Pietra Nera Uno S.r.l. INVESTORS REPORT · 8.1 Portfolio Information - 17 - 8.2 Loan Information - 18 - 9.1 Property Information - 19 - 9.2 Property Information (cont.) - 20 - 10

€ 210.000.000 Class A Commercial Mortgage Backed Notes due 2030

€ 60.000.000 Class B Commercial Mortgage Backed Notes due 2030

€ 31.500.000 Class C Commercial Mortgage Backed Notes due 2030

€ 41.000.000 Class D Commercial Mortgage Backed Notes due 2030

€ 41.100.000 Class E Commercial Mortgage Backed Notes due 2030

€ 20.210.000 Class Z Commercial Mortgage Backed Notes due 2030

Contacts Securitisation Services S.p.A.

Via V.Alfieri, 1 - 31015 Conegliano (TV)

E-mail: [email protected]

Tel.: +39 0438 360 926

Recipients Rating Agencies Fitch Ratings Limited

DBRS Ratings Limited

Issuer Pietra Nera Uno S.r.l.

Master Servicer Securitisation Services S.p.A.

Delegate Primary/Special Servicer CBRE Loan Servicing Limited

Issuer Account Bank/Paying Agent BNP Paribas Securities Services, Milan Branch

Representative of the Noteholders Securitisation Services S.p.A.

Corporate Servicer Securitisation Services S.p.A.

Reporting Dates Note Payment Date 22 November 2019

Note Interest Period 22 August 2019 22 November 2019

Pietra Nera Uno S.r.l.

INVESTORS REPORT

This report is freely available in our web site: www.securitisation-services.com

1. Assets and Notes Description - 3 -

2. Transaction Description - 4 -

2.1 Class A Notes - 5 -

2.2 Class Z Notes - 6 -

2.3 Class B Notes - 7 -

2.4 Class C Notes - 8 -

2.5 Class D Notes - 9 -

2.6 Class E Notes - 10 -

3. Issuer Available Funds - 11 -

4.1 Pre Note Enforcement Notice Interest Priority of Payments - 12-

4.2 Pre Note Enforcement Notice Principal Priority of Payments - 13 -

5 Post Note Enforcement Notice Priority of Payments - 14 -

6. Liquidity Facility Drawings - 15 -

7. Executive Summary - 16 -

8.1 Portfolio Information - 17 -

8.2 Loan Information - 18 -

9.1 Property Information - 19 -

9.2 Property Information (cont.) - 20 -

10. TOP 10 Tenant Concentration Analysis - 21 -

11. Concentration - 22 -

12. Loan Details and Lease Profile - 23 -


Table of contents

This Investors Report is prepared by Securitisation Services in accordance with the criteria described in the Transaction Documents. Certain information included in this report is

provided by the Parties. Please be advised that Securitisation Services will have no liability for the completeness or accuracy of such information.

- 3 -

1.1 Assets & Notes

Initial Portfolio: 403.810.000,00 Transfer Date 13 February 2018

Underlying assets: Loans

The Notes:

ISIN Code Nominal Amount Currency Listing Legal Maturity Type of Redemption Interest Rate

Class A IT0005324402 210.000.000,00 Euro Irish Stock Exchange 22/05/2030 pro rata (**) EUR 3M(*) + 1,15%

Class B IT0005324410 60.000.000,00 Euro Irish Stock Exchange 22/05/2030 pro rata (**) EUR 3M(*) + 1,75%

Class C IT0005324428 31.500.000,00 Euro Irish Stock Exchange 22/05/2030 pro rata (**) EUR 3M(*) + 2,45%

Class D IT0005324436 41.000.000,00 Euro Irish Stock Exchange 22/05/2030 pro rata (**) EUR 3M(*) + 4,65%

Class E IT0005324444 41.100.000,00 Euro Irish Stock Exchange 22/05/2030 pro rata (**) EUR 3M(*) + 6,75%

Class Z IT0005324451 20.210.000,00 Euro Irish Stock Exchange 22/05/2030 pro rata (**) EUR 3M(*) + 7,75%

(**) If no Sequential Payment Trigger has occurred and if the Borrowers have not exercised the Reserve Sequential Voluntary Prepayment Right

1. Assets and Notes Description

(*) Subject to zero floor


- 4 -

2.1 Relevant dates & main features

Note Payment Date definition

Note Interest Period definition

First Note Payment Date 22 May 2018

2.2 Counterparties

Issuer: Pietra Nera Uno S.r.l.

Loan Transferor: Deutsche Bank AG, London Branch

Originator: BRE/Europe 7 NQ S.à.r.l.

Master Servicer: Securitisation Services S.p.A.

Delegate Primary/Special Servicer: CBRE Loan Services Limited

Liquidity Facility Provider: Deutsche Bank AG, London Branch

Issuer Account Bank/Paying Agent: BNP Paribas Securities Services Milan branch

Representative of the Noteholders: Securitisation Services S.p.A.

Calculation Agent/Corporate Servicer: Securitisation Services S.p.A.

Palermo Loan Fashion District Loan Vanguard Loan

The outstanding loan balance is: 176.565.750,00 127.910.000,00 98.000.000,00

Palermo Repayment Date:

Valdichiana Repayment Date:

Fashion District Repayment Date:

We confirm that BRE/Europe 7 NQ S.à.r.l. continues to retain a 5% net economic interest in the securitisation (for the purposes of Capital Requirements Directive's Article 122a).


2. Transaction Description

means 22 February, 22 May, 22 August and 22 November of each year provided that the first Note Payment Date shall be 22 May 2018 or, if any such

day is not a Business Day, the Note Payment Date will instead be on the next Business Day in the same calendar month (if there is one) or the

preceding Business Day (if there is not).

In respect of the first Note Interest Period, the period commencing on (and including) the Issue Date and ending on (but excluding) the Note Payment

Date falling in May 2018 and, in respect of any successive Note Interest Period, the period from (and including) the next Note Payment Date to (and

excluding) the next following Note Payment Date

15 May 2020 or, if the First Extension Option Conditions are satisfied, 15 May 2021, or if the Second Extension Option Conditions are satisfied, 15

May 2022, or if the Third Extension Option Conditions are satisfied 15 May 2023


May 2022, or if the Third Extension Option Conditions are satisfied, 15 May 2023


May 2022, or if the Third Extension Option Conditions are satisfied 15 May 2023

- 5 -

Outstanding

Principal

Unpaid

Interest Interest Rate

Accrual

Period

(days)

Interest

accrued

Principal

Payments

Interest

Payments

Outstanding

PrincipalPool Factor

Unpaid

Interest

26/02/2018 22/05/2018 22/05/2018 210.000.000,00 - 1,15% 85 570.208,33 - 570.208,33 210.000.000,00 0,52004656 -

22/05/2018 22/08/2018 22/08/2018 210.000.000,00 - 1,15% 92 617.166,67 - 617.166,67 210.000.000,00 0,52004656 -

22/08/2018 22/11/2018 22/11/2018 210.000.000,00 - 1,15% 92 617.166,67 - 617.166,67 210.000.000,00 0,52004656 -

22/11/2018 22/02/2019 22/02/2019 210.000.000,00 - 1,15% 92 617.166,67 - 617.166,67 210.000.000,00 0,52004656 -

22/02/2019 22/05/2019 22/05/2019 210.000.000,00 - 1,15% 89 597.041,67 231.290,71 597.041,67 209.768.709,29 0,52004656 -

22/05/2019 22/08/2019 22/08/2019 209.768.709,29 - 1,15% 92 616.486,93 231.290,71 616.486,93 209.537.418,59 0,52004656 -

22/08/2019 22/11/2019 22/11/2019 209.537.418,59 - 1,15% 92 615.807,19 231.290,71 615.807,19 209.306.127,88 0,52004656 -


2.1 Class A Notes

Note Interest Period

Note

Payment

Date

Before payments Amounts accrued Payments After payments

- 6 -

Outstanding

Principal

Unpaid


Accrual

Period

(days)

Interest

accrued

Principal

Payments

Interest

Payments

Outstanding


Unpaid

Interest

26/02/2018 22/05/2018 22/05/2018 20.210.000,00 - 7,75% 85 369.814,93 - 369.801,14 20.210.000,00 0,05004829 13,79

22/05/2018 22/08/2018 22/08/2018 20.210.000,00 13,79 7,75% 92 400.270,28 - 400.255,34 20.210.000,00 0,05004829 28,73

22/08/2018 22/11/2018 22/11/2018 20.210.000,00 28,73 7,75% 92 400.270,28 - 400.255,34 20.210.000,00 0,05004829 43,67

22/11/2018 22/02/2019 22/02/2019 20.210.000,00 43,67 7,75% 92 400.270,28 - 400.255,33 20.210.000,00 0,05004829 58,62

22/02/2019 22/05/2019 22/05/2019 20.210.000,00 58,62 7,75% 89 387.217,99 22.258,98 387.203,55 20.187.741,02 0,05004829 73,06

22/05/2019 22/08/2019 22/08/2019 20.187.741,02 73,06 7,75% 92 399.829,43 22.258,98 350.845,71 20.165.482,05 0,05004829 49.056,79

22/08/2019 22/11/2019 22/11/2019 20.165.482,05 49.056,79 7,75% 92 399.388,57 22.258,98 352.028,56 20.143.223,07 0,05004829 96.416,80


2.2 Class Z Notes


Note

Payment

Date


- 7 -

Outstanding

Principal Unpaid Interest Interest Rate

Accrual

Period

(days)

Interest

accrued

Principal

Payments

Interest

Payments

Outstanding


Unpaid

Interest

26/02/2018 22/05/2018 22/05/2018 60.000.000,00 - 1,75% 85 247.916,67 - 247.916,67 60.000.000,00 0,14858473 -

22/05/2018 22/08/2018 22/08/2018 60.000.000,00 - 1,75% 92 268.333,33 - 268.333,33 60.000.000,00 0,14858473 -

22/08/2018 22/11/2018 22/11/2018 60.000.000,00 - 1,75% 92 268.333,33 - 268.333,33 60.000.000,00 0,14858473 -

22/11/2018 22/02/2019 22/02/2019 60.000.000,00 - 1,75% 92 268.333,33 - 268.333,33 60.000.000,00 0,14858473 -

22/02/2019 22/05/2019 22/05/2019 60.000.000,00 - 1,75% 89 259.583,33 66.083,06 259.583,33 59.933.916,94 0,14858473 -

22/05/2019 22/08/2019 22/08/2019 59.933.916,94 - 1,75% 92 268.037,80 66.083,06 268.037,80 59.867.833,88 0,14858473 -

22/08/2019 22/11/2019 22/11/2019 59.867.833,88 - 1,75% 92 267.742,26 66.083,06 267.742,26 59.801.750,82 0,14858473 -


2.3 Class B Notes


Note

Payment

Date


- 8 -

Outstanding

Principal

Unpaid


Accrual

Period

(days)

Interest

accrued

Principal

Payments

Interest

Payments

Outstanding


Unpaid

Interest

26/02/2018 22/05/2018 22/05/2018 31.500.000,00 - 2,45% 85 182.218,75 - 182.218,75 31.500.000,00 0,07800698 -

22/05/2018 22/08/2018 22/08/2018 31.500.000,00 - 2,45% 92 197.225,00 - 197.225,00 31.500.000,00 0,07800698 -

22/08/2018 22/11/2018 22/11/2018 31.500.000,00 - 2,45% 92 197.225,00 - 197.225,00 31.500.000,00 0,07800698 -

22/11/2018 22/02/2019 22/02/2019 31.500.000,00 - 2,45% 92 197.225,00 - 197.225,00 31.500.000,00 0,07800698 -

22/02/2019 22/05/2019 22/05/2019 31.500.000,00 - 2,45% 89 190.793,75 34.693,61 190.793,75 31.465.306,39 0,07800698 -

22/05/2019 22/08/2019 22/08/2019 31.465.306,39 - 2,45% 92 197.007,78 34.693,61 197.007,78 31.430.612,79 0,07800698 -

22/08/2019 22/11/2019 22/11/2019 31.430.612,79 - 2,45% 92 196.790,56 34.693,61 196.790,56 31.395.919,18 0,07800698 -


2.4 Class C Notes


Note

Payment

Date


- 9 -

Outstanding

Principal Unpaid Interest Interest Rate

Accrual

Period

(days)

Interest

accrued

Principal

Payments

Interest

Payments

Outstanding


Unpaid

Interest

26/02/2018 22/05/2018 22/05/2018 41.000.000,00 - 4,65% 85 450.145,83 - 450.145,83 41.000.000,00 0,10153290 -

22/05/2018 22/08/2018 22/08/2018 41.000.000,00 - 4,65% 92 487.216,67 - 487.216,67 41.000.000,00 0,10153290 -

22/08/2018 22/11/2018 22/11/2018 41.000.000,00 - 4,65% 92 487.216,67 - 487.216,67 41.000.000,00 0,10153290 -

22/11/2018 22/02/2019 22/02/2019 41.000.000,00 - 4,65% 92 487.216,67 - 487.216,67 41.000.000,00 0,10153290 -

22/02/2019 22/05/2019 22/05/2019 41.000.000,00 - 4,65% 89 471.329,17 45.156,76 471.329,17 40.954.843,24 0,10153290 -

22/05/2019 22/08/2019 22/08/2019 40.954.843,24 - 4,65% 92 486.680,05 45.156,76 486.680,05 40.909.686,49 0,10153290 -

22/08/2019 22/11/2019 22/11/2019 40.909.686,49 - 4,65% 92 486.143,44 45.156,76 486.143,44 40.864.529,73 0,10153290 -


2.5 Class D Notes


Note

Payment

Date


Pietra Nera Uno S.r.l. - 10 -

Outstanding

Principal

Unpaid


Accrual

Period

(days)

Coupon Principal

Payments

Interest

Payments

Outstanding


Unpaid

Interest

26/02/2018 22/05/2018 22/05/2018 41.100.000,00 - 6,75% 85 655.031,25 - 655.031,25 41.100.000,00 0,10178054 -

22/05/2018 22/08/2018 22/08/2018 41.100.000,00 - 6,75% 92 708.975,00 - 708.975,00 41.100.000,00 0,10178054 -

22/08/2018 22/11/2018 22/11/2018 41.100.000,00 - 6,75% 92 708.975,00 - 708.975,00 41.100.000,00 0,10178054 -

22/11/2018 22/02/2019 22/02/2019 41.100.000,00 - 6,75% 92 708.975,00 - 708.975,00 41.100.000,00 0,10178054 -

22/02/2019 22/05/2019 22/05/2019 41.100.000,00 - 6,75% 89 685.856,25 45.266,90 685.856,25 41.054.733,10 0,10178054 -

22/05/2019 22/08/2019 22/08/2019 41.054.733,10 - 6,75% 92 708.194,15 45.266,90 708.194,15 41.009.466,21 0,10178054 -

22/08/2019 22/11/2019 22/11/2019 41.009.466,21 - 6,75% 92 707.413,29 45.266,90 707.413,29 40.964.199,31 0,10178054 -

2.6 Class E Notes


Note

Payment

Date


Pietra Nera Uno S.r.l. - 11 -

All amounts paid in

respect of the Loans

on account of interest

(including any Default

Interest), fees,

breakage costs,

expenses,

commissions and

other sums, and any

receipts in respect of

any insurance policy

covering the risk of

loss of rent

All amounts received

from the Borrowers in

respect of initial and

ongoing securitisation

costs pursuant to the

Facility Agreements

and the related costs

side letter

All Recoveries in

respect of interest

Any Liquidity

Drawings made with

reference to such Note

Payment Date (other

than any Property

Protection Drawing)

Net interest accrued

(net of any withholding

or expenses, if due)

and paid on the Issuer

Accounts

All other items and

payments received by

the Issuer which do not

qualify as Principal

Available Funds

All amounts in respect

of the Loans on

account of principal

All Recoveries in

respect of principal

Any insurance

proceeds received

(other than those

relating to loss of rent)

The principal element

of the Indemnity Value

under the Loan

Portfolio Sale

Agreement

Any other receipts of

principal nature

(i) (ii) (iii) (iv) (v) (vi) (i) (ii) (iii) (iv) (v) C SUM [(A) : (C)]

22/05/2018 2.770.799,15 139.491,66 - - - - - - - - - - 2.910.290,81

22/08/2018 2.679.172,01 120.211,29 - - - - - - - - - - 2.799.383,30

22/11/2018 2.679.172,01 118.521,69 - - - - - - - - - - 2.797.693,70

22/02/2019 2.679.172,01 196.067,65 - - - - - - - - - - 2.875.239,66

22/05/2019 2.591.807,71 127.076,71 - - - - 444.750,00 - - - - - 3.163.634,43

22/08/2019 2.627.252,42 147.041,22 - - 273,40 - 444.750,00 - - - - - 3.219.317,04

22/11/2019 2.625.925,32 126.726,54 - - - - 444.750,00 - - - - - 3.197.401,86

3. Issuer Available Funds

Note Payment

Date

(A) Interest Available Funds (B) Principal Available Funds

(C) Loan Prepayment

Fee Amounts TOTAL

Pietra Nera Uno S.r.l. - 12-

Expenses,

Retention Amount

and Agents Fees

Any amounts due

to the Liquidity

Facility Provider

Re-crediting the

Issuer Liquidity

Reserve Account

in the amount

required pursuant

to the Liquidity

Reserve Facility

Agreement

Interest and

Allocated Note

Prepayment Fee

due on the Class

A

Interest and

Allocated Note

Prepayment Fee

due on the Class

B

Interest and

Allocated Note

Prepayment Fee

due on the Class

C

Interest and

Allocated Note

Prepayment Fee

due on the Class

D

Interest and

Allocated Note

Prepayment Fee

due on the Class

E

Interest and

Allocated Note

Prepayment Fee

due on the Class

Z

Note Premium

Amount due and

payable on the

Class A Notes

Note Premium

Amount due and

payable on the

Class B Notes

Note Premium

Amount due and

payable on the

Class C Notes

Note Premium

Amount due and

payable on the

Class D Notes

Note Premium

Amount due and

payable on the

Class E Notes

any Liquidity

Subordinated

Amounts

payment of

remaining

amounts to the

Originator

TOTAL

Σ [(i) - (iv)] (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi) (xvii) (xviii) (xix) Σ [(i) - (xix)]

22/05/2018 371.218,83 63.750,00 - 570.208,33 247.916,67 182.218,75 450.145,83 655.031,25 369.801,14 - - - - - - - 2.910.290,81

22/08/2018 43.544,62 76.666,67 - 617.166,67 268.333,33 197.225,00 487.216,67 708.975,00 400.255,34 - - - - - - - 2.799.383,30

22/11/2018 41.855,02 76.666,67 - 617.166,67 268.333,33 197.225,00 487.216,67 708.975,00 400.255,34 - - - - - - - 2.797.693,70

22/02/2019 119.400,99 76.666,67 - 617.166,67 268.333,33 197.225,00 487.216,67 708.975,00 400.255,33 - - - - - - - 2.875.239,66

22/05/2019 52.910,04 74.166,67 - 597.041,67 259.583,33 190.793,75 471.329,17 685.856,25 387.203,55 - - - - - - - 2.718.884,43

22/08/2019 70.732,40 76.582,23 - 616.486,93 268.037,80 197.007,78 486.680,05 708.194,15 350.845,71 - - - - - - - 2.774.567,04

22/11/2019 50.228,77 76.497,79 - 615.807,19 267.742,26 196.790,56 486.143,44 707.413,29 352.028,56 - - - - - - - 2.752.651,86

4.1 Pre Note Enforcement Notice Interest Priority of Payments

Note Payment

Date

- 13 -

pay the lesser of

the Class A

Principal Payment

Amount due and

payable and the

Principal Amount

Outstanding of the

Class A Notes

pay the lesser of

the Class A

Principal Payment

Amount due and

payable and the

Principal Amount

Outstanding of the

Class B Notes

pay the lesser of

the Class A

Principal Payment

Amount due and

payable and the

Principal Amount

Outstanding of the

Class C Notes

pay the lesser of

the Class A

Principal Payment

Amount due and

payable and the

Principal Amount

Outstanding of the

Class D Notes

pay the lesser of

the Class A

Principal Payment

Amount due and

payable and the

Principal Amount

Outstanding of the

Class E Notes

pay the lesser of

the Class A

Principal Payment

Amount due and

payable and the

Principal Amount

Outstanding of the

Class Z Notes

any surplus in

accordance with

the Pre Note

Enforcement

Notice Interest

Priority of

Payments

TOTAL

(i) (ii) (iii) (iv) (v) (vi) (vii) Σ [(i) - (vii)]

22/05/2018 - - - - - - - -

22/08/2018 - - - - - - - -

22/11/2018 - - - - - - - -

22/02/2019 - - - - - - - -

22/05/2019 231.290,71 66.083,06 34.693,61 45.156,76 45.266,90 22.258,98 - 444.750,00

22/08/2019 231.290,71 66.083,06 34.693,61 45.156,76 45.266,90 22.258,98 - 444.750,00

22/11/2019 231.290,71 66.083,06 34.693,61 45.156,76 45.266,90 22.258,98 - 444.750,00

Note Payment

Date

4.2 Pre Note Enforcement Notice Principal Priority of Payments


- 14 -

Expenses,

Retention Amount

and Agents Fees

Any amounts due

to the Liquidity

Facility Provider

All amounts

outstanding in

respect of interest

and principal

payable on the

Class A Notes

and any Allocated

Note Prepayment

Fee Amount

payable on the

Class A Notes

All amounts

outstanding in

respect of interest

and principal

payable on the

Class B Notes

and any Allocated

Note Prepayment

Fee Amount

payable on the

Class B Notes

All amounts

outstanding in

respect of interest

and principal

payable on the

Class C Notes

and any Allocated

Note Prepayment

Fee Amount

payable on the

Class C Notes

All amounts

outstanding in

respect of interest

and principal

payable on the

Class D Notes

and any Allocated

Note Prepayment

Fee Amount

payable on the

Class D Notes

All amounts

outstanding in

respect of interest

and principal

payable on the

Class E Notes

and any Allocated

Note Prepayment

Fee Amount

payable on the

Class E Notes

any Note

Premium Amount

due and payable

on the Class A

Notes

any Note

Premium Amount

due and payable

on the Class B

Notes

any Note

Premium Amount

due and payable

on the Class C

Notes

any Note

Premium Amount

due and payable

on the Class D

Notes

any Note

Premium Amount

due and payable

on the Class E

Notes

All amounts

outstanding in

respect of interest

and principal

payable on the

Class Z Notes

any Liquidity

Subordinated

Amounts

Payment of

remaining

amounts to the

Originator

TOTAL

Σ [(i) - (iv)] (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi) (xvii) (xviii) Σ [(i) - (xviii)]

5 Post Note Enforcement Notice Priority of Payments

Note Payment

Date


- 15 -

Date Amount

22/05/2018 N - - 15.000.000,00

22/08/2018 N - - 15.000.000,00

22/11/2018 N - - 15.000.000,00

22/02/2019 N - - 15.000.000,00

22/05/2019 N - - 14.983.479,24

22/08/2019 N - - 14.966.958,47

22/11/2019 N - - 14.950.437,71


6. Liquidity Facility Drawings

Note Payment

Date

Liquidity Facility

Drawing

(Y/N)

If YES Total drawings

Liquidity Facility

remaining undrawn

- 16 -

Fashion District

- Outstanding loan balance is € 127,910,000 - Since cut-off, the occupancy has been relatively stable. However the closed Phase II of the Puglia property was not included in the calculation in the Offering Circular. If this is excluded then ocupancy is currently 90.2% (93.4% cut off)

- Debt yield has increased by 1% since cut off.

Palermo

- Outstanding (closing) loan balance is € 176,565,750 - Since cut-off, the occupancy has remained stable. (99.2%) - Debt yield has increased by 0.9% since cut off

Valdichiana

- Outstanding loan balance is € 98,000,000

- Since cut-off, the occupancy at the shopping centre has reduced from 96.4% but reamains at a healthy 87.4%

- Debt yield has increased by 0.7% since cut off

We confirm that BRE/Europe 7 NQ S.à.r.l. continue to retain a 5% net economic interest in the securitisation (for the purposes of Capital Requirements Directive's Article 122a)


7. Executive Summary

- 17 -

REPORT DATE PORTFOLIO

LOAN BALANCE

PORTFOLIO EOP

LOAN BALANCE% OF POOL WA Debt Yield WA LTV

WA REMAINING

TERM (YEARS)

22/11/2019 402.920.500,00 402.475.750,00 100% 9,62% 73,17% 0,48

LOAN LTV Debt Yield Loan Amount EOP Loan

Amount Maturity Years remaining

Fashion District 68,90% 9,85% 127.910.000,00 127.910.000,00 15/05/2020 0,48

Palermo 81,96% 8,89% 177.010.500,00 176.565.750,00 15/05/2020 0,48

Valdichiana 62,90% 10,62% 98.000.000,00 98.000.000,00 15/05/2020 0,48

DATE PORTFOLIO WA

LTV HISTORY

PORTFOLIO WA

Debt Yield HISTORY

LOAN BALANCE

HISTORY

EOP LOAN

BALANCE

HISTORY

feb-18 74,67% 8,71% 403.810.000,00 403.810.000,00

mag-18 74,67% 9,15% 403.810.000,00 403.810.000,00

ago-18 74,67% 9,24% 403.810.000,00 403.810.000,00

nov-18 74,67% 9,36% 403.810.000,00 403.810.000,00

feb-19 74,67% 9,43% 403.810.000,00 403.810.000,00

may-19 73,48% 9,55% 403.810.000,00 403.365.250,00

aug-19 73,27% 9,55% 403.365.250,00 402.920.500,00

nov-19 73,17% 9,62% 402.920.500,00 402.475.750,00

feb-20

may-20

aug-20

nov-20


8.1 Portfolio Information

0,00%

10,00%

20,00%

30,00%

40,00%

50,00%

60,00%

70,00%

80,00%

feb-18 mag-18 ago-18 nov-18 feb-19 may-19 aug-19 nov-19

PORTFOLIO WA LTV HISTORY PORTFOLIO WA Debt Yield HISTORY

402.400.000,00

402.600.000,00

402.800.000,00

403.000.000,00

403.200.000,00

403.400.000,00

403.600.000,00

403.800.000,00

404.000.000,00

feb-18 ago-18 feb-19 aug-19

LOAN BALANCE HISTORY

LOAN BALANCEHISTORY

- 18 -

REPORT DATE Loan BalanceEOP LOAN

BALANCE% of Pool DEBT YIELD LTV

REMAINING

TERMS (years) Loan Balance

EOP LOAN


REMAINING

TERMS (years) Loan Balance

EOP LOAN


REMAINING

TERMS (years)

feb-18 127.910.000,00 127.910.000,00 31,68% 8,80% 74,93% 2,22 177.900.000,00 177.900.000,00 44,06% 8,00% 76,40% 2,22 98.000.000,00 98.000.000,00 24,27% 9,90% 71,17% 2,22

mag-18 127.910.000,00 127.910.000,00 31,68% 9,26% 74,93% 1,98 177.900.000,00 177.900.000,00 44,06% 8,36% 76,40% 1,98 98.000.000,00 98.000.000,00 24,27% 10,46% 71,17% 1,98

ago-18 127.910.000,00 127.910.000,00 31,68% 9,35% 74,93% 1,73 177.900.000,00 177.900.000,00 44,06% 8,50% 76% 1,73 98.000.000,00 98.000.000,00 24,27% 10,46% 71,17% 1,73

nov-18 127.910.000,00 127.910.000,00 31,68% 9,61% 74,93% 1,48 177.900.000,00 177.900.000,00 44,06% 8,56% 76% 1,48 98.000.000,00 98.000.000,00 24,27% 10,50% 71,17% 1,48

feb-19 127.910.000,00 127.910.000,00 31,68% 9,59% 74,93% 1,23 177.900.000,00 177.900.000,00 44,06% 8,57% 76% 1,23 98.000.000,00 98.000.000,00 24,27% 10,78% 71,17% 1,23

mag-19 127.910.000,00 127.910.000,00 31,68% 9,80% 68,90% 0,98 177.900.000,00 177.455.250,00 44,06% 8,65% 83% 0,98 98.000.000,00 98.000.000,00 24,27% 10,85% 62,90% 0,98

ago-19 127.910.000,00 127.910.000,00 31,75% 9,86% 68,90% 0,73 177.010.500,00 177.010.500,00 24,32% 8,60% 82% 0,73 98.000.000,00 98.000.000,00 24,32% 10,86% 62,90% 0,73

nov-19 127.910.000,00 127.910.000,00 31,75% 9,85% 68,90% 0,48 177.010.500,00 176.565.750,00 43,93% 8,89% 82% 0,48 98.000.000,00 98.000.000,00 24,32% 10,62% 62,90% 0,48


FASHION DISTRICT LOAN

PALERMO LOAN

8.2 Loan Information

FASHION DISTRICT LOAN VALDICHIANA LOANPALERMO LOAN

-

20.000.000,00

40.000.000,00

60.000.000,00

80.000.000,00

100.000.000,00

120.000.000,00

140.000.000,00

feb-18 mag-18 ago-18 nov-18 feb-19 mag-19 ago-19 nov-19

Loan Balance

Loan Balance

0,00%

10,00%

20,00%

30,00%

40,00%

50,00%

60,00%

70,00%

80,00%

feb-18 apr-18 giu-18 ago-18 ott-18 dic-18 feb-19 apr-19 giu-19 ago-19 ott-19

DEBT YIELD

LTV

176.400.000,00

176.600.000,00

176.800.000,00

177.000.000,00

177.200.000,00

177.400.000,00

177.600.000,00

177.800.000,00

178.000.000,00


Loan Balance

Loan Balance

0,00%

10,00%

20,00%

30,00%

40,00%

50,00%

60,00%

70,00%

80,00%

90,00%


DEBT YIELD

LTV

- 18 -Pietra Nera Uno S.r.l.

8.2 Loan Information

FASHION DISTRICT LOAN VALDICHIANA LOANPALERMO LOANVALDICHIANA LOAN

-

20.000.000,00

40.000.000,00

60.000.000,00

80.000.000,00

100.000.000,00

120.000.000,00


Loan Balance

Loan Balance

0,00%

10,00%

20,00%

30,00%

40,00%

50,00%

60,00%

70,00%

80,00%


DEBT YIELD

LTV

- 19 -

PROPERTY ALLOCATED LOAN

AMOUNT (ALA) % OF POOL (ALA)

% OF POOL

(CUT-OFF-DATE) MARKET VAUE

GROSS INITIAL YIELD

(CUT-OFF-DATE)

GROSS INITIAL YIELD

(CURRENT)

LTV

(CURRENT)

Mantova Property (Fashion District) 76.210.000 19% 19% 111.400.000 6,01% 6,57% 68,41% 0,684111311

Puglia Property (Fashion District) 51.700.000 13% 13% 74.200.000 3,66% 6,74% 69,68% 0,696765499

Palermo Property 177.900.000 44% 44% 215.439.000 5,81% 7,65% 81,96% 0,819562614

Valdichiana Property 98.000.000 24% 24% 155.800.000 6,22% 6,04% 62,90% 0,629011553

Total 403.810.000 556.839.000

IRRECOVERABLE EXPENSES Mantova Property

(Fashion District)

Puglia Property

(Fashion District) Palermo Property Valdichiana Property

Service Charges Billed 818.657,00 617.788,00 2.625.938,00 970.631,00

Operating Expenses 1.008.975,00- 806.164,00- 2.656.502,00- 1.122.017,00-

Service Charges Surplus/Defict 190.318,00- 188.376,00- 30.564,00- 151.386,00-

Bad Debt Allowance 39.401,00- 9.527,00- 25.619,00- 80.965,00-

Legal/Notary Fees 17.979,00- 6.000,00- - 15.792,00-

Letting Fees (cash basis) 29.336,00- 18.296,00- - 212,00-

Rental Collection Fee 50.083,00- 38.873,00- - 34.071,00-

Project Management Fees 6.105,00- 11.921,00- 685.483,00-

IMU 52.317,00- 150.968,00- 421.359,00- 16.302,00-

Insurance 7.302,00- 8.860,00- 48.514,00- 12.754,00-

Accounting Costs 19.312,00- 23.000,00- 37.935,00- 44.196,00-

Total 412.153,00- 455.821,00- 1.249.474,00- 355.678,00-

Fashion District

i) Mantova Outlet Village:

ii) Puglia Outlet Village

Palermo

Valdichiana

- Q3 closed with 2 new openings; Breil & Manila Grace and the relocation of Primigi. The next quarter will start with the opening of Chicco, Levi's,

Vintage 55 and Piquadro-The Bridge.

At the end of Q3, the outlet showed the following results:

- Turnover increased by 3.37% compared to the same quarter in 2018

- Pedestrian Traffic showed a decrease of 7.19% compared to the same quarter in 2018.

- Excluding the unopened Phase II units, vacancy is at 90%.

Q3 registered an increase in turnover of 8.15% compared to the same quarter in 2018.

12 month sales totalled €62,437,477 showing an increase of 5.99%

Vacancy has increased by 6% since the previous quarter. This is primariliy due to tenants leaving with their tenancies expiring.

- Q3 Sales decreased by 3.13% compared to the same quarter in 2018

- Last 12 months sales increased by 1.71% compared to previous year.

- Car traffic showed an increase of 0.12% compared to the same quarter in 2018 and increased 3.38% over the last 12 months.

Year on Year collection ratio is 97.6%

Year on Year Footfall increased by 3.7% due to strong marketing activitiies.

The mall has one vacant unit (ex Burger King) which is left strategically vacant for food court expansion.


Property Commentary

9.1 Property Information

Property Location

- 20 -

PROPERTY CURRENT CUT-OFF

Mantova Property (Fashion District) 9,54% 6,60%

Puglia Property (Fashion District) 10,26% 10,00%

Palermo Property 0,77% 1,20%

Valdichiana Property 12,56% 3,60%

Total 7,26% 4,12%

OVERALL PORTFOLIO VACANCY % FASHION DISTRICT VACANCY

PALERMO DISTRICT VACANCY

VALDICHIANA DISTRICT VACANCY


9. Property Information (cont.)

Vacancy Analysis

0,00%

1,00%

2,00%

3,00%

4,00%

5,00%

6,00%

7,00%

8,00%

CURRENT CUT-OFF

0,00%

2,00%

4,00%

6,00%

8,00%

10,00%

12,00%

Mantova Property (Fashion District) Puglia Property (Fashion District)

0,00%

0,20%

0,40%

0,60%

0,80%

1,00%

1,20%

1,40%

CURRENT CUT-OFF

0,00%

2,00%

4,00%

6,00%

8,00%

10,00%

12,00%

14,00%

CURRENT CUT-OFF

- 21 -

Mantova Property (Fashion District) Puglia Property (Fashion District)

TENANT RENT PA TENANT RENT PA

LIU.JO S.P.A. 333.860,54 UCI Sud S.r.l. 746.091,55

CAPRI S.R.L. 307.370,40 CO.CA.MA S.r.l. 220.010,56

ADIDAS ITALY S.P.A. 223.470,42 Capri S.R.L. 189.749,00

NIKE RETAIL BV 182.850,41 Basicretail S.r.l. 189.385,52

RETAIL ITALIA NETWORK S.R.L. 179.982,00 Adidas Italy S.p.a. 139.331,05

MIROGLIO FASHION S.R.L. 145.447,20 Miroglio Fashion S.r.l. 117.916,62

CO.CA.MA. S.R.L. 144.731,02 Gaudi Trade S.p.A. 114.637,30

HARMONT & BLAINE S.P.A. 136.842,58 Levi Strauss Italia S.r.l. 113.130,90

CALZEDONIA S.P.A. 135.704,83 Clabrun S.r.l. 112.170,10

CONCEPT GROUP S.R.L. 127.067,17 Iccab S.R.L. 103.425,30

Others 5.401.177,41 Others 2.955.078,35

Total Rent PA 7.318.503,98 Total Rent PA 5.000.926,25

Top 10 Tenants % of Rent PA 26,2% Top 10 Tenants % of Rent PA 40,9%

WALT (Yrs) 3,7 WALT (Yrs) 4,1

Palermo Property Valdichiana Property

TENANT RENT PA TENANT RENT PA

Coop Alleanza 3.0 Soc. Coop. 1.373.096,88 Capri Srl 440.722,90

UCI Sud S.r.l. 798.545,12 Adidas Italy Spa 244.053,45

Mediamarket S.p.A.con Socio Unico 555.965,80 Nike Retail Bv 227.568,15

Piazza Italia S.p.A. 539.084,20 Compar Spa 196.317,52

CONBIPEL S.P.A. 405.976,80 Cigierre s.r.l. 185.537,23

Scarpe & Scarpe S.p.A. 381.604,68 One Out S.r.l. 182.758,46

New Yorker Italia S.r.l. 361.634,64 Levi Strauss Italia S.r.l. 176.006,36

GIFRAB Italia S.p.A. 336.612,48 Kasanova S.p.A. 169.088,38

Calzedonia S.p.a. 334.984,40 Ck Store Italy Srl 164.909,97

Compar Spa 322.018,68 Co.Ca.Ma Srl 158.815,16

Others 11.074.837,00 Others 7.259.663,24

Total Rent PA 16.484.360,68 Total Rent PA 9.405.440,82

Top 10 Tenants % of Rent PA 32,8% Top 10 Tenants % of Rent PA 22,8%

WALT (Yrs) 6,3 WALT (Yrs) 3,4


10. TOP 10 TENANT CONCENTRATION ANALYSIS

- 22 -

PROPERTY CURRENT MARKET

VALUE

WALT (YRS) TO EXPIRY

AT CUT OFF

CURRENT WALT (YRS)

TO EXPIRY CUT-OFF OCCUPANCY CURRENT OCCUPANCY

Mantova Property (Fashion District) 111.400.000 4,20 3,70 93,40% 90,46%

Puglia Property (Fashion District) 74.200.000 4,80 4,10 90,00% 89,74%

Palermo Property 215.439.000 7,00 6,31 98,80% 99,23%

Valdichiana Property 155.800.000 3,70 3,43 96,40% 87,44%

Graph to show WALT (Yrs) comparison between previous period and current period for each property

Graph to show OCCUPANCY comparison between previous period and current period for each property

11. CONCENTRATION ANALYSIS


-

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

Mantova Property(Fashion District)

Puglia Property(Fashion District)


WALT (YRS) TO EXPIRY AT CUT OFF

CURRENT WALT (YRS) TO EXPIRY

80,00%

82,00%

84,00%

86,00%

88,00%

90,00%

92,00%

94,00%

96,00%

98,00%

100,00%

102,00%

Mantova Property(Fashion District)

Puglia Property (FashionDistrict)


CUT-OFF OCCUPANCY

CURRENT OCCUPANCY

- 23 -

MANTOVA LEASE MATURITY PROFILE PUGLIA LEASE MATURITY PROFILE

PALERMO LEASE MATURITY PROFILE VALDICHIANA LEASE MATURITY PROFILE


12. Loan Details and Lease Profile

0%

20%

40%

60%

80%

100%

120%

nov-19 nov-20 nov-21 nov-22 nov-23 nov-24 nov-25 nov-26 nov-27

0%

20%

40%

60%

80%

100%

120%


0%

20%

40%

60%

80%

100%

120%


0%

20%

40%

60%

80%

100%

120%

nov-19 nov-20 nov-21 nov-22 nov-23 nov-24 nov-25 nov-26