RESIDENTIAL PORTFOLIO

RESIDENTIAL PORTFOLIO INVESTMENT OPPORTUNITIES IN MADRID WHEREVER YOU FIND THIS SIGN IT MEANS THAT THERE IS DO NOT HESITATE TO CONTACT US AT: investinmadrid@investinmadrid.com

The Region of Madrid as an investment location for Real Estate sector MADRID IN CONTEXT Madrid is one of the world s preferred locations for foreign investment due to its position as a leading global financial and international business centre, opportunities for professional development, as well as its unique quality of life FIGURES Area Population Foreign Population Visitors (2014) GDP (2013) GDP per capita (2013) GDP growth (2015) R&D (2013) BENCHMARK 1st 1st 6th 2nd 8,030 Km2 6.454 million 0.88 million 10.27 million 196.010 billion 18.7% of Spanish GDP 30,678; 36.2% over the Spanish average 3.1% 1.75% of GDP Madrid is the main FDI destination in Spain, reaching 68.6% of the total in 1st Semester 2014 Madrid hosts more than 5,500 foreign companies, 40% of the total in Spain One of the most attractive cities in the world, just behind London, Paris, Beijing, Shanghai and New York City in the world attracting international meetings and conferences URBAN DEVELOPMENT OPPORTUNITIES Real estate sector regains the interest of foreign investors and Madrid offers interesting opportunities in urban areas under renovation: CASTELLANA NORTE DISTRICT: The main avenue of Madrid, Paseo de la Castellana, will be enlarged 3.7 km towards North. Infrastructure renovation, 17,000 houses, skyscrapers, parks, offices and a technological center are expected. PLAZA DE ESPAÑA REFURBISHMENT: One of the main urban centers of the city will be renovated. 5 new hotels are under construction. WANDA group is planning the restoration of Edificio España, which was once the first skyscraper in Europe. The project includes a 5 stars hotel, luxury apartments and a shopping center. PLAZA DE CANALEJAS: Just few meters away from Puerta del Sol, the heart of Madrid. Almost a block of buildings is under restoration to host in 2017 the first Four Seasons hotel in Madrid, luxury apartments and a shopping center. The urban renovation process is having a big impact on the surrounding area. LAST NEWS Transactions related to real estate assets tripled in 2014 in Spain, reaching 23,000 million euros. The Madrid office segment broke records in 2014, reaching the highest number of transactions in all the series, with 71 transactions recorded. 2015 started even better, with five buildings sold in the first two weeks. 3rd 2nd European city and 8th worlwide for multinational operative headquarters European destination of foreign companies investment projects Investment activity in the commercial real estate sector in Spain has started 2015 with energy. The investment volume has risen to nearly 1,100 million euros in January, approximately the total achieved in the first quarter of last year. This has been the best start of the market in the last five years in terms of volume managed.

INVESTMENT SUMMARY Selling price is between 8,4-9, 6 million (*). A purchase at this level would provide a gross entry yield of 6-8%. (*) Learn more about the net entry yield (*) Four storey, multi-tenant mixed-use property with a built area of 2,400 m² and two underground levels. High occupancy with a total current income that you can find out (*) Diversified income: parking, offices and apartments. Located in the best section of the upmarket area.

Location DESCRIPTION This street is located in the east of Madrid, stretching in a north-south direction. The street epitomizes the comfortable residential neighbourhoods of the Lineal City style of town planning. There is a particular section that boasts a high quality of living due to careful and harmonious urban planning: small open blocks with three and four storey buildings, open spaces, parks and community gardens with pools. It enjoys one of the highest elevations in the capital. An abundance of vegetation and ancient woodland ensure low levels of contamination. The area is located near one of Madrid s largest parks which a wide range of sport and leisure facilities. (*) Three underground lines and numerous bus lines provide excellent public transport coverage in the district. The area also benefits from fast connections to the centre of Madrid, the ring roads and the highway. The Adolfo Suarez Madrid Barajas Airport is within easy reach, as are the many industrial, business and technological hubs, such as the Madrid exhibition centre (IFEMA) AREA QUALITY It is a prime residential area. Build quality in the district is regarded as being one of the highest in Madrid. Small buildings built mainly in the last 10-15 years alternate with representative buildings developed in the late 70 s and early 80 s. The buildings are designed with large and elegant residences in mind. Typically they feature high quality materials, lush gardens and a high level of additional services. The area is particularly well covered by community services. Famous shopping centres (*), clinics, sports facilities and schools make the area totally self-sufficient and an ideal area for families with children. Adolfo Suarez Madrid-Barajas Int. Airport - 12 mins. Historic Centre 15 mins. Atocha Train Station 15 mins. Location M-30 CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ATOCHA TRAIN STATION ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT Aerial view

Property DESCRIPTION It is a modern, multi-tenant, mixed-use detached building for sale. The building comprises 32 parking spaces, 11 office premises and 20 rental apartments. A swimming pool and sunbathing area are located on the roof terrace. The surrounding area enjoys tranquility, ample green areas and plenty of community services. Communications are exceptional, with access to the ring road. SIZE Approximate floor areas: Constructed (m²) Units Current Usage ROOFTOP - - Swimming pool THIRD FLOOR 450 8 x (50m²) Housing SECOND FLOOR 480 8 x (50m²) Housing FIRST FLOOR 390 4 x (90m²) Housing GROUND FLOOR 240 Office 11 LOWER GROUND FLOOR 940 Office BASEMENT -2 940 32 Parking Total 3,360* *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been take into account. BUILDING QUALITY The property is a four storey building (plus one lower ground floor and one basement) with a total constructed area of 3,270 m² on a plot of 1,660 m². It was originally built in 1992 and has been well maintained. The property is free of listed building status. According to our architect s visual inspection, the building and premises are in excellent condition. The building is not currently required to pass the mandatory Building Technical Inspection. No additional works inside or outside seem to be necessary. TOWN PLANNING CODE The following uses are allowed by the town planning code for the location (NZ- 7-1-A). Some uses may require additional planning consent. Technical use regulations, internal building community rules and property characteristics also must be considered regards potential change of use. ALL LEVELS Residential. Community services and accommodation are alternative uses to residential. Office and other tertiary uses need town planning management FIRST FLOOR - Tertiary: other tertiary uses. GROUND FLOOR - Tertiary: Commercial (up to 750 m for grocery stores and 2,000 m for rest), office, other tertiary services and leisure. BASEMENT - Tertiary: Commercial (up to 250 m² for grocery stores and 500 m² for rest), office, other tertiary services and leisure. Generic section

Tenant & Lease contract. PROFILE The building has been rented to families, small companies and professionals. The lease schedule comprises 31 lease contracts with varying start and expiry dates, rent levels and conditions. There is no single tenant that accounts for a large portion of the rental income, thereby risk is reduced by diversification. SCHEDULE Lease Start Lease Expiry Notice Period Varies Varies Varies RENT Find out the gross rents provided by the property (*): Annual Rent Operating Costs Monthly Rent Monthly Rent* (estimated average) (estimated average) (estimated average) (weighted average) * Reference surface (2,312 m² weighted) has been measured according to 100% of ground floor, 30% of basement and 50% of mezzanines real gross sizes. Being a multi-tenant building, units are separately rented. Occupancy is high, almost 100%. Schedule, tenant profiles and terms and conditions of leases contract require additional study. PRICE ANALYSIS Price between 8,4-9, 6 million (*) Price* Initial Gross Yield (*)% Initial Net Yield (*)% (*) /m² (weighted average) Find out the average real estate values in the area as well as the yield measured by rental income as a residential building. VALUE-ADDED OPPORTUNITY Yield and diversified business (housing rentals, offices and parking) are the strength of the property. Although an offer can be made in order to achieve a desirable yield, the neighborhood is a god area for rental housing and prices are supposed to increase in the medium term. The characteristics of the property are suitable for investors looking for a safe investment without remarkable management efforts.

INVESTMENT SUMMARY The property price is between 2.7-3.5 million (*), which translates to (*). /m². Five storey residential building with a total constructed area of 1,596 m² on a 280 m² plot. Good location for rental properties and commercial premises, ideally located between two quintessential Madrid neighbourhoods (*). The building is partially rented (7 out of the 25 units). 4 of the tenants hold rent control contracts. Vacant apartments have been attractively refurbished. Communal areas are currently being renovated.

Location DESCRIPTION The building is located in the heart of Madrid city centre, between two of Madrid s trendiest areas: (*). The area is semi-pedestrianized and does not have much parking space. As a result, traffic flows well and communications are extremely good. Numerous bus lines and underground stops provide public transport (*). By car, it takes 15 minutes to get to Madrid`s International Airport and 5 minutes to get to Atocha s high-speed train station. The M-30 ring road is easily accessible to the west and south. AREA QUALITY Properties in this area - both commercial locales and residential buildings - enjoy high rates of occupancy. In recent years, many magnificent old houses have been converted. Historic buildings nearby have been rehabilitated and the revitalization has provided a major boost to tourism in the area. Many of the businesses to be found here are traditional, while some of the local independent shops have been refurbished and brought back to life as new boutiques. In the area there are quite a few nightlife spots, though the neighbourhood is best known for its high density of tapas bars and restaurants. (*) Trendy antique shops, giving the area a charming and lively ambiance. The area is traditionally suitable for residential letting and there have been new demand generators(*). Adolfo Suarez Madrid-Barajas Int. Airport - 18 mins Central Business District? mins. Historic Centre 0 mins. Atocha Train Station? mins. Location ROYAL PALACE CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ATOCHA TRAIN STATION ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT Aerial view

Property DESCRIPTION This property is a five storey classical building with a built area of 1,596 m² on a 280 m² plot. The current layout has 21 units. 17 are apartments, three are commercial premises and one currently provides accommodation for the caretaker. The building is partially rented to seven tenants, four of whom have rent control contracts. SIZE The property provides the following approximate floor areas: Constructed (m²) Occupancy Current Usage FIFTH FLOOR 120 - Housing FOURTH FLOOR 246 - Housing FIRST to THIRD FLOOR 257 - Housing MEZANINNE 181 Commercial / Housing GROUND FLOOR 257 - Commercial BASEMENT 21 Warehouse Total 1,596* 33% *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been take into account. BUILDING QUALITY The building was originally built around 1910 and is currently being refurbished. All the unoccupied apartments have been completely renovated. Renovation of the interior communal areas and the elevator is yet to be done. TOWN PLANNING CODE The following uses are allowed by the urban planning code for the location (NZ- 1-2-A). Some uses may need urban planning management. Technical use regulations, internal building community rules and property characteristics must also be considered ahead of a potential change of use. ALL LEVELS Residential. Community services, leisure (category 3) and accommodation are alternative uses to residential. FIRST FLOOR - Tertiary: Accommodation. Commercial medium size, office, leisure (restaurant) and other tertiary uses need management need management GROUND FLOOR commercial retail size (medium size needs management), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350m need management. The building has a structural level of protection, which is the fourth level of six, in the town planning code regarding listed buildings. Owners/tenants are not hugely affected by this - some aesthetic features must be maintained, but a wide variety of uses are allowed in the interior. According to our architect s visual inspection, the building is in very condition and the interiors have been well refurbished to modern standards. According to the owner the building has passed the last mandatory Building Technical Inspection in 2010. Nevertheless, we recommend further analysis as no further information has been provided. BASEMENT commercial retail size (medium size needs management) office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350m need management. Generic section

Development PRICE ANALYSIS Price between 2.7-3.5 million (*) Price* (*)/m² (weighted average) * Reference surface (1,491m² weighted) has been measured according to 100% of ground floor, 30% of basement and 50% of mezzanines real gross sizes VALUE-ADDED OPPORTUNITY This area is ideally suited to rental apartments, and the layout of the building also suggests rental use. Learn more about rental prices per month (*) Commercial premises are in high demand. Find out rental prices range (*) TYPE FLOOR LAYOUT

INVESTMENT SUMMARY The property price is betwwen 4,000.000 and 4,500.000 million. Two 5 storey residential blocks separated by a charming patio. Built area of 2,004 m² on a 525 m² plot. Ideally situated between two of the trendiest two neighbourhoods in Madrid - Chueca and Tribunal. The building is partially rented - nine of the 25 units are occupied. Of these, four tenants are on rent control contracts. The building is currently being refurbished and it is planned to be sold in this situation to be finished according to the new owner s layout and design..

Location DESCRIPTION The property is located in the Centro district of Madrid, the historical part of the city, with numerous museums, hotels, cinemas, theatres and restaurants. The building is located between trendy neighbourhoods. (See open profile for further details)* AREA QUALITY The area is one of the most important tourist and shopping districts in the city and has become a reference point for culture and trendy living. It is a must see for visitors seeking the trendiest areas of Madrid and is reminiscent of Camden Town in London or the East Village in New York. (See open profile for further details)* Adolfo Suarez Madrid-Barajas Int. Airport - 17 mins Central Business District 7 mins. Historic Centre 4 mins. Atocha Train Station 8 mins. Location CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ATOCHA TRAIN STATION ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT PASEO DE LA CASTELLANA Aerial view

Property DESCRIPTION Five storey classical building with a constructed area of 2,004 m² on a 525 m² plot. The current layout has 25 units in two buildings separated by a large, delightful patio. (See open profile for further details)* SIZE The property provides the following approximate floor areas: Constructed (m²) Occupancy Current Usage FIFTH FLOOR 86 - Housing FORTH FLOOR 392 - Housing THIRD FLOOR 360 - Housing SECOND FLOOR 362 - Housing FIRST FLOOR 383 - Housing GROUND FLOOR 421 - Commercial / Housing Total 2,004* 35% *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been take into account. BUILDING QUALITY The building was originally constructed around 1900 and is being refurbished. The structural work is 95% finished and the non-load bearing walls have been demolished. The vendor plans to sell the building as is in order to be completely renovated according to the new owner s layout and design. URBAN PLANNING CODE These following uses are allowed by the urban planning code for the location (NZ-1-3-A). Some uses may need town planning management. Technical use regulations, internal building community rules and property characteristics also must be considered when contemplating change of use. ALL LEVELS Residential. Community services, leisure (category 3) and accommodation are alternative uses to residential. FIRST FLOOR - Tertiary: Accommodation. Commercial medium size, office, leisure (restaurant) and other tertiary uses need management need management GROUND FLOOR commercial retail size (medium size needs management), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350 m need management. (See open profile for further details)* BASEMENT commercial retail size (medium size needs management) office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350 m need management. Generic section

Development PRICE ANALYSIS (See open profile for further price analysis details)* Price Price* * Reference surface (2,004 m²weigthed) has been measured according to 100% of ground floor, 30% of basement and 50% of mezzanines real gross sizes VALUE-ADDED OPPORTUNITY The property is suitable as a buy-to-let investment, but we also consider residential development as a strong option due to demand. Currently, estimated construction prices range from to for this kind of building. Average rental prices are around - / m² per month and rents for one bedroom apartment reach over per month. Average housing prices would easily reach - /m², with demand for all types being strong. PROPOSED TYPE FLOOR

INVESTMENT SUMMARY Selling price is between 3 and 4 million. A purchase at this level, with the current tenant, would provide a gross entry yield of %. Four storey property with a built area of 1,004 m². Located in the heart of the upmarket Chamberí district in central Madrid. Possibility to continue the current lease contract, with an annual income of... Current tenant is a provider of short-term accommodation services.

Location DESCRIPTION The building is located in the Chamberí district, a quintessential Madrid neighbourhood, loved by those who enjoy the authentic way of life in the capital. The area is to be found between the epicentre of Madrid (Sol) and the Salamanca district to the east, the Paseo de la Castellana. (See open profile for further details)* AREA QUALITY Chamberí is considered a mid-upmarket district of the city. It boasts impressive amenities, stores, bars and restaurants yet remains a haven of tranquillity in the heart of Madrid. ( ) Chamberí also is a prime commercial real estate and office building market. (See open profile for further details)* Adolfo Suarez Madrid-Barajas Int. Airport 15 mins Central Business District 10 mins. Historic Centre 5 mins. Atocha Train Station 10 mins. Location CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ATOCHA TRAIN STATION ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT Aerial view PASEO DE LA CASTELLANA

Property DESCRIPTION A single-tenant refurbished building for sale in the heart of the Chamberí neighbourhood. The area is well served by services, and there are many offices and institutional buildings in the vicinity. (See open profile for further details)* TOWN PLANNING CODE The following uses are allowed by the town planning code for the location (NZ- 1-3-A). Some uses may need urban planning management. Technical use regulations, internal building community rules and property characteristics also must be considered regards potential change of use. SIZE Approximate floor areas: Constructed (m²) Occupancy Current Usage FOURTH FLOOR 158 100% Accommodation THIRD FLOOR 184 100% Accommodation SECOND FLOOR 184 100% Accommodation FIRST FLOOR 202 100% Accommodation GROUND FLOOR 276 100% Accommodation Total 1,004* 100% *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been take into account. BUILDING QUALITY The property is a four-storey building with a total constructed area of 1,004 m² on a plot of 231 m². The building was originally constructed in 1900 and recently has been completely refurbished with high quality materials. The current layout provides nine apartments and one commercial premise on the ground floor. (See open profile for further details)* ALL LEVELS Residential. Community services, leisure (category 3) and accommodation are alternative uses to residential. FIRST FLOOR - Tertiary: Accommodation. Commercial medium size, office, leisure (restaurant) and other tertiary uses need management need management GROUND FLOOR commercial retail size (medium size needs management), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350 m need management. BASEMENT commercial retail size (medium size needs management) office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350 m need management. Generic section

Tenant & Lease contract. PROFILE The current tenant of the building is a company specialized in short-term accommodation services. (See open profile for further details)* SCHEDULE Lease Start Lease Expiry Notice Period To be negotiated To be negotiated To be negotiated FIGURES COMPANY (See open profile for further details)* Sales Turnover X 1,000 2013 2012 2011 Profit / Loss Before Taxes Net Income Total Asset Equity Capital RENT The property provides the following gross rents: (See open profile for further details)* Annual Rent Monthly Rent Monthly Rent * Reference surface (1,004m²weigthed) has been measured according to 100% of ground floor, 30% of basement, lower ground floor and rooftop real gross sizes. PRICE ANALYSIS (See open profile for further details)* Price Price* Initial Gross Yield % Short-term rental housing prices are higher than the residential ones but yields are usually higher than average as well. VALUE ADDED OPPORTUNITY Proposed yield is in line with the market average. Yield and asset value could be improved by a negotiation with the current tenant or by the a new tenant search. Very sought-after area of Madrid, both by residents and tourists. Short term and long term rental housing is in high demand in the area. (See open profile for further details)* The lease contract could be renegotiated with the current tenant. Alternatively, the new owner could break the current lease contract and negotiate with another provider, or start another kind of management or commercialization of the property.

INVESTMENT SUMMARY Selling price is between 2 and 3 million. Five storey vacant mixed-use property for refurbishment, with a built area of 885 m². Located in the heart of the upmarket Chamberí district in central Madrid. Perfect to develop luxury apartments in one of the most demanded and trendiest neighbourhoods of Madrid..

Location DESCRIPTION The building is located in the Chamberí district, a quintessential Madrid neighbourhood, loved by those who enjoy the authentic way of life in the capital. The area is to be found between the epicentre of Madrid (Sol) and the Salamanca district to the east of the Paseo de la Castellana. (See open profile for further details)* AREA QUALITY Chamberí is considered a mid-upmarket district of the city. It boasts impressive amenities, stores, bars and restaurants yet remains a haven of tranquillity in the heart of Madrid. (See open profile for further details)* Adolfo Suarez Madrid-Barajas Int. Airport 15 mins Central Business District 10 mins. Historic Centre 5 mins. Atocha Train Station 10 mins. CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ATOCHA TRAIN STATION ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT Location Aerial view PASEO DE LA CASTELLANA

Property DESCRIPTION A five storey vacant residential property dating from 1966. It has a total built area of almost 900 m² on a plot of 180 m². It is located in the heart of the Chamberí neighbourhood. (See open profile for further details)* TOWN PLANNING CODE The following uses are allowed by the town planning code for the location (NZ- 1-3-A). Some uses may need urban planning management. Technical use regulations, internal building community rules and property characteristics also must be considered regards potential change of use. SIZE Approximate floor areas: Constructed (m²) Occupancy Current Usage FOURTH FLOOR 176 - Residential THIRD FLOOR 179 - Residential SECOND FLOOR 179 - Residential FIRST FLOOR 179 - Residential GROUND FLOOR 172 - Residential Total 885* 0% *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been take into account. BUILDING QUALITY The property is a five storey building with a total constructed area of 885 m² on a plot of 180 m². The building was originally constructed in 1966. (See open profile for further details)* ALL LEVELS Residential. Community services, leisure (category 3) and accommodation are alternative uses to residential. FIRST FLOOR - Tertiary: Accommodation. Commercial medium size, office, leisure (restaurant) and other tertiary uses need management need management GROUND FLOOR commercial retail size (medium size needs management), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350 m need management. BASEMENT commercial retail size (medium size needs management) office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350 m need management. Generic section

Development PRICE ANALYSIS (See open profile for further details)* Price Price Reference surface (885m²weigthed) has been measured according to 100% of ground floor, 30% of basement, lower ground floor and rooftop real gross sizes. VALUE-ADDED OPPORTUNITY Very sought-after area of Madrid, both by residents and by tourists. Short term and long term rental housing is in demand in the area. Average rental prices range from /m² to /m² depending on asset management (short or long term contracts) Estimated construction costs range from Housing prices in the area easily fetch /m². (See open profile for further details)* /m²

INVESTMENT SUMMARY Starting selling price is a starting price of the public auction Refurbished classical palace over four storeys with a total built area of 1,080 m² on a 731 m² plot. Exterior car park with direct entrance to Paseo de la Castellana. Prime location, considered CBD of Madrid and next to the headquarters of numerous companies and public organizations..

Location Adolfo Suarez Madrid-Barajas Int. Airport - 16 mins. Historic Centre 4 mins. Atocha Train Station 10 mins. Central Business District 2 mins. ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT DESCRIPTION (See open profile for further details*) The property is located in Paseo de la Castellana, the capital s main artery, and one of the longest and widest avenues in Madrid. It is the continuation of Paseo de Recoletos and Paseo del Prado, and these three avenues combine to form the north-south axis of the city. CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ATOCHA TRAIN STATION AREA QUALITY (See open profile for further details*) Paseo de la Castellana is the prime street par excellence in Madrid. Location PASEO DE LA CASTELLANA Aerial view

Property DESCRIPTION (See open profile for further details)* The property is a highly singular traditional palace of the earlier XX century. Good communications TOWN PLANNING CODE The following uses are allowed by the city town planning code for the location (NZ-1-5-D). Some uses may involve additional requirements. Technical use regulations, internal building community rules and property characteristics also must be considered for change of use or new business proposals. SIZE Approximate floor areas: Constructed (m²) Occupancy Current Usage THIRD FLOOR 152 100% Public SECOND FLOOR 290 100% Public FIRST FLOOR 290 100% Public GROUND FLOOR 348 100% Public Total 1,080* *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been taken into account. BUILDING QUALITY (See open profile for further details)* The property is a four storey classic building with a built area of 1,080 m² on a 731 m² plot. Last renovation works were carried out in 2009. The building has a singular listed building level of protection, the highest level in the city s town planning code. ENTIRE BUILDING Residential. community services, leisure (category 3) and accommodation are alternative uses to residential. Tertiary would be allowed, up to 4,000 m maximum FIRST FLOOR commercial medium size (120 750 m for grocery stores and 500-2,000m for rest), office and other tertiary uses GROUND FLOOR commercial (up to 750 m for grocery stores and 2,000 m for rest), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350 m BASEMENT commercial (up to 750 m for grocery stores and 2,000 m for rest),, office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350 m Generic section

Development PRICE ANALYSIS (See open profile for further details)* Starting Price of the public auction Starting Price of the public auction * Reference surface (1,080m² weighted) has been measured as follows: 100% of ground floor, 30% of basement and 50% of mezzanine - real gross areas.. VALUE-ADDED OPPORTUNITY (See open profile for further details)* Absolute prime location. Near Madrid s Central Business District, and very well connected. Prime rental prices in CBD can reach around /m² per month. Average yield in this CBD area is 5%. Prime rents are stable with some growth in CBD markets. Yields in popular markets are under downward pressure. Supply of high-quality premises is diminishing in CBD and city centre submarkets. Demand is on the rise and should take hold in 2015 as occupiers gain confidence in economic growth

INVESTMENT SUMMARY The property price is between 7,700.000-8,500,000 Five-storey vacant residential property for refurbishment, with a built area of 2,825 m² on a 700 m² plot. Located in the heart of the Argüelles district in Madrid Centre. Ideal opportunity to develop residential apartments in one of the most sought-after neighbourhoods of Madrid. Modern building with flexibility that could accommodate a variety of different layouts. Building has a substantial interior patio, which allows the possibility of maximizing the number of residential units.

Location DESCRIPTION (See open profile for further details*) The property is located in the west end of Madrid s historical centre, opposite the Royal Palace, very close to Plaza de España and Gran Vía. This location benefits from excellent communications. Adolfo Suarez Madrid-Barajas Int. Airport - 20 mins Central Business District 7 mins. Historic Centre 3 mins. Atocha Train Station 11 mins. CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT ATOCHA TRAIN STATION AREA QUALITY (See open profile for further details*) The neighbourhood is adjacent to the main university district. One of the largest Spanish real estate transactions in recent times took place in the area. Location TEMPLO DE DEBOH1 Aerial view

Property DESCRIPTION (See open profile for further details)* Property is a five storey vacant residential property located in the heart of the Argüelles neighbourhood. TOWN PLANNING CODE The following uses are allowed by the town planning code for the location (NZ- 1-3-A). Some uses may need urban planning management. Technical use regulations, internal building community rules and property characteristics also must be considered regards potential change of use. SIZE Approximate floor areas: Constructed (m²) Occupancy Current Usage ATTIC 315 Vacant Residential FOURTH FLOOR 344 Vacant Residential THIRD FLOOR 351 Vacant Residential SECOND FLOOR 351 Vacant Residential FIRST FLOOR 351 Vacant Residential GROUND FLOOR 413 Vancat Residential LOWER GROUND FLOOR 700 Vacant Parking / storage Total 2.825 m² * 0% *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been take into account. Each Floor must add 145 m² of common elements BUILDING QUALITY (See open profile for further details)* The building was originally constructed in 1954 with a total built area of 2.825 m² on a plot of 717 m². According to our architect s visual inspection, building and premises are predominantly in good condition but need to be refurbished. ALL LEVELS Residential. Community services, leisure (category 3) and accommodation are alternative uses to residential. FIRST FLOOR - Tertiary: Accommodation. Commercial medium size, office, leisure (restaurant) and other tertiary uses need management need management GROUND FLOOR commercial retail size (medium size needs management), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350 m need further planning processing. BASEMENT commercial retail size (medium size needs management) office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Garages bigger than 350 m need planning processing. Generic section

Development and Investment profile PRICE ANALYSIS OF THE ASSET (See open profile for further details)* Price x Price* x * Built area (2,356 m²weigthed) has been measured based on 100% of ground floor, 30% of basement and 50% of mezzanine real gross sizes VALUE-ADDED OPPORTUNITY (See open profile for further details)* Excellent location with extremely good communications. Attractive area for families, students and tourists which offers investors the possibility of a wide range of development options. Housing prices in the area easily fetch 4. /m² for new developments. Estimated construction costs range from /m² to /m² depending on desired finish. The possibility of offering parking spaces is a major advantage in this area, where parking facilities are in very high demand due to the shortage of parking spaces. The property could be re-developed to include approximately 18 parking spaces. Current market prices for parking spaces are in the - range. Original layout

INVESTMENT SUMMARY Selling price is between 16-17 million (weighted average /m 2 ). Eight storey vacant property with a built area of 3,500 m² on a plot of 467 m². Located in the heart of the upmarket Retiro district in central Madrid. Ideal opportunity to develop luxury apartments in one of the most sought-after, classical neighbourhoods of Madrid. Possibility for conversion to hotel, ideally suited as a boutique hotel. Plans exist for a 64 room 4 star hotel.

Location DESCRIPTION (See open profile for further details)* The property is located in the Buen Retiro park area. Occupying a surface of 1.4 km², the Retiro is Madrid s best known park, completely surrounded by the present-day city. It is full of ornate sculptures, monuments, galleries and a tranquil boating lake. It hosts a variety of events throughout the year and is considered one of Madrid's premier attractions. Adolfo Suarez Madrid-Barajas Int. Airport - 15 mins Central Business District 10 mins. Historic Centre 2 mins. Atocha Train Station 8 mins. CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT Communications are excellent. AREA QUALITY The area is a key hub in Madrid, boasting many of the capital s most important streets such as Alcalá, Velázquez, Serrano and Principe de Vergara, along with the Plaza de Cibeles square, which joins the Prado-Recoletos-Castellana thoroughfare. The area is well served by community services. Location ATOCHA TRAIN STATION RETIROPARK Aerial view

Property TOWN PLANNING CODE DESCRIPTION (See open profile for further details)* PROPERTY is a vacant classical building on a rectangular plot with over 16 metres of frontage. The current layout provides two flats per floor around a classic central patio. The location enjoys excellent communications. SIZE Approximate floor areas: Constructed (m²) Occupancy Current Usage SEVENTH FLOOR 349 Vacant Residential FIRST to SIXTH FLOOR 395 (x 6) Vacant Residential GROUND FLOOR 395 Vacant Residential LOWER GROUND FLOOR 395 Vacant Residential Total 3,509* *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been take into account. BUILDING QUALITY The property is an eight storey building (plus mezzanine) with a total constructed area of 3,509 m² on a plot of 467 m². It was originally built in 1926 and needs to be completely renovated. According to our architect s visual inspection, the structure is stable and the building is ready for a new layout. The following uses are allowed by the town planning code for the location (NZ- 1-3-C). Some uses may require additional planning consent. Technical use regulations, internal building community rules and property characteristics also must be considered regards potential change of use. ALL LEVELS Residential. Community services, leisure (category 3), tertiary (with conditions up to 2,500m²) and accommodation are alternative uses to residential. FIRST FLOOR commercial (120-750 m² for grocery stores and 500 2,000 m² for rest), office and other tertiary uses GROUND FLOOR commercial (up to 750 m² for grocery stores and 2,000 m² for rest), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350m BASEMENT commercial (up to 750m² for grocery stores and 2,000m² for rest), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350m² Generic section

Development PRICE ANALYSIS (See open profile for further details)* Price X Price* x/m² (weighted average) * Reference surface (3,246 m²weigthed) has been measured according to 100% of ground floor, 30% of basement and 50% of mezzanines real gross sizes VALUE-ADDED OPPORTUNITY(See open profile for further details)* The building s aesthetic features and its location make it an ideal candidate for redevelopment as luxury apartments. Estimated construction costs range from /m² to /m² depending on desired finish level. House prices easily fetch 6,500/m² in this area, and in fact, peak prices reached - /m² a few years ago. Possibility of conversion to hotel. There is a project to develop a 64 room 4 star hotel. The building s aesthetics and location make it an ideal location for boutique operators. PROPOSED TYPE FLOOR

INVESTMENT SUMMARY (See open profile for further details*) The property price is between 7.5-8.5 millions,(weighted). Seven storey residential property for refurbishment, with a built area of 3,285 m² on a 470 m² plot. Medium term value add investment opportunity. The building is partially rented and has an assumable mortgage. Some rent control contracts need to be negotiated. Excellent public and private communications.

Location DESCRIPTION (See open profile for further details*) The building is located in the Chamberí district, a quintessential Madrid neighbourhood, loved by those who enjoy the authentic way of life in the capital. The focal point is the circular Plaza de Olavide square (less than 5 minutes walk from the building), one of Madrid s trendiest spots with a plethora of terraces and restaurants. It is very lively during the day and more tranquil by night. It is central and well connected by public transport. Adolfo Suarez Madrid-Barajas Int. Airport 15 mins Central Business District 6 mins. Historic Centre 3 mins. Atocha Train Station 10 mins. CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT AREA QUALITY (See open profile for further details*) Chamberí is considered a mid-upmarket district of the city. Chamberí also is a prime commercial real estate and office building market. Location ATOCHA TRAIN STATION Aerial view

Property TOWN PLANNING CODE DESCRIPTION (See open profile for further details*) The building is located in between two of the most important spots in the area, Bilbao and Olavide squares. Excellent communications. SIZE Approximate floor areas: Constructed (m²) Occupancy Current Usage ATTIC 362 80% Residential TYPE FLOOR 415 (x5) 40% Residential GROUND FLOOR 415 100% Commercial / Residential BASEMENT 433 100% Commercial Total 3,285* 50% *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been take into account. BUILDING QUALITY (See open profile for further details)* The property is an eight storey building with an elegant classical design. It was originally constructed in 1945 with a total built area of 3,285 m² on a plot of 470 m². The building has a partial listed building level of protection, the second level of six, in the city s town planning code. The following uses are allowed by the town planning code for the location (NZ- 1-3-C). Some uses may require additional planning consent. Technical use regulations, internal building community rules and property characteristics also must be considered regards potential change of use. ALL LEVELS Residential. Community services, leisure (category 3), tertiary (with conditions up to 2,500m²) and accommodation are alternative uses to residential. FIRST FLOOR commercial (120-750 m² for grocery stores and 500 2,000 m² for rest), office and other tertiary uses GROUND FLOOR commercial (up to 750 m² for grocery stores and 2,000 m² for rest), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350m BASEMENT commercial (up to 750m² for grocery stores and 2,000m² for rest), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350m² Generic section

Tenant & Lease contract. PROFILE (See open profile for further details*) The building is rented to families and small companies. SCHEDULE Lease Start Lease Expiry Notice Period Various Various Various SALE (See open profile for further details*) The property provides the following gross rents: Current Annual Rent x Monthly Rent x Monthly Rent* x/m² * Reference surface (3,068 m²weigthed) has been measured as follows: 100% of ground floor, 30% of basement and 50% of mezzanines - real gross areas.. Being a multi-tenant building, units are separately rented PRICE ANALYSIS (See open profile for further details)* Price x Price* Gross Entry Yield x% x /m² (weighted average) The building has some encumbrances and mortgages of approximately x. They can be negotiated with the current owner and the lending bank significantly reducing the acquisition price. VALUE-ADDED OPPORTUNITY Perfect asset for a medium term value added investment increasing the value thought asset management. Once building is empty, the main upside we envisage involves developing the building. This area is a very sought-after middle class neighbourhood. Current developments in the vicinity include units being marketed at 6.700 /m². The area is a mature, middle class residential area and offers excellent rental potential.

INVESTMENT SUMMARY The property price is between 3,000,000-4,000,000. 4 storey building. Up to 1,646.72 m² (plus up to 1,663 m² in four basement levels) are permitted to be built. Possibility to develop the plot in the short-term. Located in a mature, upmarket middle-class area of the Salamanca district. Excellent communications.

Location DESCRIPTION The property is located in the upmarket Barrio de Salamanca neighbourhood. This area was developed at the latter end of the 19th Century and is one of the prime residential neighbourhoods in Madrid. Alcalá street, one of the city s main thoroughfares is located at the southern end of this district. Alcalá starts in Puerta del Sol right in the very centre of the city, passes through many of the main districts of the capital and stretches toward Madrid s international airport to the north east. AREA QUALITY Demand drivers in the area include El Corte Inglés (Spain s largest chain of department stores) and leisure facilities such as the Palacio de los Deportes (sports events, concerts, etc.) and the Plaza de Toros de Las Ventas bullring (bullfights, concerts, circus, etc.). Adolfo Suarez Madrid-Barajas Int. Airport - 11 mins. Historic Centre 5 mins. Atocha Train Station 10 mins. Central Business District 8 mins. CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ATOCHA TRAIN STATION ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT Demand for commercial real estate in this area has increased in the past year. Quality properties for sale and lease are at a premium. Salamanca is known for being one of the wealthiest areas of Madrid and the commercial real estate in the area commands some of the highest prices in Spain. Location RETIRO PARK Aerial view

Property DESCRIPTION The property is a traditional building from the middle of the 20 th century, on a rectangular plot with over 18 metres frontage. The original building was extended on one of its sides. The permitted buildable area is up to 1,646 m² and several levels of basement, that do not exist, are allowed. Also, a new development could be taller and reach ground floor + 5 floors + attic. TOWN PLANNING CODE The following uses are allowed by the city town planning code for the location (NZ1-6-B). Some uses may involve additional requirements. Technical use regulations, internal building community rules and property characteristics also must be considered for change of use or new business proposals. The property has all the benefits of the excellent location: a wide range of public facilities and, in addition, communications are excellent. An underground station, bus and taxi stops are nearby. The M-30 ring road is within easy reach via Alcalá street. (See open profile for further details on communications) SIZE Approximate floor areas of the project: ATTIC FIRST to FIIFTH FLOOR GROUND FLOOR BASEMENTS Total 3,310* Constructed (m²) Occupancy Current Usage Residential Residential Commercial Storage / Parking *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been taken into account. BUILDING QUALITY The property is a four storey building with a built area of 1,080 m² on a 415 m² plot. The building passed the last mandatory Building Technical Inspection in 2000 (Exp. 711/2009/11679). (See open profile for further details) ALL LEVELS Residential. Community services, leisure (category 3) and accommodation are alternative uses to residential. FIRST FLOOR commercial (120-750 m for grocery stores and 500 2,000 m for rest), office and other tertiary uses GROUND FLOOR commercial (up to 750 m for grocery stores and 2,000 m for rest), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350m BASEMENT commercial (up to 750m for grocery stores and 2,000m for rest), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350m Generic section

Development PRICE ANALYSIS Starting Price of sale (See open profile for further details on price) 3-4 million * Reference surface (2,145 m² weighted) has been measured as follows: 100% of ground floor, 30% of basement and 50% of mezzanine - real gross areas.. VALUE-ADDED OPPORTUNITY Strategic location with current demand of new housing projects. No new housing projects in the area in recent years, will make the project a very well accepted option by the market. Currently, construction costs range from (see open profile for further details on price). As an added value the parking project can increase the value of the full project. Average rental prices are (See open profile for further details on price).

INVESTMENT SUMMARY The property price is between 4 million and 6 million. Four storey (plus attic) residential building. Built area of 1,794 m² on a 387 m² plot. Ideally situated in one of the trendiest neighbourhoods in Madrid.

Location DESCRIPTION The asset is located in the very heart of Madrid. It is one of the busiest streets of the center. In recent years, the neibourghood has become the Spanish Soho. All kinds of visitors, locals and tourist flock to the area for retail shopping. International and also Spanish fashion brands have been major players in this change, which has turned these areas in particular into the trendiest in the capital. The district is a consolidated area with plenty of services aimed at young people such as fashion, music and clothing shops as well as fashionable bars and hotels. Communications are excellent. Several underground stations are nearby. (See open profile for details) Adolfo Suarez Madrid-Barajas Int. Airport 15 mins Central Business District 10 mins. Historic Centre 5 mins. Atocha Train Station 10 mins. CENTRAL BUSINESS DISTRICT HISTORIC CENTRE ATOCHA TRAIN STATION ADOLFO SUAREZ MADRID-BARAJAS INTERNATIONAL AIRPORT AREA QUALITY The district is considered a landmark district of Madrid by tourists visiting the city. Communications are excellent. Numerous underground stations and bus stops are nearby. Several streets in the area have been recently pedestrianized and it has eased the settlement of new business and community services. It takes only 20 minutes to get the Adolfo Suarez Madrid Barajas International airport and only 10 minutes to get the High Speed Train Atocha station. (See open profile for details) Location CASTELLANA Aerial view

Property DESCRIPTION A four storey classical property (plus 2 basement floor and attic) in need of restoration. The building is divided into two flats per floor and another one in the attic. Ground floor and basement use is commercial. (See open profile for details) TOWN PLANNING CODE The following uses are allowed by the urban planning code for the location (NZ- 1-2-A). Some uses may need urban planning management. Technical use regulations, internal building community rules and property characteristics must also be considered ahead of a potential change of use. SIZE Approximate floor areas: (See open profile for details) ATTIC TYPE FLOOR GROUND FLOOR BASEMENT 1 & 2 Constructed (m²) Occupancy Current Usage Total 1,793.81* 0% *Different sources of size information could be contradictory and a further study about the floor areas must be done. Sizes given by the owner have been take into account. BUILDING QUALITY The property is a four storey building with a constructed area of around 1,800 m² in a 387 m² plot. The building was constructed in 1900. Because of the architectural values, the building has a structural level of protection, fourth level of six, in the town planning code. (See open profile for details) However, a wide range of uses are permitted in the interior. Extensions are not allowed, Maximum built area for new buildings is 1, 276 m². ALL LEVELS Community services, leisure (category 3) and accommodation are alternative uses to residential. FIRST FLOOR commercial medium size (120-750 for groceries stores and 500-2.000 for rest), office and other tertiary uses GROUND FLOOR commercial (until 750 sqm for groceries stores and 2000 sqm to the rest), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350 sqm BASEMENT commercial (until 750 sqm for groceries stores and 2000 sqm to the rest), office, other tertiary services and leisure (category 1, 2 and 3) - Industry: Except garages, smaller than 350 sqm Generic section

Development PRICE ANALYSIS Price Price* (See open profile for details) (See open profile for details) * Reference surface (1,663.86 m²weigthed) has been measured according to 100% of ground floor, 30% of basement and 50% of mezzanines real gross sizes VALUE-ADDED OPPORTUNITY The property is suitable as a buy-to-let investment, but we also consider residential development as a strong option due to demand. Currently, estimated construction prices range from to for this kind of building. Average rental prices are around (See open profile for details) Average housing prices would easily reach (See open profile for details) with demand for all types being strong. Hospitality uses are very suitable in the area. Hotel layout. Residential 3 apartment layout.