May 2016

Curriculum Vitae

2

PAOLO BOLOGNA

Paolo Bologna, 57, graduate in Chemical Engineering from Polytechnic University

of Turin .

Paolo brings over 30 years of experience in company management and in Private

Equity. Between 1983 and 2005 he held executive roles in general management,

M&S and R&D in various multinational companies (SOLVAY, EXXON, RHNE-

POULENC, IMPREGILO, TYCO) dealing in rubber, plastics, construction and IT in

Italy, France and Belgium.

In 2005 he founded Abacus Invest SCA (SICAR), a Private Equity fund focussing

on Italian SMEs, in charge of the investment process and supervision of some of

the portfolio companies. He has operated since 2014 as entrepreneur in

construction and real estate in Italy and Switzerland, founding WALLS s.r.l.

(patented construction systems) and Ma Maison Immobilier S..r.l. (real estate

promotion and development).

LANGUAGESItalianFrenchEnglish

Partners and Directors Partners and Directors

3

PAOLO BOLOGNA

Objectives and Strategies

4

MA MAISON IMMOBILIER

Objectives and StrategiesObjectives and Strategies

5

OBJECTIVES

To invest from 2.0 to 3.0 MCHF of equity within 2 years, split into approximately 4 property development deals, each of a duration of less than 18 months.

To obtain the participation of co-investors to double the number and/or size of the deals, still within 2 years.

Medium term, to saturate the estimated management capacity by adding 2 to 3 new transactions per year (therefore 4-6 transactions running in parallel, although at different progress stages).

To promote the development of W4GW patented technology in the construction sector in Switzerland.

Business horizon approximately 10 years.

Objectives and StrategiesObjectives and Strategies

6

STRATEGY 1/2

Type of transactions: new constructions; construction of additional storeys of existing buildings;demolitions with reconstruction. The buildings are intended for retail sale, unless constructed at therequest of professional investors as rental properties.

Geographical area: Romandy Switzerland as first priority. Rationale: lively market, fluency inFrench, local network. Canton Ticino as second priority. Rationale: market slacks, local co-investors.

Target market: principal residences of average level and rental properties. Rationale: restrictivelegislation for second homes and foreigners; financing up to 80% easily accessible vs. luxury orcommercial properties (max 50%); important potential market (families, immigrants); growingdemand for rental properties by institutional and private investors.

Type of properties: from 6 to 20 apartments, high energy-saving performance (Minergie andNZEB), average finish. Rationale: legislation (LAT [Swiss Federal Law on Spatial Planning ]) + localland use planning, price and availability of lands, splitting of the risk over several deals, minimizedrisk of unsold property with respect to the accessible target market, optimized construction costs.

Objectives and Strategies Objectives and Strategies

7

STRATEGY 2/2

Size of deals: average size typically between 3.5 and 10.0 MCHF (of which from 0.8 to 3.0 MCHFequity)

Duration of investments: typically between 12 and 18 months

Yield objective: multiple of the invested capital 1.5x 2.5x. TRI: 30% - 100%

Co-investment: MA MAISON IMMOBILIER (Bologna Family) contributes from 30 to 70% ofnecessary equity, Financial Co-investors provide the rest. This method ensures alignment of interestsin the selection/management of deals and the management of operations (costs, timing, quality).The structure and percentages of allocation are flexible, based on the needs of the Financial Co-investor. Rationale: share the risk; increase the number and/or size of transactions; snap up the bestopportunities without being limited by available liquidity.

Competitive advantages: patented construction system W4GW (greater value for the finalcustomer: earthquake resistant, energy consumption close to zero, shorter timescale forconstruction. Advantages for realtors: reduction of costs and construction timescale of the structure);selected network of Swiss architects/tradesmen/construction companies; network of co-investorsresident in Switzerland.

8

PAPILLON Crans Montana (VS )

HORIZON 4000 Crans Montana (VS)

RENTAL PROPERTY Chtel-Saint-Denis (FR)

W4GW Construction System Properties in Switzerland

9

PAPILLON Crans Montana (VS)

W4GW Construction System Properties in Switzerland

10

PAPILLON Crans Montana (VS)

W4GW Construction System Properties in Switzerland

11

HORIZON 4000 Crans Montana (VS)

W4GW Construction System Properties in Switzerland

12

RENTAL PROPERTY - Chtel-Saint-Denis (FR)

W4GW Construction System Properties in Switzerland