The document summarizes an Italy commercial real estate report on investment transactions in Q4 and full year 2016. Some key points: - Q4 2016 transaction volume was €3.4 billion, doubling Q3 volume and increasing 26.5% over Q4 2015. Full year 2016 volume was €9.4 billion, a 16.8% increase over 2015. - Office was the most popular sector at 41.6% of investment, followed by retail at 28%. - Lombardy was the most active region, accounting for 38.4% of Q4 transactions and 34% of full year volume.

1. Italy Commercial Real Estate Report
Investment Transactions
Q4 & Full 2016
Resolute
Asset
Management

2. 2
1 Executive Summary
2 Transaction Volume by Asset Class
3 Geographical Distribution
4 Other Statistics
5 Resolute Company Profile
6
Appendixes
- Deal List
- Contact Details
Table of Contents

3. 0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
€bn
Q1 Q2 Q3 Q4
Quarter 2016 2015
%
Change
Previous
Quarter
%
Change
Q1 1,981.4 2,131.8 -7.1% 2,717.4 -27.1%
Q2 2,330.0 1,830.5 27.3% 1,981.4 17.6%
Q3 1,646.9 1,368.1 20.4% 2,330.0 -29.3%
Q4 3,438.4 2,717.4 26.5% 1,646.9 108.8%
€m 9,396.7 8,047.8 16.8%
1. Executive Summary
3
Q4 and Full 2016 in pills:
 The last quarter registered the highest transaction volume since
2006
 Since 2000, only 2007 performed better than 2016 on a full year
basis
 Q4 saw four single transactions over €200m, and 168 deals were
recorded in the full year – best result since 2010
 Office remained the most popular sector of investment, as in
2015
Italy - Total Transaction Volumes (1)
Q4 2016 registered a total transaction volume of ca.€3.4bn, doubling Q3 2016 and improving 26.5% on same quarter 2015. On a full
year basis, 2016 can be considered as a record year, achieving a double-digit grow of ca.17% on 2015, exceeding the €9bn barrier
(1) Numbers referring to past quarters included in this report could differ from the ones published in previous reports as relevant data could have been updated, amended or rectified
with new information became available
0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
€bn

4. 0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q4
16
€bn
1. Executive Summary
4
Other significant events of the quarter:
 Morgan Stanley, with Pbb acting as agent, has provided P3 Logistic Parks - owned by TPG Real Estate and Ivanhoé Cambridge - with a
seven-year loan close to ca.€600m secured on the western Europe and Polish portfolio. P3’s Italian platform comprises 5 sites in the
North of the country
 ING REF has supported CBRE Global Investors in the acquisition of the retail gallery of the shopping center Mongolfiera in Surbo,
Lecce, sold by Schroders. ING extended the existing loan to new buyer at 50% LTV, equal to ca.€30m
 Aareal Bank has financed Tristan Capital Partners in the acquisition, via Fondo Celio managed by BNP Paribas SGR, of a logistic center
in Montichiari, Brescia
 German Bayerische Landesbank is the institution supporting Triuva in the €37m acquisition form BNL of the property hosting the
Apple Store in Florence
Total Transaction Volumes Per Quarter

5. 1. Executive Summary
5
 Unicredit has financed with a €75.6m loan the development costs to be sustained by BVK Highstreet Retail Cordusio on the piazza
Cordusio 2 building purchased via Hines and Universal-Investment from Fondo Megas, managed by Sorgente SGR, in July 2016
 ER Income Fund 2, invested by Benson Elliot and managed by Europa Risorse SGR, received by ING REF a ca.€33m partially amortizing
mortgage loan secured by the purchased Meridiana retail scheme in Bologna
 Is Banca Popolare di Milano the bank assisting the investments of Fondo Porta Nuova Bonnet, owned by Coima RES (36%) and Coima
Opportunity Fund II (64%) and managed by Coima SGR, with a medium term loan totaling €53.4m
 Mediobanca and Banca IMI are the banks lending to the new fund Yielding, managed by Idea Fimit SGR and subscribed by Poste Vita
and Generali, which purchased for €488m a portfolio disposed by Banca Intesa. The latter will hold an equity stake too, apparently
together with a German insurer
 Qatar Investment Authority, advised by Mediobanca and acting via Coima SGR, has refinanced the debt on Porta Nuova district with a
€900m, 5 years loan provided by Unicredit, Intesa SanPaolo, BNP Paribas, BPM and Mediobanca itself
 ING REF have financed the first acquisition in Italy of Barings – the Borgo Nuovo shopping center in Asti, with a ca.€16m bullet loan
below 30% LTV
 Still ING REF is the bank assisting HIG via Fondo Gator (Savills IM SGR) in the purchase of Le Isole shopping center in Gravellona Toce
with a ca.€19m loan
 Natixis has provided Orion European Real Estate Fund a €46m loan to support development and VAT cost of the Valle Aurelia Mall in
Rome

6. Office 41.6%
Retail 28.0%
Residential 0.8%
Industrial 6.3%
Hotel 8.9%
Mixed-
Use/Other
14.3%
2. Transaction Volume by Asset Class
6
Quarterly Change in Transaction Volumes By Asset Class
Full 2016 Transactions by Asset ClassAnnual Change in Transaction Volumes By Asset Class
Sector Q4 2016 % Q4 2015 % Change Q3 2016 % Change
Office 1,574.6 45.8% 1,173.3 34.2% 549.8 186.4%
Retail 1,108.4 32.2% 439.0 152.5% 727.0 52.5%
Residential - 0.0% - 0.0% 29.7 -100.0%
Industrial 353.3 10.3% 123.8 185.4% 6.0 5788.3%
Hotel 233.0 6.8% 310.6 -25.0% 90.2 158.3%
Mixed-
Use/Other
169.1 4.9% 670.7 -74.8% 244.2 -30.8%
Total €m 3,438.4 100.0% 2,717.4 26.5% 1,646.9 108.8%
Sector
2016
Amount
% Sector
2015
Amount
%
Delta
YoY
Office 3,907.2 41.6% Office 2,873.8 35.7% 36.0%
Retail 2,633.4 28.0% Retail 1,225.5 15.2% 114.9%
Residential 79.4 0.8% Residential - 0.0% n/a
Industrial 590.9 6.3% Industrial 448.7 5.6% 31.7%
Hotel 840.8 8.9% Hotel 1,119.2 13.9% -24.9%
Mixed-
Use/Other
1,345.1 14.3%
Mixed-
Use/Other
2,380.5 29.6% -43.5%
Total €m 9,396.7 100.0% Total €m 8,047.7 100.0% 16.8%
Q4 2016 Transactions by Asset Class
Office 45.8%
Retail 32.2%
Residential
0.0%
Industrial
10.3%
Hotel 6.8%
Mixed-
Use/Other
4.9%

7. Annual Change in Asset Allocation
2. Transaction Volume by Asset Class
7
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010 2011 2012 2013 2014 2015 YTD 2016
Office Retail Residential Industrial Hotel Mixed-Use/Other

8. 3. Geographical Distribution
8
Transaction Volumes by Region Transaction Volumes by Geography – Q4 2016
Region
Q4 2016
Amount
%
Q3 2016
Amount
%
Full 2016
Amount
%
Lombardia 1,318.8 38.4% 295.7 18.0% 3,195.7 34.0%
Various 1,551.1 45.1% 605.9 36.8% 3,232.0 34.4%
Lazio 151.7 4.4% 362.0 22.0% 1,262.6 13.4%
Toscana 129.0 3.8% 156.5 9.5% 649.0 6.9%
Emilia Romagna - 0.0% - 0.0% 286.1 3.0%
Veneto 1.8 0.1% 7.5 0.5% 100.3 1.1%
Umbria - 0.0% 10.7 0.6% 92.7 1.0%
Sicilia 11.3 0.3% 22.0 1.3% 85.8 0.9%
Campania 81.0 2.4% 109.8 6.7% 200.8 2.1%
Piemonte 128.2 3.7% 39.0 2.4% 180.5 1.9%
Liguria 3.6 0.1% 20.0 1.2% 31.6 0.3%
Friuli Venezia
Giulia
- 0.0% 17.8 1.1% 17.8 0.2%
Valle d'Aosta - 0.0% - 0.0% - 0.0%
Sardegna - 0.0% - 0.0% - 0.0%
Puglia 61.9 1.8% - 0.0% 61.9 0.7%
Basilicata - 0.0% - 0.0% - 0.0%
Abruzzo - 0.0% - 0.0% - 0.0%
Trentino Alto Adige - 0.0% - 0.0% - 0.0%
Total 3,438.4 100.0% 1,646.9 100.0% 9,396.7 100.0%
56.4%
8.2%
4.5%
30.9%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
North Center South Nationwide

9. Quarter 2016 2015
Previous
Quarter
Q1 38 24 50
Q2 38 25 38
Q3 36 25 38
Q4 57 50 36
Total 169 124
4. Other Statistics
9
Number of Transactions 2015 - 2016 Average Transaction Value (€/Sqm)
Number of Deals per year and Average Sizes
Quarter 2016 2015
Previous
Quarter
Q1 52.1 88.8 54.3
Q2 61.3 73.2 52.1
Q3 45.7 54.7 61.3
Q4 60.3 54.3 45.7
Total 55.6 64.9
Year Number of deals
Delta
YoY
Average Size
€m
2010 110 43.4
2011 97 -11.8% 36.4
2012 73 -27.8% 41.0
2013 82 8.6% 60.5
2014 98 19.5% 54.5
2015 124 26.5% 64.9
2016 169 36.3% 55.6

10. 4. Other Statistics
10
Full 2016 Buyer / Seller Profiles
Buyer Profile No. €m % Seller Profile No. €m %
Domestic 28 1,572 45.7% Domestic 37 2,091 60.8%
EU 11 1,117 32.5% EU 9 1,015 29.5%
USA 9 470 13.7% USA 4 157 4.6%
Extra EU 3 175 5.1% Extra EU 2 42 1.2%
Unknown / Mixed 6 104 3.0% Unknown / Mixed 5 133 3.9%
Total 57 3,438.4 100.0% Total 57 3,438.4 100.0%
Q4 2016 Buyer / Seller Profiles
Buyer Profile No. €m % Seller Profile No. €m %
Domestic 88 4,241 45.1% Domestic 124 6,032 64.2%
EU 37 2,755 29.3% EU 21 1,654 17.6%
USA 22 1,415 15.1% USA 10 635 6.8%
Extra EU 10 685 7.3% Extra EU 4 427 4.5%
Unknown / Mixed 12 301 3.2% Unknown / Mixed 10 650 6.9%
Total 169 9,396.7 100.0% Total 169 9,396.7 100.0%

11. 11
London
Milan
Bucharest
Saint Petersburg
Istanbul
Nicosia
Athens
Sofia
8
European Offices
5
Partners
85
Professionals
12
Different Nationalities
Resolute Asset Management is a market leader in the management of
distressed real estate, REO and real estate non-performing loans (“NPL”)
portfolios across Central and Eastern Europe. Resolute employs more than 80
professionals across eight offices in Romania, Bulgaria, Greece, Cyprus, Turkey,
Italy, Russia and the UK
REO and NPL Underwriting and Servicing
Resolute provides special servicing to both REO and loan portfolio assets for
special situations investors and banks. We assist clients from the initial phase
of underwriting and bid structuring through to the execution of asset and
loan recovery strategies exploiting both the deep experience of our team
and sophisticated proprietary technology platforms
Asset Management
Resolute provides ongoing real estate asset management for a range of
clients across the banking and investment sectors. We specialise in the
design and implementation of intensive value creation plans for real estate
and NPL assets. Our deep experience means we can provide clients with a
range of options, including equity warehousing or helping with the creation
of internal asset management platforms
Resolute Asset Management Offices
5. Resolute Company Profile
Resolute has managed and advised on projects spanning across 15 countries in
relation to ca.11,000 assets valued in excess of €8.7bn. We offer a wide range
of services related to real estate asset management and special situations for
major financial institutions and institutional investors

12. Town Address Asset Class
Size
(sqm)
Price
(€ m)
Portfolio Note Purchaser Vendor
Q4 2016
Montichiari via Levate, 58 Industrial 32,000 16.0 Fondo Celio (Tristan) - BNP Parobas SGR
Isola Verde SpA e Festa Trasporti
& Logistica S.r.l.
Milano n.d. Office - 20.0 n.d. n.d.
Roma piazza Augusto Imperatore 22 Office 18,000 95.0 Atlantica Properties
Fondo Immobili Pubblici -
Investire SGR
Firenze Palazzo Portinari Office - 40.0 Luxury, Dreams & Culture (Ldc) Beatrice Srl - Sansedoni Spa
Firenze
via Strozzi 1 - p.zza Repubblica
17/22
Retail 2,200 37.0 Triuva BNP Paribas Cardif
Roma via del Corso 118 Retail 316 20.0 AEW Europe City Retail private
Trezzo sull'Adda viale Lombardia 80 Industrial 34,249 20.3 n.d.
Fondo Immobiliare Dinamico -
BNP Paribas SGR
Desenzano del
Garda
Centro Commerciale Le Vele Retail 25,000 57.2
Fondo Coima Core V (KKR) via Coima
SGR
Garda SGR
Milano Ceresio 7 - Porta Nuova Office 4,000 16.0
Fondo Core II (Fondazione della Cassa di
Risparmio di Lucca) - Coima SGR
n.d.
Torino Palazzo Novecento Office - 22.0 IPI Spa KLG Torino Srl (bankrupcity)
Venezia -
Mestre
via Tevere 34
Mixed-
Use/Other
1,655 1.8
telephone
exchange
n.d.
Fondo C2 (Cerberus) - Savills IM
SGR
Carisio Loc Lotti Vecchi - SP Torino Industrial 57,200 22.7 GreenOak via Idear Fimit SGR
Fondo Club Deal - BNP Paribas
SGR
Napoli corso Meridionale 53 Office 13,600 11.0 n.d. Fondo Securfondo - Investire SGR
Milano Cortile della Seta - via Moscova Office 15,000 80.0 JPMorgan via Savills IM UBI Banca
Isola d'Elba Relais delle Picchiaie Hotel - 7.0 Petroholding Italia Francesco Paladini
Grosseto Galleria Commerciale Retail 17,050 45.0 IGD SIIQ Unicoop Tirreno
Various 3 logistic assets Industrial 130,700 74.0 X
fondo Mona Lisa (Blackstone) - Kryalos
SGR
IDI Gazeley
Surbo Retail Gallery Mongolfiera Retail 11,635 61.9 CBRE Global Investors
Schroder Property Investment
Management Italy
Villanova
d'Albenga
Via Martiri n. 54 Industrial 20,238 3.6 n.d.
Fondo BNL Portfolio Immobiliare
- BNP Paribas SGR
6. Q4 Deal List (1/3)
12

13. Town Address Asset Class
Size
(sqm)
Price
(€ m)
Portfolio Note Purchaser Vendor
Q4 2016
Various Royal Demeure Portfolio Hotel - 171.0 X Starhotels Tda Capital Group
Sciacca Torre Macauda Hotel Hotel - 8.0 auction Libertà Immobiliare n.d.
Catania Centro Commerciale Le Balatelle Retail 3,000 3.3 auction private investors Aligroup
Milano via Bisceglie 71-73-75 Office 13,370 37.3 Keppel DC REIT BI71 S.r.l. - via Natixis Lease
Various P3 Park logistic portfolio Industrial 230,280 128.0 X
not
confirmed
GIC
TPG Real Estate - Ivanhoé
Cambridge
Milano via Speronari 8 - Geox Tower Office 3,300 51.8 Hines Pan European Core Fund private - Ricci Family
Various FOC Vicolungo e Castelguelfo Retail 58,200 330.0 X
Neptune Property Venture (JV Neinver -
TIAA)
IRUS European Retail Property
Fund
Various
Fondo BNL Portfolio
Immobiliare
Mixed-
Use/Other
- 50.8 X Castello SGR (Invel)
Fondo BNL Portfolio Immobiliare
- BNP Paribas SGR
Various
BNL Estense Grande
Distribuzione
Retail - 33.0 X Castello SGR (Invel)
Fondo Estense Grande
Distribuzione - BNP Paribas SGR
Lazise Hotel Parchi del Garda Hotel - 47.0 auction n.d. n.d.
Milano via Mose' Bianchi 6 office 4,000 12.0 LFPI Arca Holding
Milano via Bagutta 2 - Garage Traversi Retail 5,000 70.0
Fondo HITA 1 (Hayrish Private Equity) -
BNP Paribas SGR
Banco Popolare
Milano via Bensi 11 office 5,000 12.5 LFPI North Star
Milano via Restelli 3/1 office 3,600 15.0 Fondo Flaminia - Sator Immobiliare SGR Invesco
Milano piazza Edison office 29,128 220.0
Fondo Italia Trophy Assets (CNP
Assurance) - Hines SGR
Fondo Core Nord Ovest - Ream
SGR
Various Hortensia portfolio - 46 assets
Mixed-
Use/Other
44,054 45.0 X Fondo Hortensia - Kryalos SGR Intesa San Paolo Group
Padova corso Stati Uniti 17 Industrial 6,500 - Gruppo Favero Hamelin Paperbrands
Milano via Bonnet 10 office 19,600 51.0 Fondo Porta Nuova Bonnet - Coima SGR
Edilizia Commerciale - Edoardo
Caltagirone Group
Milano corso Europa 2 office 15,000 91.0
Fondo Fundamenta (BNP Paribas Cardif
Italia) - BNP Paribas SGR
Famiglia Borromeo
6. Q4 Deal List (2/3)
13

14. Town Address Asset Class
Size
(sqm)
Price
(€ m)
Portfolio Note Purchaser Vendor
Q4 2016
Gravellona Toce centro commerciale Le Isole Retail 21,800 30.0
Fondo Gator (HIG Capital) - Savills IM
SGR
ADIA
Vimodrone Via XI Febbraio - Ed. A-B-C Office - 10.0
Fondo Marlin (HIG Capital) - Savills IM
SGR
ADIA
Asti
centro commerciale Il Nuovo
Borgo
Retail 17,500 51.5 Barings TH Real Estate
Assago
Via del Bosco Rinnovato 6
(edificio U7)
office - 45.0 AXA IM - RealAsset Fondo Polis - Polis SGR
Liscate
Strada Provinciale della Cerca
n.39
Industrial - 22.7 LaSalle
Fondo Europa Immobiliare 1 -
Vegagest SGR
Milano Viale Piero e Alberto Pirelli, 27 Industrial 21,781 66.0
Fondo All Star (Blackstone) - Kryalos
SGR
Pirelli Group
Milano viale Forlanini 23 Office 33,000 58.0
Fondo Fundamenta (BNP Paribas Cardif
Italia) - BNP Paribas SGR
Orion European Real Estate Fund
II
Various Intesa San Paolo portfolio Office - 488.0 X Fondo Yielding - Idea Fimit SGR Intesa San Paolo
Milano Mc Donald's - via Durini Retail 555 27.0 Generali Beni Stabili
Roma via San Basilio - piazza Barberini Retail 6,500 36.7 Atlantica Properties Fondo Fedora - Prelios SGR
Milano corso di Porta Vittoria Office - 30.0
Fondo Diamond Italian Properties - Idea
Fimit SGR
n.d.
Various Finleonardo Portfolio
Mixed-
Use/Other
- 21.5 X Castello SGR Finleonardo
Milano via Grazioli 31 - Affori Center Office 12,000 35.0 BNP Paribas Greenoak
Various 3 assets
Mixed-
Use/Other
- 30.0 X Investire SGR (Kildare Partners) Fondo Securfondo - Investire SGR
Various 5 assets
Mixed-
Use/Other
- 20.0 X Investire SGR (Kildare Partners)
Fondo Invest Real Security -
Investire SGR
Various Fondo Boccaccio - 12 assets Retail - 233.8 X
price not
confirmed
CBRE GIP
Futura Funds Sicav (Cassa
Ragionieri)
Milano Nestlè HQ Office 22,000 89.0 X UBS Atlantica Properties
Napoli Quarto Nuovo Shopping Mall Retail - 70.0 X Tristan JV Pradera Unicoop Tirreno
Milano via San Pietro all'Orto 24 Office 5,100 45.0 X Generali Banca Monte dei Paschi di Siena
6. Q4 Deal List (3/3)
14

15. Town Address Asset Class
Size
(sqm)
Price
(€ m)
Portfolio Note Purchaser Vendor
Q3 2016
Firenze Centro Commerciale I Gigli Retail 24,800 82.0 Eurocommercial Properties Gruppo PAM
Tradate shopping center La Fornace Retail 11.5 auction Nisiro Srl (Pierangelo Lumina) ATT S.r.l. in liquidation
Brescia ex Standa Retail 9,000 9.0 auction Vittoria Building Generali Properties
Milano Via Messina 38 - Torre A/C
Mixed-
Use/Other
11,445 26.8 office & hotel Beni Stabili SIIQ
Fondo Valore Immobiliare
Globale - Castello SGR
Milano via Scarsellini 14 Office 21,600 58.0 Beni Stabili SIIQ
Coima Opportunity Fund I -
Coima SGR
Torino NH Turin Ambasciatori Hotel 20.0
sale &
leasback
INTERNOS Hotel Real Estate Fund I NH Hotel Group
Various
Fondo Investietico - RSA
Portfolio
Mixed-
Use/Other
98.1 X
Fondo Acheso Lagune
(Eurosic Lagune Italy S.A) - Aedes SGR
Fondo Investietico - Aedes SGR
Various
Fondo Investietico - Office
Portfolio
Office 23.0 X
Fondo Eurosic Uffici (Paris
Investissements OPCI) -
Europa Risorse SGR
Fondo Investietico - Aedes SGR
Milano via della Chiusa 2 Office 25,000 120.0 AXA IM Northstar
Siracusa Arenella Resort Hotel 22.0 York Capital Exor
Milano Affori, Assago e Verrocchio Office 37.5 X Greenoak CBREI Fund
Benevento Buonvento Shopping Center Retail 20,000 30.0 estimated HIG Capital via Savills IM SGR
European Added Value Fund -
AXA IM
Various Conad supermarket portfolio Retail 300.0 X
not
confirmed
Fondo Mercury (Catollica Ass.ni -
Conad) - Savills IM SGR
Conad Group
Milano via Clerici 14 Office 10.5 AM Trust HSBC
Udine residence I Bruchi Residential 7.3 auction Friuli Immobili Srl Euroinvestimenti Srl
Milano Villaggio Liberty Residential 11.0 Quartiele del Sarto Srl ALER Milano
Various
Gioiaotto (Milano) - Palazzo
Sturzo (Roma EUR)
Office 27,332 145.5 X
87.7% share
purchase
Coima Res SIIQ
Fondo MH Real Estate Crescita -
Coima SGR
Roma
via del Policlinico 149/b - via
Donizzetti 10
Office 24.0 X Caprim (Grimadi Group) Famiglia Gianni
Roma via delle Quattro Fontane 161 Office 50.0 Grimaldi Group Famiglia Gianni
6. Q3 Deal List (1/2)
15

16. Town Address Asset Class
Size
(sqm)
Price
(€ m)
Portfolio Note Purchaser Vendor
Q3 2016
Various Telecom Exchanges - 5 assets
Mixed-
Use/Other
35,800 39.3 Idea Fimiti SGR Tecla Fondo Uffici - Prelios SGR
Perugia Antongnolla Castle Hotel 10.7
partial share
purchase
VIY Greater Europe Hospitality Fund Private Investor
Trieste
Piazzale Atleti Azzurri d’Italia –
Via Palatucci
Retail 10,000 3.0 auction Metro Group Cotif Immobiliare - Coop Operaie
Venezia Palazzina G Hotel 0.0 3onde - Relegance Private ownership
Padova Hotel Palace - via Milano 40 Hotel 7.5 auction A&O Hotels and Hostels Private ownership
Roma
Da Vinci Market Central Retail
Park
Retail 25,100 208.0 M&G Real Estate GWM - Elliott
Napoli Hotel Britannique Hotel 30.0 estimated private investor Private Investor
Roma via del Corso
Mixed-
Use/Other
80.0 Coima SGR n.d.
Milano corso di Porta Romana 91 Residential 11.4 n.d. Pio Albergo Triulzio
Torino via Garibaldi Office 8,000 13.0 private investor Private Investor
Provincia
di Torino
n.d. Industrial 21,000 6.0 auction n.d. n.d.
Reggello outlet “The Mall” e “The Castle Retail 56.0 x Fondo Opportunita' Italia - Torre SGR n.d.
Napoli viale Calamandrei Office 49.8 Rosotel Srl Fondo Atlantic 1 - Idea Fimit SGR
Genova Coin via XX Settembre 16/a Retail 20.0 Investire SGR n.d.
Firenze
Palazzo degli Angeli - via
Calimala 2
Office 10.0 estimated SLH Srl - Leggiero Group n.d.
Udine piazza Matteotti 10 retail 7.5 LFPI - FLE Italia Fund 1 n.d.
Firenze Caserma Cavalli Office 8.5 Ente Cassa di Risparmio di Firenze Cassa Depositi e Prestiti
6. Q3 Deal List (2/2)
16

17. Town Address Asset Class
Size
(sqm)
Price
(€ m)
Portfolio Note Purchaser Vendor
Q2 2016
Milano Via Felice Casati 16 Office 2,718 4.9 Raffles Asset Italy S.r.l. Fondo Investietico - Aedes SGR
Torino ex Scalo Vallino
Mixed-
Use/Other
- 10.0 NovaCoop FS Sistemi Urbani
Baranzate International School of Milan
Mixed-
Use/Other
17,000 - Primovie SCPI Fund - Primonial SCPI Montipò Trading
Roma
Palazzo Marini & Ex Hotel
Bologna
Office - 150.0 X estimated
Fondo Trophy Value Added (York
Capital – Star Hotel – Feidos) –
IDeA Fimit SGR
Milano 90 – Scarpellini Group
Roma Valle Aurelia Shopping Center Retail - - development Orion European Real Estate Fund IV CDS Holding
Bologna Meridiana Shopping Center Retail 29,000 53.6 Benson Elliot TMW Immobilien Weltfonds
Roma
shopping center Casal del
Marmo
Retail 30,663 14.2
Fondo Donatello - comparto
Marghetia - Sorgente SGR
Fondo Europa Immobiliare 1 –
Vegagest SGR
Pontida RSA Villa San Mauro
Mixed-
Use/Other
- 5.5
auction
Edos srl (Eukedos Group)
Milano NH Hotel via Tortona 35 Hotel - 51.0 Fondo Euripide - Finint SGR Fondo Delphine - Kryalos SGR
Milano via della Spiga Retail - 37.0 Pria Spa Pio Albergo Triulzio
Venezia Dorsoduro 3488/U Office 7,985 25.0 Doges Srl - AXA REIM
Fondo Risparmio Imm.re Uno
Energia - Pens-Plan Invest SGR
Truccazzano Industrial - 24.0 CBRE European Industrial Fund Anko Business Park
Firenze stazione Leopolda
Mixed-
Use/Other
- 7.2 Comune di Firenze Ferrovie dello Stato
Various 57 telecom exchange
Mixed-
Use/Other
- 70.0 X
Fondo Madison Imperiale (Monarch
Alternative Capital LP) - Prelios SGR
Meucci (Savills AM)
Various
170 telecom exchange (Fondo
Raissa - Prelios SGR)
Mixed-
Use/Other
- 170.0 X TPG - Texas Pacific Group MSREF V - Prelios
Bologna Meraville Retail Park Retail 35,975 100.0 TH European Cities Fund Orion European Real Estate Fund IV
Rolo Industrial 77,000 40.0 estimated
Fondo Primitiv (Blackstone) –
Kryalos SGR
Panattoni Europe - Standard Life
Stezzano HQ Brembo Office 33,823 52.8 SCPI Corum Convictions Fund
Fondo Unicredit Immobiliare Uno –
Torre SGR
Gorgonzola SS 11 Industrial 47,444 24.1
Columbus Real Estate Euro Fund –
Axa REIM SGR
Fondo Polis - Polis SGR
6. Q2 Deal List (1/2)
17

18. Town Address Asset Class
Size
(sqm)
Price
(per sqm)
Portfolio Note Purchaser Vendor
Q2 2016
Milano
via Primaticcio 155- 159 - L'Oreal
HQ
Office 19,600 63.5 Fondo Nexus 1 - Amundi SGR Deka Westinvest ImmoValue
Gardone
Riviera
Villa Ruhland Residential 1,040 2.7
auction
Private Investor Immobiliare Fiorini
Milano corso di Porta Romana 8/10 Hotel 11,000 37.4 Europe Hotels Private Collection
Fondo Comune di Milano I –
BNP Paribas REIM SGR
Roma zona Tiburtina Industrial 25,100 15.0 Prologis Targeted Europe Logistics Fund SiDi S.r.l.
Monselice Industrial 47,000 23.5 SCPI Corum Convictions Fund Gimi S.p.A.
Soresina -
Rodigo
Mixed-
Use/Other
- 41.6 X Fidesimm Srl Fondo Salute - Numeria SGR
Various
Bologna (2) and Castel San
Giovanni
Industrial - 75.0 X
Fondo Logita (SEGRO & Canadian PSP
Investments) - Prelios SGR
not disclosed
Firenze
St. Regis Hotel and Westin
Excelsior Hotel
Hotel - 190.0 X Nozul Hotels & Resorts Starwood Hotels & Resorts
Roma via Veneziani 56 Office 25,000 12.5 Aedes SIIQ Spa Ge Capital Corporation
Roma palazzo Chigi-Odescalchi Office - 12.0 Fondo Sympleo - Ream SGR
Milano via Broletto 20/22 Office 11,000 50.0 Savills SGR (Hines Italy) Fondo Virgilio - Finint SGR
Bologna via Fioravanti - ex Telecom Office 11,200 5.5 The Student Hotel Euro Asset Italia
Milano via Cordusio 2 Office 14,272 130.0 Bayerische Versorgungskammer (BVK)
Fondo Donatello - Comparto
David - Sorgente SGR
Milano
Vodafone Village - via
Lorenteggio 240
Office 61,000 200.0 Coima Res SIIQ
Real Estate Center (Carminati
Group)
Spinea Villa Fiorita and Villa Althea
Mixed-
Use/Other
- 22.0 X
Fondo Euripide (Cattolica Assicurazioni)
- Finint SGR
Welfare Italia S.p.A.
Various Serravalle, Bologna and Cosenza Retail 65,860 180.0 X TPG Capital - Texas Pacific Group Herald Fund - TH Real Estate
Milano via Monterosa 91 Office 86,086 220.0
AXA Selectiv’ Immo and AXA CoRE
Europe
Partners Group
Various ex Enel - Excelsia Nove
Mixed-
Use/Other
- 165.0 X
price not
confirmed
TPG (plus Banca Intesa and Citi) Abdulrahaman Saleh Al Rajhi
Various Ostuni, Pila, Marilleva Hotel 45.0 X Investindustrial
Fondo Hospitality & Leisure -
Prelios SGR
18
6. Q2 Deal List (2/2)

19. 6. Q1 Deal List (1/2)
19
Town Address Asset Class
Size
(sqm)
Price
(per sqm)
Portfolio Note Purchaser Vendor
Q1 2016
Various
8 assets - Fondo Rho Portfolio
buy-back
Mixed-
Use/Other
- 265.0 X Unipol Sai Fondo Rho - IDeA Fimit SGR
Milano via Cornalia Residential 3,800 22.0 China Investment Fondo Calatrava - Vegagest SGR
Roma Aldrovandi Palace Hotel Hotel - 86.0
D-Marine Investments Holding Bv -
Dogus Group
Private - Famiglia Ossani
Milano Palazzo Turati - via Meravigli 7 Office 14,000 97.0
Coima SGR - State Oil Fund of the
Republic of Azerbaijan (Sofaz)
Technoholding
Padova via Delu'
Mixed-
Use/Other
- 2.7
total
investment
Fondo Erasmo - Fabrica SGR Intesa San Paolo
Padova Castello del Catajo
Mixed-
Use/Other
- 2.8 Euro Immobiliare S.r.l. Private Investor
Perugia Centro Commerciale Collestrada Retail 26,500 82.0 Eurocommercial Properties NV Fondo Etrusco - Fabrica SGR
Milano via Bisceglie 71-73-75 Office 13,370 24.2 Natixis Lease
Fondo Europa Immobiliare 1 -
Vegagest SGR
Roma via San Basilio 45 Hotel 9,250 41.0 San Basilio Property - Gruppo Statuto BNP Paribas RE
Lucca piazza del Giglio Hotel - 4.7
Universo RE - Shaner (Mariott) &
Marcucci
Profilo Toscana
Sanremo via Anselmi - ex-Tribunale Office 3,560 8.0 auction Piemmedue Srl Comune di Sanremo
Pozzolo
Formigaro
centro commerciale I Giovi Retail 5,700 3.3 auction Esse Emme S.r.l.
Milano via Montenapoleone 15 Retail 2,000 120.0 Max Mara - Maramotti Family Montenapo 15 S.r.l. (IPI S.p.A.)
Treviso ex Questura via Carlo Alberto Office 7,000 15.0
not
confirmed
private investor Fondazione Cassamarca
Roma Tor Pagnotta Office - 50.2 Telecom Italia Beni Stabili SIIQ
Pisa
ex-ospedale Misericordia e
Dolce
Mixed-
Use/Other
- 12.0 Comune di Pisa A.S.L. Pisa
S. Donato M.se via XXV Aprile 25 Office 6,600 17.3 Rosotel S.r.l. Fondo Investietico - Aedes SGR
Milano via Santa Maria Segreta 5 Office 3,500 22.5 Itas Assicurazioni Fondo Pensioni Cariplo

20. 20
6. Q1 Deal List (2/2)
Town Address Asset Class
Size
(sqm)
Price
(per sqm)
Portfolio Note Purchaser Vendor
Q1 2016
Firenze
Palazzo della Borsa Merci, via
Volta dei Mercanti 1
Office 5,600 71.6 auction Edizione Property (Benetton Group) Camera di Commercio Firenze
Orio al Serio Orio Retail Park Retail 8,504 11.0 UBS Euro Core Fund
Roma La Grande Bellezza Office - 225.0 X
Poste Vita and Zurich –
Morgan Stanley SGR
Unicredit
Reggio Emilia centro commerciale I Petali Retail 28,500 87.0 Tikehau Investment Management
CBRE Retail Property Partnership
Southern Europe
Milano piazza Affari 1 Office 4,200 19.0
Partners Group via Fondo Torre RE
Fund II – comparto A Milan Prime
Office - Torre SGR
private
Milano via Tortona 37 Office 6,800 30.0
Fonfo Next Estate Income Fund II –
BNP Paribas REIM SGR
Toffano Pagnan Family Office
Milano via Piero Alberto Pirelli Office - 15.0 Foncière des Régions Pramerica
Milano via Lamarmora Residential - 25.0 BNP Paribas REIM Universita' Cattolica
Milano Via F. Filzi 29 - Time Building - Office 10,796 63.7 Invesco RE Fabio Filzi S.r.l. (Borromeo)
Milano via Dante 16 Office 6,000 55.0 Bayerische Versorgungskammer (BVK)
Finanziaria Immobiliare d’Este
S.r.l.
Various
18 properties - 100% quotas
Fondo Redwood
Retail - 25.0 Aedes SIIQ Spa Ge Capital Corporation
Taormina San Domenico Palace Hotel - 52.5 Gruppo Statuto Acqua Marcia S.p.A.
Roma via Raffaele Costi 58/60 Office 15,773 13.0 Fondo Metropolis - Polis SGR Fondo Polis - Polis Fondi SGR
Milano via Maciacchini - MAC 567 Office 33,000 115.0 Deka Immobilien Europa
Doughty Hanson European Real
Estate II LP
Fiano Romano Industrial 52,700 30.0 not confirmed Prologis European Properties Fund II Fondo Gioiello - Borgosesia SGR
Various Generali Portfolio - 5 properties
Mixed-
Use/Other
25,000 80.0 X Morgan Stanley REI
Generali Italia e Generali
Properties
Roma Coin Excelsior via Cola di Rienzo Retail 7,300 85.0 BMO - Best Value Europe Holding Edoardo Safdie
Roma
via Casalinuovo 8/10 - Wind
office
Office - 15.0 not confirmed HIG Capital AXA
Capri Hotel La Certosella Hotel - 10.0 auction not disclosed not disclosed
Firenze via Tornabuoni 3
Mixed-
Use/Other
5,500 78.0 Hines Pan European Core Fund Private Investor

21. 21
Contact
UK - Headquarters
4th Floor, 123 Cannon Street
London EC4N 5AX
T +44 (0)20 7220 9440
E london@res-am.com
For more information visit: www.resoluteassetmanagement.com
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10557 Athens
T +30 210 325 4147
E athens@res-am.com
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7th Floor Bucuresti, Sector 2
T +40 317 101 507 / 08 / 09
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1000 Sofia
T +359 2 950 5334
E sofia@res-am.com
Turkey
İstinye Mah., Sulh Sok.İstinye
Yokuşu No:10, İstinye/İstanbul
T +90 212 323 7030
E istanbul@res-am.com
Russia
295 AS, Obukhovskoy oborony
pr., St. Petersburg, 192012
E russia@res-am.com
Italy
Via Camperio, 11
Milan, 20123
T +39 02 4945 6241
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1075 Nicosia
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Cyprus
Luca Zaffaroni
Director
T +39 340 0603031
E luca.zaffaroni@res-am.com
6. Contact Details

22. Disclaimer
22
The information included in this report is part of a monitoring and data collection process, and following elaboration. All information about real estate
transactions conducted in the reference period is public and not confidential. The decision to include or exclude a specific transaction from the report is
purely discretional. It is possible that transactions conducted in the specific period are not included due to being made part of the public domain only
after the publishing period, and they could be included in the report referring to the next period
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updated, amended or rectified with new information become available
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