MARKETING REPORT ON MULTIFAMILY BUILDING

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MARKETING REPORT ON MULTIFAMILY BUILDING LOCATION: CALLE BARROSO Nº2 ESQUINA CALLE CORDOBA, CALLE SIMONET Y CALLE BLASCO DE GARAY CITY: MALAGA CENTER (MALAGA) [SPAIN] REPORT CREATED BY: JORGE CHACON, ARCHITECT

INDEX 1.- BACKGROUND Location and description of the property Urban Situation Legal Status 2.- REPORT On the building condition On the building legal zoning status 3.- ADDITIONAL DOCUMENTATION. Photographs Cadastral record Plans of current status Plans of proposed execution

1.- BACKGROUND Location and description of the building: The property is located on Calle Barroso No. 2, and makes up a block limited in addition by Calle Simonet, Blasco de Garay and Calle Cordoba. Access to the building can be gained through Calle Barroso. The plot where the building is located has a area of 341.71 sq.m. The plot is provided with all services. The building is 80 years old and has a total of eight floors (GF +6F + topfloor apartment). On the ground floor there is the access hall to the building located in the central area of the building and there are two open plan commercial premises, one on each side. The building has a gross floor area of 2,616.08 sq.m distributed in the different floors with the following areas: total gross floor area ground floor commercial premises ground floor common areas first floor second floor third floor fourth floor fifth floor sixth floor top-floor Total 278.40 sq.m 63.31 sq.m 341.71 sq.m 350.55 sq.m 350.55 sq.m 341.71 sq.m 341.71 sq.m 341.71 sq.m 206.43 sq.m 2,616.08 sq.m

General overview of Malaga's harbour. Currently the building has a project in execution that has reached its final stage.

Urban Situation The building is listed and has been classified under an architectural - protection level "1". The building doesn't present any imbalances related to zoning matters in connection with the P.G.O.U. (General Zoning Plan) of Malaga and especially with regard to the 'PEPRI CENTRO' [Special Plan for the Protection and Interior Refurbishment of the Center]. The location of the building in relation to the accesses to the city, and proximity to the historical centre and the Port of Malaga must be highlighted. Status with regard to the PGOU [Zoning Plan]

Legal Status The properties have been formalised by mean of a title deed and are registered in the name of the company Portobello Marbella, S.L. 2.- REPORT The ground floor is aimed at commercial use. From the regulations point of view and according to the zoning rules from the PGOU of Malaga, the ground floor of the building is aimed at commercial uses. The remaining floors of the building are compatible with the following uses: - Residential housing - Offices and other professional premises. For Office use and Tertiary uses and Commercial premises they must comply with the provisions of Sect. 39-c, 39-d of the PEPRI CENTRO [Special Plan for the Protection and Interior Refurbishment of the Center]. To this end, and in both cases, the maximum gross floor area allocated for these uses may not exceed over 50% of the built roof area, having as limitation not to exceed in any case the height of GF+2F (within the 50% established, it is understood that the Tertiary use and the use as Commercial premises is comprised). The building meets all minimum requirements imposed by the Technical Building Code, despite its age. As for the compatibility of the rest of the parameters with its current destination, according to all parameters of alignments, occupation, buildable area, etc., these are fulfilled. For all these reasons, the present report is issued to the best of my knowledge on this 16 th of August of 2011. Signed: Jorge Chacón Jiménez, architect with professional membership no. 469

3.- ADDITIONAL DOCUMENTATION Photographs prior to rehabilitation Photographs on condition of the building once rehabilitated Horizontal division Drawings

PHOTOGRAPHS OF CONDITION PRIOR TO REHABILITATION

PHOTOGRAPHIES OF CONDITION ONCE REHABILITATED

HORIZONTAL DIVISION

HORIZONTAL DIVISION OF THE BUILDING CALLE CORDOBA, MALAGA (JUNE 2011) BUILDING CALLE BARROSO 2 ESQUINA CALLE CORDOBA. REGISTERED PROPERTY TOTAL SURFACES TOTAL common areas Apart. & comm. premises Total Built total floor space Constructed Area Ground Floor Common Area First Common Area. Second Floor Common Area Third Floor Common Area Fourth Floor Common Area Fifth Common Area Sixth Floor Common Area Top Floor 63.31 sq.m. 40.92 sq.m. 40.92 sq.m. 40.92 sq.m. 40.92 sq.m. 40.92 sq.m. 40.92 sq.m. 23.95 sq.m. 278.40 sq.m. 300.79 sq.m. 309.63 sq.m. 309.63 sq.m. 300.79 sq.m. 300.79 sq.m. 300.79 sq.m. 182.48 sq.m. 341.71 sq.m. 341.71 sq.m. 350.55 sq.m. 350.55 sq.m. 341.71 sq.m. 341.71 sq.m. 341.71 sq.m. 206.43 sq.m. 222.72 sq.m. 280.69 sq.m. 288.94 sq.m. 248.09 sq.m. 244.38 sq.m. 250.36 sq.m 257.42 sq.m. 170.29 sq.m. total 332.78 sq.m. 2,283.30 sq.m. 2,616.08 sq.m. 1,962.89 sq.m. Building in rehabilitation whose boundaries are: - South: Calle Barroso - East: Calle Córdoba - West: Calle Blasco de Garay - North: Pasaje Simones. That consists of: Ground Floor: Common areas of access to upper floors and Local Premises First Floor: 1 dwelling Second Floor: 1 dwelling Third to Sixth Floor: 6 dwellings each Top floor: 1 dwelling

Description for the horizontal division: Ground Floor: Commercial Premises: Commercial open-plan premises with the possibility of access through the four streets that surround it. First and Second Floor: Large single family houses, one per floor, compatible for use with professional office, which can be accessed through the common area of the building, divided into several units, whose abutting boundaries are the building façades and common areas of the stairway and hall. Third Floor up to the Sixth Floor inclusive: 6 apartments in each of the floors of one bedroom, living room, kitchen and bathroom. Boundaries: Apartment A: North: South: East: West: Apartment B: North: South: Este: West: Apartment C: North: South: East: West: Apartment D: North: South: East: West: Apartment E: North: South: East: West: Pasaje Simones Apartment B Calle Córdoba Common Area Apartment A Calle Barroso Calle Córdoba Apartment C and common area Common Area Calle Barroso Apartment B Apartment D Common Area Calle Barroso Apartment C Apartment E Apartment F Calle Barroso Apartment D and common area Calle Blasco de Garay

Apartment F: North: South: East: West: Pasaje Simones Apartment E Common area Calle Blasco de Garay Top floor: Apartment with access through the common area of the building, divided into several rooms, abutting with the building façades and common areas of the stairway and hall. Towards the east and west it has terraces of exclusive use as they are not accessible from the common areas.

TABLE OF SURFACES: floor and apartment GROUND FLOOR Closed Surf. Coefficient Common p.p. Gross floor area Usable surf. TECHNICAL & COMMERCIAL PREMISES 278.40 sq. m 0.0000 0.00 sq. m 278.40 sq.m 222.72 sq.m FIRST FLOOR APARTMENT A 300.79 sq.m 0.1500 49.93 sq.m 350.72 sq.m 280.69 sq.m SECOND FLOOR APARTMENT A 309.63 sq.m 0.1544 51.39 sq.m 361.02 sq.m 288.94 sq.m THIRD FLOOR APARTMENT A 52.30 sq.m 0.0261 8.68 sq.m 6098 sq.m 41.16 sq.m APARTMENT B 56.02 sq.m 0.0279 9.30 sq.m 65.32 sq.m 45.19 sq.m APARTMENT C 47.24 sq.m 0.0236 7.84 sq.m 55.08 sq.m 38.42 sq.m APARTMENT D 45.75 sq.m 0.0228 7.59 sq.m 53.34 sq.m 37.73 sq.m APARTMENT E 56.02 sq.m 0.0279 9.30 sq.m 65.32 sq.m 45.18 sq.m APARTMENT F 52.30 sq.m 0.0261 8.68 sq.m 60.98 sq.m 40.41 sq.m FOURTH FLOOR APARTMENT A 52.30 sq.m 0.0261 8.68 sq.m 60.98 sq.m 41.48 sq.m APARTMENT B 51.60 sq.m 0.0257 8.56 sq.m 60.16 sq.m 42.55 sq.m APARTMENT C 47.24 sq.m 0.0236 7.84 sq.m 55.08 sq.m 38.94 sq.m APARTMENT D 45.75 sq.m 0.0228 7.59 sq.m 53.34 sq.m 38.16 sq.m APARTMENT E 51.60 sq.m 0.0257 8.56 sq.m 60.16 sq.m 42.48 sq.m APARTMENT F 52.30 sq.m 0.0261 8.68 sq.m 60.98 sq.m 40.77 sq.m FIFTH FLOOR APARTMENT A 52.30 sq.m 0.0261 8.68 sq.m 60.98 sq.m 42.74 sq.m APARTMENT B 51.60 sq.m 0.0257 8.56 sq.m 60.16 sq.m 43.43 sq.m APARTMENT C 47.24 sq.m 0.0236 7.84 sq.m 55.08 sq.m 39.76 sq.m APARTMENT D 45.75 sq.m 0.0228 7.59 sq.m 53.34 sq.m 38.87 sq.m APARTMENT E 51.60 sq.m 0.0257 8.56 sq.m 60.16 sq.m 43.42 sq.m APARTMENT F 52.30 sq.m 0.0261 8.68 sq.m 60.98 sq.m 42.14 sq.m SIXTH FLOOR APARTMENT A 52.30 sq.m 0.0261 8.68 sq.m 60.98 sq.m 44.25 sq.m APARTMENT B 51.60 sq.m 0.0257 8.56 sq.m 60.16 sq.m 44.53 sq.m APARTMENT C 47.24 sq.m 0.0236 7.84 sq.m 55,08 sq.m 40.71 sq.m APARTMENT D 45.75 sq.m 0.0228 7.59 sq.m 53.34 sq.m 39.61 sq.m APARTMENT E 51.60 sq.m 0.0257 8.56 sq.m 60.16 sq.m 44.53 sq.m APARTMENT F 52.30 sq.m 0.0261 8.68 sq.m 60.98 sq.m 43.79 sq.m TOP FLOOR APARTMENT A 182.48 sq.m 0.0910 30.29 sq.m 212.77 sq.m 170.29 sq.m 2,004.90 sq.m 1.0000 332.78 sq.m 2,616.08 sq.m 1,962.89 sq.m

CURRENT PLANS

USABLE SURFACE COMMERCIAL 123.04 commercial premises 123.04 sq.m COMMERCIAL 51.33 commercial premises 51.33 sq.m COMMERCIAL 63.05 commercial premises 63.05 sq.m COMMON AREAS 36.10 local facilities 1 local facilities 2 local facilities 3 local riti stairs and ground floor first floor second floor 4.81 sq.m 3.74 sq.m 6.92 TOTAL FLOOR AREA 273.52 sq.m OPEN FLOOR 268.46 OPEN FLOOR 268.46 sq.m COMMON AREAS 15.28 stair hall 7.79 sq.m OPEN FLOOR 281.55 OPEN FLOOR 281.55 sq.m COMMON AREAS 15.28 stair hall 7.79 sq.m third floor A kitchen and dining room bathroom bedroom 41.16 sq.m 18.88 sq.m 5.79 sq.m 5.87 sq.m 10.62 sq.m B 45.19 sq.m TOTAL FLOOR AREA P 283.74 TOTAL FLOOR AREA P 296.83 sq.m living dining kitchen 28.28 sq.m bathroom bedroom 5.46 sq.m 11.45 sq.m C living dining kitchen dresser bathroom bedroom D living dining kitchen dresser bathroom bedroom 38.42 sq.m 17.78 sq.m 5.42 sq.m 8.94 sq.m 6.28 sq.m 37.73 sq.m 18.08 sq.m 4.26 sq.m 9.10 sq.m 6.29 sq.m E living dining roomkitchen bathroom F kitchen and dining room bathroom bedroom COMMON AREAS lobby 1 hall 2 stair halls TOTAL FLOOR AREA 45.18 sq.m 28.20 sq.m 11.51 sq.m 5.47 sq.m 40.41 sq.m 18.65 sq.m 5.52 sq.m 5.70 sq.m 10.54 sq.m 27.79 sq.m 6.66 sq.m 6.58 sq.m 7.12 sq.m 7.43 sq.m 275.88 sq.m

USABLE SURFACE fourth floor fifth floor sixth floor A 41.48 sq.m A 42.74 sq.m A 44.25 sq.m living room 19.00 sq.m living room 19.52 sq.m living room 20.18 sq.m kitchen 5.86 sq.m kitchen 6.11 sq.m kitchen 6.41 sq.m bathroom 5.92 sq.m bathroom 6.11 sq.m bathroom 6.35 sq.m bedroom 10.70 sq.m bedroom 11.00 sq.m bedroom 11.31 sq.m TOP FLOOR open plan 287.48 open 165.90 plan sq.m terraces 121.58 COMMON AREAS 4.68 hall 4.68 B 42.55 sq.m B 43.43 sq.m B 44.53 sq.m living dining kitchen 27.03 sq.m living dining kitchen 27.75 sq.m living dining kitchen 28.64 sq.m TOTAL FLOOR AREA P 292.16 sq.m bathroom 5.62 sq.m bathroom 5.62 sq.m bathroom 5.62 sq.m bedroom 9.90 sq.m bedroom 10.06 sq.m bedroom 10.27 sq.m C 38.94 sq.m C 39.76 sq.m C 40.71 sq.m living dining kitchen 18.37 sq.m living dining kitchen 18.79 sq.m living dining kitchen 19.25 sq.m dresser 5.25 sq.m dresser 5.25 sq.m dresser 5.25 sq.m bedroom 9.00 sq.m bedroom 9.23 sq.m bedroom 9.51 sq.m bathroom 6.32 sq.m bathroom 6.49 sq.m bathroom 6.70 sq.m D 38.16 sq.m D 38.87 sq.m D 39.61 sq.m living dining kitchen 18.37 sq.m living dining kitchen 18.79 sq.m living dining kitchen 19.25 sq.m dresser 4.90 sq.m dresser 4.94 sq.m dresser 4.94 sq.m bedroom 9.16 sq.m bedroom 9.41 sq.m bedroom 9.69 sq.m bathroom 5.73 sq.m bathroom 5.73 sq.m bathroom 5.73 sq.m E 42.48 sq.m E 43.42 sq.m E 44.53 sq.m living dining kitchen 26.93 sq.m living dining kitchen 27.73 sq.m living dining kitchen 28.64 sq.m bedroom 10.00 sq.m bedroom 10.07 sq.m bedroom 10.27 sq.m bathroom 5.55 sq.m bathroom 5.62 sq.m bathroom 5.62 sq.m F 40.77 sq.m F 42.14 sq.m F 43.79 sq.m living room 18.79 sq.m living room 19.35 sq.m living room 20.06 sq.m kitchen 5.60 sq.m kitchen 5.89 sq.m kitchen 6.22 sq.m bathroom 5.76 sq.m bathroom 5.98 sq.m bathroom 6.25 sq.m bedroom 10.62 sq.m bedroom 10.92 sq.m bedroom 11.26 sq.m COMMON AREAS 27.79 sq.m COMMON AREAS 27.79 sq.m COMMON AREAS 27.79 sq.m lobby 1 6.66 sq.m lobby 1 6.66 sq.m lobby 1 6.66 sq.m lobby 2 6.58 sq.m lobby 2 6.58 sq.m lobby 2 6.58 sq.m hall 7.12 sq.m hall 7.12 sq.m hall 7.12 sq.m stairs 7.43 sq.m stairs 7.43 sq.m stairs 7.43 sq.m TOTAL FLOOR 272.17 sq.m TOTAL FLOOR 278.15 sq.m TOTAL FLOOR 285.21 sq.m