The Fund does not have a sustainable investment objective.

The Fund intends to promote (i) the mitigation of the effects of climate change through the implementation of energy efficiency-oriented property management policies and/or the construction of properties characterized by low energy consumption and reduced or absent (direct or indirect) GHG emissions, as well as the monitoring of the environmental performance of the assets and raising awareness on the use of renewable energy sources (e.g., photovoltaic panels, LEDs, thermal collectors, etc. ) also by the tenants of the properties themselves; (ii) the implementation of investments that generate intrinsic benefits for both the territory and the community and the promotion, more generally, of social welfare, among others, through redevelopment and urbanization interventions aimed at increasing the quality and safety for end users and, more generally, the welfare of the people who live, work or live in the areas affected by the interventions themselves.

Subject to the above section, the management of the Fund is aimed at pursuing the increase in the value of the Fund’s assets primarily through the completion of development or enhancement transactions, through an investment strategy that promotes environmental or social characteristics in accordance with Article 8 of the SFDR Regulations, as well as to enable participants to benefit from the income derived from the properties held in the portfolio.

The Fund may not invest in real estate initiatives that have one or more of the following characteristics: (i) properties intended for the production, processing, or storage of fossil fuels, tobacco or tobacco related products, and/or characterized by the presence of polluting materials; (ii) development of projects in protected natural areas or that have a negative impact on cultural heritage sites; (iii) activities prohibited by biodiversity conservation legislation; (iv) properties or development operations related to economic activities considered controversial or contrary to international treaties and conventions; and (v) construction of properties intended for energy intensive production activities not powered by renewable sources. In addition, the Fund may not lease the properties forming part of its assets, nor invest in real estate ventures whose tenants operate in sectors deemed not to be “socially responsible,” as more fully specified in the section entitled “Investment Strategy.”

The minimum percentage of investments that promote environmental or social characteristics is identified as 80 percent.

Silver Fir, to measure the achievement of each environmental or social characteristic promoted by the Fund, adopts a special management and measurement framework based on ESG indicators, defined with the support of a specialized consultant and updated from time to time in accordance with relevant regulations, standards and international industry best practices.

Silver Fir has adopted a matrix through which the achievement of each characteristic promoted by the Fund will be measured, monitored and evaluated in accordance with identified sustainability parameters.

Data are collected and uploaded directly by Silver Fir, referring to third parties (tenants, property management, etc.). Data is saved on company servers and the dedicated tool. Most data are real, but where this is not possible, and collection is not dependent on the ManCo, they may be estimated.

The main limitation of the above methodology lies in the dependence on third parties in data collection. Nevertheless, most of the data is correctly collected and considered for the purpose of evaluation.

In evaluating the investment opportunities identified for the Fund, Silver Fir conducts a due diligence process aimed at assessing, in a comprehensive manner the return expectations, risk profiles and sustainability aspects related to the potential investment. With particular regard to environmental and sustainability due diligence, Silver Fir conducts the following sub-activities: (i) the inspection of the property; (ii) the sustainability assessment from an ESG perspective using a sustainability checklist, as further detailed in the section entitled “Due Diligence.”

No benchmark has been designated for the purpose of measuring the achievement of environmental or social characteristics promoted by the Fund.