Project Shield March 9Th, 2021

Project Shield March 9th, 2021

Deal Type Asset Main Use Status Pg. Mkt Project Scuba - BNP opportunities Office NBO sent 7

Mkt Project Milano Office NBO to be sent 24

Loans Cerved Opportunities Resi/Hotel Deal presentation 43

Auction Crawler Opportunities Residential Deals presentation 50

DD Status Asset Type Property Type Opportunity Name City Name Street and Number Sqm Keys Offer Price

DD Completed Real Estate - Market Offices Kryalos - Project Lake Como Via Pessina, 8 7.083 - 6.500.000 DD Completed Real Estate - Market Offices Kryalos - Project Lake Genova Piazza Cavour 1 7.669 - 10.000.000 DD Completed Real Estate - Market Offices Kryalos - Project Lake Treviso Via Piave, 19 2.467 - 2.300.000 DD Completed Real Estate - Market Offices Kryalos - Project Lake Lido di Venezia Riviera San Nicolò, 55 1.103 - 1.200.000 DD Completed Real Estate - Auction Residential Torino, Via Val della Torre Torino Via Val della Torre 1.710 - 2.842.260 DD Completed Real Estate - Auction Residential Pesaro - Viale Trieste Pesaro Viale Trieste 3.079 - 4.076.325 DD Ongoing Loan Hotel Palazzo Sitano Palermo Via Vittorio Emanuele, 114, 90133 Palermo PA - 86 4.000.000 DD Ongoing Real Estate - Auction Hotel Grand Hotel Mattei Ravenna Via Enrico Mattei 25 - 124 3.600.000 DD Ongoing Loan Hotel Hotel Caparena, Taormina Taormina Via Nazionale 189 - 85 8.000.000 DD Ongoing Real Estate - Market Hotel B&B Hotel Castel Maggiore Bologna Via Marino Serenari, 13, 40013 Zona Artigianale BO - 110 2.700.000 DD Ongoing Real Estate - Market Hotel B&B Hotel Ferrara Ferrara Via Giovan Battista Pigna, 5/7, 44100 Ferrara FE - 76 1.500.000 DD Ongoing Loan Other Grande Baia Resort San Teodoro Loc. Monte Petrosu - 08020, San Teodoro OT - 256 22.000.000 DD Ongoing Real Estate - Market Hotel Hotel Monzoni Moena Moena Sen Pelegrin 41, 38035 Moena Italia - 73 3.200.000 DD Ongoing Real Estate - Auction Other Brescia - Via Dei Musei Brescia Via dei Musei - - 4.762.125 DD Ongoing Loan Residential Project Akenta - - - - 3.700.000 DD Ongoing Real Estate - Auction Hotel Hotel Cruiser, Pesaro Pesaro Viale Trieste, 281, 61121 Pesaro PU - 117 5.500.000 DD Ongoing Real Estate - Auction Hotel Donnnalucata Resort Ragusa SP 63, 97010 Donnalucata, Scigli RG - 112 1.500.000 DD Ongoing Real Estate - Auction Hotel Picciolo Golf Resort Catania SS120 KM 200, 95012 Castiglione di Sicilia CT - 98 2.000.000 DD Ongoing Real Estate - Auction Offices Roma, Via Tuscolana (ATAC) Roma Via Tuscolana 171-173 4.319 - 10.625.000 Info Retrieved Real Estate - Auction Mixed use Baveno, Via della Vittoria Baveno Viale della Vittoria 42 683 - 1.573.120 Info Retrieved Real Estate - Auction Residential Corsignano, Castelnuovo Berardenga Corsignano, Castelnuovo Berardenga - - - 1.516.000 Info Retrieved Loan Hotel Jolly Resort & Spa - Ponte di Legno Ponte di Legno Via F.lli Calvi, 74, 25056 Ponte di Legno BS - 27 1.800.000 Info Retrieved Loan Residential Project Meridiana San Bartolomeo al Mare Via Cesare Battisti 496 - 530.000 Info Retrieved Real Estate - Market Offices Piacenza - Via Malta, 11 Piacenza Via Malta,11 - - 11500000 Info Retrieved Real Estate - Market Offices Project Milano - Assago - Milanofiori B10-B11 Assago Milanofiori B10-B11 6249 - - Info Retrieved Real Estate - Auction Offices L'Aquila - Via Salaria Antica Est L'Aquila Via Salaria Antica Est - - - Info Retrieved Real Estate - Auction Residential Oggiono - Via Bachelet Oggiono Via Bachelet 15 - - - Info Retrieved Real Estate - Auction Mixed use Milano - Via Pattari Milano Via Pattari - - 8.645.096 Info Retrieved Real Estate - Market Hotel Hotel delle Nazioni Firenze Firenze Via Luigi Alamanni, 15, 50123 Firenze FI - 95 14.000.000 Info Retrieved Real Estate - Market Residential Milano - Via Giambellino, 123 Milano Via Giambellino, 123 - - 9.000.000 Info Retrieved Real Estate - Auction Residential Teramo, Contrada San Martino Teramo Contrada San Martino - - - Info Retrieved Real Estate - Auction Residential Venezia, Via Livenza 1 Cavallino-Treporti Via Livenza, 1 - - - Info Retrieved Real Estate - Auction Residential Sesto San Giovanni, Via Rossini 14 Sesto San Giovanni Via Rossini, 14 - - - Info Retrieved Real Estate - Auction Residential Curatone, Via Nobel 3 Curtatone Via Nobel, 3 - - - Info Retrieved Real Estate - Market Offices Project Milano - Lainate - Via Rossini 1 Lainate Via Rossini 1 9.901 - - Info Retrieved Real Estate - Auction Residential Parabiago, Via Fermi Parabiago Via Fermi - - -

Info Retrieved Loan Hotel Hotel Viest Vincenza Vicenza Via U. Scarpelli, 41, 36100 Vicenza VI - 100 5500000 Info Retrieved Loan Hotel Aqualux Hotel Spa & Suite Bardolino Bardolino Via Europa Unita, 24/b, 37011 Bardolino VR - 125 16200000 Info Retrieved Loan Residential Project Salento Gallipoli Via Francesco Milizia 1996 - 200.000 Info Retrieved Real Estate - Auction - Santa Margherita Ligure - Via G. Costa Santa Margherita Ligure Via G. Costa 24 - - - Info Retrieved Real Estate - Auction Residential Genova - Via Don Minetti Genova Via Don Minetti 5-7 - - - Info Retrieved Real Estate - Market Hotel Hotel Marinagri Torre Mozza Viale S. Giusto, 75025 Torre Mozza MT - 95 2.500.000 Info Retrieved Real Estate - Auction Residential Porto Rotondo, Via dei Gemelli Olbia, Porto Rotondo Via dei Gemelli 22 356 - 7.683.375 Info Retrieved Real Estate - Auction Residential Masate - Via Alighieri Masate Via Alighieri - - 1010000 Info Retrieved Real Estate - Market Hotel Relais Marinagri Torre Mozza Viale S. Giusto, 75025 Torre Mozza MT - 64 - Info Retrieved Real Estate - Auction Residential Padova - Via Sografi Padova Via Simeone Sografi,17 - - 1.312.500 Info Retrieved Real Estate - Market Hotel Hotel Augusta Lucilla Palace Roma D'Azeglio, Via D'Azeglio, 24, 00184 Roma RM - 108 15.000.000 Info Retrieved Real Estate - Market Hotel Best Western Plus Tower Bologna Viale Ilic Uljanov Lenin, 43, 40138 Bologna BO - 149 5.000.000 Info Retrieved Loan Residential CF Liberty - Luino Luino Luino 4052 - 4100000 Info Retrieved Real Estate - Auction Residential Ragusa, Corso Oceano Indiano Ragusa Corso Oceano Indiano - - - Info Retrieved Real Estate - Auction Residential Forte dei Marmi - Via Nazario Sauro Forte dei Marmi Via Nazario Sauro, 47 - - 3140000 Info Retrieved Real Estate - Auction Mixed use Roma - Via Sicilia, 57 Rome Via Sicilia, 57 5863 - - Info Retrieved Real Estate - Auction Residential Eraclea - Via Magnolie Eraclea Via Magnolie - - - Info Retrieved Real Estate - Market Offices Project Milano - Cernusco sul Naviglio - Via A. GrandiCernusco 8 sul Naviglio Via Achille Grandi 8 - - - Info Retrieved Real Estate - Market Offices Parma, Via Mistrali 1 Parma Via Mistrali 1 5120 - - Info Retrieved Real Estate - Market Hotel Hotel Victoria Roma Rome Via Campania, 41, 00187 Roma RM - 111 - Info Retrieved Loan Residential Project - Muretto Alassio Via Leonardo da Vinci, 19 148 - 270000 Info Retrieved Real Estate - Auction Residential Vicenza, Via dei Capuleti Vicenza Via dei Capuleti 33 - - - Info Retrieved Real Estate - Auction Residential Ostuni, Contrada Vallegna Ostuni Contrada Vallegna Sn - - 3.233.294 Info Retrieved Real Estate - Auction Residential Pettenesco, Via Pratolungo Pettenasco Via Pratolungo - - - Info Retrieved Real Estate - Auction Residential Roma, Via degli Olmi 32 Roma Via degli Olmi 32 - - - Info Retrieved Real Estate - Auction Hotel Hotel Capital Inn Roma Via Carlo Santarelli, 96, 00133 Roma RM - 213 7.000.000 Info Retrieved Real Estate - Auction Residential Carloforte Carloforte - 310 - - Info Retrieved Real Estate - Auction Residential Pantelleria Pantelleria Pantelleria - - - Info Retrieved Real Estate - Auction Residential Roma, Via del Casal Lumbroso Roma Via del Casal Lumbroso 152 - - 1.316.953 Info Retrieved Real Estate - Auction Residential Lesa - Via Davicini Lesa Via C. Davicini, 13/15 - - 5.928.750 Info Retrieved Real Estate - Auction Residential Rosignano Marittimo Rosignano Marittimo Frazione Castiglioncello - Via Martelli, 20-22-24 - - 1.413.000 Info Retrieved Real Estate - Auction Residential Robecco sul Naviglio - Via Diaz Robecco sul Naviglio Via Diaz - - 3125028 Info Retrieved Real Estate - Auction Residential Mantova - Via Pietro Bottoni Mantova Via Pietro Bottoni - - 1421488 Info Retrieved Real Estate - Auction Residential San Giovanni Teatino, Via Adige San Giovanni Teatino Via Adige 5 - - 2.798.711 Info Retrieved Real Estate - Auction Residential Milano, Via Marignano 10 Milano Via Marignano n.10 - - - Info Retrieved Real Estate - Auction Residential Spilamberto, Via Capitini 2 Spilamberto Via Capitini 2 - - - Info Retrieved Real Estate - Auction Hotel Ibis Style Palermo Cristal Palermo Via Roma, 477A, 90139 Palermo PA - 87 3.000.000 Info Retrieved Real Estate - Auction Residential Lurate, Via Verdi Lurate Caccivio Via Verdi - - -

Info Retrieved Real Estate - Auction Residential Santa Margherita Santa Margherita Ligure Via Privata Assunta Costa 9 - - 1.575.000 Info Retrieved Real Estate - Auction Residential San Venanzo - Località Felcete San Venanzo Località Felcete - - 4774749 Info Retrieved Real Estate - Auction Residential Ariccia, Via Appia Nuova 3 Ariccia Via Appia Nuova 3 - - - Info Retrieved Real Estate - Auction Offices Milano, Via Gioacchino Murat Milano Via Gioacchino Murat 84 1137 - 1.422.500 Info Retrieved Real Estate - Auction Residential Panarea, Via Ditella Panarea Via Ditella 23-25 - - - Info Retrieved Real Estate - Auction Other Rapallo, Corso Goffredo Mameli Rapallo Corso Goffredo Mameli - - 3.333.664 Info Retrieved Real Estate - Auction Residential Alassio Portfolio Alassio - - - 3.900.000 Info Retrieved Real Estate - Auction Residential Cenate Sotto, Via San Rocco Cenate Sotto Via San Rocco - - - Info Retrieved Real Estate - Auction Residential Budoni, Località Agrustos Budoni Località Agrustos 1052 - 1.722.726 Info Retrieved Real Estate - Auction Residential Alba, Via Vida, Via Govone, Piazza Vittorio VenetoAlba Via Vida, Via Govone, Piazza Vittorio Veneto 1826 - 4.315.000 Info Retrieved Real Estate - Auction Residential Venezia, Calle Sernagiotto Venezia Calle Sernagiotto - - - Info Retrieved Real Estate - Auction Residential Roma, Via delle Quattro Fontane Roma Via delle Quattro Fontane 172 899 - 4.373.250 Info Retrieved Real Estate - Auction Hotel Hotel Altavilla Roma Via Principe Amedeo, 9, - 15 600000 Info Retrieved Real Estate - Auction Residential San Pietro Di Feletto San Pietro Di Feletto Località Rua, Via Salera - - 1145000 Info Retrieved Real Estate - Auction Residential Piacenza, Via Emilia Parmense Piacenza Via Emilia Parmense Snc - - 1.900.811 Info Retrieved Real Estate - Auction Residential Sirmione Sirmione Località Colombare Di Sirmione, Via Lecco N.27/29 - - - Info Retrieved Real Estate - Auction Residential Brescia, Via dei Musei Brescia Via dei Musei - - - Info Retrieved Real Estate - Auction Residential Imperia, Via Fanny Roncati Carli Imperia Via Fanny Roncati Carli - Via A.S. Novaro 1626 - 4515300 Info Retrieved Real Estate - Auction Residential Castiglione di Sicilia Castiglione di Sicilia SS 120 Km 200 C.da Rovittello-Castiglione di Sicilia - - 2.519.479 Info Retrieved Real Estate - Auction Residential Ischia Ischia Ischia 1000 - - Info Retrieved Real Estate - Auction Residential Capri, Via Krupp 8 Capri Via Krupp 8 295 - - Info Retrieved Real Estate - Auction Residential Tortoli - Via Campèidano Tortolì Via Campidano,7 - 2 1.800.000 Info Retrieved Real Estate - Auction Residential Padova - Via del Santo Padova Via Del Santo - - 5.750.000 Info Retrieved Real Estate - Auction Residential Catanzaro, Località Sansinato Catanzaro Località Sansinato, Via Umberto Zanotti Bianco Snc - - 1.839.750 Info Retrieved Real Estate - Auction Residential Rimini, Via Marecchiese Rimini Via Marecchiese 227 43321 - 2625000 Info Retrieved Real Estate - Auction Hotel Hotel Sporting Cologno Monzese Cologno Monzese Via Felice Cavallotti, 141 - 67 2500000 Info Retrieved Real Estate - Auction Hotel Hotel La Darsena Scarlino Via della Dogana 2 - 60 500.000 Info Retrieved Real Estate - Auction Residential Volterra, Podere Sant'Anastasio Volterra Podere Sant'Anastasio - - - Info Retrieved Real Estate - Auction Residential Arezzo, Via degli Albergotti Arezzo Via degli albergotti - - - Info Retrieved Real Estate - Auction Residential Catania - Via Teseo, 17 Catania Via Teseo, 17 - - 1.777.500 Info Retrieved Real Estate - Auction Residential San Martino Della Battaglia, Via C. Bossoli Desenzano del Garda Via Bossoli - - 3.911.250 Info Retrieved Real Estate - Auction Residential Fidenza Bis Fidenza Via Carducci - - 2.593.984 Info Retrieved Real Estate - Auction Residential Palermo, Via Vittorio Emanuele 303 Palermo Via Vittorio Emanuele 303 2804 - 2.539.688 Info Retrieved Real Estate - Auction Hotel Hotel Vergilius Billia Napoli Via Giuseppe Pica, 2/16, 80142 Napoli NA - 68 3.000.000 Info Retrieved Real Estate - Auction Residential Soave - Via Don Gaetano Cortesi Soave Via Don Gaetano Cortesi - - 1775000 Info Retrieved Real Estate - Market Mixed use Gruppo Soldi - - - - 8500000 Info Retrieved Real Estate - Market Hotel Hotel Londra & Cargill Roma Piazza Sallustio, 18, 00187 Roma RM - 101 28000000 116.564 2.624 342.932.676

➢ Transaction type: Shield R.E. - Direct real estate acquisition of 2 assets for total €22 Mln, entirely concentrated in secondary office markets in North Italy;

➢ Assets are currently held in Fund Patrimonio 1, a real estate fund established in 2005. Originally composed by approx. 80 assets totaling approx. €1 Bln; today around 20 assets are left totaling approx. €150 Mln;

➢ Fund is under liquidation. Recently entered into a further timing extension to allow residual assets disposal;

➢ A Branch of the French conglomerate BNP, BNP REIM SGR is our counterpart in the deal as a Seller and Fund Manager. This entity has recently undergone a management restructuring and new management is cleaning up the old vintage investments such as Patrimonio 1; proceeds are reinvested in core assets mainly in Milan;

© 2021 Bayview Asset Management, LLC. All Rights Reserved. CONFIDENTIAL TRADE SECRET 8 Project Scuba - Executive Summary Opportunity & Highlights ➢ After our successful purchase of Project Centurion and the Brescia Police Training facility asset, previously approved by EIC, BNP has approached BVI with the opportunity to buy additional assets;

➢ 2 assets were identified as a matching target criteria for the Shield strategy: ➢ Portfolio occupancy 100% (the two assets are 100% let to State Property Agency); ➢ Good entry net yield (10,5% NOI)

➢ The seller is under negotiations with the State Property Agency for a reduction of the current lease by 15% and to extend the lease duration;

Gross Lease expiry Net Net # Asset Strategy PP PP Exit Price Exit Price Area (sqm) (€) (€/sqm) date Entry Yield Cap Rate (€) (€/sqm) Yield play after 1 Piacenza - Via Malta, 11 21.941 12.000.000 547 31/12/2023 10,7% 8,50% 15.881.489 724 rent stabilization Yield play after 2 La Spezia - Viale Nazario Sauro 14.910 10.000.000 671 31/12/2023 10,3% 7,75% 13.981.005 938 rent stabilization 36.851 22.000.000 597 10,5% 8,15% 29.862.494 810

Notes: - For Piacenza asset, we assume 6 months free rent at the renewal of the current lease agreement. - For La Spezia asset, we assume approx. € 2 mln Capex, of which € 1,2 mln as free rent (one year) at the renewal of the current lease agreement.

# Asset IRR CM Rev/Costs PP (%) 1 Piacenza - Via Malta, 11 14,2% 1,56 X 1,51 X 54,5% 2 La Spezia - Viale Nazario Sauro 12,7% 1,49 X 1,42 X 45,5% Portfolio 13,5% 1,53 X 1,47 X 100,0%

© 2021 Bayview Asset Management, LLC. All Rights Reserved. CONFIDENTIAL TRADE SECRET 10 Project Scuba - Aggregated Business Plan Cash In Cash Out Rent Sales Proceeds Total Purchase Price Purchase Costs Capex Sales Costs Other expenses Total 7.764.214 29.862.494 37.626.708 22.000.000 637.400 800.000 298.625 1.942.016 25.678.041

Year 30/04/2021 31/12/2021 31/12/2022 31/12/2023 31/12/2024 Investment IRR Multiple Inflation - 0,50% 1,00% 1,50% 1,75% Total

Sales Proceeds 0% 0% 0% 0% 100% Unlevered 1,53 X 13,5%

Total revenues - 1.740.282 2.618.681 2.658.006 747.246 7.764.214 Levered 1,82 X 20,0% Registration tax (lease) - -17.403 -26.187 -26.580 -7.472 -77.642 Levered TOTAL RECURRING REVENUES 0 1.722.879 2.592.494 2.631.426 739.773 7.686.572 1,66 X 16,7% Post Tax Property management costs - -17.847 -26.900 -27.304 -27.782 -99.832 Insurance - -26.266 -39.588 -40.183 -40.886 -146.923 Revenues/ Municipal Tax (IMU) / TASI - RE Taxes - -141.432 -213.168 -216.369 -220.156 -791.124 Costs TOTAL RECURRING EXPENSES 0 -185.545 -279.656 -283.855 -288.823 -1.037.879 1,47 NOI 0 1.537.335 2.312.838 2.347.570 450.950 6.648.693

Extraordinary maintenance reserve - -168.371 -253.771 -257.582 -146.770 -826.495 TOTAL RESERVES - -168.371 -253.771 -257.582 -146.770 -826.495

Capex & TI's - 0 0 0 -800.000 -800.000 TOTAL NON RECURRING 0 0 0 0 -800.000 -800.000

Sales proceeds - 0 0 0 29.862.494 29.862.494 Sales agency costs - 0 0 0 -298.625 -298.625 TOTAL SALES REVENUES 0 0 0 0 29.563.869 29.563.869

Purchase price -22.000.000 0 0 0 0 -22.000.000 Registration tax (purchase) -400 0 0 0 0 -400 TOTAL ACQUISITION COSTS -22.000.400 0 0 0 0 -22.000.400

Closing costs -177.000 0 0 0 0 -177.000 Legal Costs -20.000 0 0 0 0 -20.000 Imposta ipotecaria -330.000 0 0 0 0 -330.000 Imposta catastale -110.000 0 0 0 0 -110.000 TOTALE OTHER COSTS -637.000 0 0 0 0 -637.000

UNLEVERED NET CASH FLOWS -22.637.400 1.368.964 2.059.067 2.089.988 29.068.049 11.948.668

45% 45% PP 55% Strategy Area 55%

100%

Piacenza - Via Malta, 11 Yield play after rent stabilization Lombardia Liguria La Spezia - Viale Nazario Sauro

Rent-roll

Asset Tenant Sqm In place rent In place rent/Sqm Expiry Piacenza - Via Malta, 11 Agenzia del Demanio 27.695 1.424.000 € 51 € 31/12/2023 La Spezia - Viale Nazario Sauro Agenzia del Demanio 30.129 1.160.000 € 39 € 31/12/2023 Total 57.824 2.584.000 45

Google link

Deal originator: BNP Paribas REIM Sgr Year Built: 1950s City: Piacenza # of Units: 1 Address: Via Malta, 11 Average Unit Size: 27695 Sqm Surface (Sqm): 27.695 Sqm Location Type: Urban Surface (Sq Ft): 298.106 Sq Ft Location: Good Land (Sqm): - Site Visit Date/Inspector: TBD Land (Sq Ft): - Current occupancy rate: 100,0% Main Use Destination: Offices Current Annual Rental Income: 1.424.000 General Conditions: Average WALT: 2,7 Description The opportunity is composed of 12 buildings used as police school, built during the second half of XX century and refurbished during the years. The buildings are mainly developed over 5 floors above ground further to 2 basement levels for a total surface of 27.695 sqm The complex is 100% let to the State Property Agency (Agenzia del Demanio).

Location & Accessibility The complex is located in a central area of Piacenza, Emilia - Romagna region, northern Italy. Piacenza is about 65 km far from Milan. Its population is about 102.000. The properties fall within a mixed use context, mainly characterized by the presence of residential and office buildings. The area hosts different public administration buildings, such as the Hospital of Piacenza, primary and secondary schools, police station etc. The complex is 10 minutes walking from the city center (Piazza Cavalli), 2,7 km from the exit ”Piacenza Ovest” of the highway A21 (Brescia-Torino) and 7 km from the highway A1 (Milano - Napoli). The train station is 2,7 km far from the complex and the area is well served by several bus lines.

Returns Unlevered Levered* Levered Post Tax Revenues/Costs Invest. Multiple 1,56 X 1,88 X 1,71 X 1,51 IRR 14,2% 21,2% 17,7% *6,0% financing and 50% of debt Year 30/04/2021 31/12/2021 31/12/2022 31/12/2023 31/12/2024 Period - 1 2 3 4 Total Inflation - 0,50% 1,00% 1,50% 1,75% Sales Proceeds 0% 0% 0% 0% 100%

Rents 0 959.041 1.443.112 1.464.783 747.246 4.614.182 Registration tax (lease) 0 -9.590 -14.431 -14.648 -7.472 -46.142 TOTAL RECURRING REVENUES 0 949.451 1.428.681 1.450.135 739.773 4.568.040

Property management costs 0 -9.092 -13.704 -13.909 -14.153 -50.858 Insurance 0 -13.470 -20.302 -20.607 -20.967 -75.345 Municipal Tax (IMU / TASI) - RE Taxes 0 -74.083 -111.659 -113.336 -115.320 -414.398 TOTAL RECURRING EXPENSES 0 -96.645 -145.665 -147.852 -150.440 -540.601 NOI 0 852.806 1.283.016 1.302.283 589.334 4.027.439

Extraordinary maintenance reserve 0 -94.288 -142.112 -144.246 -146.770 -527.416 TOTAL RESERVES 0 -94.288 -142.112 -144.246 -146.770 -527.416

Sales proceeds 0 0 0 0 15.881.489 15.881.489 Total sales agency costs 0 0 0 0 -158.815 -158.815 TOTAL NET SALES REVENUES 0 0 0 0 15.722.674 15.722.674

Purchase price -12.000.000 0 0 0 0 -12.000.000 Registration tax (purchase) -200 0 0 0 0 -200 TOTAL ACQUISITION COSTS -12.000.200 0 0 0 0 -12.000.200

Closing costs -88.500 0 0 0 0 -88.500 Legal Costs 0 -10.000 0 0 0 0 0 -10.000 Mortgage tax 0 -180.000 0 0 0 0 0 -180.000 Cadastral tax 0 -60.000 0 0 0 0 0 -60.000 TOTAL OTHER COSTS -338.500 0 0 0 0 -338.500 UNLEVERED NET CASH FLOWS -12.338.700 758.518 1.140.904 1.158.037 16.165.237 6.883.997

Google link

Deal originator: BNP Paribas REIM Sgr Year Built: XX Century City: La Spezia # of Units: 1 Address: Viale Nazario Sauro Average Unit Size: 30129 Sqm Surface (Sqm): 30.129 Sqm Location Type: Urban Surface (Sq Ft): 324.306 Sq Ft Location: Good Land (Sqm): - Site Visit Date/Inspector: TBD Land (Sq Ft): - Current occupancy rate: 100,0% Main Use Destination: Offices Current Annual Rental Income: 1.160.000 General Conditions: Average WALT: 2,7 Description The complex is composed of 13 buildings, mainly developed over 3 floors above ground for a total area of 30.129 sqm. The assets are currently used as offices, navy school and residence for militaries. The total area is 100% let to the State Property Agency (Agenzia del Demanio).

Location & Accessibility The complex is located in a central area of La Spezia (Liguria region), a city of about 92.000 inhabitants, 100 km far from Genoa. The properties fall within an area hosting different public administration buildings, mainly connected to Military services (North Italy Military Comand, Military hospital, Military Association etc.). The assets are easly reachable both by public and private transportations. The train station is 0,7 km far from the complex. The highway A12 (Genova - Rosignano Marittimo) and highway A15 (Parma - La Spezia) are 16 km from the exit ”La Spezia”.

Returns Unlevered Levered* Levered Post Tax Revenues/Costs Invest. Multiple 1,49 X 1,74 X 1,61 X 1,42 IRR 12,7% 18,5% 15,5% *6,0% financing and 50% of debt Year 30/04/2021 31/12/2021 31/12/2022 31/12/2023 31/12/2024 Period - 1 2 3 4 Total Inflation - 0,50% 1,00% 1,50% 1,75% Sales Proceeds 0% 0% 0% 0% 100%

Rents 0 781.241 1.175.569 1.193.222 0 3.150.032 Registration tax (lease) 0 -7.812 -11.756 -11.932 0 -31.500 TOTAL RECURRING REVENUES 0 773.429 1.163.813 1.181.290 0 3.118.532

Property management costs 0 -8.755 -13.196 -13.394 -13.629 -48.974 Insurance 0 -12.796 -19.287 -19.576 -19.919 -71.578 Municipal Tax (IMU / TASI) - RE Taxes 0 -67.348 -101.508 -103.033 -104.836 -376.726 TOTAL RECURRING EXPENSES 0 -88.900 -133.991 -136.003 -138.384 -497.278 NOI 0 684.529 1.029.822 1.045.287 -138.384 2.621.254

Extraordinary maintenance reserve 0 -74.083 -111.659 -113.336 0 -299.079 TOTAL RESERVES 0 -74.083 -111.659 -113.336 0 -299.079

Total Capex & TI's 0 0 0 0 -800.000 -800.000 TOTAL NON RECURRING 0 0 0 0 -800.000 -800.000

Sales proceeds 0 0 0 0 13.981.005 13.981.005 Total sales agency costs 0 0 0 0 -139.810 -139.810 TOTAL NET SALES REVENUES 0 0 0 0 13.841.195 13.841.195

Purchase price -10.000.000 0 0 0 0 -10.000.000 Registration tax (purchase) -200 0 0 0 0 -200 TOTAL ACQUISITION COSTS -10.000.200 0 0 0 0 -10.000.200

Closing costs -88.500 0 0 0 0 -88.500 Legal Costs 0 -10.000 0 0 0 0 0 -10.000 Mortgage tax 0 -150.000 0 0 0 0 0 -150.000 Cadastral tax 0 -50.000 0 0 0 0 0 -50.000 TOTAL OTHER COSTS -298.500 0 0 0 0 -298.500 UNLEVERED NET CASH FLOWS -10.298.700 610.446 918.163 931.951 12.902.812 5.064.671

Asset Piacenza La Spezia Total

Military Report, Technical and Urbanistic 10.000 10.000 20.000

Environmental 3.500 3.500 7.000

Legal 10.000 10.000 20.000

Due Diligence Costs DueDiligence Tax 5.000 5.000 10.000

Total DD Costs 28.500 28.500 57.000

Legal 7.500 7.500 15.000

Notary 12.500 12.500 25.000

Closing Costs Closing Broker 50.000 50.000 100.000

Total Closing Costs 70.000 70.000 140.000 TOTAL DUE DILIGENCE AND CLOSING COSTS 98.500 98.500 197.000

➢ Transaction type: Shield R.E. - Direct real estate acquisition of 3 assets for total €33 Mln, entirely concentrated in the northern Italy office market (100% Milan area);

➢ Assets are currently owned by three different real estate funds (GO Gold 2, GO1 and Polis) sponsored by GreenOak and managed by Kervis Asset Management;

➢ Funds are under liquidation;

➢ Kervis Asset Management is our counterpart in the deal as a Seller and Fund Manager. Kervis manages assets on behalf of different investors among which are Cerberus, Kennedy Wilson and GreenOak;

➢ Informally requested price per asset sums up to €37/38 Mln. €33 Mln could be accepted for a portfolio trade (informally told us)

© 2021 Bayview Asset Management, LLC. All Rights Reserved. CONFIDENTIAL TRADE SECRET 25 Project Milano - Executive Summary Opportunity & Highlights ➢ Opportunity comes from the liquidation of three investment vehicles; ➢ Well managed assets with track record in terms of NOI; ➢ Despite these assets are in peripheral locations, Assago and Lainate have an occupancy rate of 96% with good tenancy mix, while the asset of Cernusco sul Naviglio is occupied just at 38%. This asset seats in a fund where expiration is set at a later stage and fund managers effort were mainly towards the other two properties; ➢ Business Plan: value add play for the asset of Cernusco sul Naviglio; keep occupancy for the other two properties. Strong possibility to leverage the two properties of Assago and Lainate. OMV for the three assets will be likely close to €38 Mln, while we would offer €33 Mln (6,9% average net initial yield, of which 8,5% on the assets of Assago and Lainate). €15 Mln leverage can be obtained after closing reducing our exposure to €18 Mln and allowing a net initial yield of 12,7%. ➢ Assets highlights: ➢ Assago Asset (GLA 6.248sqm) • Fully let to four international tenants (in place rent €946k); • 2 tenants (SpeeD and IGP) are negotiating a new lease agreement; • 1 tenant (Captrain) signed a new lease agreement in July 2020, for 8+6 years with no break options in first 8 years; • The tenants invested approx. €960k for the fit-out of the offices during the last years; • Nvent 1st expiry date in 2023; ➢ Lainate Asset (GLA 9.901sqm) • 94% occupied by 9 international tenants (in place rent €1,3Mln); • The seller informed us that a negotiation is ongoing on the vacant part with Bticino (€70k/yr, 6+6 years); • The first expiry date for 3 tenants is between 2022 and 2023: a negotiation process has been started with Lego. ➢ Cernusco sul Naviglio Asset (GLA 9.177sqm) • 38% occupied by 3 tenants and 1 canteen service (in place rent €426k); • Grade B building, built in 2002; • Walking distant from the Metro station.

Cash In Cash Out Rent Sales Proceeds Total Purchase Price Purchase Costs Capex Sales Costs Other expenses Total 7.677.593 43.255.319 50.932.912 33.000.000 1.197.225 627.220 600.771 2.224.179 37.649.394

Year 01/05/2021 31/12/2021 31/12/2022 31/12/2023 Investment IRR Inflation - 0,50% 1,00% 1,50% Total Multiple Sales Proceeds 0% 0% 0% 100% Unlevered 1,4 X 13,5% Total revenues - 1.640.666 2.576.490 3.460.437 7.677.593 Delinquency - -82.033 -128.824 -173.022 -383.880 Levered 1,6 X 19,6% Registration tax (lease) - -8.410 -12.882 -17.302 -38.595 TOTAL RECURRING REVENUES 0 1.550.222 2.434.783 3.270.113 7.255.118 Levered Post 1,5 X 15,2% Tax Property management costs - -53.986 -81.701 -82.927 -218.613 Insurance - -28.884 -43.713 -44.369 -116.966 Municipal Tax (IMU) / TASI - RE Taxes - -209.266 -316.700 -321.453 -847.419 TOTAL RECURRING EXPENSES 0 -292.136 -442.113 -448.748 -1.182.997 Revenues/ NOI 0 1.258.086 1.992.669 2.821.365 6.072.121 Costs

Extraordinary maintenance reserve - -120.731 -182.711 -185.453 -488.896 1,35 TOTAL RESERVES - -120.731 -182.711 -185.453 -488.896

Capex & TI's - -188.166 -439.054 0 -627.220 Re-letting agency costs 0 - 0 -86.594 -43.217 -129.812 TOTAL NON RECURRING 0 -188.166 -525.648 -43.217 -757.032

Sales proceeds - 0 0 43.255.319 43.255.319 Sales agency costs - 0 0 -600.771 -600.771 TOTAL SALES REVENUES 0 0 0 42.654.549 42.654.549

Purchase price -33.000.000 0 0 0 -33.000.000 Registration tax (purchase) -600 0 0 0 -600 TOTAL ACQUISITION COSTS -33.000.600 0 0 0 -33.000.600

Closing costs -506.625 0 0 0 -506.625 Legal Costs 0 -30.000 0 0 0 -30.000 Imposta ipotecaria 0 -495.000 0 0 0 -495.000 Imposta catastale 0 -165.000 0 0 0 -165.000 TOTALE OTHER COSTS -1.196.625 0 0 0 -1.196.625 UNLEVERED NET CASH FLOWS -34.197.225 949.190 1.284.310 45.247.243 13.283.518

Net Net # Asset Strategy GLA PP PP WALT Capex/TI's Capex/TI's Exit Price Exit Price (sqm) (€) (€/sqm) Entry Yield (€) (€/sqm) Cap Rate (€) (€/sqm) Yield play after 1 Assago - Milanofiori, B10-B11 6.249 9.500.000 1.520 5,4 8,6% 0 0 7,10% 11.976.338 1.917 rent stabilization Yield play after 2 Lainate - Via Rossetti, 1 9.901 13.750.000 1.389 5,9 8,5% 0 0 7,60% 17.007.390 1.718 rent stabilization

3 Cernusco sul Naviglio - Via Achille Grandi, 8 Value Added 9.177 9.750.000 1.062 2,7 3,1% 570.200 62 7,60% 14.271.592 1.555

25.327 33.000.000 1.303 6,9% 570.200 23 7,45% 43.255.319 1.708 Performances # Asset IRR CM Rev/Costs 1 Assago - Milanofiori, B10-B11 12,3% 1,35x 1,32 2 Lainate - Via Rossetti, 1 13,0% 1,36x 1,34 3 Cernusco sul Naviglio - Via Achille Grandi, 8 15,2% 1,45x 1,40 Portfolio 13,5% 1,4x 1,35 Location

Rent-roll Asset Tenant GLA (sqm) In Place Rent In Place Rent /sqm 1st Expiry Date 2nd Expiry Date Break Option Notice Period Penalty in case of BO Assago Nvent 545 80.782 148 Mar-2023 Mar-2029 - - - Assago IGP Decaux (*) 2.689 404.942 151 Dec-2022 Dec-2028 Jan-2022 6 months 91.000 Assago Captrain 1.078 165.495 154 Aug-2028 Aug-2034 - - - Assago SpeeD (*) 1.937 294.371 152 Dec-2022 Dec-2028 Jan-2022 12 months - Sub-total 6.249 945.590 91.000 Lainate Tulip Food Company Italiana S.r.l. 516 51.536 100 Sep-2023 Sep-2029 Sep-2023 n.a. - Lainate Perfetti Van Melle Italia S.r.l. 3.600 522.560 145 May-2027 May-2033 May-2024 n.a. - Lainate Xylem Water Solutions Italia S.r.l. 2.035 319.518 157 Jul-2027 Jul-2033 - - - Lainate Hach Lange S.r.l. 909 133.820 147 Sep-2023 Sep-2029 - - - Lainate Lego S.p.A. 1.182 185.085 157 Jun-2022 Jun-2028 Feb-22 n.a. - Lainate Osirc 466 69.820 150 Jun-2028 Jun-2034 - - - Lainate Roland 449 64.915 145 Feb-2027 Feb-2033 Feb-2027 n.a. - Lainate Zucchetti Axess S.p.A. 150 9.970 66 Nov-2021 Nov-2027 Aug-2021 n.a. - Lainate Ecodom 12 1.800 150 Dec-2021 Dec-2027 - - - Lainate Vacancy (**) 582 ------Sub-total 9.901 1.359.024 0 Cernusco N.a. 3.475 426.428 123 01/01/2018 31/12/2023 n.a. - - Cernusco Vacancy 5.702 ------Sub-total 9.177 426.428 0 TOTAL 25.327 2.731.042 91.000 (*) Renewal of the lease agreement under negotiation (6+6 years with 14 month of free rent) (**) Advanced negotiation of a lease agreement with BTicino (6+6 years at € 70k) for 479sqm

Deal originator: Broker Year Built: 80s City: Assago (Milano) # of Units: 1 Address: Milanofiori B10-11 Average Unit Size: 6.249 Sqm Gross Lettable Area (Sqm): 6.249 Sqm Location Type: Suburban Gross Lettable Area (Sq Ft): 67.264 Sq Ft Location: Good Land (Sqm): - Site Visit Date/Inspector: To be scheduled Land (Sq Ft): - Current occupancy rate: 100,0% Main Use Destination: Offices Current Annual Rental Income: 945.590 General Conditions: Good WALT: 5,4 Description The opportunity refers to an office building, part of a consolidated business complex - built starting from 80s and still under development - hosting office buildings HQ of several Companies, hotels, a retail park and a forum. The asset, developed over 7 floors above ground and one basement, is characterized by reinforced concrete structure, flat roof and glazed facades; it includes 26 uncovered parking spaces, further to 33 covered ones. Internally, the property has been personalized by the tenants which have invested approx. 600k during the last two years for the fit-out; furthermore, as referred by the current landlord, €600k have been spent by the landlord for the restyling of the reception, the elevators' landings and the refurbishment of the fourth floor. It is equipped with all the systems (heating, air conditioning, electrical, fire prevention). The whole property is let to four tenants: SpeeD, IGP Decaux, Captrain and Nvent (Annual Rent €945k). Location & Accessibility The asset is the building B10-B11 of Milanofiori Business complex, developed between Assago and Rozzano, immediately outside Milan. The property, is easily reachable by both private transports (area located at the intersection of the Milan west bypass and the Milan-Genoa highway, not subjected to vehicular restrictions and served by public parking spaces) and by public transports (being positioned 500m far from the metro station Assago Milanofiori Forum). Milano Centrale train station is 11,7km away. Linate airport is at 18km. Maintenance Maintenance status can be considered fair: the internal and external finishes of the building are of fairly good quality.

Deal originator: Broker Year Built: 2000 City: Lainate # of Units: 1 Address: Via Rossetti 1 Average Unit Size: 9.901 Sqm Gross Lettable Area (Sqm): 9.901 Sqm Location Type: Suburban Gross Lettable Area (Sq Ft): 106.573 Sq Ft Location: Good Land (Sqm): - Site Visit Date/Inspector: To be scheduled Land (Sq Ft): - Current occupancy rate: 94,1% Main Use Destination: Offices Current Annual Rental Income: 1.359.024 General Conditions: Excellent WALT: 5,9

Description The opportunity refers to an office building - built in early 2000s - hosting the HQ of 9 international companies, such as Lego (Danish toys company), Perfetti Van Melle (the third largest confectionery and gum factory) and Hach Lange (German company for water analysis solutions). The asset, developed over 5 floors above ground and one basement, is characterized by reinforced concrete structure, flat roof and facades partially with exposed bricks and partially covered by stone tiles. Location & Accessibility The asset is located in via Rossetti 1, in Linate, immediately outside Milan. The property is easily reachable by both private transports (being at 1km far from the "Lainate" Exit of the A8 highway Milano-Varese, in an area not subjected to vehicular restrictions and served by public parking spaces) and by public transports (being positioned 160m far from the bus station "Lainate-Via Rho"). Milano Centrale train station is 19km away. Linate airport is at 26km while Malpensa airport is at 32km. Maintenance The maintenance status can be considered good: the internal and external finishes of the building are of good quality, as consequence of the recent development.

Typical floor plan

Deal originator: Broker Year Built: 2002 City: Cernusco sul Naviglio # of Units: 1 Address: Via Achille Grandi 8 Average Unit Size: 9.177 Sqm Gross Lettable Area (Sqm): 9.177 Sqm Location Type: Suburban Gross Lettable Area (Sq Ft): 98.780 Sq Ft Location: Good Land (Sqm): - Site Visit Date/Inspector: To be scheduled Land (Sq Ft): - Current occupancy rate: 37,9% Main Use Destination: Offices Current Annual Rental Income: 426.428 General Conditions: Good WALT: 2,7 Description The opportunity refers to an office building - built in 2002 - part of the ICT historical business district of Milan. The building was the HQ of HP, which vacated the building in 2004, and now it is partially let, hosting 3 tenants and 1 canteen service. The asset, developed over 4 floors above ground and one basement, is characterized by reinforced concrete structure, flat roof and facades partially glazed and partially tiled with geometrical patterns. The building is equipped with raised floor, suspended ceiling and four- pipe fan coil air conditioning system. Location & Accessibility The asset is located in via Achille Grandi 8, in Cernusco sul Naviglio, in the hinterland of Milan. The property is easily reachable by both private transports (being 15km far from the city center of Milan - through SPexSS11 - in an area not subjected to vehicular restrictions and served by public parking spaces) and by public transports (being positioned approx. 250m far from both the metro station "Villa Fiorita M2" and the bus station "Villa Fiorita"). Milano Centrale train station is 14km away. Linate airport is at 11km. Maintenance The maintenance status can be considered good: the internal and external finishes of the building are of good quality, as consequence of the recent development. Based on what referred by Kervis Asset Management, the vacant premises have been recently striped-out. In our analysis, we have considered €570k as TI's for the new potential tenants, as well as 12 months of Rent Free.

# BORROWER PROCEDURE TYPE GBV (€) COLLATERAL USE DESTINATION 1 IRIDE S.R.L. Bankruptcy 1.600.000 Resi development 2 GW REAL ESTATE S.R.L. Bankruptcy 4.000.000 Residential 3 QUATTROSTELLE Bankruptcy 22.500.000 Residential 4 3&3 IMMOBILIARE CARMIGNANO Foreclosure 8.900.000 Residential 5 EUGENIO CETRULLO S.A.S. Bankruptcy 900.000 Residential 6 3C COSTRUZIONI Foreclosure 9.500.000 Residential 7 GARDENIA IMMOBILIARE Bankruptcy 2.900.000 Residential 8 RICCI IMMOBILIARE Foreclosure 1.400.000 Resi development 9 IMMOBILIARE F.P. SRL Foreclosure 10.900.000 Hotel Total 62.600.000 COLLATERALS 1 2 3

1 4 7 2 3

4 5 6 8 5 6

7 8 9

BORROWER IRIDE S.R.L. BORROWER GW REAL ESTATE S.R.L. GBV (€) 1.600.000 GBV (€) 4.000.000 PROCEDURE TYPE Bankruptcy PROCEDURE TYPE Bankruptcy PROCEDURE # 252/2017 PROCEDURE # 49/2019 COURT Milano COURT Pavia

REGION LOMBARDIA REGION LOMBARDIA PROVINCE CO PROVINCE PV CITY FINO MORNASCO CITY VIGEVANO ADDRESS Via Leonardo da Vinci, 26 ADDRESS C.so Genova USE DESTINATION Resi development USE DESTINATION Residential SURFACE (SQM) 2.162 COLLATERAL DESCRIPTION 25 resi units, 26 garages, 5 cellars SURFACE (SQM) 2.460 BANK VALUE (€) 2.524.600 COLLATERAL DESCRIPTION WIP 85%. Resi development started in 2008 OCCUPANCY - (then stopped in 2010) composed of 2 GOOGLE LINK View properties (a building of 4 floors above ground NTN 114 and a villa of 2 floors above ground). The assets are composed of 26 apartments, 27 garages, in addition to cellars. BANK VALUE (€) 2.495.000 OCCUPANCY - GOOGLE LINK View NTN 672

BORROWER QUATTROSTELLE BORROWER 3&3 IMMOBILIARE CARMIGNANO GBV (€) 22.500.000 GBV (€) 8.900.000 PROCEDURE TYPE Bankruptcy PROCEDURE TYPE Foreclosure PROCEDURE # 194/2016 PROCEDURE # 806/2014 COURT Padova COURT Padova

REGION VENETO REGION VENETO PROVINCE PD PROVINCE PD CITY Padova CITY Carmignano di Brenta ADDRESS Via del Santo 129 ADDRESS Via Roma USE DESTINATION Residential USE DESTINATION Residential SURFACE (SQM) 2.400 SURFACE (SQM) 6.505 COLLATERAL DESCRIPTION Building under refurbishment composed of 12 resi units and 1 retail unit COLLATERAL DESCRIPTION Building composed of 65 resi units BANK VALUE (€) - BANK VALUE (€) - OCCUPANCY - OCCUPANCY Occupied with no title GOOGLE LINK View GOOGLE LINK View NTN 3.303 NTN 68

CTU VALUE (€) 6.025.000 CTU VALUE (€) 2.945.800 CTU DATE 15/03/2016 CTU DATE 30/06/2016

BORROWER EUGENIO CETRULLO S.A.S. BORROWER 3C COSTRUZIONI GBV (€) 900.000 GBV (€) 9.500.000 PROCEDURE TYPE Bankruptcy PROCEDURE TYPE Foreclosure PROCEDURE # 19/2014 PROCEDURE # 333/2019 COURT Pescara COURT ROMA

REGION ABRUZZO REGION LAZIO PROVINCE CH PROVINCE RM CITY Vasto CITY Roma ADDRESS Via Santa Caterina da Siena ADDRESS Via Casalattico 40 USE DESTINATION Residential USE DESTINATION Residential SURFACE (SQM) 1.000 SURFACE (SQM) 1.934 COLLATERAL DESCRIPTION WIP 75%. 5 apartments, 4 garages COLLATERAL DESCRIPTION Building recently constructed, located in the north area of Roma (Grottarossa neighborhood), BANK VALUE (€) - and composed of 4 floors above ground with 25 OCCUPANCY - apartments and 2 underground floors with 25 GOOGLE LINK View garages. NTN 580 BANK VALUE (€) 5.012.000 OCCUPANCY - GOOGLE LINK View NTN 32.759

© 2021 Bayview Asset Management, LLC. All Rights Reserved. CONFIDENTIAL TRADE SECRET 47 Cerved Opportunities BORROWER GARDENIA IMMOBILIARE BORROWER RICCI IMMOBILIARE GBV (€) 2.900.000 GBV (€) 1.400.000 PROCEDURE TYPE Bankruptcy PROCEDURE TYPE Foreclosure PROCEDURE # 918/2019 PROCEDURE # 386/2012 COURT Milano COURT PERUGIA

REGION LOMBARDIA REGION UMBRIA PROVINCE MI PROVINCE PG CITY Abbiategrasso CITY Foligno ADDRESS Via privata G. Cocini 1 ADDRESS Via delle Violette USE DESTINATION Residential USE DESTINATION Resi development SURFACE (SQM) 695 SURFACE (SQM) 1.888 COLLATERAL DESCRIPTION Building composed of 9 apartments, 3 COLLATERAL DESCRIPTION 2 buildings under construction composed of 8 garages and cellars resi units, besides ancillaries. BANK VALUE (€) 1.077.000 BANK VALUE (€) - OCCUPANCY - OCCUPANCY - GOOGLE LINK View GOOGLE LINK View NTN 414 NTN 478

CTU VALUE (€) 540.575 CTU VALUE (€) 1.354.240 CTU DATE - CTU DATE 27/10/2016

© 2021 Bayview Asset Management, LLC. All Rights Reserved. CONFIDENTIAL TRADE SECRET 48 Cerved Opportunities BORROWER IMMOBILIARE F.P. SRL GBV (€) 10.900.0000 PROCEDURE TYPE Foreclosure PROCEDURE # 28/2020 COURT Patti

REGION Sicilia PROVINCE Messina CITY Gioiosa Marea ADDRESS Contrada Licari, 98063 Gioiosa Marea, Italia USE DESTINATION Hotel Keys 137 COLLATERAL DESCRIPTION Midscale Outdoor and indoor pools Private beach front Gym Wellness centre BANK VALUE (€) 10.194.000 OCCUPANCY GH Avalon Sikanì Resort - Garibaldi Hotels GOOGLE LINK View

CTU VALUE (€) - CTU DATE -

CTU Year: 2018 CTU Value: 1.671.900 Auction Date: 07/04/0221 Auction #: 1st auction Lots: 27 lots Base Price: 1.671.900 501 €/sqm Minimum Bid: 1.253.925 501 €/sqm Surface: 2.501 10 terrace houses + 9 apartments Units: + 20 garages + 7 cellars NTN: 16 Population: 1.841 Preliminary Capex: - OMI VALUE Min 740 Max 970 Average 855 Immobiliare.it

Google Link: Google link Auction Link: Auction link Next steps: Pass (illiquid market)

CTU Year: 2020 CTU Value: 4.122.200 Auction Date: 04/05/2021 Auction #: 1 Lots: 1 Base Price: 4.122.200 Minimum Bid: 3.091.650 Surface: 490 Units: 1 Box/garages: 1 NTN: 161 Population: 9.124 Preliminary Capex: -

OMI VALUE Min 9.300 Max 13.800 Average 11.550

Immobiliare.it

Google Link: Link Auction Link: Link Next steps: Follow-up