DONATELLO FUND MICHELANGELO II SUBFUND*

The Donatello Fund Michelangelo Two Sub-fund (formerly Narciso) started operations at the end of 2008. The initial unit value of the amount was €50,000 and the initial equity of €99,400,000. The duration of the Fund is 10 years and allows for subsequent capital increases. The Michelangelo Due Sub-fund acquired the real estate portfolio of the Michelangelo Fund, which were conveyed following the will of the investors to subscribe the Donatello Fund Michelangelo II Sub-fund and not liquidate the assets of the Michelangelo Fund at expiration, with the purpose of maintaining a diversified collection of assets.

*The Donatello Fund Michelangelo Two Sub-fund was launched by Sorgente SGR in 2008 and managed until 3rd december 2018.