PRIMING YOUR FUTURE Company Profile TABLE OF CONTENTS

About us page 3 RINA worldwide page 7 Business Intelligence page 10 Services page 11 Clients page 17 Our Value page 21

Rev. 09 of 24/10/19

2 ABOUT US

RINA Prime Value Services is a Real Estate Service provider with a core focus on valuation and technical property certification, technological innovation, and sustainability.

Priming your future

3 CORPORATE STRUCTURE

RINA Prime Value Services grows out of a partnership between two leading firms that share singular yet complementary qualities, combining their diverse professional capabilities to create a cutting-edge service provider able to offer truly unique added value. A team of experts of the highest standing, a remarkable track record, advanced high-performance tools.

The strength of Experience and competence a global network in Real Estate

RINA is a multinational company AxiA.RE is today the leading Italian providing a wide range of services independent expert service across the Energy, Marine, provider and one of the top Certification, Transport & privately-owned real estate Infrastructure, and Industry sectors. valuation firms operating at a RINA currently employs more than national level. 3,800 professionals operating in 200 offices in 70 countries worldwide and boasts a comprehensive revenue of € 440 million. RINA is a member of key international organizations and an important contributor to the development of new legislative standards.

4 THE GROUP

Valuation Technical Services Loan Services Advisory NPE Business Unit Business Unit Business Unit Business Unit Subsidiary

5 EXECUTIVE MANAGEMENT

The Board of Directors and Management Team at RINA Prime Value Services are made up of professionals of the highest standing, who have specialised over many years of activity in their areas of expertise, holding prominent senior positions and maintaining excellent track records.

Ugo Giordano Francesco Medri Piercarlo Rolando Executive President Executive Vice Chief Executive President Officer

6 RINA WORLDWIDE

+ 3,800 Professionals + 200 Office locations + 70 Countries

7 RINA WORLDWIDE

RINA currently employs approximately 3,800 professionals worldwide, more than 1,000 of whom focusing on technical-infrastructural activities, capable to provide consistency and efficiency to our Clients, wherever their needs may arise.

Albania Finland Lithuania Romania Algeria France Malaysia Russia Argentine Germany Malta Saudi Arabia Azerbaijan Ghana Mexico Singapore Australia Greece Mozambique South Africa Bangladesh Hong Kong Morocco Spain Belgium India Netherlands Sweden Brazil Indonesia Nigeria Taiwan Bulgaria Iran Norway Thailand Canada Iraq Olanda Tunisia Chile Israel Oman Turkey China Italy Panama Turkmenistan Congo Ivory Coast Paraguay Ukraine Croatia Lebanon Philippines United Arab Emirates Cyprus Kazakhstan Poland United Kingdom Denmark Latvia Portugal USA Egypt Lebanon Republic of Korea Vietnam

8 THE ITALIAN NETWORK

Corporate HQs Milan

Operating HQs Focal Points

 Milan  Turin  Genoa  Savigliano  Rome  Florence  Padua  Naples  Bari

Head Office Genoa

+40 RINA operating offices Head Office +150 AstaSy Points specialising in real estate Rome Insolvency and liquidations procedures +600 professionals with decades-long experience +60 technicians in charge of supervision and review

9 BUSINESS INTELLIGENCE

RINA Prime Value Services employs the largest and most innovative Real Estate Business and Data Intelligence system available on the Italian market. A state-of-the-art management and valuation platform, exclusively owned, fully automated, and continually enhanced by artificial intelligence.

The RINA Prime Value Services Business Intelligence system processes millions of data items to support investment operations for either risk management or decision-making. Our team of experts transform data into organic information, providing a decisive tool for improving corporate management and operations, limiting potential risks arising from a surface-level examination, and increasing production flows.

Innovative real estate risk analysis thanks to an • Artificial Intelligence efficient integration of the most important data bases available on the Italian territory: • Automated data extraction in all property transaction marketplaces, retrieved directly • Auction System: the largest auction archive in Italy with public archives • Free market: data provided by the Gabetti Studies • Benchmarking algorithms provided in the order Centre Data Bank, and actual deeds of purchase and required sale retrieved directly with the competent public archives • Quick access to reports and data analyses allowing timely decision-making on behalf of • Socio-economic context: territorial analyses based management on information circulating on the web, aimed at best defining localised territorial ratings

10 SERVICES

Our services allow Clients to safeguard and build VALUATION up their real estate capital over time in each stage of the investment process, from the initial TECHNICAL SERVICES concept to the planning phase, from construction to management and divestment, ensuring LOAN SERVICES investor confidenceand stakeholder satisfaction. A comprehensive array of solutions to reduce running and upkeep costs, improve competitivity, ADVISORY and increaseefficiency and performance. NPE Priming your future

11 VALUATION

RINA Prime Value Services provides Valuation services via the AxiA.RE brand, Valuation Services: market leader in appraising real estate funds or trusts in its capacity as Independent Expert, as well as one of the top independent valuation providers • Independent Expert REIT/REIF Valuation for institutional investors. • External Appraiser REIT/REIF Valuation • Valuation pursuant to the RICS (Red Book) and IVS standards AxiA.RE is the leading Independent Expert on the Italian territory, with a • Valuation for accounting purposes (according to IAS/IFSR directives) market share of approx. 35% in terms of volume of assets under valuation. • Valuation for insurance purposes (SOLVENCY, ISVAP) • Mass appraisal for real estate portfolios AxiA.RE independent valuations are carried out with consolidated estimate • Feasibility studies and market analyses methods and in compliance with shared national and international standards, as a • guarantee for transparency and professionalism. Strategic asset & portfolio analyses • Appraisal reviews The vast experience amassed by our managers and senior appraisers in both national and international settings allows us to produce accurate, professional valuations for all real estate asset classes. Complementary Services:

• Valuation for industrial equipment, machinery and systems (capital 2018 TRACK RECORD goods, facilities, energy, installations) • Business Valuation (Capital Market Value, Goodwill Value, Company, Branch, or Brand Value)

+ 4,500 + 160 + € 30 BN Assets Investment Market Value Funds

12 TECHNICAL SERVICES

Project Monitoring RINA Prime Value Services is your ideal technical partner, providing a specialised, • Technical due diligence exceptionally coordinated structure able to ensure topmost operative • Project monitoring during design effectiveness thanks to an entirely tailor-made approach. • Project monitoring during construction and marketing review • Project management consulting RINA Prime Value Services professionals assist the Client in their role as Technical • Supplier/outsourcer monitoring Advisors, customising the end product based on individual needs and providing support during negotiations and risk management. Due Diligence and professional services • Technical due diligence Providing fully independent, transparent, and reliable advice is the stated day-to- • Regularisation and retrospective authorisation (the Italian Sanatoria) day mission of RINA Prime Value Services. This has allowed us to establish and • Data Room set up continue to build up a considerable reputation with leading Credit Institutions • L. 122 Statements of Compliance and Certifications, BIM, geometric, and utility surveys • Asset Repossession and Architectural Dimensions and Developers, both local and international. Asset integrity management • Facility Management optimisation assistance • Building compliance and outsourcer performance reviews • Contracting or tender assistance and supplier/outsourcer selection 2018 TRACK RECORD • Energy audits • Structural audits • Commissioning, Retrocommissioning and Tenant surveys

Green Building – Energy efficiency and Sustainability • Energy & Environmental Performance Feasibility Studies, Energy modelling (ASHRAE, UNI TS) • Energy Performance Certificates (APE) 54 1,334 26 40 21,000 sqm • REIT/REIF portfolio analysis and energy/sustainability strategies Due Diligence Due Project Technical sustainable • Pre Assessment during design and Commissioning Authority and Tech Services Diligence Monitoring Advisory. buildings • Technical Advisory for sustainable building (LEED, BREEAM, WELL, ITACA) assignments Reports engagements LEED & BREEAM inspected assignments

13 LOAN SERVICES

Origination • Appraisals conducted during the lending and loan management phase for Retail, Corporate, and High Corporate assets • Diversified support in Retail, Small Business and Corporate Lending • An innovative market monitoring dashboard The Valuation services we provide during the loan disbursement stage aim to • Management applications fully integrated with the Bank’s own systems define the market value of bank guarantees and manage the entire life cycle of arising engagements, from initial engagement to final delivery with the Bank. Leasing • Valuation, Due Diligence and Construction Site Progress Reporting for Lending and Portfolio Management The Loan Services offered by RINA Prime Value Services comply with the Italian • Global service on repossessed assets Banking Association (ABI) Regulations, as well as Memorandum n. 285 issued by • Valuation and Technical Regularisation services during the pre-sale of the Bank of Italy, ECB regulations, and IFRS 9 accounting standards. Our activity repossessed assets allows for an accurate definition of Market Value, alongside a multi-perspective compliance investigation (e.g. administrative, town planning, building, and Credit Risk Mitigation cadastral) conducted on assets offered as security for lines of credit. • Periodic revaluation of both performing and non-performing loan portfolios • Assessment of future losses on guaranteed loans • Clustering and identification of appropriate investigation approaches • Mass Appraisals and Automated Valuation Models (AVM)

2018 TRACK RECORD Asset Quality Review Support for Central Monetary Institutions and Banks within the scope of Comprehensive Assessment procedures commenced by the ECB. The service focuses on defining the assets’ quality in relation to credit risk, degree of marketability, market absorption capacity. The service may include extensive activities such as: • Data gathering and data collection on relevant asset portfolios + 75,000 + 20,000 + 1,500 • Data quality enrichment based on diversified levels of detail Retail appraisals Corporate appraisals Leasing appraisals Operative and Strategic Support Assistance for the Bank during the development and implementation of strategies for the optimisation of operating and management procedures within the scope of lending and handling credits secured by real estate assets and/or property rights

14 ADVISORY

Our range of strategic advisory solutions is geared to institutional investors, developers, industrial groups, credit and insurance institutions, public and religious entities. Our services are intended to support the Client in outlining their strategic decisions, therefore providing an all-important tool during each stage of the process of creating value: acquisition / investment, financing, management, and finally, during the delicate asset divestment phase. • Market Studies • Highest and Best Use Analysis RINA Prime Value Services provides Advisory services via a corporate partnership • Development Advisory with FirstRE Asset & Advisory. • Economic-financial Feasibility Studies • Investment Portfolio Analysis • Legal Support

2018 TRACK RECORD

Feasibility Highest & Best + € 2 BN Studies Use Analyses Market Value

15 NPE

Our services geared to managing bank-owned NPL and UTP portfolios are provided via the NPLs RE Solutions subsidiary. NPLs RE Solutions assists Credit Institutions and Servicers along all the stages of recovering overdue and distressed debt, from preliminary UTP investigations, to NPL portfolio analysis and debt recovery strategy development, from portfolio management, enhancement and divestment, up to NPL credit cash-in and disposal. • Auction Big Data – Data Intelligence NPLs RE Solutions employs a direct AstaSy Point network whose day to day • NPE Valuation activities focus on auction facilitation and out of court settlements between banks • Auction Advisory and debtors, as well as sales of assets undergoing insolvency proceedings (per art. • Auction Facilitation 107 R.D. 267/’42 i.e. Italy’s Bankruptcy Law). • Selling Mandates (MAV) and Selling Instructions (DPO) NPLs RE Solutions employs the largest and most comprehensive auction Big Data on • Agency Opinion the Italian market. • Credit Business Plan • Real Estate Owned Company (REOCO) Business Plan 2018 TRACK RECORD • Portfolio analysis • Scouting and monitoring for investors

+ 6,900 140 + 1,400,000 + 130 Assets under Court/Tribunal Archived AstaSy Points Management data updated Sales’ Notices each day

16 CLIENTS

BANKS:

• BANCA 8833.BCC • MPS • COLOMBA • BANCA CAMBIANO • UBI BANCA • COLONNA RE • BANCA CREDITO COOPERATIVO DI CASTAGNETO • • DEA CAPITAL CARTUCCI • BANCA • DEA CAPITAL - REAL ESTATE SGR • BANCA D'ALBA - CREDITO COOPERATIVO • DO BANK VALUE • BANCA PASSADORE AMCs AND INVESTORS: • EIDOS NPLS • BANCA POPOLARE DI LAJATICO • ENPAM REAL ESTATE • BANCA POPOLARE DI SONDRIO • ACCADEMIA SGR • ERSEL GESTIONE DI PATRIMONI • BANCA SELLA • ALGEBRIS INVESTMENTS • EUTIMM - GRUPPO BNP PARIBAS • BANCO DESIO • ANTIRION SGR SPA • FABRICA IMMOBILIARE SGR • MILANO • AQUILEIA CAPITAL SERVICES • FINANZIARIA FOCUS INVESTMENTS • BANK CAPITAL • ARENELLA IMMOBILIARE S.R.L. • FINANZIARIA INTERNAZIONALE SGR • BHW • ATLANTICA PROPERTIES S.p.A. • FIRE DEBT MANAGEMENT • BNL (GRUPPO BNP PARIBAS) • AXACTOR • FRONTIS NPL • BPER • BAIN CAPITAL • GENERALCOSTRUZIONI • CARIGE • BAYVIEW • GENERALI REAL ESTATE • CREDEM PRIVATE BANKING • BENI STABILI SPA SIIQ • GONG CAPITAL SPA • CR SAVIGLIANO • BNP PARIBAS R.E.I.M. S.G.R. • GREEN STONE SICAF • CREDIT AGRICOLE • BNP PARIBAS REAL ESTATE • GUBER • CREDITO FONDIARIO • B2 KAPITAL • HIG REALTY • - GRUPPO BANCARIO • CADORFIN SRL • HOIST FINANCE • DEUTSCHE BANK • CASTELLO SGR • IDEA FIMIT SGR • GENERALI • CDP INVESTIMENTI SGR • ILLIMITY • INTESA SAN PAOLO • CIV • INTESA SAN PAOLO PROVIS • MEDIOCREDITO ITALIANO • CITYLIFE • MEDIOLANUM • COIMA SGR 17 CLIENTS

CORPORATE:

• INTESA SAN PAOLO REOCO • REV • AEROPORTI DI ROMA • INVESTIRE SGR • REVALO • ALITALIA • INVESTITORI SGR • KEPPEL • ARNOLDO MONDADORI EDITORE • INVIMIT SGR • KERVIS ASSET MANAGEMENT • • JONES LANG LASALLE • SARDALEASING • AUCHAN • J.P.MORGAN • SARTOR IMMOBILIARE SGR • AUTOSTRADE PER L'ITALIA • LINK AM • SAVILLS INVESTMENT MANAGEMENT SGR • BLU SEVEN • LINK ASSET SERVICES • SGA • BP TORRE DEL GRECO • KRYALOS SGR • SORGENTE SGR • CATTOLICA ASSICURAZIONI • MPS CAPITAL SERVICES • STONEWEG ITALY • CATTOLICA IMMOBILIARE • NAMIRA SGR • TETRA PACK 3I INVESTMENTS PLC • CONAD CENTRO NORD • NUMERIA SGR • TIGLIO I SRL - FOCUS INVESTMENT • COPERNICUS • OFFICINE CST • TORRE SGR • CROWE GLOBAL • PATRIZIA SGR • TRISTAN CAPITAL PARTNERS • E.ON ITALIA • PENS PLAN INVEST SGR • UNIPOLSAI INVESTIMENTI SGR • EIDOS • PHOENIX ASSET MANAGEMENT • UNIPOL REC • ENEL ITALIA • POLIS - FONDI IMMOBILIARI SGR • YARD CREDIT&ASSET MANAGEMENT • ENEL ITALIA SRL PRODUZIONE • PRELIOS SGR – FONDO NICHE • YORK CAPITAL MANAGEMENT • ENI • P&G ALTERNATIVE INVESTIMENT SGR • ZENITH • ESSELUNGA • QUADRIVIO SGR • EUROMOBILIARE ADVISORY SIM • QUAESTIO CAPITAL SGR • FINIPER • QUAS CASSA ASSISTENZA SANITARIA • FONDAZIONE TEATRO REGIO TORINO QUADRI • GBC ITALIA • REALE IMMOBILI • GRUPPO UNA • REAM SGR REAL ESTATE ASSET • IDEA LAVORO AGENZIA PER IL LAVORO MANAGEMENT 18 CLIENTS

PUBLIC AND RELIGIOUS ENTITIES:

• IKEA RETAIL • COMUNE DI VINCENZA • IMPRUNETA • ENTE OSPEDALIERO OSPEDALI GALLIERA GENOVA • ISTITUTO POLIGRAFICO E ZECCA DELLO STATO • ISTITUTO PER IL SOSTENTAMENTO DEL CLERO DELLA • LA SCALA DIOCESI DI MILANO • KEPPEL • PUGLIA VALORE IMMOBILIARE • KLEPIERRE • THE CHURCH JESUS CHRIST OF LATTER-DAY SINTS • KUWAIT PETROLEUM • LEONARDO • MBT • MERCEDES BENZ ROMA • MOLINARI & PARTNERS STUDIO LEGALE • PIRELLI TYRE • • QUESTIO CM • RINA REGISTRO ITALO NAVALE • SAVE - AEROPORTI DI VENEZIA, TREVISO • SMIA - SERVIZI E VENDITE IMMOBILIARI • STUDIO FEOLE • TELECOM ITALIA

19 QUALITY STANDARDS

The international standards endorsed by the The Italian Banking Association – ABI Guidelines Royal Institution of Chartered Surveyors – RICS as for the Valuation of Real Property used as disciplined by the RICS Red Book. collateral in Credit Exposure.

The standards promoted by the International Principles and guidelines pertaining to AMC and Valuation Standards Committee – IVS). Independent Expert relations promoted by Assogestioni.

RINA PRIME Value Services takes part in the Joint Bank of Italy – Banca d’Italia and Consob ASSOimmobiliare Committee for Credit Valuation – (the Italian Companies and Exchange Valutazione per il Credito, with Arch. Rolando, RINA Commission) Memorandum on the Valuation of Prime Value Services CEO, appointed as Committee Real Property held by common investment Chairman for the on-going update and revision of funds. the Guidelines for the Valuation of Real Property positioned as collateral for credit exposure.

The quality management system adopted by RINA Prime Value Services is ISO 9001:2015 certified.

20 OUR ADDED VALUE

Solid expertise Leaders in Certification Innovative BIG DATA

Our pride is our experience developed over more A large part of our core business focus is The largest and most innovative Big Data in the than 25 years in the industry on behalf of our certification: this enables us to design cutting industry. management, who were the first to introduce and edge third-party services able to pursue A fully automated, state of the art management grow the activities we provide on the Italian excellence and add value to our Clients’ activities, platform, undergoing constant AI update. market. Our team is made up of dedicated Project providing the tools required for an ideal Our Big Data system manages and combines Managers who specialise in diverse scopes of management of their information systems and for information provided by: analysis (cadastre, town planning, construction, the decision-making process pertaining to credit  Free Market environment, etc.) and lending.  Socio-economic context A qualified, proactive team working closely with  ARES the largest auction archive in Italy the Client.

Speed and clarity Client satisfaction Client care

We ensure quick turnaround thanks to tried and ISO 9001 certified processes and RICS-compliant Customised client support, 100% compatible tested formats and specific software. performance standards, always conforming to the tools, fast reporting thanks to dedicated Providing accurate, transparent analyses adapted most recent national, EU and international platforms and integrated software. to the Client’s – and the investment’s – particular regulations (Basel Accords II and III). We strive to streamline even the most complex needs. Evolved valuation methods and exclusive challenges in order to facilitate the Client in economic-financial analysis procedures. Transparent, reliable, clear and easy to read speeding up their decision-making process. results. We are always committed to ensuring the highest client satisfaction we can provide.

21 www.rinaprime.com

Milano Via Lentasio 7 Genova Via Corsica 12 Roma Via Ezio 49 22