Rappo Asset Management

Sourcing, Underwriting Opportunities		Due Diligence		Investment Committee		Execution & Closing
Status of vendor identified, high-level commercial terms discussed Business plan (hold period, planned use, plus alpha strategy e.g., revenue enhancement, cost reduction etc) developed Cash flow and return projections made Capital structure and capital raising plans developed		Physical(technical) due diligence Legal due diligence Tax due diligence Market due diligence		Decisions made by taking into account macro analysis, individual status of the deal, value-up strategy, appetite (risk/return) of the investors being considered for the project		Fund setup Capital call SPA execution Loan Agreement, Withdrawal request Conditions precedent fulfilled Closing

Portfolio Management		Fund Management		Operations Management		Risk Management
Hold/sell plans of individual investments updated as i) the role of such investments, ii) the composition of portfolio, and iii) investor appetite change over time		NAV of funds tracked and managed on a daily basis as a result of day-to-day transaction and revaluation of properties Business decisions executed through trustee and admin partners Disclosure obligation fulfilled		Value-add strategies (i.e., conversion, refurbishment, repositioning, renovation, re-tenanting, restructuring etc) executed Asset management report for the investors produced Business plans developed on a regular basis (typically annually)		Risks associated with entire process of investments identified and classified i.e., permit delay, completion delay, cost overrun, general contractor’s bankruptcy, lease-up delay, adverse change in financial market, liquidity in transaction market etc

Sales Marketing		Preferred Bidder		DD, Negotiation and SPA		Closing and Dissolution
Advisor(s) appointed if necessary Sales material produced (about property and its historical financial performance etc) Potential buyer pool reviewed based on initial response NDA executed Material distributed, Q&A conducted LOI submitted and received		Preferred bidder selected based on the criteria including bid price, (soft or hard) deposit, other ancillary terms, capital raising plan, certainty of execution to bring the best result to the investors		Items that were proposed but in need of further negotiation and ancillary terms discussed SPA produced, executed and downpayment made		Conditions precedent for closing reviewed Balance payment made and ownership transferred Net income distributed and fund dissolved