M A S S I M O C A P U T I

P r o f i l e

M A S S I M O C A P U T I I N V E S T M E N T S

N E G E N T R O P Y

(UK)

F E I D O S

(IT)G W M

(LUX)

42%95% 35,5%

Massimo Plays a key role, as Manager and Investor, within European pool of

companies focused on the real estate finance industry.

C O - I N V E S T M E N TA D V I S O R Y &

A S S E T M A N A G E M E N T N P LA S S E T M A N A G E M E N T

R E A L E S T A T E

O T H E R

P A R T E C I P A T I O N

%

2

M A S S I M O C A P U T I

Feidos is an Italian investment and strategic advisory company, founded by Massimo, with other

managers in 2005, focused on: real estate finance | green energy | leisure/hotels | non-performing

loans

F E I D O S G R O U P S T R U C T U R E

Is an independent player in a

European network of financial

partners

3

Partners and key managers:

� Massimo Caputi – Founder and main shareholder - Chairman

� Stefano Giardini - Deputy Chairman

� Massimo Paris - CEO

Founded in 2009, Negentropy is an authorized and FCA-regulated alternative credit investment firm based in London with an Italian branch that specializes in credit investment strategies, with a specific focus on Real Estate and NPLs

Partners and key managers:

� Ferruccio Ferrara – Founding Partner - main

shareholder - CEO of Negentropy UK Limited

LTD

� Luca Turco - Partner – Partner CEO of

Negentropy Italia

� Massimo Caputi - shareholder

N E G E N T R O P Y G R O U P S T R U C T U R E

Controlling holding company

(origination, structuring and

advisory activities in the Pan-

European distressed and credit

market)

NEGENTROPY

UK LIMITED LTD

Negentropy Special

Situations Fund

NEGENTROPY

SICAV-SIF

NEGENTROPY CAPITAL PARTNERS LLP

NEGENTROPY ITALIA

FCA authorised

asset manager

running the AIFMD

platform

Advisory company

(origination, structuring

and asset management

focused on the Italian

real estate market)

4

As of June 2015 the group advises and/or

manages investments with a gross asset

value of Euro 3.8 bn

Partners and key managers:

• Matteo Cidonio

• Nino Errigo

• Gennaro Giordano

• Peter Sartogo

• Roberto Tamburrini

• Massimo Caputi - cofounder

and shareholder

G W M G R O U P S T R U C T U R E

GWM Group is an independent financial group, active in private wealth and institutional assetmanagement. The Group was founded in 2000 and currently operates through its main offices inLuxembourg, London, Geneva, Malta, Milan and Rome with a team of 40 highly experiencedprofessionals advising and/or managing clients investments

5

AGRICOLTURAL &

MORE

L E S U G H E R E S R L

M A C C H I A

C A R B O N A S R L

M I T O S S R L

P O G G I O D E L L E

C E N E S R L

P O G G I O V E R D E

E N E R G I A S A S

O M O R F I T A L A S S A

P CS V E P S R L

MAX’S MAIN INTERESTS AND INVESTMENTS IN THE LAST YEARS

6

Massimo Caputi

GREEN ENERGY LEISUREREAL ESTATE

VINTAGE

FARE NPL SPV SRL

F o n d oC O P E R N I C O

BYOM

NPL

ECLIPSE 1 SRL

O S T I E N S E 2

M B R E

P I S A

P R I S C I L L A S R L

R E V A L U T A

I T A L I A S R L

Roma

7

From 2013 to 2015 Massimo has been Executive Deputy Chairman withmandate on business development of Prelios S.p.A. (formerly Pirelli RealEstate), a real estate group listed on the Milan Stock Exchange since 2002

Prelios acts through 7 different operating companies which together form a well-known network rewarded for its quality, efficiency and reliability

P R E L I O SA E U R O P E A N R E A L E S TAT E S E R V I C E S P L AT F O R M

F I M I T S G R A N I TA L I A N A S S E T M A N A G E M E N T L E A D E R

From 2000s he has been Chief Executive Officer of FIMIT (today IDeA FIMIT) until 2011, when he leaded the FIMITmerge with an SGR controlled by De Agostini Group, creating the first player of the industry with around 10 bn ofAuM: IDeA FIMIT SGR. He was Deputy Chairman with mandate on Business Development Italy until April 2012. InApril 2012 he exercised a put option and disposed his stake in IDeA FIMIT

2001 2011

+ 3 0 %o f C A G R

A S S E T U N D E R M A N A G E M E N T

G R O W T H

8

In FIMIT Massimo has launched several successful investment funds

3.2X 2.5X 2.3X 1.7X 1.3X 2.3X 1.0X 1.3X 3.7X 1.1X 1.5X 1.1XMULTIPLE*

F I M I T S G R A N I TA L I A N A S S E T M A N A G E M E N T L E A D E R

9

S V I L U P P O I TA L I A

T H E N AT I O N A L A G E N C Y F O R I N W A R D I N V E S T M E N T

In early 2002 Massimo has been appointed by the Italian Minister of the Economy as Chief Executive Officerof the Sviluppo Italia Group (the National Company with the mission of Attracting Foreign Investments toItaly, today Invitalia). Under his leadership, in three years, it collected over € 1 bln investments and madeprofit for over € 10 mln

I N V E S T M E N T S

G R O W T H O F O V E R

€ 1.000 MLN

J O B S C R E A T I O N

P E R Y E A R

> 10.000

P R O F I T S G R O W T H

O F O V E R

€ 10 MLN

10

GRANDI STAZIONITHE ITALIAN RAILWAY STATION MANAGEMENT COMPANY

In June 1996, Ferrovie dello Stato Italiane appointed Massimo as Chief Executive Officerof the subsidiary named Termini S.p.A., that from 1998 became Grandi Stazioni S.p.A.,with the objective to develop a “pilot project” to “make profitable” the management ofRoma Termini Railway Station. Building on the success of this transaction, covering thisrole he led the Company privatization and launched new projects for the renovation andimprovement of large national and international railway stations

DOUBLE-DIGITG R O W T H O F R E V E N U E S

A N D P R O F I T S

D I S P O S A L E N T E R P R I S E

V A L U E

€ 900 MN

R E N O V AT I O N

A P P R O V E D

P R O J E C T S F O R

13 STATIONS

11

From June 2012 to April 2013 and from

November 2014 to today

Feidos S.p.A.

Chairman

From June 2014 through to todayAssoimmobiliare

Deputy Chairman

From December 2012

to November 2014

Feidos 11 S.p.A.

Member of the Board of Directors

From May 2013 through October 2015Prelios S.p.A.

Executive Deputy Chairman

From May to October 2015Officinae Verdi S.p.A.

Deputy Chairman

From April to November 2014The Space Entertainment S.p.A.

Member of the Board of Directors

From October 2011 to April 2012

From July 2008 to October 2011

and From August 2000 to April 2007

IDeA FIMIT SGR S.p.A. (formerly FIMIT SGR S.p.A.)

Managing Director for the Italian Market

Development

Fimit SGR - Fondi Immobiliari Italiani SGR S.p.A.

CEO

CAPUTI’S MAIN EXPERIENCES

12

From December 2008 to April 2010Banca Antonveneta S.p.A.

Vice Chairman of the Board of Directors

From November 2007 to December

2010

MITA Resort S.r.l.

Deputy Chairman of the Board of Directors

From July 2007 to February 2009Zero SGR S.p.A.

Member of the Board of Directors

From June 2002 to March 2010Eurostazioni S.p.A.

CEO and Member of the Board of Directors

From November 2001 to March 2010ACEA S.p.A.

Member of the Board of Directors

From June 2007 to January 2009 I.F.IM. S.r.l.- Istituto Fondi Immobiliari

Sole Director

From August 2006 to May 2009 Monte Paschi Asset Management SGR S.p.A.

Chairman of the Board of Directors

From April 2005 to May 2008

MPS Capital Services Banca per le Imprese S.p.A. -

Monte dei Paschi di Siena Group

Member of the Board of Directors

13

CAPUTI’S MAIN EXPERIENCES

From December 2003 to May 2008

Linificio e Canapificio Nazionale S.p.A. – Marzotto

Group

Member of the Board of Directors

From April 2004 to May 2007

LUISS - Libera Università Internazionale degli Studi

Sociali

Member of the Board of Directors

From May 2006 to December 2007Manifattura Lane Gaetano Marzotto & Figli S.p.A.

Member of the Board of Directors

From April 2003 to May 2006 Banca Monte dei Paschi di Siena S.p.A.

Member of the Board of Directors

From June 2003 to September 2005

Paschi Gestione Immobiliari S.p.A. - Monte dei

Paschi di Siena Group

Vice Chairman of the Board of Directors

From February 2002 to October 2005

Sviluppo Italia S.p.A.

CEO of the Group and Member of the Board of

Directors in subsidiaries Companies

From June 1996 to July 2002Grandi Stazioni S.p.A.

CEO

From 1985 to 1997

Proger S.p.A.

Deputy Chairman and Member of the Board of

Directors

14

CAPUTI’S MAIN EXPERIENCES

M A S S I M O C A P U T I

V I A N I B B Y , 1 1 - 0 0 1 6 1 R O M E

+ 3 9 0 6 4 5 4 7 9 9 0 1

+ 3 9 0 6 4 2 4 6 2 2 2 6

M C A P U T I @ F E I D O S . I T

W W W . M A S S I M O C A P U T I . N E T

CONTACTS

15