2ontents. First Half of 2014 Financial Results

2ontents First Half of 2014 Financial Results

Contents I. Executive Summary 5 a. Admission to Trading 5 b. Investment Activity 5 c. Main Figures 7 II. Business Performance 9 a. Residential 9 b. Offices 11 c. Hotels 14 d. Transactions executed after the end of the period 16 III. Summary of Financial Statements 21 a. Balance Sheet 21 b. Profit and Loss Account 22 c. Cash Flow Statement 22 d. Analysis of the First Half of the Year Financial Statements 23 IV. Appendices 27 a. Corporate Structure 27 b. Shareholding Structure 27 c. Composition of the Board of Directors and its dependent Committees 28 3

I. Executive Summary 4 First Half of 2014 Financial Results

I. Executive Summary I. Executive Summary a) Admission to Trading On March 14 th 2014 Hispania made its debut on the Spanish Stock Exchange Market with an initial capital of 550 million Euros, with the objective of seizing the opportunity presented by the current Spanish property market, by building a high quality real estate portfolio, investing mainly in the residential, hotel and office sectors. On April 1 st 2014 Hispania Activos Inmobiliarios, S.A. incorporated, by public deed, the wholly owned subsidiary of the former, Hispania Real SOCIMI, S.A.U., which benefits from the special tax regime for listed companies in the property investment market (SOCIMIs) and which has been communicated to the tax authorities for all pertinent purposes. Thus, Hispania Real SOCIMI, S.A.U. will serve as the SOCIMI Subsidiary referred to in the prospectus prepared by Hispania arising from the admission to listing of its shares on the Stock Exchange Market. b) Investment Activity Between the time of its admission to trading on March 14 th 2014 until June 30 th 2014, Hispania has made four investments totalling 132,394 thousand Euros and representing 24.8% of the net proceeds available for investment obtained in the Initial Public Offering (IPO). - Residential: 213 units in Barcelona, for 64,759 thousand Euros - Offices: Two office buildings in Les Glòries, in Barcelona, for 40,873 thousand Euros, and two floors in the Murano Building in Madrid, for 4,314 thousand Euros - Hotels: Hotel Guadalmina, in Marbella, for 22,449 thousand Euros The acquisitions are distributed as described below, among the three major asset categories defined in the company s investment strategy: Offices: 34% Hotels: 17% Residential: 49% Investment by asset category as of June 30 th 2014 5

First Half of 2014 Financial Results Location of the assets acquired: From March 14 th to June 30 th 2014 Residential: Diagonal del Mar Offices: Les Glòries Offices: 2 floors of the Murano Building Hotels: Hotel Guadalmina From June 30 th to July 28 th 2014 Offices: 90% of the portfolio of ONCISA, Azcárraga Building and IDL portfolio Officess: Málaga Building of the portfolio of ONCISA Hotels: IDL Portfolio After June 30 th 2014, the following transactions were executed: I. ONCISA: On July 8 th 2014 Hispania took a 90% equity stake in ONCISA, S.L. (hereinafter, ONCISA ) -property company within the ONCE Group and its Foundation- through the subscription of a capital increase amounting to 80.2 million Euros (purchase costs not included). ONCISA manages 46,416 m 2 in office space, distributed over nine high quality assets -eight in Madrid and one in Malaga- valued at 120.4 million Euros, including debt. II. Comandante Azcárraga: On July 9 th 2014 Hispania acquired an office building in the Chamartín district, north-east of Madrid, for 15 million Euros (purchase costs not included), with a gross leasable area of 5,137 m 2 distributed in 7 floors, plus 194 parking spaces. III. IDL Portfolio: On July 28 th 2014 Hispania announced the purchase of an asset portfolio from Grupo IDL, comprising four office buildings with a gross leasable area of 14,547 m 2 and 387 parking spaces, and two hotels, the 3* NH Pacífico, with 62 rooms and the 3* NH San Sebastián de los Reyes, with 99 rooms, all located in the Madrid region. The purchase price amounted to 42.15 million Euros (purchase costs not included), fully disbursed with Hispania s own funds 6

I. Executive Summary c) Main Figures In thousands of 30/06/2014 GAV of the Invested 132,394 RESIDENTIAL: Residential 64,759 No. of homes 213 % of the GAV/invested net proceeds 49% OFFICES: Offices GAV 45,187 Offices GLA** (m 2 ) 20,138 % of the GAV/invested net proceeds 34% HOTELS: Hotels GAV 22,449 No. of hotel rooms 178 % of the GAV/invested net proceeds 17% Net proceeds pending to be invested 400,773 * Gross Asset Value **Gross Leasable Area 7

First Half of 2014 Financial Results I. Business 8 erformance

II. Business Performance II. Business Performance Summary of investments made up to June 30 th, 2014 Since Hispania s admission to trading on March 14 th 2014 until the close of the first half of the fiscal year, on June 30 th 2014, four asset purchases were made, which are detailed as follows: a) Residential Diagonal del Mar On May 12 th 2014 the Hispania Group announced the acquisition of 213 residential dwellings in the Isla del Cielo complex in Parque Diagonal del Mar in Barcelona. The acquisition price amounted to 63.8 million Euros (purchase costs not included), fully disbursed with Hispania s own funds. The acquisition also included 237 underground parking spaces within the residential complex. Diagonal del Mar is located on the seafront of Barcelona, at the beginning of Avenida Diagonal, one of the main avenues in Barcelona, and represents one of the most important property developing areas in the city. The complex comprises a commercial area of over 88,000 m 2, one of the largest shopping centres in Catalonia, 68,000 m 2 in office space, several hotels, and the second largest park in Barcelona, 14 hectares in size, designed by Enric Miralles, where Isla del Cielo is located. The Isla del Cielo residential complex consists of two residential towers -Tower A, with 17 floors and 104 units, Tower B, with 21 floors and 150 units- and an underground parking garage. It also has communal gardens and an outdoor pool. The built area as a whole is approximately 38,000 m 2, including underground space. The acquisition comprised all 150 units of Tower B, 63 units in Tower A and 237 underground parking spaces. The acquired units were 90% occupied by leasing agreements at the time of acquisition. The main axis of Hispania s business plan for this asset is to introduce capex and improve facilities and services in order to convert it into an emblematic residential complex in Barcelona, aimed at professionals and international clients. 9

First Half of 2014 Financial Results Key indicators of the transaction Transactions Key Considerations Adquisition date: May 2014 Description: 213 dwellings in two towers Purchase price: 63.8 M (1) Gross Leasable Area: 24,400 m 2 (2) Purchase price per sqm: 2,420/m 2 (3) 1 Excluding acquisition costs 2 Without allocation to the garages 3 Purchase Price reduced by 20,000 estimated by parking slot and divided by GLA Key Operating Metrics Passing Rent: 9.27/sqm/month Initial Net Yield: 2.8% (4) Current Occupancy 91% Estimated Market Rent: 12-13/sqm Average Current Market Price: 4,000-6,000/sqm (5) 4 Based on pasing rent and current occupancy 5 Range of prices in the adjacent Diagonal del Mar residential complexes Location of the Asset 10

II. Business Performance b) Offices: Les Glòries and Murano Les Glòries On June 27 th 2014 the Hispania Group announced the acquisition of two office buildings in Plaza de Les Glòries in Barcelona for 40.15 million Euros (purchase costs not included), fully disbursed with Hispania s own funds. The properties have a gross leasable area of 18,206 m 2, plus 4,700 m 2 of underground space. The buildings are located at the intersection of Av Diagonal and Gran Vía de Les Corts Catalanes and are part of the complex that is home to Les Glòries Shopping Centre, which is undergoing a comprehensive restoration that will help to boost the value of the buildings that comprise it. The complex is located in one of the main areas of tertiary development in the city and is the district with the highest trading volume, along with the Barcelona central business district. It is well connected to the city centre by metro, bus and tram and is 20 minutes from El Prat airport. The City Hall is carrying out a 5 year plan which includes a complete transformation of Les Glòries square by placing its roads underground allowing a large park to be installed on its surface, which will connect it to Avenida Diagonal. Key indicators of the transaction Transactions Key Considerations Adquisition date: June 2014 Description: Two office buildings Gross Leasable Area: 18,206 sqm (1) Purchase Price: 40.15M (2) Assumed Debt: none Purchase price per sqm: 2,205/sqm (parking included) Key Operating Metrics Passing Rent: 11.9/sqm/month (3) Initial Yield: 7% (4) Current Occupancy 97% Main Tenants: Atento (Telefónica) and Atos Origin (47% of total GLA) Average Lease Term: 2.2 years 1 Above ground space only. The acquisition includes 135 parking slots 2 Excluding acquisition costs 3 Refers to office space only 4 Using market rents and assuming 100% occupancy 11

First Half of 2014 Financial Results Location of the Asset 12

II. Business Performance Two floors in the Murano Building In a separate transaction executed on May 27 th 2014, the Hispania Group acquired from a third party for 4.25 million Euros (purchase costs not included) two floors in the Murano building, the remainder of which was already owned by ONCISA. These two floors were added to the ONCISA portfolio with the objective of achieving full ownership of the building, along with a cash contribution of 75.8 million Euros, to complete the purchase of a 90% stake in ONCISA. Key indicators of the transaction Transactions Key Considerations Adquisition date: May 2014 Description: Two floors of the Murano building Gross Leasable Area: 1,932 sqm (1) Purchase Price: 4.25M Assumed Debt: none Purchase price per sqm: 2,200/sqm Key Operating Metrics Passing Rent: N/A Initial Yield: 7.1% (2) Current Occupancy Empty 1 Excluding acquisition costs 2 Using market rents and assuming 100% occupancy Location of the Asset 13

First Half of 2014 Financial Results c) Hotels: Hotel Guadalmina On April 16 th the Hispania Group announced the acquisition of the Hotel Guadalmina SPA & Golf Resort in Marbella (hereinafter Hotel Guadalmina ), for a purchase price of 21.5 million Euros (acquisition costs not included), fully disbursed with Hispania s own funds. The acquisition was made through the owner, a family-run group, and was preceded by the acquisition, from a financial institution, of mortgage debt linked to the hotel. The Hotel Guadalmina is a unique asset on the beach with direct access to one of the best golf courses in the area, located in one of the most exclusive locations in Marbella. With its current four-star rating, the hotel offers 178 rooms with a wide range of facilities and services. The Hotel Guadalmina is currently managed by an independent local operator through a lease contract that ends in March, 2015. Hispania s strategy for Hotel Guadalmina envisages a significant investment plan for the repositioning of one of the most unique and attractive hotels in Marbella, one of Europe s most prestigious and established destinations. This first acquisition by Hispania met the company s strategy of investing in high quality assets in which there is also a clear potential for value creation through an investment plan and management that allows for repositioning of the assets in the market. The Costa del Sol -and specifically Marbella- is an area in which Hispania has continued to focus its efforts and where it intends to continue investing. Furthermore, this deal confirms one of Hispania s competitive advantages, which involves access to quality assets through debt positions and off-market transactions. Key indicators of the transaction Transactions Key Considerations Acquisition Date: April 2014 Description: 4* Hotel Guadalmina, SPA & Golf Resort. Rooms: 178 Purchase Price: 21.5M Purchase Price Per Room: 121k per key Key Operating Metrics Current ADR (Average Daily Rate): 145 Currently operated under rental contract Expiry Date: March 2015 ADR of Peer Group (2013): 190-220 14

II. Business Performance Location of the Asset 15

First Half of 2014 Financial Results d) Acquisitions made after the end of the reporting period. After June 30 th 2014, the following transactions were executed: I. ONCISA: On July 8 th 2014 the Hispania Group announced that it had taken a 90% stake in ONCISA, S.L. (hereinafter, ONCISA ) through the subscription of a capital increase amounting to 80.2 million Euros (purchase costs not included). ONCISA -property company within the ONCE Group and its Foundation- manages 46,416 m 2 of office space distributed over nine properties valued at 120.4 million Euros, including debt. Eight of the assets are located in Madrid and one in Málaga. All of the property included in the ONCISA portfolio are high quality assets and benefit from excellent locations: eight of them are situated in highly consolidated areas in Madrid -in the vicinity of the M-30- and the building in Malaga, near the historic city centre, is probably the best office asset in the city. Earlier, in a separate operation executed on May 27 th 2014, the Hispania Group had already acquired from a third party for 4.25 million Euros (purchase costs not included) two floors of the Murano building, the remainder of which was already owned by ONCISA. These two floors were added to the ONCISA portfolio with the objective of achieving full ownership of the building- along with a cash contribution of 75.8 million Euros, to complete the 90% stake in ONCISA. Key indicators of the transaction Transactions Key Considerations Acquisition Date: July 2014 Description: Nine office assets located in Madrid (8) and Malaga (1) Gross Leasable Area: 46,416 sqm (1) Subscription Price: 80.2M (2) Assumed Debt: 26.7M (3) Purchase Price per sqm: 2,593/sqm, parking included (4) Key Operating Metrics Passing Rent: 13.8/sqm/month (5) Initial Yield: 7% (6) Current Occupancy: 75% expected to reach 91% (7) Main Tenants: Grupo Once (52%), Publicis (14%) Paramount (3%), NCR (7%), Electrolux (7%) and AT&T (1.5%) (8) Average Lease Term: 10 years (9) 1 Above ground space only. The acquisition includes 790 parking slots 2 Refers to 90% stake, excluding acquisition costs 3 Debt corresponds to 90% of Oncisa 4 Purchase Price per sqm correspnds to the implied enterprise value of the company, including debt 5 Refers to office space only 6 Using market rents and assuming 100% occupancy 7 Once all new rental contracts are in force 8 % of total GLA 9 ONCE (former Oncisa owner) contract lease term is 15 years and other tenants have an average lease term of 5 years 16

II. Business Performance II. Comandante Azcárraga: On July 9 th 2014 Hispania announced the acquisition of an office building in Madrid for 15 million Euros (purchase costs not included), fully disbursed with Hispania s own funds. The property, located at c/ Comandante Azcarraga, 3, has a gross leasable area of 5,137 m 2 distributed over 7 floors, plus 194 parking spaces. The building is located in the Chamartín district, in the north-east of the capital, and is very well connected, less than 15 minutes from the airport, with direct access to the M-30 and less than 10 minutes from Paseo de la Castellana, in the CBD of Madrid. It was opened in 2008 and has an exceptional design and quality; It has a very versatile functionality, suitable both for single tenants -as corporate headquarters- and for multi-tenants. This building is adjacent to another, located on the same street (at number 5), part of the Oncisa portfolio, company in which Hispania took a 90% state on July 8 th. After this transaction, Hispania has two adjacent buildings with a total gross leasable area of 8,684 m 2 and 234 parking spaces, which, in addition to sharing the same entrance garden, allows for better management of tenants and increases the value of the buildings. Key indicators of the transaction Transactions Key Considerations Acquisition Date: July 2014 Description: One office building located in Madrid Gross Leasable Area: 5,138 sqm (1) Purchase Price: 15M (2) Assumed Debt: None Purchase Price per sqm: 2,500/sqm (parking excluded) Key Operating Metrics Passing Rent: 11/sqm/month (3) Initial Yield: 7% (4) Current Occupancy: 28% Main Tenants: Inmobiliaria Chamartín and Arpama Average Lease Term: 2.7 years 1 Above ground space only. The acquisition includes 194 parking slots 2 Excluding acquisition costs 3 Refers to office space only 4 Using market rents and assuming 100% occupancy 17

First Half of 2014 Financial Results III. IDL Portfolio: On July 28 th Hispania announced the purchase of an asset portfolio from Grupo IDL, comprising four office buildings with a gross leasable area of 14,547 m 2 and 387 parking spaces, and two hotels, the 3* NH Pacífico, with 62 rooms, and the 3* NH San Sebastián de los Reyes, with 99 rooms, all located in the Madrid region. The purchase price amounted to 42.15 million Euros (purchase costs not included), fully disbursed with Hispania s own funds. Location of the Assets Offices Hotels 18

II. Business Performance Office building and NH San Sebastián de los Reyes: 19

II. Summary of 20 inancial Statements First Half of 2014 Financial Results

III. Summary of Financial Statements III. Summary of Financial Statements Balance Sheet and and Profit & Loss Account a) Balance Sheet (*) In thousand of Euros TOTAL ASSETS 31/12/2013 30/6/2014 Intangible assets n/a 34 Investment property n/a 132,394 Equity instruments n/a 350 Non-current financial assets n/a 701 Deferred and non-current financial assets n/a 5,115 NON-CURRENT ASSETS n/a 138,595 Stocks n/a 658 Trade and other receivables n/a 299 Government credits n/a 1,592 Other current financial assets n/a 361,315 Short-term accrual accounts n/a 32 Cash and cash equivalents n/a 42,449 CURRENT ASSETS n/a 406,345 TOTAL ASSETS n/a 544,940 TOTAL LIABILITIES AND NET EQUITY Capital n/a 55,060 Issue premium n/a 483,049 Contributions from partners n/a 540 Profit for the period n/a 364 Net equity attributable to shareholders of the Parent Company n/a 539,013 NET EQUITY n/a Deferred and non-current tax liabilities n/a 40 Other non-current financial liabilities n/a 2,050 NON-CURRENT LIABILITIES n/a 2,090 Other current financial liabilities n/a 6 Trade and other payables n/a 3,586 Government loans n/a 245 CURRENT LIABILITIES n/a 3,837 TOTAL LIABILITIES AND NET EQUITY n/a 544,940 (*)There is no comparison with the year 2013, since the company was incorporated on 23/01/2014 21

First Half of 2014 Financial Results b) Profit and Loss Account (*) In thousand of Euros 30/6/2013 30/6/2014 TURNOVER n/a 554 Other operating income n/a 1 Operating expenses n/a -1,681 GROSS OPERATING INCOME n/a -1,126 Depreciation and amortisation for intangible assets n/a -2 Profit (loss) from disposal of intangible assets n/a 2 NET OPERATING INCOME n/a -1,126 Financial income n/a 1,537 Profit (loss) according to the Equity Method n/a PRE-TAX PROFIT (LOSS) FROM CONTINUING OPERATIONS n/a 412 Income tax n/a -47 AFTER-TAX PROFIT (LOSS) n/a 364 Profit (loss) from Discontinued Operations n/a Minority Interests n/a PROFIT (LOSS) ATTRIBUTABLE TO THE PARENT COMPANY n/a 364 c) Cash Flow Statement (*) In thousand of Euros 30/6/2013 30/6/2014 Pre-tax profit for the year n/a 412 Amortisation n/a 2 Gain/ Loss on sale of investment n/a -2 Financial profit n/a -1,537 Adjusted profit n/a -1,126 Interest charges (+) n/a 222 Other payments/ charges (+/-) n/a 65 (Increase) / Decrease in accounts receivable n/a -299 Increase / (Decrease) in accounts payable n/a 2,239 CASH FLOWS FROM OPERATING ACTIVITIES n/a 1,100 Investments in (-) n/a -492,433 Intangible assets n/a -36 Investment property n/a -132,047 Financial assets n/a -360,350 Divestitures in (+) n/a 255 Investment property n/a 255 CASH FLOWS FROM INVESTING ACTIVITIES n/a -492,178 Issuance of equity instruments (+) n/a 533,527 CASH FLOWS FROM FINANCING ACTIVITIES n/a 533,527 NET INCREASE/ DECREASE IN CASH AND CASH EQUIVALENTS n/a 42,449 (*)There is no comparison with the year 2013, since the company was incorporated on 23/01/2014 22

III. Summary of Financial Statements d) Analysis of the First Half of the Year Financial Statements Hispania is a company listed on the Spanish Stock Exchange Market, established in Madrid, at Calle Serrano, 30, 3 rd floor. This interim report covers the period from the company s constitution date, on January 23 rd 2014, to June 30 th 2014. All amounts have been expressed in thousands of Euros. Non-current assets Under this heading are the following property investments made during the period: Hotel Guadalmina: 22,449 thousands of Euros. Residential Complex in Parque Diagonal Mar: 64,759 thousands of Euros. Murano Building (floors 6 and 7): 4,314 thousands of Euros. Office Building on Av. Diagonal with the Gran Vía de las Cortes Catalanas: 40.873 thousands of Euros. Additionally, the non-current assets of the Group include a net deferred tax asset amounting to 5,115 thousand of Euros generated by recording as lower Net Equity the costs which are directly attributable to the IPO carried out during the month of March, 2014. Current assets The Hispania Group is immersed in the investment of the net proceeds from its admission to trading. Once the aforementioned investments and the receipts arising from ordinary activities have been carried out, the Group has cash and short-term financial assets amounting to 403,765 thousands of Euros to use in order to go forward with the implementation of its investment strategy and to meet its regular commitments. After closing of the six-month period, Hispania Group made additional investments to take a 90% stake in Oncisa, S.L. and for the purchase of an office building located at c/ Comandante Azcarraga, 3, in Madrid, totalling over 91,000 thousands of Euros, as well as the purchase of a portfolio of four office buildings and two hotels, for the amount of 42,150 thousands of Euros, which have been paid in full with the Group s cash. Net assets As of June 30 th 2014, the company s equity amounted to 539,013 thousands of Euros, consisting of 55,060,000 shares with a par value of 1 Euro and a premium of 9 per share, fully subscribed and disbursed. The Group recorded as Net Equity the incremental costs which are directly attributable to the IPO, in accordance with the rules described in IAS 32. 23

First Half of 2014 Financial Results Non-current liabilities As a result of the start of the leasing activity, the Group includes in its liabilities the amount of deposits and guarantees received from tenants. Current liabilities The balance of this heading corresponds mainly to payables to service providers from the Group s ordinary activities. ANALYSIS OF THE PROFIT AND LOSS ACCOUNT PROFIT AND LOSS ACCOUNT Revenues: The amount of this heading relates to rental income and rental expenses resulting from the Group s property investment made through 30/06/2014. These revenues arise from the following assets: Hotel Guadalmina (Marbella): May and June rents 2014 Parque Diagonal Mar (Barcelona): ): Revenue from the acquisition date (12/05/2014) to June 2014. The rest of the acquisitions made through 30/06/2014 had not earned income at that date. Operating expenses: On February 21 st 2014 Hispania and Azora Gestión SGIIC, S.A. (hereinafter, the external manager ) signed a management agreement in order to delegate the day-to-day management of the Company to the external manager. Out of the total amount recognised as Operating Expenses, 998 thousands of Euros correspond to the fees paid to the external manager for the period ended on June 30 th 2014. Moreover, Operating Expenses include 130 thousands of Euros relating to the remuneration of the Group s governing bodies. The remaining costs relate to professional services of audit, appraisals, legal advice, etc., related to the activities of the company, not attributable to the subscription of shares or investments made in the period. Gross Operating Income (EBITDA): The EBITDA for the Group at the end of June 2014, is marked by a limited volume of income due to the dates of acquisition of the assets and therefore their associated rents, which has led to the negative amount of that figure. However, based on the acquisitions already made by the Group as of the date of publication of this report and the income associated with these acquisitions, EBITDA will experience significant growth in the coming months given that, from the date of purchase, the assets generate positive EBITDA. 24

III. Summary of Financial Statements Financial Profit/Loss: According to the Group s policy, the unused cash is invested in a diversified portfolio comprising low-risk financial assets, with sufficient liquidity and short-term maturity, including current accounts, deposits, promissory notes, treasury bills, short-term bonds, floating rate bonds and investment funds with a low risk profile and an average maturity of less than or equal to 12 months. At the end of June 2014 the Group obtained significant financial revenues from the investment of free cash flows, mainly in bank deposits, interest-bearing current accounts and investment funds of high liquidity in top-level Spanish entities, having obtained yields higher than 1%. Profit/loss after tax The Hispania Group has achieved an after tax profit of 364 thousand of Euros. This profit is a result of the collection of the first rents arising from the acquired assets, currently under rent, and the income from cash management activities. Additionally, given the dates of acquisition of the properties generating rents, revenues for the Group will experience significant growth in the coming months, which, along with the investments already made as of the date of publication of this report, should significantly increase the Group s profit in the coming months. CASH FLOW STATEMENT ANALYSIS Since this six-month period has been marked by the beginning of the Hispania s activities, the cash flows generated by operating activities originate mainly in the outstanding balances of suppliers and creditors, with interest charges for cash deposits and in deposits received from tenants of the acquired properties. Cash flows from investing activities reflect the property investment business as well as the management of unused cash, which is placed in high liquidity products, according to the policy established by the company. Finally, cash flows from funding arise exclusively from net proceeds from the group s admission to trading. These net proceeds are the result of the 550,000 thousands of Euros raised, less expenses related to the IPO. At the end of the period, Hispania has no debt on its Balance Sheet. 25

26V. Appendices First Half of 2014 Financial Results

IV. Appendices IV. Appendices a) Corporate Structure On April 1 st 2014 Hispania Activos Inmobiliarios, S.A. incorporated, by public deed, the wholly owned subsidiary of the former, Hispania Real SOCIMI, S.A.U., which benefits from the special tax regime for listed companies in the real estate investment market (SOCIMIs), and which has been communicated to the tax authorities for all pertinent purposes. Thus, Hispania Real SOCIMI, SAU, will serve as the SOCIMI Subsidiary conceived in the IPO prospectus prepared by Hispania. 100% Subsidiary Hispania Real SOCIMI, S.A.U. b) Shareholding Structure As of June 30 th 2014 the shareholding structure of Hispania Activos Inmobiliarios, according to notices submitted to the Spanish National Securities Exchange Commission by different investors with significant stakes in the Company, was as follows: Management Team of Hispania: 2,12% APG Asset Management, N.V.: 4,15% Cohen & Steers, Inc: 4,07% Crédit Suisse Group, AG: 5,00% Free float: 45,79% Paulson & Co. Inc: 16,71% Tamerlane, S.A.R.L.: 5,45% Soros Fund Management Llc: 16,71% Shareholding structure of Hispania as of June30 th 2014 27

First Half of 2014 Financial Results c) Composition of the Board of Directors and its dependent Committees The composition of Hispania s Board of Directors is as follows: BOARD OF DIRECTORS: Mr. Rafael Miranda Robredo Mr. Luis Alberto Mañas Antón Mr. Joaquín Ayuso García Mr. José Pedro Pérez-Llorca y Rodrigo Mrs. Concepción Osácar Garaicoechea Mr. Fernando Gumuzio Íñiguez de Onzoño Member Chairman Member Member Member Member Member EXECUTIVE COMMITTEE: Mr. Rafael Miranda Robredo Mr. Joaquín Ayuso García Mr. Fernando Gumuzio Íñiguez de Onzoño Chairman Member Member REMUNERATION AND APPOINTMENTS COMMITTEE: Mr. José Pedro Pérez-Llorca y Rodrigo Mr. Rafael Miranda Robredo Mrs. Concepción Osácar Garicoechea AUDIT COMMITTEE: Mr. Luis Alberto Mañas Antón Mr. Joaquín Ayuso García Mr. José Pedro Pérez-Llorca y Rodrigo Chairman Member Member Chairman Board Member Board Member 28