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AxiA.RESpAViaLentasio,7-20122Milan(MI)+390236682896P.I.09587170961info@axiare.it-www.axiare.it

DueDiligenceandTechnicalServicesRev.00of28/09/16

DueDiligence&

TechnicalServicesDepartment

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TheTechnical-RealEstateDueDiligenceserviceinvolvesapropertyinves,ga,onprocessthatcombinestheverifica,onoftheactualstateagainstthatgivenindocumentsandlegisla,on.

DueDiligenceisaservicethatallowsyoutoestablishtherequirementslaiddowninnaSonallegislaSon,regionalandmunicipalregulaSons,usingananalysisthatencompassesadministraSve,landregistry,urbanplanning,construcSon,structural,technical-plant engineering, phase 1 environmental and workplace health and safety issues, the compliance of properSes, plant andmachineryandtheacSviSescarriedoutatthem.

Theserviceisaimed,dependingonthetypeofacSvity/operaSoninwhichtheyareinvolved,atalloperatorsintherealestateindustrywhowishtobuy/sell/managearealestateassetandisextremelyusefulfortransfersofStleandforeffecSvepropertymanagement.

Thankstoouroutstandingteam,AxiA.REguaranteestoprovideourcustomerswithconcreteadvicebasedon

reliability,transparencyandindependence.Thethreekeywordsofourcompany

DueDiligence

TypesofacBviBes

DocumentaryDueDiligence-Intheabsenceofasurvey,thisisaimedatanalysingandcompleSngthedocumentaSonsuppliedregardingaproperty.

TechnicalDueDiligence -Thepurposeofthesurvey istoestablish,throughthePhase1analysisofownership,administraSve,land registry, urban planning, construcSon and structural issues, the compliance of the properSes with the requirementsprescribedbythelawsinforce;theacSvityallowsestablishmentofthetransferabilityorotherwiseoftheproperty,intheeventofapossiblepurchaseorsale.

Phase 1 Plant Engineering Due Diligence - The purpose of the survey is to verify, by means of documentary research andpreliminarynon-invasivevisualinspecSons,withouttheexecuSonofinstrumentaltests,thecompliancewithcurrentlegislaSonon plant engineering, idenSfying the potenSal or actual criScal situaSons in terms of safety, regulatory, technological andfuncSonalobsolescence,aswellascheckingthestatusofoperaSonoftheplants(inoperaSon/plantshutdown).

TheacSvityallowsidenSficaSonandexternalisaSonofthecoststobechargedinrespectofcompensaSonagreementsbetweentheparSes,intheeventofasale.

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TypesofacBviBes

Phase1EnvironmentalDueDiligence-ThepurposeofthesurveyistoidenSfy,throughdocumentaryresearchandnon-invasivepreliminaryvisualsurveys,therealorpotenSalpresenceofhazardousmaterialsinthefaciliSes,thesoilorsubsoil,inthebuildingmaterialsusedand/orinthefixedinstallaSons,aswellasindicaSnganyfurtherinvesSgaSonsnecessarytoensurethispresence,or topreparea characterisaSonplan (the invesSgaSonplan - samplingandanalysis, tobe implementedby characterising thestateofcontaminaSonofthesite).

MaintenanceDueDiligence -PreparatoryacSviSes to idenSfy themaintenanceadjustmentsandtherelatedcosts requiredtobringthepropertyintorouSneoperaSngcondiSon.AllowsthecustomertolearnthestateofconservaSonoftheproperty.

Phase1StructuralDueDiligence-IndicatesthestructuraladjustmentsandtherelatedcostsnecessarytobringthepropertyintocondiSonsofsafetyandstaScsuitability.A\ertheinspecSonacSvity(possibleexecuSonofinstrumentaltestsifnecessary),thisdeterminesthephysicalcondiSonofthestructuralelementsoftheworks.

SafetyDueDiligence-Thepurposeofthesurveyistoestablish,throughthesafetyanalysisoftheworkplace,thecomplianceoftheacSviSeswiththerequirementsprescribedbythelawsinforce.ThisacSvityallowstheidenSficaSonandreconstrucSonofthedelegaSonofresponsibility.

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ComplementarytechnicalservicesDocumentretrieval-TheacSvityofretrievalofthedocumentaSonkeptinthearchivesofpublicbodiessuchas:municipaliSes,provincialfirefighSngservices,taxoffice-regionalbureau.InventoryofdocumentaBon -Theserviceallowsyoutocreateadatabasesortedbysubjectandsectorof thedocumentaSonreferringtoeachproperty.TheacSvitycreatesanupdatedfileinadvanceofthepreparaSonofadataroomand/oratake-overordelivery.ConsultancyinthetransacBon-TheacSvityprovidessupportandcounsellinginrealestatesalestransacSonsinordertoassistcustomerswhohavedisputeswiththecounterparty,bymeansofdealingswiththefigures involved,suchas lawyers,notaries,engineers,etc.andproducSonoftherequireda`achments(CDU,EPC,StatementunderLaw122/2010,RRE,etc.).Surveys-This isthefieldsurveyofacSviSes,carriedoutthroughtheuseofmeasuring instrumentsfor internal (laserdistancemeter,metric rib, rigidmeter, laser scanners) or external spaces, using instrumentaSon for topographic survey (total staSon,GPS).

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ComplementarytechnicalservicesGraphicrendering -TheacSvityallowstransferraltoCADdigital format(dwg),withdifferent levelsofdetaildependingonthescope, of the floor plans of the property, useful formany purposes, including the ability to opSmise themanagement of thespacestohighlightthepossibiliSesofenhancement.CalculaBonofthedimensions-AllowsdeterminaSonoftheareaof � �thepropertyandverificaSonofthecorrespondenceofthelayout,thewiringandtheintendedusewithdifferentlevelsofdetail,whetherinthephaseofacquisiSonormanagement.TheoutputisgeneratedbyaspecificapplicaSonwithanAutoCAD-Excelinterface.TechnicalServicesandRegularisaBons-AlltheconsultaSonsdesignedtoassistcustomersinsolvingvariousproblemsregardingtechnical/realestatema`ers.Mainlytheycanbedividedinto:landregularisaSon,buildingregularisaSon,producSonofEnergyPerformanceCerSficates(EPC)andappearancesasexpertwitnesses,appointedbyapartyorbythecourt(CTPandCTU).EnergycerBficaBon-ThisisanassessmentaimedatpromoSngimprovementsintheenergyperformanceofbuildings,thankstothe informaSon provided to the owners and users regarding the energy consumpSon required to maintain a certain indoorclimate. The purpose of the service is, therefore, to define an energy consumpSon/performance indicator for the building inordertoobtainanEnergyPerformanceCerSficate(EPC)asprovidedbynaSonalandregional legislaSon.Theservice isdividedintothefollowingphases:documentanalysis,technicalsurvey,dataprocessingbymeansofspecialso\wareand,finally,drawingupoftheEnergyPerformanceCerSficate(EPC).

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ComplementarytechnicalservicesProjectManagement-ThisisatechniqueforthesystemicmanagementofacomplexacSvity,individuallyandforafixedperiod,aimedatachievingaclearandpredefinedobjecSve,throughaconSnuousprocessofplanningandcontrolofdifferentresources,withinterdependentcost-Sme-qualityconstraints.ThedevelopmentandacSviSeswithin theservicemayvaryaccording to themomentwhen theyare required in thedifferentphasesofaproject:•  Design(acSvitythatorganisesandproducesthespecificaSonsforthephysicalexecuSonofanobjectfromanidea)•  ExecuSon(acSonsandproceduresthatareimplementedwithinaproject,definingofacSviSes,resources,interrelaSonships,

Smeandcost)•  Management(monitoringofobjecSves,withthecontrolandongoingmanagementoftheexecuSonphase).

Watchdog-BasedonthestageofprojectdesignandconstrucSon,uptothestageofverificaSonofthecompleSonofworkandtechnicalandadministraSve inspecSons, theWatchdogassists theproperty in themonitoringof thedesign,construcSonandtesSng, for thecontrolofSmecompliance,maintainingthequalityofexecuSonandcostcontrol.•  Allowsaconstantmonitoringofthebuildinginvestmentinprogress•  AllowscerSficaSonoftheSALs,withparScipaSonandcontrolofoperaSonsandtheanalysisofcostissues•  AllowscheckingoftheSme,costandresourcesrequired,ascomparedtothecontractualframework(causesofsuspensionofworksand

reserves)•  Enables and facilitates the preparaSon of the data room, through computerised or virtual documentary cataloguing (available via the

Web)ViaareporSngprocessandperiodicupdatemeeSngs,theclientisupdatedontheprogressandpossibleproblemsregardingtheProject.The acSvity develops in an iniSal survey phasewith thepreparaSonof the PreliminaryDueDiligence, focused especially on analysis andverificaSon of projects and contractual specificaSons, conSnuing with construcSon audits, SAL checks, Snagging List, summarised inappropriateReportsandendingwithafinalDueDiligenceatthecompleSonoftheworks.

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ThenetworkAxiA.REhasitsHeadOfficeinMilananditsOperaBonalHeadquartersinRome.Onastablebasis,attheseofficestherearemorethan10seniorassessors,8senioremployeesinthefieldofDueDiligenceandComplementaryTechnicalServiceswithrelevantspecialisaSoninthevariousdisciplines(leases,urbanplanning,landregistry,construcSon,systems,security,environment,etc.).

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The network of 200 professionals offers extensive coverage throughoutthecountry.ThedirecSonandthelocalcoordinaSonistheresponsibilityoftheFocalPointsinTurin,Florence,Padua,NaplesandBari.Each technician is registeredwith the applicable professional associaSon/register and has specific experience and mulSple years of training, withdiversifiedexperSseinrealestate,environmentalandworkplacesafety.AxiA.RE is able to operate throughout Europe through a consolidatedProfessionalNetworkaccreditedbytheRICS-RoyalInsStuSonofCharteredSurveyors.ThemainpartnersoftheAxiA.REEuropeanNetworkarebasedinLondon,Amsterdam,BerlinandBudapest.

Headoffice:Milan

TurinPaduaFlorenceNaplesBari

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AnnalisaPisaniHeadofDueDiligence&TechnicalServiceDepartment

CarlaPonzioProjectManager

RobertoEllenaProjectManager

The AxiA.RE working group, devoted to Due Diligenceaudits,iscoordinatedbyMs.Pisani.The team consists of 2 highly experienced ProjectManagers supported by an addiSonal 5 staff memberswith proven experience in the real estate sector,specifically on issues related with the transferability ofthe properSes and with technical disciplines, such asplantengineering,fireprevenSon,workplacehealthandsafetyandphase1environmentalanalysis.

Keypeople

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DueDiligenceKeypeople

From 2009 to 2016, she collaborated with Twotech/Protos as Project Manager, focusing on Technical Due Diligence (technical - economic -administraSve)aspreparaSonfortheclosingofthefinancing.AmongtheacSviSescarriedout:•  verificaSonofthesustainabilityoftheBusinessPlan,withparScularreferencetothecostbudget,therevenueforecastsandtheSmingofthe

Project’sdevelopment•  verificaSonofadministraSveregularityoftheProjectandcompliancewithstandards•  analysisofthelandregistryframework,urbanplanning,construcSon,contractandinsuranceoftheProject.SummaryofkeyProjects/acBviBes:“PortediRoma”Project-IDeAFimitSgr(formerlyFimitSgr):DueDiligenceandmonitoringsurvey“Europarco”Project-BNPParibasREIMSGR:DueDiligenceandmonitoringsurvey“ModenaEx-TobaccoFactory”Project -QuadrifoglioModenaSpA (specialpurposevehicle formedbyCDP ImmobiliareSrl):DueDiligenceandmonitoringsurvey“Ex-FalckArea”Project-MilanosestoSpA(Bizzi&PartnersDevelopment):DueDiligenceandmonitoringsurvey“MOSE” Project (for the protecSon of the VeneSan Lagoon, Venice) - Works conducted by Grandi Lavori Fincosit SpA: Due Diligence andmonitoringsurveyFrom2002to2009,sheworkedwithD.L.EngineeringhandlingthefollowingservicesasaProjectManagerorwithinateam:•  DueDiligenceservices•  Computerisedmanagementofrealestateassets•  AssessmentsofopportuniSestopurchasemonumentalproperSes•  ValuaSonsofrealestateassetsfortransfertoarealestateinvestmentfund•  ResearchanddevelopmentofstandardisedformatsfortheexecuSonofDueDiligence•  CensustesSngofstate-ownedproperSes•  PreparaSon of expert tesSmony in criminal procedures (Illegal buildings, bankruptcy) and civil procedures (valuaSon, expropriaSon in the

publicinterest,borders,etc.)

AnnalisaPisaniHeadofDueDiligence&TechnicalServiceDepartment

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DueDiligenceKeypeople

From2015to2016sheworkedasDueDiligencetechnicalsurveyoronbehalfofPRELIOSforthefollowinginvestmentfunds:CloeFund,7properSes ArmillaFund,12properSesClariceFund,1property RaissaFund,34properSesAgrisFund,55properSes GeneraliFund,8properSesAzotoFund,10properSes TambelliFamilyPor[olio,6properSesFrom2013to2015sheworkedasthetechnicaleditoroftheDueDiligenceandDimensionreportsonbehalfofABACO(GabeqGroup),onthefollowingrealestateporrolios:Finint,4properSes IdeaFimit,14properSesGenerali,15properSes Fabrica,2properSesMorganStanley,142properSes PreliosSGR(RaissaFund),169properSesCordea,103properSes MaugeriFoundaBon,12clinicsUnipol(ATAHotels),9hotels Varde,9properSesAXAInsurance,DueDiligenceandtechnicalservicesFrom2011to2013hecollaboratedwiththeREAGGroupcontribuSngtotheperformanceofthefollowingprojects:ENEL,disposalofownedproperSesBNPParibas(realestateassetsownedbytheScoia`oloFund),TechnicalDueDiligenceandregularisaSonIGD(ShoppingCentres),RealEstate-TechnicalDueDiligenceFabrica,TechnicalDueDiligence4properSesPolis,TechnicalDueDiligence4properSesA2A,TechnicalDueDiligence4properSes9hydroelectricpowerplantslocatedinCalabria

CarlaPonzioProjectManager

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DueDiligenceKeypeople

From2015to2016heworkedasthetechnicaleditoroftheDueDiligencereportsforABACO(GabeqGroup),onthefollowingrealestateporrolios/investmentfunds:AmissimaVita,66properSes PreliosSGR(RaissaFund),169properSesProvis,300properSes RedWoodFund,17properSesCordea,103properSesFrom2014to2016sheworkedasDueDiligencetechnicalsurveyoronbehalfofPRELIOSforthefollowingrealestateporrolios/investmentfunds:NauBlusFund,30properSes UnicreditLeasing,20properSesA2A,7properSes AgrisFund,55properSesCloeFund,7properSes ArmillaFund,12properSesFrom2014to2016shecollaboratedwiththeREAGGroupcontribuSngtotheperformanceofthefollowingprojects:SNAM,reorganisaSonoftechnicaldocumentarchivesBENISTABILI,DueDiligenceonsystems,fireprevenSonandenvironment50properSesIGD(ShoppingCentres),DueDiligenceonsystems,fireprevenSonandenvironmentSandokanFund,DueDiligenceonsystems,fireprevenSonandenvironment

RobertoEllenaProjectManager

13CompanyprofileRev.00of01/09/16

CompanyprofileRev.00of01/09/16