100.00 % 0.00 €1,728 2,418 €769,728 *Rental Value using Rounded ERV €769,730

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €769,730 28-May-2024 0 0 0 Reversion €769,730

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Component Valuation

28-May-2018 Gross rent (Current) €769,730 Less costs -€77,436 Net rent €692,294 Valuation rent €692,294 YP perp @ 5.20% 19.2308 yp €13,313,338

Gross Value €13,313,338

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 5 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Retail future lease

Description Status Occupied and Let Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €580,866 Rental Value €580,866 from Areas (Unrounded) Valuation Method Hardcore (5.200 % )

Notes

Areas

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 ResumeERV €580,866 28-May-2024 0 0 0 Reversion €580,866

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Property managment On Valuation every 12 months In Perpetuity R.Pass €580,866 @ 1.000 % pa = -€5,809 Registration tax On Valuation when rent paid In Perpetuity R.Pass €580,866 @ 0.500 % pa = -€2,904 Insurance On Valuation every 3 months In Perpetuity 2,208 m² x €1.51 pa = -€3,334 Property tax On Valuation every 3 months In Perpetuity 2,208 m² x €25.74 pa = -€56,834 -€68,881

Component Valuation

28-May-2018 Gross rent (Current) €580,866 Less costs -€68,881 Net rent €511,985 Valuation rent €511,985 YP perp @ 5.20% 19.2308 yp €9,845,866

Gross Value €9,845,866

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 6 REPORT Property Valuation CBRE Ltd

Loreto,Viale Monza 2,Milan

Report Date 15 June 2018 Valuation Date 28 May 2018

Tenant - Signage

Description Status Occupied and Let Lease 6 years from 28-May-2018 Expiring 27-May-2024 Rent Reviews every 0 years Upward only Parent Tenure Freehold Current Rent €300,000 Rental Value €300,000 from Areas (Unrounded) Valuation Method Hardcore (5.200 % )

Notes

Areas

Areas per m² m² % of ERV +/-% adjust Rent pa Signage €0.00 0 100.00 % 0.00 €300,000 0 €300,000 *Rental Value using UnRounded ERV €300,000

Lease History

Date Years Months Days Event Rent Paid 28-May-2018 6 0 0 Review €300,000 28-May-2024 0 0 0 Reversion €300,000

Capital Costs/Income

Label Timing Initial Annual Amount Discounted Value Letting Fees On Lease Start/Renwal With Void = €0 €0 €0 Running Costs

Label Timing Initial Annual Amount Property managment On Valuation every 12 months In Perpetuity R.Pass €300,000 @ 1.000 % pa = -€3,000 Registration tax On Valuation when rent paid In Perpetuity R.Pass €300,000 @ 0.500 % pa = -€1,500 Insurance On Valuation every 3 months In Perpetuity 0 m² x €1.51 pa = €0 Property tax On Valuation every 3 months In Perpetuity 0 m² x €25.74 pa = €0 -€4,500

Component Valuation

28-May-2018 Gross rent (Current) €300,000 Less costs -€4,500 Net rent €295,500 Valuation rent €295,500 YP perp @ 5.20% 19.2308 yp €5,682,693

Gross Value €5,682,693

Portfolio: JPM Project Allstar SV Update 18 ARGUS Valuation - Capitalisation 2.50.080 Page 7 Lettable Unit Report - EURO

Portfolio: JPM Project Allstar SV Update 18

Property: Loreto,Viale Monza 2,Milan Valuation Date 28-May-2018 Region: Europe Estate Code: Allstar_6

Common Areas 31-Dec-2024 No RR 3,988 €0 €0.00 €0 €0.00 €0.00 6.60 0 0 0 0 0.000% 0.000% 0.000% €0 €0 €0.00 Office -Tenant 1 future lease 27-May-2024 No RR 2,448 €778,880 €26.51 €778,880 €318.17 €26.51 6.00 0 0 0 0 5.782% 5.200% 5.782% €0 €12,980,262 €5,302.39 Office -Tenant 2 future lease 27-May-2024 No RR 2,418 €769,730 €26.53 €769,730 €318.33 €26.53 6.00 0 0 0 0 5.782% 5.200% 5.782% €0 €12,828,402 €5,305.38 Office -Tenant 3 future lease 27-May-2024 No RR 2,418 €769,730 €26.53 €769,730 €318.33 €26.53 6.00 0 0 0 0 5.782% 5.200% 5.782% €0 €12,828,402 €5,305.38 Retail future lease 27-May-2024 No RR 2,208 €580,866 €21.92 €580,866 €263.07 €21.92 6.00 0 0 0 0 5.900% 5.200% 5.900% €0 €9,487,232 €4,296.75 Signage 27-May-2024 No RR 0 €300,000 €0.00 €300,000 €0.00 €0.00 6.00 0 0 0 0 5.279% 5.200% 5.279% €0 €5,475,701 €0.00

Totals 13,480 €3,199,206 €19.78 €3,199,206 €237.33 €19.78 5.005% 5.005% 5.005% €0 €53,600,000 €3,976.26

Property Total Net Income Valued €2,783,888 Initial Yield 5.005 % Equivalent Yield 5.005 % True Equivalent Yield 5.165 % Reversionary Yield 5.005 % Avg WUT to Expiry/Break (Current Income) 6.00 yrs Avg WUT to Expiry (Current Income) 6.00 yrs Avg WUT to Expiry/Break (ERV) 6.00 yrs Avg WUT to Expiry (ERV) 6.00 yrs Vacant % by ERV 0.00 %

H CASH FLOWS May '18-Jul '18 Aug '18-Oct '18 Nov '18-Jan '19 Feb '19-Apr '19 May '19-Jul '19 Loreto ,Viale Monza 2,Milan Months 1 - 3 Months 4 - 6 Months 7 - 9 Months 10 - 12 Months 13 - 15 Total Rental income 39,216 0 0 0 0

Total Rental Income 39,216 0 0 0 0 Other Income 0 0 0 0 0 Total Gross Income 39,216 0 0 0 0

Total LH Ground Rent payments 0 0 0 0 0 Property Management -347 0 0 0 0 Insurance -5,089 -5,089 -5,089 -5,089 -5,089 Property Tax -86,744 -86,744 -86,744 -86,744 -86,744 Registration Tax -174 0 0 0 0 Other non-rec -31,323 -31,323 -31,323 -31,323 -31,323 Total Non-recoverable Costs -123,677 -123,156 -123,156 -123,156 -123,156

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 39,216 0 0 0 0 Non-recoverable costs -123,677 -123,156 -123,156 -123,156 -123,156 Net Income -84,461 -123,156 -123,156 -123,156 -123,156 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) -84,461 -123,156 -123,156 -123,156 -123,156

Costs Treated as Day 1 deduction Capex -17,326,756 * Lodi: €280,000 future payment for car -17,326,756 0 0 0 0 Other 1 (Profit) -1,900,000 parking in 2035 discounted at 6% to -1,900,000 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Aug '19-Oct '19 Nov '19-Jan '20 Feb '20-Apr '20 May '20-Jul '20 Aug '20-Oct '20 Loreto ,Viale Monza 2,Milan Months 16 - 18 Months 19 - 21 Months 22 - 24 Months 25 - 27 Months 28 - 30 Total Rental income 0 52,500 175,149 220,217 358,405

Total Rental Income 0 52,500 175,149 220,217 358,405 Other Income 0 0 0 0 0 Total Gross Income 0 52,500 175,149 220,217 358,405

Total LH Ground Rent payments 0 0 0 0 0 Property Management 0 -500 -1,718 -2,202 -3,500 Insurance -5,089 -5,089 -5,089 -5,089 -5,089 Property Tax -86,744 -86,744 -86,744 -86,744 -86,744 Registration Tax 0 -250 -859 -1,101 -1,750 Other non-rec -31,323 -15,958 -15,958 -7,979 -7,979 Total Non-recoverable Costs -123,156 -108,541 -110,368 -103,115 -105,062

Letting Fees 0 -165,975 0 -76,973 0 Fit Out / TI 0 -1,041,600 0 -483,600 0 Total Non-regular costs 0 -1,207,575 0 -560,573 0

Gross Income 0 52,500 175,149 220,217 358,405 Non-recoverable costs -123,156 -108,541 -110,368 -103,115 -105,062 Net Income -123,156 -56,041 64,781 117,102 253,343 Other costs 0 -1,207,575 0 -560,573 0 NCF after capital items (letting fee, tenant incentives) -123,156 -1,263,616 64,781 -443,471 253,343

Costs Treated as Day 1 deduction Capex -17,326,756 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -1,900,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Nov '20-Jan '21 Feb '21-Apr '21 May '21-Jul '21 Aug '21-Oct '21 Nov '21-Jan '22 Loreto ,Viale Monza 2,Milan Months 31 - 33 Months 34 - 36 Months 37 - 39 Months 40 - 42 Months 43 - 45 Total Rental income 414,937 545,516 607,369 743,934 799,802

Total Rental Income 414,937 545,516 607,369 743,934 799,802 Other Income 0 0 0 0 0 Total Gross Income 414,937 545,516 607,369 743,934 799,802

Total LH Ground Rent payments 0 0 0 0 0 Property Management -4,149 -5,432 -6,074 -7,357 -7,998 Insurance -5,089 -5,089 -5,089 -5,089 -5,089 Property Tax -86,744 -86,744 -86,744 -86,744 -86,744 Registration Tax -2,075 -2,716 -3,037 -3,678 -3,999 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -98,057 -99,981 -100,944 -102,868 -103,830

Letting Fees -76,973 0 0 0 0 Fit Out / TI -483,600 0 0 0 0 Total Non-regular costs -560,573 0 0 0 0

Gross Income 414,937 545,516 607,369 743,934 799,802 Non-recoverable costs -98,057 -99,981 -100,944 -102,868 -103,830 Net Income 316,880 445,535 506,425 641,066 695,972 Other costs -560,573 0 0 0 0 NCF after capital items (letting fee, tenant incentives) -243,693 445,535 506,425 641,066 695,972

Costs Treated as Day 1 deduction Capex -17,326,756 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -1,900,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 Feb '22-Apr '22 May '22-Jul '22 Aug '22-Oct '22 Nov '22-Jan '23 Feb '23-Apr '23 Loreto ,Viale Monza 2,Milan Months 46 - 48 Months 49 - 51 Months 52 - 54 Months 55 - 57 Months 58 - 60 Total Rental income 799,802 799,802 799,802 799,802 799,802

Total Rental Income 799,802 799,802 799,802 799,802 799,802 Other Income 0 0 0 0 0 Total Gross Income 799,802 799,802 799,802 799,802 799,802

Total LH Ground Rent payments 0 0 0 0 0 Property Management -7,998 -7,998 -7,998 -7,998 -7,998 Insurance -5,089 -5,089 -5,089 -5,089 -5,089 Property Tax -86,744 -86,744 -86,744 -86,744 -86,744 Registration Tax -3,999 -3,999 -3,999 -3,999 -3,999 Other non-rec 0 0 0 0 0 Total Non-recoverable Costs -103,830 -103,830 -103,830 -103,830 -103,830

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

Gross Income 799,802 799,802 799,802 799,802 799,802 Non-recoverable costs -103,830 -103,830 -103,830 -103,830 -103,830 Net Income 695,972 695,972 695,972 695,972 695,972 Other costs 0 0 0 0 0 NCF after capital items (letting fee, tenant incentives) 695,972 695,972 695,972 695,972 695,972

Costs Treated as Day 1 deduction Capex -17,326,756 * Lodi: €280,000 future payment for car 0 0 0 0 0 Other 1 (Profit) -1,900,000 parking in 2035 discounted at 6% to 0 0 0 0 0 Other 2 (Void allowance, leasehold payment*) 0 produce €105,272 day 1. 0 0 0 0 0 Surrender Payment 0 May '23-Jul '23 Aug '23-Oct '23 Nov '23-Jan '24 Feb '24-Apr '24 May '24-Jul '24 Loreto ,Viale Monza 2,Milan Months 61 - 63 Months 64 - 66 Months 67 - 69 Months 70 - 72 Months 73 - 75 Total Rental income 799,802 799,802 799,802 799,802 799,802

Total Rental Income 799,802 799,802 799,802 799,802 799,802 Other Income 0 0 0 0 0 Total Gross Income 799,802 799,802 799,802 799,802 799,802

Letting Fees 0 0 0 0 0 Fit Out / TI 0 0 0 0 0 Total Non-regular costs 0 0 0 0 0

3 MARKET COMMENTARY 2

THE MILAN OFFICE MARKET

Local Economy Milan is the main industrial, commercial and financial capital of Italy. It represents one of the most important European economies on a global scale, and it is considered one of the world’s top fashion and design capitals. Approximately 80% of the Milan city territory is built up with urban areas and infrastructure. The productive structure of the greater Milan Province is widely diversified, ranging from manufacturing to high value-added service activities. The manufacturing sector is characterised by a concentration of high-tech industries, as compared to the more traditional sector specialisation of the rest of the country. The service sector is also widely represented, ranging from the traditional business and financial services, transport and commerce to design, management consulting, and advertising, among others. In the last few years, trends have shown that agriculture, industry and construction are in diminution, while commercial activities are stable and the hospitality and service sectors are generally growing. Milan has a higher percentage of single person households compared to the national average. It is the second most populous city in Italy, following Rome, with circa 18.8% of the residents being foreigners. The unemployment rate in Milan as at year end 2017 was at 7.3%, significantly lower than the national average of circa 11.7% (Virtual Market, 2017) and showing on improving trend. Unemployment trends both locally and nationally have been on the rise since the start of the 2007/2008 subprime crisis, but some little reduction of unemployment national rates were registered in last months (however Milan’s unemployment is still significantly lower than the national average). The per-capita income in Milan is also higher than the national average, circa €27,085 per single individual as compared to the €18,191 national average. In 2016, the province of Milan was one of the only provinces in Italy that registered a growth in the number of active companies, registering 299,881 up 1.2% from 2016 figures (Source: Unioncamere Lombardia). Milan companies have an important impact on the country’s economy, with the Milan Province producing almost one tenth of Italy’s entire GDP. In 2015 Milan hosted the World EXPO 2015, lasting from May to October 2015, which brought more than 20 million visitors, boosting Milan’s economy and positively affecting connected areas. In preparation of the EXPO 2015, Milan has carried out some large scale urban projects including the modernization to Milan’s viability system. New developments have sprung up throughout the city. Milan has received a facelift in general, which has foreseen the regeneration of areas such as Fiera, San Siro, Portello and Porta Nuova.

Occupational Market

Office Sub-Markets The Milan office sub-markets are those small areas where office stock reaches at least 100,000 sq m. The main clusters follow the geographical borders of the city of Milan that is conceived as a “round” city. According to this natural division, three major areas are pointed out: centre (comprised in to the ancient Spanish walls), semi centre (comprised between the Spanish walls and the second ring) and periphery (comprised between the second ring and the municipality border). The rest of the metropolitan area is what is called the Hinterland. Within the centre the CBD is the best office sub-market in terms of location, rents and size of the stock. The peripheral office districts are typically lining a major highway corridor and having larger concentration at underground stop.

Office sub-markets Map

CBD Is the very central area of the city, what is called the “historic centre”, centred in Piazza della Scala. The heart of CBD is Piazza Cordusio where there are some important buildings from the beginning of the past century and it is the area where historically bank and legal sectors are located; CBD is characterized by lack of grade a supply, low vacancy and no availability for new development. Porta Nuova Business District It is the new office cluster driven by the newly developed Porta Nuova Mix-used project by Hines. It comprises the wider areas between the Central station and Garibaldi Station and, to the south, the corridor between central station and via Turati-via Fatebenefratelli which borders with the CBD. Porta Nuova benefits from a strategic location within

walking distance to the historic city centre in an area easily reachable from the main traffic routes outside the traffic limitation of “Area C” and served by an important intermodal hub for the city. Centre Is the remaining area within the first ring-road or “Cerchia dei Bastioni”. Semi centre Is the area between first and second ring, including the emerging markets of Fiera- CityLife and the most consolidated Maciachini cluster. Periphery Is the area between second and third ring-roads (until the administrative border of the city of Milan) including the most established submarkets as Bicocca, Lorenteggio, Ripamonti, Forlanini, among others. Hinterland The Hinterland of Milan, includes some important office sub-markets such as Sesto San Giovanni (north-east), San Donato Milanese (south-east), Milanofiori / Assago (south). There are also some other office buildings in other communes like Segrate, Cinisello Balsamo, Vimercate or Vimodrone. We generally use to consider “Hinterland” the stock outside the border of the city but still in the Metropolitan City of Milan.

Architectural Features Cbd & Centre The architecture of the CBD is characterized by a predominance of properties built in the period from the Italian Unification and the start of World War I (1861-1914). In this period there was the most important town planning scheme known as Piano Beruto which has reshaped Milan historic city centre. The second significant historical period concerns the end of World War II with the reconstruction of buildings that followed the International Style features of the 50 'and 60'. The main examples of this period are Velasca Tower planned by BBPR architects and the central street known as Corso Vittorio Emanuele II. From 2000 till today the majority of projects affected listed buildings were the only transformations that are allowed involve the interior spaces without any change on the original exterior façade as in Via Ugo Foscolo’s project. By the mid of 19th century the most popular architectural style in Milan CBD was the eclecticism made by the merge of different tastes, from neoclassical to neo-renaissance creating articulated façades conceived of an imaginary regular grid with an important element identified by the central portal. Columns, statues and friezes draw the marble buildings’ fronts supported by massive stone bases that make up a design element characteristic of Milanese style of the nineteenth century.

Porta Nuova Bd & Semicentre Porta Nuova BD as the result of one of the biggest European development project of the last years, is characterized by modern high rise buildings and 1950-60s towers, many of which dedicated to government offices and other major public and privates companies. The project effects areas from the neighbourhoods of Isola, Varesine and Porta Garibaldi and involves the work of noted architects such as Cesar Pelli, Stefano Boeri and Nicholas Grimshaw. Semicenter area is characterized by a polarization of single business districts built during the last 10 years. The most important properties are Maciachini Center, Bodio and the rising development of City Life. Semicenter is plenty of example of contemporary architecture, the building style of the present day that includes the use of glass, open space, oversize windows and the attention to “green” and sustainability.

Key Data Office Sub-Markets

* Yearly Avg. Take-up is calculated on the period 2016-2018. Vacancy rate: percentage of vacant space calculated on the sub-market’s stock Source CBRE Research

Take-Up and Vacancy In Q1 2018 take-up was approximately 82,000 sqm, lower than in Q4 2017 but in line with pre-crisis levels; net absorption was also positive. Protagonists of the quarter were the large deals (>10,000 sqm) that in terms of volume represent 43% of total take-up; all of them were concentrated in the peripheral areas and the hinterland. The most important negotiations concluded in the periphery during the quarter involved a colossus in the automotive sector who leased new office space (10,000 mq) and a foreign entity operating in the education sector which has occupied around 12,500 sqm. In the hinterland, an important operator in the logistics sector leased a space of around 13,000 sqm. The vacancy rate was down, coming in at 11.4%, confirming the trend of the previous quarter.

Office Take-Up by Sub-Market

400 350 300 250 200 150 100 50 0 ,000 Sq m Sq ,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 CBD Centre Hinterland Milanofiori Periphery Porta Nuova BD SDM Semicentre SSG

Take-Up by Range Size Take-Up by Sector 14% 16% 5% 17%

15% 6% 2% 43% 1% 11%

36% 16% 18%

Business Service Computers & High-Tech <500 10000-20000 Consumer Services & Leisure Financial 1000-4999 5000-9999 Manufacturing & Energy 3PL 500-999 Professional Public Unknown Source: CBRE Research

Rents The prime rent of the CBD was also higher reaching 560 Euro/sqm/year. The prime rent in the Centre was also up at 400 Euro/sqm/year; unchanged in the other submarkets. The most recent deals closed in the CBD together with asking rents of around 570-600 Euro per sqm per year point to a further rise in rents in coming months.

Average and Prime Rents Q1 2018

CBD 560 Porta Nuova BD 500 Centre 400 Semicentre 300 Periphery 240 Milanofiori 220 Hinterland 200 Avg. rent 2018 SDM 200 Prime rent 2018 SSG 200 -30 70 170 270 370 470 570 Euro sqm annum

From 2017 to 2020 rents will increase by 10%. Improving demand, lack of grade a supply will push up rents in the coming years.

Average Rents by Sub-Market

€ SQ M/YEAR FORECAST 700 CBD 600 PN BD 500 CENTRE 400 SEMI-CENTRE 300 PERIPHERY

200 HINTERLAND

100

Pipeline In Q1 2018, 85,300 sqm of new office space, all grade A, were delivered. The pipeline for the next two years remains buoyant, with around 271,000 sqm with completion scheduled by the end of 2020. Of these, approximately 72.6% are of a speculative nature.

Development Activity

350

m Office completions Office under construction

300 Sq

250 ‘000

200

150

100

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Pipeline is still subdued: landlords looking for financing or to agree a pre let before starting construction works. Major offices under construction

Source: CBRE Research

Investments In the first quarter of 2018, the volume of investment in the business sector of Milan amounted to 162 million Euro and was lower than the figure for the same period of last year, but accounted for 70% of the total office investment in Italy. With some 2 billion transacted in the last 12 months, the Milanese market is once again a very attractive market for investors but is beginning to feel the effects of the lack of product for investment. The market continues to see two main types of player: core long-term investors, who are more risk averse, and private equity investors with higher risk profiles. More specifically, the first type of investor is dominated by Italian and French institutional investors, while in the second category Anglo-Saxon investors continue to be more dynamic. Prime yields are stable at 3.5% in Milan and there is not expected to be any further contraction in coming months. Investors maintain their focus on central areas and areas outside the “Bastioni” ring road, while the most attractive secondary markets are still CityLife, Bicocca and San Donato Milanese. Investments by capital source and office yields in Milan

€ Mln Cross Border Domestic Prime Net Yield % Prime Net Yield % 3000 6,0

2500 5,5

2000 5,0

1500 4,5

1000 4,0

500 3,5

0 3,0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 Source: CBRE Research

THE ROME OFFICE MARKET

Infrastructures & Public Transport Rome is the capital of Italy and is the most populated city in the Country, with over 2.8 million inhabitants. A 3-line metro system (A, B and C) operates in Rome connecting a big part of the city with the main railway stations, Termini and Tiburtina. Part of metro C and metro D, are still under construction with new stops in pipeline. Due to its location in the centre of the peninsula, Rome is the principal railway node for central Italy. Termini and Tiburtina stations have both been redeveloped as high-speed rail terminus. Rome is served by three airports. The intercontinental Fiumicino located in the south-west of the city, the older Ciampino Airport in the south-east area and Roma-Urbe, a small, low-traffic airport located about 6 km north of the city centre.

Main transport axes map

Occupational Market

Office Sub-Markets CBD The typology of the properties is not very representative. The district is well serviced by public transport i.e. buses and the metro and is in close proximity to Termini Railway station. The quality and typology of space is extremely fragmented, floor-plates for office use are often very small with a high proportion of multi-tenant buildings. The historical center is a mix of residential, office and high-street retail, representative offices. Some historical buildings have been converted from residential to office use with a large concentration of State owned properties. Centre Includes Pinciano, Salario and Trieste which are considered the most chic and intellectual areas of Rome and where, in recent years, the value of properties has increased to match those of the historical center. Semicentre Is the area between Center and peripheral areas. It is characterized by various building typologies. EUR The most modern district of the city with a mix of residential and office use destination along with the HQ of important national and international companies. The typology of the buildings are grade A and B. EUR, in turn, is divided in 5 areas EUR Center, Torrino, Cristoforo Colombo, Laurentina and Laurentina G.R.A. characterize by different architectural features and rents. Office sub-markets Map

Take-Up and Vacancy In the first quarter, absorption stood at 23,104 sqm, down from the record absorption in Q4 2017 and that of Q1 2017; the figure is however in line with those reported in the three years 2014 – 2016. The number of transactions in the quarter was 25, compared to 44 in the last quarter and 33 in Q1 2017.

Rome quarterly take-up* trend, sq m

300 Sq m (,000)

250

200

150

100

0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4

*The absorption figures for 2014, 2015 and 2016 were amended to reflect the changes that occurred after the signing of the preliminary lease agreements which involved the cancellation of the agreements entered into previously. More specifically we are referring to: Q4 14 (-27,000 sqm); Q4 15 (-33,000 sqm) and Q1 16 (-50,000 sqm). In 2017 there were pre-lets of 15,600 sqm for the new HQ of a prime Hi-Tech multinational and that of 43,000 sqm for a prime multinational in the energy sector. The average surface area of the units absorbed in the quarter was also lower at 924 sqm (equal to -55% on Q4 2017 and -43% on Q1 2017). Q1 18 take-up was driven by three deals for a total of about 10,000 sqm (CBD, EUR Laurentina and semicentral areas), equal to approximately 43% of the total absorption in the quarter. The Centre and the EUR are still the most dynamic areas with a relative weighting of around 71% of the total transactions in the first quarter. Take-Up by Range Size Take-Up by Sector

1% 20% 12% 20%

52% 8% 28% 4% 32%

12%

<500 1000-4999 500-999 Business Services Computers & Hi-Tech Consumer Service & leisure Other PA Financial Manufacturing & Energy Professional Source: CBRE Research

Prime rents were stable in the CBD at 420 Euro sqm/year and higher in the EUR at 340 Euro sqm per year. Rome office sector key data 2017 Q1 2017 Q1 2018

Stock* (M Sq m) 7 7 (*) 7 (*) Vacancy rate (%) 12.5 12.1 12.5 Take-up (,000 Sq m) 220,6 53,4 23,1 Prime rent CBD (€ Sq m year) 420 400 420 Prime rent EUR (€ Sq m year) 330 330 340 Prime net yield (%) 4.0 4.0 4.0 Volume di investimenti uffici (€ M) 1,074 142,6 67,5 Source: CBRE Research - (*) Stock does not include public properties.

Piepeline The development pipeline was down slightly with approximately 153,500 sqm under construction/ being refurbished, with completions expected between 2018 and 2019. In the first quarter the total renovation of a building of around 14,000 sqm in the EUR Laurentina GRA area was completed.

Development Activity

Source: CBRE Research

Investments In the first quarter of 2018 approximately 70 million Euro were invested in the office sector in Rome, and this figure was down by 46% compared to the volume of the previous quarter. The origin of the capital invested was balanced in the first quarter between domestic and foreign (47% and 53% respectively); however observing the distribution over the last twelve months we can see that foreign capital is still dominant and accounts for 77% of the total. There were two main transactions in the first quarter, relating to a building in the CBD and one in the semi-centre. Despite a slow start, interest for the Capital remains very strong and the forecasts for the coming months are positive. Current activity in the market is dynamic with various single buildings and portfolios up for sale and these are generating a certain interest on the part of international and domestic investors. The limited extent of the private users market significantly reduces the availability of investment assets for institutional investors generally with a core profile while there is plenty of offer for buildings that are more problematic for investors with greater propensity for risk (value add and opportunistic). Net prime yields are stable at 4.0%. The outlook for the coming months is positive.

Investments by capital source and office yields in Rome

€ Mln Prime Net Yield % Cross Border Domestic Nd Prime Net Yield % 1500 6,0

5,5

1000 5,0

4,5 500

4,0

0 3,5 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: CBRE Research

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