Please find attached the memorandum drafted by Antonio Campagnoli, partner of the IL PUNTO, regarding the new rules for Independent experts, in house and external valuers for Real Estate fundsaccording to the Decree 30/2015 and the regulation on the management of joint saving of the Bank of Italy.

IL PUNTO Real Estate Advisor/CORFAC International operates in full compliance with the new provisions including the news rules regarding the conflict of interest for the benefit of the real estate funds market.