Company Profile AxiA.RE, You’re in good hands.

AxiA.RE is one of the top Italian independent operators in qualifications, thus confirming our commitment to ensuring the real estate valuation sector. compliance with international valuation standards, alongside A comprehensive service portfolio, including Due Diligence, a rigorous, high-level code of private and professional Project Management, Loan Services and an array of speciali- ethics. sed technical services. AxiA.RE is a RICS - Royal Institution of Chartered Surveyors It is also thanks to the support of our subsidiaries, RINA regulated Company and has obtained the UNI EN ISO Prime Value Services and AstaSy, that we are able to pro- 9001:2015 Quality System certifications. vide a top-tier service, professionalism, and consolidated expertise in the real estate and banking sectors. The know-how embedded in our services is strengthened by the largest structured data & business intelligence system focused on Real Estate available on the Italian AxiA.RE implements an integrated skillset to ensure a market. top-tier service that provides the Client with deep market knowledge combined with a thorough expertise in the AxiA.RE operates in compliance with Ministerial Decree most sophisticated valuation models. n. 30 dated 05/03/2015 (regulation implementing art. 39 of the Italian Consolidated Law on Financial AxiA.RE. Innovative tools, dependable knowledge, and Services) and possesses all the necessary professional best market practice.

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

“Reliability and competence, with a strong attitude towards innovating our pro- duct and working process, alongside a problem-solving approach capable of taking into account the most varied market signals. A top-level consultancy always serving the Client.”

Ugo Giordano

2 A present of substance, grounded in value.

AxiA.RE was founded in 2016, and is born from the AxiA.RE is at the cutting edge in its field, in terms of both passion and professionalism of some of the most promi- experience and competencies. nent figures on the Italian Real Estate market, who com- In order to further consolidate its skillset and range of bined their expertise, cultivated over years of dedication services, at the end of 2018, in partnership with RINA at the top levels of leading Advisory, Valuation and RE Multinational Group, AxiA.RE founded RINA Prime Value Service enterprises to create the sole structured company Services, a company specialising in asset management whose Core Business is Valuation and in particular the support services geared toward banking institutions. Independent Expert activity. During the same year, AxiA.RE also incorporated AstaSy, which owns and runs AuctionSY, the only Auction Big The firm became operational immediately, thanks to the Data on the Italian market. acquisition of the Independent Expert business branch from Patrigest Spa (Gabetti Group), AxiA.RE went on to AxiA.RE works with guaranteed success alongside insti- successfully become one of the leading national opera- tutional investors, pension funds, insurance companies, tors on its market of reference. banks and financial institutions who invest and/or finance single assets, portfolios and development projects. Today, the technical structure set up and operated by

Piercarlo Rolando Ugo Giordano Silvano Boatto Founder and CEO Founder and Chairman General Manager

3 People and expertise make the difference.

AxiA.RE’s Board of Directors and Management Team The Company’s technical-organisational structure can meet comprise professionals of the highest standing who have the requirements of the most demanding assignments, in specialised in the industry over years of dedication in terms of both project dimensions and the quality of our per- prominent senior positions. sonnel. Our technical structure is focused on a deep know- ledge of market value and a strong proficiency in valuation The AxiA.RE Board of Statutory Auditors is formed by Ric- methods, enabling us to work alongside the Client on all cardo Bolla (Chairman of the Board of Auditors), Federico Real Estate Asset Classes, even the most complex and spe- Berruti (Statutory Auditor) and Elisa Dezzani (Statutory Au- cialised (e.g. office, residential, retail, manufacturing, hotel ditor). & leisure, golf & marina, development, energy). Management team. Dedicated to the Real Estate industry from the outset of his career, Ugo Giordano was the reference Shareholder and Chief Executive Officer of La Gaiana S.p.A., one of the first Real Estate Companies listed on the Italian Stock Exchange. He was then appointed CEO of Gabetti Property Solutions S.p.A., a Company also listed on the Stock Exchange since 1990. He further held top-ranking positions in Gabetti Property Solutions Agency S.p.A, Patrigest S.p.A., Abaco Team S.p.A., Tree Real Estate S.r.l., Gabetti Franchising Agency S.r.l., Professionecasa S.p.A. and Grimaldi Franchising S.p.A. In 2018, Ugo also assumed the role of Vice-Chairman of the RINA Prime Value Ugo Giordano Services Board of Directors, and Chairman of the AstaSy BOD. Founder and Chairman

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

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

4 Team Group and Network.

The permanent Teams based at AxiA.RE’s Head Offices in , , Naples, and Bari. Milan and Rome consist of more than 30 Senior Valuers, 30 Reviewers, and 10 senior Collaborators in the field of Each technician is registered with their professional Due Diligence and Complementary Technical Services, association/registry of reference and is equipped with each provided with specific skillsets in their fields of expertise specialised experiences gathered over many years of (leasing, town planning, cadastre, construction, utility training, and diversified expertise in real estate, environmental engineering, health & safety, environment, etc.). studies, and workplace safety.

The permanent teams are supported by our Network AxiA.RE professionals come from multifaceted educational of more than 200 professionals who provide extensive and professional backgrounds, providing an unmistakeable coverage of the national territory. Local direction and asset in building the team’s analytical and management coordination is entrusted to the Focal Points in , capacities.

Educational backgrounds Academic qualifications principal key people PhD 9% 18% MRICS 41% Technical training Master 55% 82% Social sciences Graduation 91% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 10 0% Our team stand out for their valuable experience in all stages of the business and lifecycle relating to real property assets. Expansion Stabilisation Decline Recovery

Market financialization Credit expansion Credit crunch Quantitative easing 2001/2001 - first investment funds Investment fund market Strengthening of regulatory Yield compression consolidation framework 30% of resources 40% of resources 60% of resources 90% of resources

AxiA.RE operates across Europe thanks to a consolidated Thanks to the partnership commenced in 2018 with the RICS – Royal Institution of Chartered Surveyors – accredi- RINA Group, a multinational corporation with locations ted Professional Network. in 65 countries worldwide, AxiA.RE has now acquired a Our main European Partners are based in London, Am- more international orientation. sterdam, and Budapest. Level of RINA presence Headquarters Milan LOW HIGH Rome

Focal Point Turin Padua Florence Naples Bari

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

Massimo Berton Daniela Di Perna Department Head - Milan Department Head - Rome

Alessandro Cuosta Giovanni Mallia Francesco Sette Head of Portfolio Head of Advisory - Head of NPL Valuation - MRICS MRICS Services

Deborah Bognanni Ludovica Cibin Katia Cocozza Giorgio Formiglia Letizia Mangano Gavino Nuzzo Project Manager Project Manager - MRICS Project Manager Project Manager Project Manager Analyst

Elena Picchiolutto Gaia Plachesi Silvia Rinaldi Raffaele Sannino Marco Vanosi Project Manager - Project Manager Project Manager Project Manager Project Manager MRICS, PHD

Key People. Strategic Support. Professionals of the highest standing support the Valuations & Advisory department.

Angelo Garruto Marco Locurcio Chief Knowledge Officer Real Estate Market Specialist - PHD

6 Key People. Technical Services. The team in charge od Due Diligence and complementary technical services consists of 10 Senior Collaborators.

Annalisa Pisani Chief Technical Officer - MRICS

Matteo Alberione Alessandro Costa Head of Due Diligence Head of Project Services Monitoring

Massimo Allasia Maria Fiorino Nicoletta Franco Marco Lingua Carla Ponzio Alessia Procida Project Manager Project Manager Project Manager Project Manager Project Manager Project Manager Engineering Facilty & Environment Regolarisation Cadastre Building & Town Planning Cost Control

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

Barbara Mussetti Serena Fiorino Claudia Carletti Marketing Specialist General Affairs, administration Head of Marketing and executive assistance

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

7 Service portfolio. Valuation and Advisory.

Real Estate Valuation.

AxiA.RE independent valuations are carried out with sanitary, hospitality, special uses, etc. consolidated estimate methods and in compliance with • Agricultural terrains shared national and international standards (RICS Red • Developable areas Book, International Valuation Standards - IVS, the Italian • Property Development Banking Association - ABI Guidelines), as a guarantee for • Golf & Marine transparency and professionalism: • Ports and Logistical terminals • Market Value (MV) Determination • Renewable Energy facilities. • Reinstatement Value Determination • Current Net Worth Determination In the Industrial & Machinery sector, AxiA.RE provides va- • Market Rent identification luation for Capital Goods (factories, facilities, machinery, • Account Reclassification based on IAS/IFRS Directives equipment, etc.). • Indipendent Expert activities for Real Estate Investment Funds/Trusts The vast experience amassed by our managers and • External Valuer activities for Real Estate Investment Fund/ senior appraisers in both national and international settin- Trusts gs, working with manufacturing groups and multi-utilities, • Valuation for ISVAP (insurance) purposes. as well as service providers and public entities, allows us to set up and develop complex projects, and to supply Our appraisal activity for the Real Estate sector relies on accurate and competent valuations for the main manu- in-house resources with proven professional experience, facturing and production industries. capable of interpreting the market and tackling complex assignments on the most diversified Asset Classes and types, In the Business Valuation sector, AxiA.RE advises its Clients on all market segments: in determining Capital Market Value, Goodwill Value, and • Entire Buildings or building portions destined for Company, Branch or Brand Know-How. residential, directional, industrial, logistical, retail,

Independent Expert and External Valuation activities for Real Estate Funds.

In managing a Real Estate Fund or Trust, the AMC (the out services relating to: Italian SGR) may delegate to a third-party the task of • The valuation of all Real Estate and other assets comprised VALUING the Assets within the Fund, with the inclusion in the Fund’s portfolio in connection and concurrence with and/or exclusion of equity share (per provisions indicated at least the annual and semi-annual management reports by the Regulation on Collective Management issued by produced by the Fund and, when required, upon any the Bank of on 19 January 2015, Title IV, Ch. IV, other interim reporting Section II, par. 1.3). • The valuation of any Real Estate asset object of investment on behalf of the Fund, at the time of purchase/contribution AxiA.RE operates in its role as “External Valuer” (as defined • The drafting, upon any divestiture operations, of a in pursuance with the regulatory requirements referred to in Fairness Opinion on the sale/disposal price of the asset(s) Ministerial Decree n. 30 dated 05/03/2015) carrying in object.

Advisory Services.

Strategic consultancy constitutes the core of the professional during each stage of the process of creating value: services provided by AxiA.RE. acquisition / investment, financing, management, and Our range of strategic solutions is geared towards institutio- finally, during the delicate asset divestment phase. nal investors, developers, industrial groups, credit and insu- rance institutions, public and religious entities. The primary goal of our Advisory services is to help define Our services are intended to support the Client in defining the Asset Management Strategies in place, optimising the their strategic decisions, therefore providing valuable tools decision-making processes regarding a given Fund or Trust.

8 The main Strategic Consultancy Services offered by AxiA.RE of use mix, tenant mix, dimensional features, ancillary may be defined as follows: spaces, etc.) • Market Study (an in-depth socio-economic territorial study, • Economic-financial Feasibility Study (aimed at determining alongside an analysis of the real estate market of reference, the real estate enhancement or improvement project better with a specific focus on the end-users, i.e. on property suited for a given property or portfolio, in terms of investors’ wants in terms of financial returns) economic-financial sustainability) • Highest and Best Use Analysis (a study of multiple enhancement • Investment Portfolio Analysis (aimed at defining the best scenarios, by means of a technical analysis of the asset, asset management strategy pertaining to complex real alongside investigations focused on town planning regulations estate portfolios, and based on the investor’s expectations, and any restrictions or constraints, with an in-depth analysis both in terms of financial returns, and timing-wise) of the real estate market of reference, and a special focus • Legal Support (support for the corporate legal team in on any competitors’ initiatives) case of any tax disputes, judicial or extra-judicial litigations • Development Advisory (aimed at providing the best applicable and arbitrations). definitions of pricing and development decisions, in terms

9 Service portfolio. NPL Services.

NPL Portfolio Valuation and complementary services.

AxiA.RE provides Data Quality Review and Collateral • Tendering Value. Valuation services for deteriorated mortgage loans Impaired Receivables are a progressively prominent, and/or other forms of problematic lending (non-perfor- specialised Asset Class in a market that has been fast- ming loans, distressed debts or leasing). The activity is growing for a number of years. It is in this ever-evolving conducted by a dedicated Team provided with specific context that AxiA.RE operates, providing our Clients expertise in the NPL and Distressed Asset fields. with a single point of responsibility, coordinating and Services geared to NPL portfolios: incorporating different capabilities and skills, in the • Credit Line Business Plan valuation, financial, legal, and technical fields. • Real Estate Owned Company (REOCO) Business Plan • Court-appointed Expert Report (CTU) remarks AxiA.RE can work alongside Credit Institutions and Investors • Strategic NPL Plan. during all the phases of managing problem liens, from Strate- gic Portfolio Analysis to Extrajudicial Recovery. The types of analysis most in demand include: AxiA.RE can support Banks and Special Servicers thanks to • Market Value (MV) its subsidiary AstaSy and an exclusive partnership with NPLs • Value for Security Purposes RE Solutions. • Judicial Value (JV)

Method.

AxiA.RE assists the Client with a comprehensive service Liability phase. Drive-By Revaluation with the «Opinion based on periodic appraisal reviews over the entire life Broker» and drafting of a Due Diligence Report, as sup- cycle of the account, in order to provide an always port of Discounted Pay Off (DPO) and judicial up-to-date guarantee value estimate. proceedings. Investigation Phase. Drafting of Full Valuation Report. Delivery Phase. Statistic and/or Drive-By Revaluations. Such activities may be combined with Asset Quality Update of Valuation Report. Review services, which aim at defining the quality of Pre-litigation phase. Update of Full Valuation Report with the asset in relation to credit risk, i.e. the adequate market data and values. The updated Report will provide Loan-to-Value ratio, or in connection with asset marketa- indications as to the asset’s degree of marketability and bility, market absorption capacity and the definition of marketing timelines. Liquid Asset Value.

10 Service portafoglio. Loan Services.

The Valuations AxiA.RE conducts during the lending phase Asset Quality Review. aim at definingthe market value of bank guarantees, as Support for Central Monetary Institutions and Banks within well as managing the entire life cycle of the account, from the scope of Comprehensive Assessment procedures receipt to final delivery with the Bank. commenced by the ECB. The service is geared toward The process undergoes constant monitoring in order to en- defining the quality of the assets in relation to: sure the timely transmission of our appraisals, while provi- • Credit Risk ding a high standard of service and thorough support from • Level of marketability of the asset our highly-skilled Team, both before and after delivery. • Market absorption capacity. The service may include more extensive activities such as: The Loan Services offered by AxiA.RE comply with ABI • Data gathering and data collection conducted on relevant Regulations, as well as Memorandum n. 285 issued by portfolios the Bank of Italy, ECB regulations, and IFRS 9 accoun- • Data quality enrichment based on diversified levels of ting standards. Our activity allows for an accurate detail. determination of Market Value, alongside a compliance investigation conducted on assets offered as security for Operative and strategic consultancy. financing from multiple perspectives, e.g. administrative, Assistance for the Bank during the development and town planning, building-construction and cadastral. implementation of strategies for the optimisation of operative and management processes within the scope Origination. of lending and managing credits secured by real estate • Appraisals conducted during the lending and loan assets and/or property rights. management phase for retail, corporate, and high corporate • Assistance in analysing existing operative processes assets. • Assistance during the development and implementation • Diversified support in Retail, Small Business and Corporate of new operative processes, even when outsourced Lending (Secured Credit, Building Loans, Building Loans • Development and operation of IT systems intended for under Convention, Industrial Loans, Hotel and Agriculture workflow management Loans). • Design, Creation, Dimensioning, Outsourcing of operative and management structures or organisms Leasing. • Development of functional and corporate Performance • Valuation, Due Diligence and Construction Site Indicators (KPI) Progress Reporting for Lending and Portfolio Management. • Reporting Systems. • Global service on repossessed assets. • Valuation and Technical Regularization services in the Our partner for efficient and effective Loan Services is pre-sale of repossessed assets. RINA Prime Value Services, a company specialising in • An innovative market monitoring dashboard. Credit Valuation services, whose majority shareholder is • Management applications fully integrated with the Bank’s AxiA.RE. The range of services offered by RINA Prime own systems. Value Services enables the Client to optimise their strategies and processes, with a keen eye on compliance and on Credit Risk Mitigation. risk management effectiveness. • Periodic revaluation of both performing and non-performing loan portfolios. • Assessment of future losses on guaranteed loans, in compliance with the new IFR 9 accounting principles, ECB Regulations, and Bank of Italy Memorandums n. 285 - 385. • Clustering and identification of appropriate investigation approaches (Desk-top, Drive-by, Full), criteria for sample expansion at portfolio level. • Automated Valuation Models (AVM).

11 Service portafoglio. Technical Services.

Due Diligence.

The Technical - Real Estate Due Diligence service involves a as Phase 2 DD services, for either environmental, utility, and property investigation process that combines the assessment structural analyses, conducting the on-site inspections and pro- of the actual state of a property, as compared to the related viding an opinion on the results emerging from the final analysis. documentation and the legal requirements that apply. The AxiA.RE Technical Due Diligence provides a valuable The main types of Due Diligence analysis offered by AxiA.RE are: knowledge basis as to the real estate assets the Client • Technical DD for Transferability purposes may intend to: • Utility and Fire Prevention DD • purchase or sell • Environmental DD • manage • Worksite Health & Safety DD • enhance or improve. • Structural DD • Maintenance DD. As well as identifying any instances of non-compliance, an accurate DD activity further evidences any risks that AxiA.RE can provide Phase 1 DD services (i.e. analyses based may arise therefrom. on visual inspections carried out during on-site surveys, without The DD analysis contents and depth of investigation are any sampling, laboratory analyses, or technical reviews) as well tailor-made for each Client and Project.

Project Monitoring.

The Project Monitoring service consists in a critical • Planning - Timeframes examination of all the elements involved in a development • Cost Validation project, with the goals of identifying any Risks and Threats • Budget Compliance that may hinder its successful conclusion. • Business Plan. Our range of solutions is aimed at protecting the Client’s interests and facilitating any corrective measures that Main scopes of application: should be deemed necessary. • Bank financing, in the interest of both Banks and Developers • Private or Public Developments, in the interest of the Promoter. Main scopes of analysis of the project monitoring services offered by AxiA.RE: The Project Monitoring service offered by AxiA.RE stands • Design out for its specialist approach integrated with Risk Advisory. • Town Planning • Construction – permits and authorizations The utmost level of professionalism is ensured by expert • Contracts personnel equipped with decades-long experience in the industry.

AxiA.RE has developed an expert approach to providing BUILDING SITE the Client with the most accurate risk profile analysis, as well as a set of efficient management and mitigation tools, especially within development projects with high R&D and investment intensity, integrated with Risk Advisory for the main stages of development: 1 Project Reconnaissance FINANCING 2 Development Monitoring 3 Progress Report certification 4 Marketing monitoring PROJECT MONITORING 5 Complementary Technical Services / Project Management.

12 Complementary Technical Services.

AxiA.RE technical services provide an all-encompassing • Transaction Consultancy service targeted to best supporting our Client. • Architectural dimensions • Technical services and regularisation • Documental retrieval • Energy Performance Certification All complementary technical services are naturally also well • Graphic rendering suited and provide added value for the services geared • Survey toward the Leasing sector. • Documentation & Inventory

Services for repossessed assets.

Preliminary activities. We assist the Client during the Post-Repossession activities. We can take charge of all the organisational stage preceding the repossession of the operations required to secure the property, by involving the Asset, proactively involving all the stakeholders so as to relevant professional figures (craftsmen, enterprises, reduce processing timelines. maintenance personnel, etc.), in order to formally turn the keys over to the Property. Asset repossession. We act in tandem with all the stakeholders involved in the operation (Court Enforcement Officers, Liquidators, Pre-sale assistance. We support the Client in all the stages former Occupants, etc.), to facilitate the repossession procedure, following the repossession proceedings, whenever any providing inventory services whenever necessary. regularisation activities are necessary to expedite sales.

13 Valuation methods.

• Market Comparison Approach (MCA) the property • Composite Income Approach (Direct Capitalization of • Transformation or Development Value (via DCF Analysis) market rent) • Cost Method • Income Approach with Discounted Cash Flow (DCF & IRR • Analysis and determination of Physical, Functional and Analysis) Economic Depreciation of the Asset • Discounted Earnings Method with rent Sustainability • Highest & Best Use Analysis Analysis on the management of the operations based in

Valuation formats.

• Full Valuation with Due Diligence • Desktop Valuation • Full Valuation • Mass Appraisal Valuation • Drive-By Valuation • Fairness Opinion

14 The largest and most innovative business intelligence system for Real Estate.

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

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

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

The AxiA.RE Business Intelligence system processes millions of data items to support investment operations, for either risk management or decision-making.

The AxiA.RE team transform data into organic informa- “Technological innovation. Wealth of informa- tion, providing a decisive tool for improving corporate tion. Expertise in Real Estate.” management and operations, reducing the potential risks • Artificial Intelligence arising from a superficial examination, and increasing • Automated data extraction in all property production flow. transaction marketplaces, retrieved directly with public archives • Benchmarking algorithms: data points provided in the required order • Quick access to reports and data analyses, allowing timely decision-making on behalf of Management.

15 The Databanks we rely on.

AxiA.RE is granted direct access to the substantial The basis for an efficient and effective choice on the Gabetti Studies Centre Data Bank, as well as exclusive Real Estate market is the knowledge of all the factors that access to AstaSy’s Auction System, the largest and most contribute to creating Value, along with the availability of important Big Data on the Italian market. always up-to-date market information.

The largest auction archive in Italy.

Auction System manages and analyses a wealth of informa- Auction System is the sole Big Data on the Italian market able to tion each day, allowing us to monitor the trends and changes also archive all the relevant documentation (initiations, orders, registered on all the enforcement and creditors’ proceedings technical/expert reports etc.), providing a calendar of future taking place in Italy (currently, more than 290,000), while auctions, and mapping out the ones already completed. breaking down data by Court, City, Zone, Intended Use, Auction System has been continuously implemented starting Dimensional Cluster, Type of Proceedings, etc. in 2014.

141,132,897,275 + 700 1,267,758 GBV (Gross Book Value) New properties listed Sales' notices archived each day chronologically

57,311,425,230 422,586 422,586 Equivalent auction base prices Archived properties Real time geolocation via maps and street view

140 422,586 3,380,688 Courts / Tribunals Technical Expert Reports Photographs of properties updated at 00:10 every night archived pledged as collateral for loans granted (Data updated to february 2019)

16 Studies centre: main publications.

Pubblications Frequency Availability Notes

Residential overview Semi-annual from H1 2012 Residential Snapshot Semi-annual from Q1 2012 Residential Territorial Reports Semi-annual from H1 2014 10 large cities Santandrea Value Report Semi-annual from II sem 2010

Milan, Rome, Florence, Turin, Naples, Bari, Bologna, Residential Press Notes Semi-annual from I sem 2010 Genoa, Palermo, Padua, Verona, Matera, Potenza, Trieste, Udine, Livorno, Pisa, Siena

Tourist Market Press Notes - Lake Annual from 2011 Lake Como, Lake Garda, Lake Maggiore Tourist Market Press Notes - Mountains Annual from 2011 Piemonte, Valtellina, Veneto Tourist Market Press Notes - Seaside Annual from 2011 Emilia Romagna, Liguria, Sardegna Office Market Report MI-RM Quarterly from Q3 2011 Office Quality Focus MI Annual from 2011 Investment Overview Quarterly from Q3 2014 Corporate, Office, and Industrial Territorial Report Annual from 2014 Bologna and Padua Other Corporate Office Reports Annual from 2014 Florence, Genoa, Turin, Naples, Bari Other Corporate Office Reports Annual from 2014 Milan, Florence, Genoa, Turin, Naples, Bari, Palermo Other Corporate Office Commercial Reports Annual from 2014 Milan, Rome, Florence, Turin, Naples, Bari, Bologna. Smaller Cities Reports Upon request from 2014 Milan, Florence, Genoa, Turin, Naples, Bari, Palermo.

The Gabetti Group Studies Centre has been active for sory), deriving from both direct office activity (Corporate, more than 25 years in serving the market via an Construction and Resale, Luxury Santandrea) and from ensemble of analysis, research and re-elaboration the data collected by the Gabetti Franchising (fully ow- activities that cater to the real estate market professionals’ ned by the Group via the Tree Real Estate sub-holding), demand for knowledge and reliable data. Professionecasa and Grimaldi Immobiliare networks, the- refore a total of approx. 1,000 operational sales points The Studies Office elaborations are supported by the distributed on the national territory. proprietary Gabetti Real Estate Data Bank, which gathers all the information provided by the Companies within the Group (intermediation, management, valuation, advi-

Thanks to the Gabetti Group Studies Centre, AxiA.RE is granted access to the sole Comparables Data Banks providing information on Real Estate purchase “ -sale operations in Italy (Real prices, not just Asking prices) Among the most noteworthy periodic publications issued by the Gabetti Studies” Centre: • Investment Overview (quarterly publication) • Office Market Report for Milan and Rome (quarterly publication) • Territorial Reports (for the top 20 Italian Cities after Milan and Rome) for the Office, Corporate and Residential sectors (semi-annual pubblication)

17 Quality Standards adopted.

The international standards endorsed by the Royal Institution The Italian Banking Association (ABI) Guidelines for the of Chartered Surveyors (RICS), as disciplined by the RICS valuation of real property used as collateral in credit Red Book. exposure.

The standards promoted by the International Valuation The principles and guidelines pertaining to AMC and Inde- Standards Committee (IVSC). pendent Expert relations promoted by Assogestioni.

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

AxiA.RE is a founding member of the Assoimmobiliare ces offered to Banks on the RE market. Committee for Credit Valuation, «Valutazione per il Credito», Assoimmobiliare is a permanent member of the with Arch. Rolando, AxiA.RE CEO, appointed as Commit- technical-scientific roundtable created by ABI for the tee Chairman. on-going update and revision of the “Guidelines for the The organism aims at promoting professional real estate Valuation of Real Property positioned as collateral for valuation standards and raising the quality level of servi- credit exposure”.

18 19 Main Clients (2016-2019 assignements).

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

20 21 Numbers are our strong suit.

Having appraised more than 160 Property Investment Funds in the role of Independent Expert, AxiA.RE confirms its strength 4.219 and knowledge of market value and appraisal techniques. 25 ASSETS € BLN 163 Over the course of 2018, AxiA.RE conducted valuation assi- Market Value FUNDS gnments for 163 Real Estate Investment Funds (both Italian and foreign), for a total of more than 4,200 assets appraised, with an estimated worth of more than € 25 billion. These figures decisively position AxiA.RE as the leading Independent Expert on the Italian market, with a market share of approx. 35% in terms of volume of Assets under (Data as at 31 December 2018) Valuation. Market Value Funds Assets YEAR (€ million) (number) (number) AxiA.RE works alongside the Client on all real estate asset classes, even the most complex and specialised (e.g. office, 2008 1,163 4 477 residential, retail, manufacturing, hotel & leisure, golf & 2009 2,555 6 543 marina, development, energy, NPLs, etc.)

2010 3,903 14 1.458 Market value by intended use.

2011 5,035 25 1.585 Other 5%

2012 6,953 38 1.926 Development 5% Office 52%

2013 7,614 45 1.977 RSA 1%

2014 6,061 41 1.897 Hotel & Leisure 5%

2015 4,379 33 1.700 Logistics 2%

2016 8,039 46 1.483 Industrial 3%

2017 18,000 10 3 3.028 Residential 11 % Track record 2018 25,000 16 3 4.219 Retail 16% 2 016 - 2018

The strongest endorsement for our expertise and integri- ty is provided by the rapid growth in the number of assignments AxiA.RE has undertaken, specifically in the Market value by intended use, NPL portfolios. field of Due Diligence and technical services, where Other 4% the firm has been operating only starting in the second half of 2018. Agriculture 5% Residential 49%

Development 9% As of the end of 2018 the numbers speak for themselves: Hotel & Leisure 0,70%

54 Due Diligence and Tech Services Industrial & Logistics 11 % assignements. Office 9% 1.334 DD Reports. Retail 12% Track record 2018

M 2.863 SQ. . As of the end of 2018 the NPL portfolios speak for themselves:

22 Project Monitoring engagements. 8.000 Valuations. GBV € 3,5 BLN.

22 Our value.

Solid Expertise Specialised Team Innovative BIG DATA

Our pride is our experience de- Our Team consists of dedicated We employ the largest and most veloped over more than 25 years Project Managers specialising in di- advanced Big Data in the field. in the industry on behalf of our verse scopes of analysis (cadastre, A state-of-the-art, fully automated management, who were the first town planning, construction, envi- management and valuation platform to introduce and grow this type ronment, etc.) continually implemented by artificial of activity on the Italian market. Qualified, proactive personnel intelligence. always in contact with the Client. The heads of the various AxiA.RE Our Big Data manages and merges departments have accrued seve- We provide each Client with the data extracted from: ral decades’ experience leading best suited field technicians, avai- • Auction System the largest important national and internatio- lable on the entire national territory auction archive in Italy nal projects and initiatives. and centrally coordinated. • The Free market • Socio-economic context-based analyses.

Speed and Clarity Client satisfaction Client support

We ensure quick turnaround ISO 9001- certified processes Custom-made assistance, 100% thanks to tried and tested formats and RICS-quality performance compatible tools, outputs imme- and specialist software. standards, with a keen eye on diately available thanks to dedi- the latest national, European and cated and integrated software Advanced valuation models and international regulation compliance. platforms. exclusive economic-financial analysis processes, always in Advanced valuation models and We strive to streamline even the agreement with the Client’s re- exclusive econom ic-financial most complex challenges in or- quirements and their investment. analysis processes. der to help the Client to optimise their decision-making process. Transparent, reliable, and secure We are always committed to results, always easy to read. ensuring the highest client satisfaction we can provide.

23 AxiA.RE SpA Via Lentasio, 7 - 20122 Milano Via Ezio, 49 - 00192 Roma [email protected] - www.axiare.it

COMPANY PROFILE Rev02_2019 EN del 15.05.2019