Corporate Presentation 2017 March

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THE COMPANY

FEIDOS was established in 2006 by a pool of Partners leaded by Massimo Caputi

• Supports to financial institutions, such as banks and private investors, promoting, structuring and co-investing in innovative projects

• Strong capability on originating and arranging complex investments, co-investing along with selected partners with a club deal approach

• Team of professionals with proven skills and track record in the asset management and financial industry

• iTi - independence Transparency innovation are FEIDOS’ Values

is an Investment and Strategic Advisory company primarily focused on:

an Italian independent player in a European network of financial and industrial partners and alliances

REAL ESTATE FINANCE | GREEN ENERGY | LEISURE/HOTELS | NON-PERFORMING LOANS

Feidos' strategy is focused on a strong value creation for Clients and Investors reached by a flexible and dynamic business model based on: team skills, integration and flexibility, and a partnership approach with clients and investors

STRATEGY AND BUSINESS MODEL

T E A M

Transparent Partnership Approach with Clients and Investor

P A R T N E R S H I P

Integration and Flexibility of Market knowledge and financial approach

K N O W H O W Agile Deal Execution

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The Company shows its commitment to deals by co-investing along with Partners and by playing the role of active co-Investor and asset manager

GREEN ENERGY LEISURE REAL ESTATE

VINTAGE

FARE NPL SPV SRL

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

BYOM

NPL

R O M A

MAIN BUSINESS CLUSTERS IN THE LAST YEARS

ECLIPSE 1 SRL

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

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O S T I E N S E 2

R O M A

FEIDOS GROUP CHART

7/119 - 5,9% 286/18.909 - 1,5%

Fondo Sei Castello Sgr

Investments in Funds

Omicron Plus Idea FimitSgr

Pitagora Fabrica Sgr

10/1.320 - 0,76%

MB Real Estate Srl

50%

Ostiense 2 Srl

33,3%

Revaluta Italia Srl

50%

L&L Srl

98%

Priscilla Srl

Trophy ValueAdded IdeaFIMITSgr

25/410 - 6,10%

Prelios Spa

3,237%

EclIpse 1 S.r.l.

Exibeat Srl

25%

FARE NPL SPV S.r.l.

Investments in NPLs

30%

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MAIN DEALS - 1

6

2016 2016

Investment Advisory UCCMB

PRISCILLA 14

Property Acquisition

2016

Investment Advisory Trophy Value Added

2016

Partecipation disposal (Martis Calasanzio)

2016

Capital increase subscription

(Patto Sindacato)

2016

Units subscription

Idea Fimit’s Fund

2016 2016

Company constitution Credit acquisition ITF e Az.

Agricola Pianese

Revaluta Italia Srl

NPL Investments

ECLIPSE 1 Srl

MAIN DEALS - 2

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2015

Disposal of Fenice SRL partecipation through

Feidos 11

2015

Establishment of Priscilla Srl

2015

Credit Project Start

2014

Partecipation disposal

2014

AuCap –Martis Calasanzio works

2014

NPL Investments

FARE NPL SPV

PRISCILLA 14

PISA Srl

MAIN DEALS - 3

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2013 2013 2013

2013 2013 2013

Units disposal

Fondo Copernico

Credit Project Start "Leisure Hotel"

project

Establishent of MB Real Estate

MB RE

Prelios SpA Capital Increase

Sale of BYOM SpA

BYOM

MAIN DEALS - 4

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2012 2012 2012

2012 2012

Exit from

IDeA FIMIT SGR

Co-Advisory Hotel chain acquisition

Stake sale, Harvip SpA (NPL)

HARVIP

Acquisition of an UCI Unsecured NPL Portfolio

Start Up project, «Leisure Hotel»

MAIN DEALS - 5

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2011

2011

Merger between

Fimit SGR and Fare SGR

2011

Advisory for the sale of MITA

2011

Disposal of

ZERO SGR

2011

Stake Acquisition

2011 2011

SGR PISA Srl

2011

Stake acquisition

Stake acquisition Harvip SpA (NPL)

Acquisition / Disposal of GEAL Srl

Ostiense2

GEAL Srl HARVIP

Project financing in the solar energy sector

MAIN DEALS - 6

11

2011

2010 2010 2010

Sale of solar plants

Launch and set-up of the Copernico Fund

Underwriting of Copernico Fund quotas

Establishment Green Energy Company BYOM

BYOM

MAIN DEALS - 7

12

2009

2008 2008

Disposal of 100% of the Butterfly stake

Advisory on the

II asset contribution

Advisory on a New Fund for Fondiaria SAI

2009 2009

Launch of the real estate

hedge fund

Launch of the real estate hedge fund

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MAIN DEALS - 8

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2008

Advisory in the launch

of the fund for the

UNICREDIT transaction

2008

Advisory in the launch of the fund for the IMMIT

transaction

2008

Sales of the 10% of a real estate AM company

2008

Acquisition of the 27% of a real estate AM company

2008

Advisory on a New Fund for Fondiaria SAI

Launch of the real estate hedge fund

2008

Launch of the Tyche

Fund

2008

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2008

Corporate real estate

advisory

MAIN DEALS - 9

14

Public offering on Fondo Immobiliare

2007

Corporate real estate advisory

Corporate real estate advisory

2007

Launch of the master in

Real Estate Finance

2007

2007

MAIN DEALS – 10

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2006

Establishment of

ZERO SGR

2006

Placement Fondo Pitagora

2006

Corporate real estate

advisory

2006

Global advisory Fondo Aristotele

2006 2006

Corporate real estate advisory

Fair value valuation of real estate portfolio

Establishment of

FEIDOS Real Estate

Investment Partners

2006

PORTFOLIO REAL ESTATE

Feidos is part of consortium of investors (comprising national and international financial institutions and leading real estate enterpreneurs) owning a stake in Prelios Group equal to – in aggregate – 23.2% of the voting capital *)

* The stake of Feidos into Prelios is equal to 3.2% (14% of the consortium).

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Source: http://www.prelios.com/en/investors/azionariato.html.

Prelios Share capital with voting rights

Prelios Shareholders’ Agreement* 23.2%

Prelios is a leading European alternative asset management group providing a full range of real estate services. It acts through different operating companies which together form a well-known network rewarded for its quality, efficiency and reliability The Group has been listed on the Italian Stock Exchange since 2002

CASE STUDY

THE TEAM

Immobiliari Italiani SGR S.p.A.) a real estate asset management company. He left FIMIT in early 2007 and in July 2008 he joined the Company again as Partner and CEO when FIMIT had 1.7 bn of AuM. In 2 years, FIMIT SGR became the first Italian investment company with € 6 Bln AUM. In 2011 he managed the merger with First Atlantic Real Estate (FARE SGR), a subsidiary of De Agostini Group creating the first player of the RE industry with around 10 bn of AuM: IDeA FIMIT SGR. He was Managing Director for Italy Business Development until April 2012 when he exercised a put option and disposed his stake in IDeA FIMIT.

From 2002 to 2005 he was CEO of Sviluppo Italia S.p.A. (the National Company with the mission of Attracting Foreign Investments to Italy) which, under his leadership, in three years, collected over € 1 bln investments and made profit for over € 10 mln. He also held the office of Director in many companies of the Group.

In June 1996, Ferrovie dello Stato Italiane appointed him as CEO of the company Termini S.p.A., that in 1998 became Grandi Stazioni S.p.A., with the objective to develop a “pilot project” to “make profitable” the management of Roma Termini Railway Station. He led the Company privatization and launched new projects for the renovation and improvement of large national and international railway stations. The Company has been recently sold to Antin for around 1 bln Euro.

He also was in several Board of Directors among others: 2001 - 2010 ACEA S.p.A.; 2004 - 2007 LUISS; 2003 - 2006 Monte dei Paschi di Siena S.p.A., and in several companies of the Monte dei Paschi di Siena Group. He started his professional activity in the engineering family business, and in 1983 he set up Proger, that he left in 1996, operating in Italy and abroad. Beside his professional activity, he also worked as entrepreneur, by acquiring shareholdings and creating companies operating in the service and engineering sectors. He graduated in Construction Engineering in 1977.

MASSIMO CAPUTI Chairman founder and majority shareholder of Feidos S.p.A., From 2016 Senior Partner of Negentropy. From June 2014 is Deputy Chairman of Assoimmobiliare the Italian RE Industry Association, part of the Confederation of Italian Industry (known as Confindustria).

From May 2013 to October 2015 was Executive Deputy Chairman in Prelios S.p.A, with Mandate on Business Development for the turnaround of the Group. Prelios is an European service real estate platform listed on the Milan Stock Exchange since 2002 (previously named Pirelli RE).

From 2000 to 2007 and from 2008 to 2011 he was Chief Executive Officer of FIMIT SGR (Fondi

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Stefano Giardini - Deputy Chairman and Partner- has joined Feidos in 2006. Today is responsible for investments and financial planning, From 2013 he is member of the Advisory Board of Omicron Plus fund, managed by IDeA FIMIT and from 2016 of the Investment Committee of Negentropy. From 2012 to 2015 Stefano has been a Prelios Credit Servicing Member of the Board of Direction. Prelios Credit Servicing is a Prelios operating company focused on the non-performing loans (NPLs) management. He was in charge on several corporate finance projects as Feidos such as the merger for incorporation between FIMIT SGR and FARE SGR, the takeover bid on Beta Fondo Immobiliare, a real estate investment fund managed by IDeA FIMIT or the start-up of investment funds such as Omicron Plus, Omega Rho and Copernico. In 2014 Stefano, with others qualified managers, has started-up an advisory firm named FAS Partners, supporting selected investors for no-real estate investment in Italy.

THE TEAM

Massimo Paris - Chief Executive Officer - has joined Feidos in 2008. Since 2014 his serves as CEO, from 2008 to 2014 was Chief Financial Officer. He has participated to all the transactions investment of the company, the most important are: Feidos 11, Harvip, IFIM, BYOM and MITA Resort. From 2001 to 2008 Massimo has served as Chief Financial Officer for Immobiliare Foro Bonaparte, a company formed as a joint venture between American Continental Properties Inc. Real Estate and ENEL. From 1998 to 2001 Massimo has been Head of Administration of Warner Village Cinemas, a leading company operating in the multiplex cinema industry. From 1990 to 1998 he has worked at Vitrociset.

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THE TEAM

Luca Turco - Director of Special Projects - He is a Partner of Negentropy and Chief Executive Officer of Negentropy Capital Partners Italia. Luca has spent the majority of his career in the Italian real estate sector. Prior to joining Feidos in 2016, he headed the Institutional & Capital Market Business Development of Prelios S.p.A., which he joined in 2013. From 2012 to 2013 he was Director at Feidos S.p.A. and structured the investment of Feidos 11 in Prelios. From 2008 to 2012 he was Business Development Manager responsible for new real estate funds at Fimit SGR S.p.A. (now IDeA Fimit SGR). From 2007 to 2008 he was Real estate finance consultant for primary industrial and real estate groups at Feidos S.p.A.. From 2005 to 2007 he was Analyst Business Development Group at Fimit SGR S.p.A.. In 2004 he was Junior analyst in the Investor Relations Team in Rome (staff of the CEO) at Capitalia S.p.A.

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MARCO ALBI MARINI - Senior Asset Manager - has joined Feidos in 2013. He is the project manager of the main origination and renovations operations of assets in the touristic (i.e. hotel), residential, commercial and office sectors. Before joining Feidos, Marco was Project and Construction Manager in leading real estate companies such as Leonardo Caltagirone Group, Ingenium Real Estate and ITALSOCOTEC, where he managed complex projects (over 100 million euro of budget) such as the coordination of the design and construction works at the Winter Olympics in Turin in 2006; the Da Vinci Business Center (Rm); Interport of Nola (Na) and the University complex in San Giovanni Teduccio (Na). He also worked on technical advisory as part of due diligence processes for over € 400 mn of works including the acquisition of Forte Village resort in Sardinia. From 2008 to 2012 he has been Professor of Project and Construction Management Masters in Real Estate Finance at the LUISS Guido Carli University in Rome.

Patrizia Scafati - has joined Feidos in 2011 as Project & Construction Manager and Works Supervisor. She was born in 1977 and lives in Rome where she got graduated in Construction Engineering at “Sapienza” University in Rome. She is qualified to practice it.

Since 2003 Patrizia works in reconditioning environment, restoration and enhancement of buildings. She follows the whole development process: from the analysis of the urban feasibility up to functional, architectural and technological requalification. She handles the construction site set-up and the implementation of the project. Moreover Patrizia follows, as Project Manager, a lot of requalification works in Italy and abroad.

THE TEAM

Giulio Tersigni joined Feidos in 2016 as advisor for valuations and structuring of acquisitions.

Giulio is chartered accountant, statutory auditor and member of Business Advisory Committee of ODCEC – di Roma; he is expert in valuation and has been speaker at La Sapienza and Tor Vergata universities and ODCEC of Roma and Naples. Before being a chartered accountant in 2008, Giulio has been an employee of multinational companies in Italy and abroad (London and Amsterdam), was senior manager of PricewaterhouseCoopers - Corporate Finance Department, during which he has advised several clients in the contest of corporate finance and transaction services, and was Chief Financial Officer of Pirelli Real Estate Netherlands BV, during which he has been member of board o directors of several PRE Group companies.

Graduated in Economics in 1997, he also worked at Kingston Smith, London-based advisory services, and at Arthur Andersen - Banks and Finance Department.

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CONTACTS

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REAL ESTATE FINANCE | GREEN ENERGY | LEISURE/HOTELS | NON-PERFORMING LOANS