Yard Group. Mortgage valuations. Title search Property documentation. Technical Due Diligence Construction, as-built surveys Valuations.

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2 Mortgage valuations Technical Due Diligence Construction, as-built surveys Valuations Title search Property documentation Advisory Agency Mortgage underwriting services e-discharge of mortgage NPL management & recovery Distressed Asset management

3 About us is a full service provider in the real estate market with 15 years of experience. The Group is a reliable and competent partner for valuations, technical assistance to acquisitions and disposals of large property portfolios. is composed of six companies able to meet clients requirements, applying coordination and synergy. bespoke solutions for: Banks, insurance companies, investment funds, investment management companies Real estate operators Public Agencies Religious institutions Property companies with largesized portfolio NPL investors, servicing companies,

4 About us Up to now has carried out services of Due diligence, Valuation and real estate portfolio optimisation for over 30 million sqm. It also acted as advisor in relevant property dismissals for public and private clients. Yard highlights: Complete national coverage with highly skilled professionals and knowledge of local markets Highly skilled internal resources Internal IT dept. able to create and constantly update in-house web-based portals Each company operates with its own web-based portal allowing interaction with external professionals and clients in real-time 52 full time employees & professionals 260 external professionals

5 Valuations The main clients are banks and insurance companies, private and public instutional investors, investment banks, real estate funds, public and religious institutions. Valuation methodologies are fully compliant with national and international standards and the best practice in the field. A Research Division supplies the Valuation Dept with local market surveys. Knowledge of local markets and the independence of Group are the key factors that enable Yard to excel in Valuation services. Valuation approach Highest e Best Use Analysis Market Comparison Approach (MCA) Income approach /Direct capitalisation Discounted cash flow analysis Residual method Existing Use Value Valuation standards Royal Institution of Chartered Surveyors (RICS) International Valuation Standards Committee (IVSC) International Accounting Standards (IAS/IFRS) Institution for the supervision of insurance (IVASS) ABI guidelines (Association of Italian banks)

6 Valuations Valuations Feasibility studies Plant Valuations Market value Assessment of the property potentiality (technical and town planning features) PV systems RE fund valuations as Independent valuer Demand analysis Geothermal plants Valuation for insurance purposes (IVASS) Supply analysis Biomass plants Valuation for accounting purposes (IAS/IFRS) Highest & Best Use Analysis NPL valuations

7 Valuations Mortgage valuations are produced through a web based portal and implemented by a network of chartered professionals able to offer national coverage. A strict internal quality control completes the process. Internal senior professionals supervise the entire process. Valuation types Desktop valuation: based on the documentation supplied Drive-by valuation: No indoor property inspection, Comparable data provided Standard valuation: Property inspection and local market survey Advanced valuation: Town Planning analysis is included Purpose of valuation Portfolio valuation update Mark to market Delinquent mortgage D.D. process Granting of mortgage loan Refurbishment mortgage Large property transactions Development mortgage

8 Advisory services Yard supports the clients through their strategic choices relating to the optimization of their property portfolio vis à vis technical, financial and commercial viewpoints Specifically supports clients with: Acquisition, dismissal & optimisation Market survey and technical feasibility study Strategy & Business planning Information memorandum to would-be developers, potential investors or financing institutions Support in identifying of potential financial institutions and investors Assistance to the deal closing, identification of potential users

9 Advisory services Property dismissals Project finance Portfolio analysis and segmentation Assistance in structuring and developing of real estate funds Analysis of portfolio timing, workout cost and sale values Assistance in selecting and assessing indirect real estate investments Dismissal procedures and strategies Business planning Set up of a dataroom Technical and economic support relating to the real estate operations Documentation analysis, assistance and assessment relating to ongoing bids Assistance with financial advisors, arrangers, rating companies etc.) Management of sale procedures up to closing

10 Outsourcing services Mortgage underwriting and credit management service on behalf of banks and investors. Yard is able to offer support to legal and loan workout offices, allowing banks to have a flexible approach towards market swings. Mortgage underwriting E-discharge of mortgage Forensic underwriting Loan processing outsourced services on behalf of banks Cancellation of mortgage pursuant to Act 40 dated 2/04 / 2007 Post-funding loan examinations in compliance with II and III Basel Accords and in case of non performing/delinquent mortgage loans

11 Distressed asset management Distressed asset management services are offered to banks, investors and institutional operators involved in the management and recovery of credit secured by real estate properties. Yard is able to offer support services related to judicial and non judicial foreclosures or repossession procedures with a specific expertise on corporate or top loans. Services Advisory services related to mortgage loan portfolios, sales and securitisation Due diligence/pricing Business Planning Bad debt preventive management, appraisal support and credit restructuring Credit recovery Promotion of judicial auctions (identification of third party bidders and assistance to auction process) Bidding at judicial auctions assisting the creditor in repossession procedures (ReoCo) Advisory and management of dismissal of real estate collaterals related to restructuring operations

12 Agency A newly-born service within the Group which allows Yard to be a truly independent and full service provider in the real estate field. Real estate high profile brokerage services for private and public investors as well as ecclesiastical institutions, real estate funds and institutional players. Yard professionals are able to draw not only on their own skills and experience, but also on the knowledge of local markets. Our surveyors conduct business on behalf of national and international clients.

13 Banks and insurance companies Unicredit Banca Generali Intesa San Paolo Monte dei Paschi di Siena Banco Popolare Morgan Stanley Barclays Bank Plc/Woolwich J.P. Morgan Gruppo BPER Hypo Tirol Bank Gruppo UBI Banca Banca Italease Real Mutua Assicurazioni Banca Ifis Deutsche Bank Alcuni Clienti del Gruppo

14 Public institutions Comune di Venezia Comune di Torino Comune di Savona Regione Abruzzo Provincia di Brescia Azienda Municipalizzata Igiene Urbana Bologna Azienda Municipalizzata Igiene ambientale Verona Azienda Municipalizzata Gas e Acqua Genova Gruppo Torinese Trasporti Spa Fondazione Querini Stampalia Consorzi agrari d Italia Alcuni Clienti del Gruppo

15 Service companies Ernst & Young PriceWaterhouseCoopers Deloitte & Touche Italfondiario McDonald COIN Abf Leasing Fineco Leasing Ubi Leasing Prelios Credit Servicing First Atlantic Credit Servicing KPMG Leasint Alcuni Clienti del Gruppo

16 Service companies Eni Servizi SPA Telecom SPA Agip Petroli Aeroporti di Roma Gruppo Enel Ente Fiera Milano Ferrovie dello Stato SPA Fiat IBM Italia SPA Fina Tamoil Alcuni Clienti del Gruppo

17 Contacts Milano Corso Vittorio Emanuele II, 22 Tel Fax yard.milano@yard.it Roma Via Del Banco di S. Spirito, 3 Tel Fax info@yard.it

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