1 Misión, Visión, Valores Mission, Vision and Values

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2 29 3LA Compañía our company 1 Misión, Visión, Valores Mission, Vision and Values 2 Estrategia Strategy 3 Régimen Socimi Socimi Regime 4 Composición accionarial Shareholder Structure 5 Cartera de Activos Asset Portfolio

3 axiare PATRIMONIO 2014 annual report 31 our company Mission, Vision and Values The word Value is deeply rooted in our company name, and the cornerstone of our core working philosophy. Our main objective is to create value: create value in the investments we make, add value to our properties via the active management of the portfolio and thereby distribute value to our shareholders and investors. MISSION Create a high quality property portfolio over a long-term period, that provides good yields on investment and high returns for our shareholders, via the active management of the properties; aimed at creating value, satisfying tenants and championing environmental sustainability. VISION We aim to become a leading value-added investment company in the Spanish real estate sector, renowned for the high quality and yield of its property portfolio, for its stability and its operating excellence and professionalism. VALUES We are commited with maximising returns on investment for our shareholders and investors, acting with the greatest of professionalism and to the most exacting of ethical standards. Axiare Patrimonio applies the very strictest of corporate governance practices.

4 axiare PATRIMONIO 2014 annual report 33 our company Mission, Vision and Values WE BASE OUR ACTIVITY ON THE FOLLOWING VALUES: Fairness: we work with real estate players and collaborators in order to fairly distribute value in order to drive the sector. Corporate transparency: we believe in genuine dialogue with our stakeholders and we actively keep in touch in order to build solid trustbased relationships. Experience: we make up an expert team with more than 100 years of aggregated experience in the Real Estate market. Our know-how and connections in the sector are solely oriented to create value. Commitment: the team of directors is fully and solely dedicated to its goals and across the whole value chain, which acts as a guarantee for the interests of our shareholders and investors. Long-term approach: we fully believe in sustainable value creation across time and in the business environment. For Axiare Patrimonio, value creation goes beyond the current market situation. Innovation: we want to find new ways of actively managing the properties, in order to drive the value of the portfolio and its sustainable and environmental operation. Efficiency: we strive to be well positioned in order to identify potential on and off-market deals; to take quick decisions and be apt at closing deals in a highly competitive business environment. Discipline: we continue to maintain our strategy detailed in the business plan, which provides stability to the portfolio and we also have a welldefined cost structure, which allows us to ensure a higher return to the shareholder. Client focused: we work to provide a personalised, flexible and constructive management service for tenants with a view to ensuring a good long-term relationship.

5 axiare PATRIMONIO 2014 annual report 35 our company Strategy The company was incorporated on 19 March 2014 and on 9 June 2014 elected to become a Spanish SOCIMI (Sociedad Cotizada de Inversión Inmobiliaria) and has been listed on the Madrid Stock Exchange since 9 July The company believes it benefits from its position as one of the first Spanish SOCIMIs and its Management Team s extensive real estate experience. Axiare Patrimonio s business strategy is to own and operate its existing property rental portfolio through active property management and expand it via the acquisition of new highquality commercial property assets (offices, logistics and retail) that require active management, primarily located in Madrid and Barcelona and other consolidated areas of Spain. Axiare Patrimonio s objective is to add value through active property management and maximise operating efficiency and profitability, in order to thereby improve the income stream and gain greater value uplift. When it comes to making investments, the company takes into consideration the potential value uplift that can be achieved via active management, via repositioning or re-leasing strategies, or investments in refurbishing, reconfiguring or renovating each property. Axiare Patrimonio s value-added business strategy differs from other more opportunistic strategies, that are generally exposed to a high degree of risk and offer a leveraged rate of return, as they typically involve a significant amount of value creation via investment and development in more complex markets. Axiare Patrimonio s investments also differ from core and core plus strategies adopted by large institutional investors, which typically entail investments in fully operational properties or those that are close to 100% let, with stable tenants and rent-rolls, that generally involve little capital expenditure after acquisition, and therefore, less active management. The Company takes into consideration the potential value uplift that can be achieved via improved active management

6 axiare PATRIMONIO 2014 annual report 37 our company Strategy Board of Directors CEO Luis Alfonso López de Herrera-Oria Internal Audit and Compliance Supervisor External Real Estate Directors CFO Legal Director Technical Director Guillermo Fernández-Cuesta Laborde Fernando Arenas Liñán Stuart William McDonald Fabio Alen Viani Chony Martín Vicente-Mazariegos Management Team Supervision Core Value-Added Activities Main Activities Outsourcing Acquisition Technical Analysis Tenant Relations Strategic Business Plan Divestments Valuation Financing Investor Relations Accounting & Tax Governance Risk Compliance HR & IT Legal Advice Brokerage Services Property Administration Architecture Technical Services PR & Marketing External Valuation, Audit RE Analysts & Finance Department ORGANISATIONAL STRUCTURE Axiare Patrimonio is a internally managed real estate investment company whose management team forms an integral part of its organisational structure. The in-house team works exclusively and solely for the company and its shareholders. It is comprised of specialist professionals with extensive and established track-records in the real estate sector, who have an in-depth knowledge of the market. This expert team of professionals is capable of tackling complex investment transactions in short periods of time and actively oversees the entire value-creation process: from the initial identification of the investment, right through to the active management and potential rotation of the property. The company is supervised by a Board of Directors, the majority of whom are non-executive directors that contribute skills from the real estate, finance and legal sectors. The Board also receives advice from an Investment Committee and Auditing and Monitoring Committee, which ensures that all investment and profitability requirements set out by the company are complied with. Axiare Patrimonio has brought together a solid team of professionals from the real estate sector, with over 100 years of aggregated professional experience

7 axiare PATRIMONIO 2014 annual report 39 our company Strategy MANAGEMENT TEAM Luis Alfonso López de Herrera-Oria CEO of Axiare Patrimonio Luis Alfonso López de Herrera-Oria has more than 25 years of experience in the real estate sector. He was Director of Prima Inmobiliaria, S.A. (currently Testa Inmuebles en Renta, S.A) from 1986 to Over this period of time Prima was admitted to trading on the Madrid Stock Exchange (1988) and in 1990 became the largest real estate company in Spain. Subsequently, Luis López de Herrera-Oria founded Rodex in 2002 with a small team of former members of Prima Inmobiliaria (currently Testa). In 2007 Rodex s core business line was transferred to Alza Real Estate, S.A., which up until recently López de Herrera-Oria was CEO until Axiare Patrimonio was incorporated, he remains a Non-Executive Director at the company. Luis Alfonso López de Herrera-Oria is also an independent advisor at funds such as, Falcon II Real Estate, founded by Morgan Stanley and CBRE and iadvise Partners EAFI, S.L. He graduated in Economic Sciences from the Universidad Complutense of Madrid. Chony Martín Vicente-Mazariegos CFO and Director of Investor Relations Chony Martín has an extensive track-record of more than seventeen years in the real estate sector. Prior to joining Axiare Patrimonio, Chony Martín worked as Chief Financial Officer of the Spanish Branch of Redevco a Dutch company that manages a 6.5 billion European portfolio. Prior to this, she worked at Testa Inmuebles en Renta and Prima Inmobiliaria, returning to again form part of Luis López de Herrera-Oria s team. She holds a degree in Business Administration and Economic Sciences from the Universidad Complutense and has also studied different management programmes at IESE, ESADE and IMD. Guillermo Fernández-Cuesta Laborde Real Estate Director and Deputy to the CEO With 15 years of experience in the real estate sector, Guillermo Fernández-Cuesta began his professional career in London, working as an analyst at Hillier Parker (currently CBRE), from 1999 to Once in Spain, he then went on to work at Prima Inmobiliaria (currently Testa) in 2001, as a Real Estate Manager and in 2004 he became Director of Property Management at Rodex, which transferred its core business line to Alza Real Estate, S.A. In 2007, then as a member of Alza, he held the position of Director of Real Estate Investments and Deputy to the CEO. Guillermo graduated in Business Administration, majoring in Finance from the Universidad de Alcalá de Henares of Madrid. He also holds a degree in Business Administration, majoring in International Commerce from the London South Bank University. He also holds a Master s in Real Estate Management from the London South Bank University.

8 axiare PATRIMONIO 2014 annual report 41 our company Strategy MANAGEMENT TEAM Fernando Arenas Liñán Real Estate Director Fernando has more than 25 years of experience in the real estate sector. From 1990 to 1995 he was Director of the Agency Department at Richard Ellis (currently CBRE). Between 1995 and 1998 he worked at the Distressed Real Estate (REOs) division of the Banco Santander Group. From 1998 to 2002 he was Real Estate Director at Prima (currently Testa) and from 2002 to 2004 he was Acquisitions Director at Tishman Speyer Properties España, S.L. Between 2004 and 2012 he formed part of Hines Interests España Investments, S.L. and was its Managing Director starting in In 2013 Arenas Liñán coordinated several of SAREB's portfolios at CBRE and from Autumn 2013, he was Investment Director at Talus Real Estate until he joined Axiare Patrimonio. He holds a degree in Law from the Universidad Autónoma of Madrid and an MBA from the Madrid Business School and the University of Houston. Stuart William McDonald Real Estate Director Stuart s professional career spans more than 20 years in the real estate industry. He began his career in the real estate sector in 1993, as a Valuation Executive at the UK s Valuation Office Agency (VOA), where he worked for 5 years. From 1998 to 2002 he was Associate Director at Knight Frank in Madrid and from 2002 to 2005 he was the real estate director at Testa. He then went on to join Hines in 2005 as Investment and Acquisition Director until he joined Axiare Patrimonio as Real Estate Director. Stuart McDonald holds a Modern Languages B.A. from the University of Exeter (UK) and holds a postgraduate degree in Real Estate Management and Valuation from the Sheffield Hallam University (UK). He is certified by the RICS Assessment of Professional Competence Exam and is a member of the Royal Institution of Chartered Surveyors in the United Kingdom. Fabio Alen Viani Real Estate Director After beginning his career in the finance sector, where he held the position of Investment Manager at various banks, such as Safei, Inversis and Lloyds Bank, in 2007 he joined Hines as a Real Estate Investments and Acquisitions Analyst, where he subsequently went on to hold the position of Associate up until 2014, when he then joined Rodex Asset Management as Real Estate Director. Fabio Alen holds a degree in Business Administration from Madrid's Universidad Complutense, specialising in Finance, he is also a Certified European Financial Analyst and a member of the European Federation of Financial Analysts Societies.

9 our company Socimi Regime axiare PATRIMONIO 2014 annual report 43 The main legal and finance aspects of a SOCIMI are detailed below. The search for continual improvements in the well-being of citizens requires the implementation of new investment models, which adequately meet the continuing needs of the market. In this sense, Act 11 of 26 October 2009, which contains the regulations governing Real Estate Investment Companies, together with the changes introduced by Act 16 of 27 December 2012, establish the legal framework required to regulate SOCIMIs, which are a new investment instrument in the real estate sector and, more specifically, the rentals market. The main CORPORATE PURPOSE of SOCIMIs is the acquisition and development of urban properties to let; and holding shares in other SOCIMIs or in other companies that meet the same requirements in terms of investment and the distribution of profits. This law, which was created by the government in order to encourage a recovery in the real estate sector, allows SOCIMIs the option of applying SPECIAL FISCAL RULES in respect of Company Tax, with a base rate of 0% and a special rate of 19% on dividends distributed to shareholders with a holding of 5% or more, when such dividends are tax exempt or are taxed at a rate of less than 10% in the place in which the shareholder is tax resident. ## At least 80% of the SOCIMI must be invested in properties to let, land for the development of properties that will be to let and shares in other SOCIMIs or institutions that classify as such. ## The minimum investment holding period for the properties is 3 years. ## 80% of rents from each year must come from the letting of properties or dividends from institutions affected by the compliance of the business purpose. ## SOCIMIs must DISTRIBUTE THEIR PROFITS once their commercial obligations have been met. This dividend distribution should be applied as follows: Dividend Distribution 50% Profits from the transfer of properties or shares To have the option of applying this special regime, SOCIMIs must fulfil certain requirements: ## SOCIMIs must be listed for trading on a REGULATED MARKET. 100% Profits from dividends 80% Other profits obtained

10 our company Shareholder structure axiare PATRIMONIO 2014 annual report 45 Axia Real Estate Socimi, S.A. share capital comprises 36,006,000 shares, listed on the Spanish Stock Exchange, and are currently traded on the following indexes: Shareholders by Country ## IGBM (Madrid Stock Exchange General Index) ## IGBM FINANCIAL SERVICES and REAL ESTATE ## IGBM SOCIMI ## IGBV (Valencia Stock Exchange General Index) ## IGBV INVESTMENT SERVICES ## IGBV SOCIMI Shareholding Structure 1 Shareholders Position (%) Perry Partners International Inc T. Rowe Price Associates Inc Taube Hodson Stonex Partners LLP Citigroup Global Markets Limited JPMorgan Chase & Co Barclays Bank PCL Deutsche Bank A.G (1) According to major holdings notifications to the CNMV at 18/03/ % US 17% UK 5% Switzerland 4% Germany 1% Ireland 1% Spain 18% Others

11 axiare PATRIMONIO 2014 annual report 47 our company Asset Portfolio During 2014, Axiare Patrimonio completed 8 real estate transactions creating a portfolio comprised of 16 properties valued at 424 million and with a Gross Lettable Area (GLA) of 388,000 sqm. This portfolio has increased in value to 439 million at 31 December ASSET VALUE BREAKDOWN by class ASSET VALUE BREAKDOWN by location GLA ( 000 sqm) 388 1,920 parking spaces 67% Offices 23% Logistics 10% Retail 70% MAD 20% BCN 10% Other (1) Portfolio valuation carried out by CBRE, in accordance with RICS valuation standards based on net market value as at31/12/2014.

12 48 informe anual 2014 axiare PATRIMONIO ESPAÑA A CORUÑA OVIEDO BILBAO FRANCE LEÓN SALAMANCA GUDALAJARA ZARAGOZA BARCELONA TARRAGONA PORTUGAL CÁCERES MADRID CIUDAD REAL VALENCIA CÓRDOBA MURCIA SEVILLA 12 GRANADA ALGECÍRAS MÁLAGA OFICINAS / OFFICES Francisca Delgado Francisca Delgado 11, 2818 Alcobendas, Madrid Avenida de la Vega Avda. de la Vega, 15, 2818 Alcobendas, Madrid Fernando El Santo Fernando el Santo, 15, 2801 Madrid, Madrid Ribera del Loira C/ Ribera del Loira, 28, Madrid Cristalia Via de los Poblados, Madrid, Madrid Diagonal Avda. Diagonal 197, Barcelona, Barcelona PLATAFORMAS LOGÍSTICAS / LOGISTICS PLATFORMS Manuel de Falla 4 8 C/ Manuel de Falla 7, Madrid, Madrid Camarma de Esteruelas Sector SI-4 La Raya Industrial, Camarma de Esteruelas, Madrid (*) Los gráficos de esta sección han sido confeccionados por Axia Real Estate Socimi, S.A. tomando como referencia datos agregados emitidos por CBRE en opiniones de valor de carácter transaccional y en ningún caso de valoración reglada (RICS, ECO o cualesquiera otras). Tal informe fue confeccionado en fecha 26 de enero de 2015 para que únicamente Axia Real Estate Socimi, S.A. pudiera depositar su confianza en el mismo. Por tanto, CBRE no otorga garantía ni asume responsabilidad alguna frente a los usuarios del presente folleto por tales datos ni asimismo, asume obligación de proporcionar aclaración y/o información adicional.

13 axiare PATRIMONIO 2014 annual report 49 MADRID SAN AGUSTÍN DE GUADALIX COLLADO VILLALBA 13 GUADALAJARA TRES CANTOS 11 TORRELODONES SAN SEBASTIAN DE LOS REYES 15 FUENCARRAL EL PARDO 2 1 FRANCISCA DELGADO 8 10 LAS ROZAS VALVERDE MAJADAHONDA POZUELO Pº DE LA CASTELLANA MADRID 4 CIUDAD MONCLOA LINEAL ARAVACA SAN BLAS CANILLEJAS SALAMANCA 3 MADRID CENTRO CHAMARTÍN HORTALEZA 6 RETIRO MORATALAZ 5 COSLADA TORREJON DE ARDOZ ALCALÁ DE HENARES VILLAVICIOSA DE ODÓN ARGANZUELA PUENTE DE VALLECAS ALCORCÓN RIVAS VACIAMADRID MÓSTOLES LEGANÉS 9 GETAFE ARGANDA DEL REY FUENLABRADA CBD Castellana / Castellana CBD CBD Secundario / Secondandary CBD PARLA Centro Ciudad / City Centre SAN MARTÍN DE LA VEGA BR Periférico / Peripheric BD 9 Rivas Mariano Benlliure Rivas-Vaciamadrid, Madrid 13 Guadalix C/ La Lobera, San Agustín de Guadalix, Madrid 10 Km 10 Azuqueca de Henares Construcción 9, Azuqueca de Henares, Guadalajara 14 Valls C/ Moixiganga, 5 Valls, Tarragona Cabanillas C/ Rayo 5, Cabanillas del Campo, Guadalajara Dos Hermanas C/ Torre de los Herberos, Dos Hermanas, Sevilla RETAIL Planetocio Avda. Juan Carlos I, 46, Collado Villalba, Madrid Les Gavarres Carretera Reus, 55, Tarragona (*) The graphs in this section have been prepared by Axia Real Estate Socimi, S.A. by referencing aggregate data issued by CBRE on opinions of transactional values, which in no case may be construed as regulated valuations (RICS, ECO or any others). This report was prepared on 26 January 2015 and only Axia Real Estate Socimi, S.A. may rely on it. Hence, CBRE does not grant any guarantee or assume any responsibility whatsover in relation to the readers of this annual report relating to this data, nor does it assume any responsibility to provide any form of clarification and/or additional information.

14 SAN SEBASTIAN DE LOS REYES 50 informe anual 2014 axiare PATRIMONIO FUENCARRAL EL PARDO A-1 FRANCISCA DELGADO POZUELO M-30 M-40 CHAMARTÍN CITY CENTRE MONCLOA ARAVACA VALVERDE Pº DE LA CASTELLANA MADRID CENTRO Pº DE LA CASTELLANA M-30 SALAMANCA HORTALEZA CIUDAD LINEAL RETIRO MORATALAZ SAN BLAS CANILLEJAS M-40 COSLADA Francisca Delgado ALCALÁ C/ Francisca Delgado 11, Madrid TORREJON DE ARDOZ Submercado Arroyo de la Vega Submarket Arroyo de la Vega SBA (m 2 ) 17,266 GLA (sqm) DE HENARES 395 Plazas Aparcamiento 395 Parking Spaces 66,9% Tasa Ocupación 66.9% Occupancy Rate ARGANZUELA PUENTE DE VALLECAS ÓN RIVAS VACIAMADRID LEGANÉS GETAFE ARGANDA DEL REY FUENLABRADA PARLA SAN MARTÍN DE LA VEGA

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16 axiare PATRIMONIO 2014 annual report 53 our company Asset Portfolio OFFICES Francisca Delgado DESCRIPTION KEY FACTS Axiare Patrimonio s first acquisition, this Class A office building was acquired from IVG in July It is located in the Arroyo de la Vega Office Submarket. Developed in 2001 and designed by Rafael de la Hoz, the building is arranged over five storeys and comprises 14,835 sqm (GLA) of office space plus 2,431 sqm of storage. Two basement floors provide 316 parking spaces with a further 79 exterior spaces. Net Acquisition Price 28.75m Gross Acquisition Price 29.27m Net Acquisition Price / sqm 1,665 Market Value 1 (Dec. 14) 35.00m CAPITAL APPRECIATION Location: The asset is located seven-minutes walking distance from the "La Moraleja" metro station and benefits from excellent access to the airport, the CBD and the city's orbital motorways, and is highly visible from A-1 highway. Tenancy: Multi-tenanted and 70% occupied, 4,793 sqm of vacant office space, plus 927 sqm of storage. Rents are rackrented. Main tenants: Neinver, St Jude Medical, Genetsis Partners. Many tenants have been in the building since completion. RENTAL COMPARISON Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 WAULT 2 : 2.5 years. Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

17 SAN SEBASTIAN DE LOS REYES 54 informe anual 2014 axiare PATRIMONIO FUENCARRAL EL PARDO A-1 AVENIDA FRANCISCA DELGADO DE LA VEGA POZUELO M-30 M-40 CHAMARTÍN CITY CENTRE MONCLOA ARAVACA VALVERDE Pº DE LA CASTELLANA MADRID CENTRO Pº DE LA CASTELLANA M-30 SALAMANCA HORTALEZA CIUDAD LINEAL RETIRO MORATALAZ SAN BLAS CANILLEJAS M-40 COSLADA Avenida de la Vega ALCALÁ C/ Avenida de la Vega 15, Madrid TORREJON DE ARDOZ Submercado Arroyo de la Vega Submarket Arroyo de la Vega SBA (m 2 ) 22,579 GLA (sqm) DE HENARES 461 Plazas Aparcamiento 461 Parking Spaces 84,9% Tasa Ocupación 84.9% Occupancy Rate ARGANZUELA PUENTE DE VALLECAS ÓN RIVAS VACIAMADRID LEGANÉS GETAFE ARGANDA DEL REY FUENLABRADA PARLA SAN MARTÍN DE LA VEGA

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19 axiare PATRIMONIO 2014 annual report 57 our company Asset Portfolio OFFICES Avenida de la Vega DESCRIPTION KEY FACTS Class A office complex acquired in September 2014, located in the Arroyo de la Vega Office Submarket. Developed in 2000 by Levitt and in a very good state of repair, it comprises four 8-storey office buildings totalling 22,579 sqm (built) and 441 parking spaces distributed over two underground levels and 20 exterior parking spaces. Location: The asset is located seven-minutes walking distance from the "La Moraleja" metro station and has excellent access to the airport, the CBD and city s orbital motorways, and is highly visible from the A-1 highway. Tenancy: Multi-tenanted and 85% occupied, vacancy of 3,415 sqm. Rental levels Rack-rented. Main tenants: Xfera Moviles Yoigo and Cisco Systems. Most of these tenants have been in the building since its completion. WAULT 2 : 1.3 years. Net Acquisition Price 52.00m Gross Acquisition Price 52.93m Net Acquisition Price / sqm 2,303 Market Value 1 (Dec. 14) 53.30m CAPITAL APPRECIATION RENTAL COMPARISON Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

20 58 informe anual 2014 axiare PATRIMONIO FERNANDO EL SANTO CALLE GÉNOVA Pº DE LA CASTELLANA CALLE DE SERRANO CALLE DE VELAZQUEZ CALLE DE ALCALÁ Fernando el Santo C/ Fernando el Santo 15, Madrid Submercado CBD Castellana Submarket Castellana CBD SBA (m 2 ) 3,254 GLA (sqm) 42 Plazas Aparcamiento 42 Parking Spaces 89,1% Tasa Ocupación 89.1% Occupancy Rate

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22 axiare PATRIMONIO 2014 annual report 61 our company Asset Portfolio OFFICES Fernando el Santo DESCRIPTION KEY FACTS The property, which has been fully redeveloped, features an elegant period façade and is considered to be a listed heritage property with a high level of urban building protection. It is arranged over six floors and it benefits from basement car parking, which is unusual for this type of building. Net Acquisition Price 16.50m Gross Acquisition Price 16.81m Net Acquisition Price / sqm 5,071 Market Value 1 (Dec. 14) 20.00m Location: This office complex is located in the Central Business District just two blocks away from Paseo de la Castellana and has direct access to the city's main roads. Tenancy: Multi-tenanted and 89.12% occupied. Current rents are below market. Main tenants: Broseta Abogados and Stage Entertaiment. WAULT 2 : 0.7 years on income. CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

23 62 informe anual 2014 axiare PATRIMONIO AVDA. GENERAL PERÓN Pº DE LA CASTELLANA MANUEL DE FALLA SANTIAGO BERNABEU AVDA. DE CONCHA ESPINA Manuel de Falla C/ Manuel de Falla 7, Madrid Submercado CBD Castellana Submarket Castellana CBD AZCA SBA (m 2 ) 6,244 GLA (sqm) 39 Plazas Aparcamiento 39 Parking Spaces % Tasa Ocupación % Occupancy Rate

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25 axiare PATRIMONIO 2014 annual report 65 our company Asset Portfolio OFFICES Manuel de Falla DESCRIPTION KEY FACTS Forward purchase of a Class A office building located in Madrid s CBD. The building, currently under refurbishment, offers 6,244 sqm GLA distributed over four above ground floors (ground, first floor and two upper floors) plus a basement with 39 car parking spaces. It will be delivered with LEED Gold certification. Excellent rectangular floorplate of 1,400 sqm. Location: CBD location just off Paseo de la Castellana near the AZCA business district. Excellent public and private transport connectivity including Metro and Regional Rail networks. Tenancy: the building is vacant with no pre-lets at present. Marketing campaign and tools under design. Net Acquisition Price 31.00m Gross Acquisition Price 31.62m Net Acquisition Price / sqm 4,965 Market Value 1 (Dec. 14) 31.40m CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

26 SAN SEBASTIAN DE LOS REYES FUENCARRAL EL PARDO 66 informe anual 2014 axiare PATRIMONIO M-40 FRANCISCA DELGADO DA POZUELO VALVERDE Pº DE LA CASTELLANA Pº DE LA CASTELLANA Ribera del Loira TORREJON ALCALÁ DE HENARES HORTALEZA CHAMARTÍN CITY RIBERA DEL DE ARDOZ CENTRE LOIRA A-2 CIUDAD C/ Ribera del Loira, 28, Madrid M-30 MONCLOA LINEAL ARAVACA SAN BLAS Submercado Campo de las Naciones Submarket Campo de las Naciones M-30 CANILLEJAS SALAMANCA M-40 COSLADA MADRID CENTRO RETIRO SBA (m 2 ) 370 Plazas Aparcamiento MORATALAZ ARGANZUELA 12,822 GLA (sqm) 370 Parking Spaces 100% Tasa Ocupación 100% Occupancy Rate PUENTE DE VALLECAS A-3 ALCORCÓN M-40 RIVAS VACIAMADRID LEGANÉS GETAFE ARGANDA DEL REY FUENLABRADA PARLA SAN MARTÍN DE LA VEGA

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28 axiare PATRIMONIO 2014 annual report 69 our company Asset Portfolio OFFICES Ribera del Loira DESCRIPTION KEY FACTS Class A office building acquired from Credit Suisse Asset Management in December 2014 in the Campo de las Naciones office submarket. This six storey office building was developed in 2002 and comprises 12,822 sqm distributed in a U-shape around a central atrium. Two basement floors accommodate 370 car spaces. Location: The building is located in Campo de las Naciones the city s best office area outside the CBD. It has a prominent location on the M-40 ring road and enjoys excellent public and private transport links. Proximity to the airport. Tenancy: The building is 100% let and the main tenant is BNP Paribas which has occupied the property since WAULT 2 : 1.5 years on income. Net Acquisition Price 47.00m Gross Acquisition Price 48.13m Net Acquisition Price / sqm 3,666 Market Value 1 (Dec. 14) 47.50m CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

29 SAN SEBASTIAN DE LOS REYES FUENCARRAL EL PARDO 70 informe anual 2014 axiare PATRIMONIO M-40 FRANCISCA DELGADO DA POZUELO VALVERDE Pº DE LA CASTELLANA Pº DE LA CASTELLANA Cristalia TORREJON ALCALÁ DE HENARES HORTALEZA CHAMARTÍN CRISTALIA CITY DE ARDOZ CENTRE A-2 CIUDAD C/ Vía de los Poblados, 3, Madrid M-30 MONCLOA LINEAL ARAVACA SAN BLAS Submercado Campo de las Naciones Submarket Campo de las Naciones M-30 CANILLEJAS SALAMANCA M-40 COSLADA MADRID CENTRO RETIRO SBA (m 2 ) 391 Plazas Aparcamiento MORATALAZ ARGANZUELA 17,338 GLA (sqm) 391 Parking Spaces 83,5% Tasa Ocupación 83.5% Occupancy Rate PUENTE DE VALLECAS A-3 ALCORCÓN M-40 RIVAS VACIAMADRID LEGANÉS GETAFE ARGANDA DEL REY FUENLABRADA PARLA SAN MARTÍN DE LA VEGA

30 axiare PATRIMONIO 2014 annual report 71

31 axiare PATRIMONIO 2014 annual report 73 our company Asset Portfolio OFFICES Cristalia DESCRIPTION KEY FACTS Twin office buildings acquired from Credit Suisse Asset Management in December 2014, the buildings are located in the Campo de las Naciones submarket. Seven storey buildings developed in 2007, which provide 17,338 sqm of highly efficient, column-free accommodation. They share a two storey basement car park that benefits from 375 spaces with a further 16 exterior spaces. Net Acquisition Price 53.00m Gross Acquisition Price 54.27m Net Acquisition Price / sqm 3,057 Market Value 1 (Dec. 14) 54.75m CAPITAL APPRECIATION Location: The buildings are equidistant between the CBD and the airport in the consolidated Cristalia Business Park. They enjoy a very prominent position beside the M-40 ring road. Public transport provided via Metro and urban bus services. Tenancy: Property partially let (84%) to blue chip multinationals such as Electronic Arts and CHEP. Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 WAULT 2 : 2.2 years on income. RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

32 74 informe anual 2014 axiare PATRIMONIO PLAÇA DE LES GLORIES CATALANES GRAN VIA DE LES CORTS AVDA. MERIDIANA PARC DE LA CIUTADELLA GRAN VIA DE LES CORTS DIAGONAL 197 AVDA. DIAGONAL RONDA LITORAL Diagonal C/ Diagonal 197, Barcelona Submercado Submarket SBA (m 2 ) 15,351 GLA (sqm) 222 Plazas Aparcamiento 222 Parking Spaces 91,6% Tasa Ocupación 91.6% Occupancy Rate

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34 axiare PATRIMONIO 2014 annual report 77 our company Asset Portfolio OFFICES Diagonal DESCRIPTION KEY FACTS Landmark office tower acquired from Credit Suisse Asset Management in December 2014 located on Barcelona s principal thoroughfare, Avenida Diagonal. This striking 17 storey building was developed by local developer Laietana in It provides 15,531 sqm GLA with 222 car spaces distributed over three basement floors with a further 29 motorbike spaces. Location: The building is located within the city s 22@ regeneration area near the junction of Diagonal with Plaza Glories. The office tower is in close proximity to the iconic Agbar Tower and Unibail s regional shopping centre Les Glories. Public transport provision is excellent with Metro, bus and tram connectivity. Net Acquisition Price 53.00m Gross Acquisition Price 54.43m Net Acquisition Price / sqm 3,452 Market Value 1 (Dec. 14) 53.00m CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 Tenancy: The building s principal tenant is Sellbytel with three other occupiers. The building is 100% let. WAULT 2 : 2.3 years. RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

35 NES LAS ROZAS MAJADAHONDA MÓSTOLES ALCORCÓN POZUELO FUENCARRAL EL PARDO FUENLABRADA LEGANÉS PARLA MONCLOA ARAVACA GETAFE TRES CANTOS VALVERDE MADRID CENTRO ARGANZUELA CHAMARTÍN SALAMANCA SAN SEBASTIAN DE LOS REYES FRANCISCA DELGADO HORTALEZA CIUDAD LINEAL RETIRO MORATALAZ PUENTE DE VALLECAS SAN BLAS CANILLEJAS SAN AGUSTÍN DE GUADALIX COSLADA SAN MARTÍN DE LA VEGA RIVAS VACIAMADRID TORREJON DE ARDOZ ARGANDA DEL REY ALCALÁ DE HENARES 78 informe anual 2014 axiare PATRIMONIO CITY CENTRE Pº DE LA CASTELLANA MADRID A-1 M-50 GUADALAJARA CAMARMA R-2 A-2 BARCELONA Camarma Sector SI-4 La Raya Industrial, Camarma de Esteruelas, Madrid Submercado Madrid, 2 o anillo Submarket Madrid, 2 nd ring SBA (m 2 ) 70,296 GLA (sqm) 107 Muelles de Carga 107 Loading Docks 100% Tasa Ocupación 100% Occupancy Rate A-3

36 axiare PATRIMONIO 2014 annual report 79

37 axiare PATRIMONIO 2014 annual report 81 our company Asset Portfolio LOGISTICS Camarma DESCRIPTION KEY FACTS Excellent logistics warehouse acquired in October 2014 from LEGII (Lasalle Investments), located in Camarma (Madrid). The warehouse was developed in 2002 by Riofisa, with a subsequent extension in 2004, and has been fully occupied by Alcampo (Auchan Group) since completion. It offers 107 loading bays and totals 70,298 sqm of lettable area for logistics use, including a 1,256 sqm office annex. Net Acquisition Price 26.00m Gross Acquisition Price 26.60m Net Acquisition Price / sqm 370 Market Value 1 (Dec. 14) 27.30m CAPITAL APPRECIATION Location: The asset is located in Camarma, very close to Alcalá de Henares and 35 kms from Madrid's city centre. It enjoys excellent access to the A2 motorway, and R-2 toll motorway. Tenancy: Fully occupied by Alcampo at current market rents. Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 WAULT 2 : 2.6 years on income. RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

38 TRES CANTOS SAN SEBASTIAN DE LOS REYES 82 informe anual 2014 axiare PATRIMONIO FUENCARRAL EL PARDO FRANCISCA DELGADO A-1 NDA POZUELO VALVERDE Pº DE LA CASTELLANA HORTALEZA CHAMARTÍN CITY CENTRE CITY CIUDAD MONCLOA LINEAL CENTRE ARAVACA SAN BLAS CANILLEJAS SALAMANCA M-30 MADRID CENTRO RETIRO MORATALAZ COSLADA A-2 TORREJON DE ARDOZ Rivas Vaciamadrid ALCALÁ DE HENARES C/ Mariano Benlliure s/n, Rivas, Madrid Submercado Madrid, 1 er anillo Submarket Madrid, 1 st ring ARGANZUELA PUENTE DE VALLECAS M-40 RIVAS VACIAMADRID RIVAS VACIAMADRID SBA (m 2 ) 35,248 GLA (sqm) 34 Muelles de Carga 34 Loading Docks 72,7% Tasa Ocupación 72.7% Occupancy Rate ALCORCÓN LEGANÉS M-50 A-3 GETAFE VALENCIA ARGANDA DEL REY FUENLABRADA PARLA SAN MARTÍN DE LA VEGA 10 Km

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40 axiare PATRIMONIO 2014 annual report 85 our company Asset Portfolio LOGISTICS Rivas Vaciamadrid DESCRIPTION KEY FACTS This modern Class A logistics platform is one of the best logistics facilities on the A-3 corridor. It benefits from modern and flexible space, with a 10m free-height, a good number of parking spaces and 34 loading docks. Comprising two different buildings, which ensures that the space is extremely flexible, it also boasts excellent complementary office space. Location: The logistics platform is located in Rivas Vacíamadrid, a strategic location to the south-east of Madrid: alongside the A-3 motorway to Valencia, just 17 km from the city centre and next to a metro station. Tenancy: Multi-tenant. Rack-rented. Net Acquisition Price 17.00m Gross Acquisition Price 17.32m Net Acquisition Price / sqm 482 Market Value 1 (Dec. 14) 17.19m CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 Main tenants: Fnac España and Grupo OM. WAULT 2 : 2.2 years on income. RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

41 NES LAS ROZAS MAJADAHONDA MÓSTOLES ALCORCÓN POZUELO FUENCARRAL EL PARDO FUENLABRADA LEGANÉS PARLA GETAFE TRES CANTOS VALVERDE CHAMARTÍN SAN SEBASTIAN DE LOS REYES FRANCISCA DELGADO HORTALEZA CIUDAD MONCLOA LINEAL ARAVACA SAN BLAS CANILLEJAS SALAMANCA MADRID CENTRO RETIRO MORATALAZ ARGANZUELA PUENTE DE VALLECAS SAN AGUSTÍN DE GUADALIX COSLADA SAN MARTÍN DE LA VEGA RIVAS VACIAMADRID TORREJON DE ARDOZ ARGANDA DEL REY ALCALÁ DE HENARES 86 informe anual 2014 axiare PATRIMONIO CITY CENTRE Pº DE LA CASTELLANA MADRID A-1 M-50 R-2 GUADALAJARA AZUQUECA A-2 BARCELONA Azuqueca C/ Avda. Construcción 9, Azuqueca de Henares, Guadalajara Submercado Madrid, 2 o anillo Submarket Madrid, 2 nd ring SBA (m 2 ) 35,781 GLA (sqm) 28 Muelles de Carga 28 Loading Docks 100% Tasa Ocupación 100% Occupancy Rate A-3

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43 axiare PATRIMONIO 2014 annual report 89 our company Asset Portfolio LOGISTICS Azuqueca DESCRIPTION KEY FACTS Prime logistics warehouse in excellent condition. It was built to comply with the highest standards of fire protection, thanks to its prefabricated structure. Location: The asset is located on the Corredor del Henares, a strategic location, which enjoys the best road and rail transport links to Spain's main freight ports. It benefits from direct access to the A-2 motorway (Madrid-Zaragoza-Barcelona) and is just 35 minutes drive from the centre of Madrid. Tenancy: 100% let to Kuehne & Nagel. Rack-rented. WAULT 2 : 3.0 years on income. Net Acquisition Price 14.49m Gross Acquisition Price 14.85m Net Acquisition Price / sqm 405 Market Value 1 (Dec. 14) 14.68m CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

44 NES LAS ROZAS MAJADAHONDA MÓSTOLES ALCORCÓN POZUELO FUENCARRAL EL PARDO FUENLABRADA LEGANÉS PARLA GETAFE TRES CANTOS VALVERDE CHAMARTÍN SAN SEBASTIAN DE LOS REYES FRANCISCA DELGADO HORTALEZA CIUDAD MONCLOA LINEAL ARAVACA SAN BLAS CANILLEJAS SALAMANCA MADRID CENTRO RETIRO MORATALAZ ARGANZUELA PUENTE DE VALLECAS SAN AGUSTÍN DE GUADALIX COSLADA SAN MARTÍN DE LA VEGA RIVAS VACIAMADRID TORREJON DE ARDOZ ARGANDA DEL REY ALCALÁ DE HENARES 90 informe anual 2014 axiare PATRIMONIO GUADALAJARA BARCELONA CITY CENTRE Pº DE LA CASTELLANA MADRID A-1 M-50 CABANILLAS R-2 A-2 Cabanillas C/ Rayo 5, Cabanillas del Campo, Guadalajara Submercado Madrid, 3 er anillo Submarket Madrid, 3 rd ring SBA (m 2 ) 37,879 GLA (sqm) 34 Muelles de Carga 34 Loading Docks 100% Tasa Ocupación 100% Occupancy Rate A-3

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46 axiare PATRIMONIO 2014 annual report 93 our company Asset Portfolio LOGISTICS Cabanillas DESCRIPTION KEY FACTS Modern and efficient logistics facilities, recently built to the most exacting of standards in terms of materials and functionality. The property benefits from practical and attractive office space, surrounded by a landscaped area, and it also features a large number of car and motorbike parking spaces. Location: The asset is located in Cabanillas del Campo, that forms part of the Corredor del Henares, which is the No. 1 logistics hub in Spain. The park is located next to the A-2 motorway and has direct access to the R-2 toll road, which links Madrid-Zaragoza-Barcelona-France. Tenancy: 100% occupied property with two tenants. Current rent sligthly over market. Tenants: Red Logistics and Cronodis Logistica Integral. WAULT 2 : 5.8 years on income. Net Acquisition Price 16.68m Gross Acquisition Price 17.21m Net Acquisition Price / sqm 440 Market Value 1 (Dec. 14) 17.50m CAPITAL APPRECIATION RENTAL COMPARISON Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

47 LA ALGABA SANTIPONCE 94 informe anual 2014 axiare PATRIMONIO VALDEZORRAS VALENCIA DE A CONCEPCIÓN CAMAS GINES CASTILLEJA DE LA CUESTA BORMUJOS SAN JUAN DE AZNALFARACHE MAIRENA DEL ALJARAFE GELVES SEVILLA SEVILLA SE-30 MONTEQUINTO SAN RAFAEL A-92 ALCALÁ DE GUADAIRA Dos Hermanas C/ Torre de los Herberos, Dos Hermanas, Sevilla TORRE PALMA Submercado Sur de Sevilla Submarket South of Seville PALOMARES DEL RIO N-4 FUENTE DEL REY DOS HERMANAS SBA (m 2 ) 42,466 GLA (sqm) 54 Muelles de Carga 54 Loading Docks 100% Tasa Ocupación 100% Occupancy Rate CORIA DEL RIO A-4 DOS HERMANAS M-30 LA PUEBLA DEL RIO ALGECIRAS

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49 axiare PATRIMONIO 2014 annual report 97 our company Asset Portfolio LOGISTICS Dos Hermanas DESCRIPTION KEY FACTS This large logistics platform has been modernised over the years and complies with the required standards for a high performance operator. 100% let to Carrefour, it is the company's distribution centre for Andalusia, Canary Islands and Extremadura. Location: Strategically located in one of the best logistics areas of Andalusia, in the Carretera de la Isla Industrial Estate, 12 km from the city centre of Seville, with direct access to the A-4 motorway (Madrid-Seville-Cadiz) and the S-40 Seville ring road. Close to the train station, inter-city bus stops and 18 km from the airport. Tenancy: 100% let to Carrefour. Rack-rented. WAULT 2 : 5.0 years on income. Net Acquisition Price 9.42m Gross Acquisition Price 9.66m Net Acquisition Price / sqm 222 Market Value 1 (Dec. 14) 12.10m CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

50 98 informe anual 2014 axiare PATRIMONIO GUADALIX SAN AGUSTÍN DE GUADALIX BILBAO NES TRES CANTOS SAN SEBASTIAN DE LOS REYES A-1 Guadalix C/ La Lobera, San Agustín de Guadalix, Madrid Submercado Madrid, 2 o anillo Submarket Madrid, 2 nd ring FUENCARRAL EL PARDO FRANCISCA DELGADO LAS ROZAS MAJADAHONDA POZUELO M-40 VALVERDE HORTALEZA Pº DE LA CASTELLANA CITY CHAMARTÍN CITY CENTRE CIUDAD MONCLOA LINEAL ARAVACA SAN BLAS CANILLEJAS SALAMANCA COSLADA TORREJON DE ARDOZ SBA (m 2 ) 14,945 GLA (sqm) ALCALÁ DE HENARES 22 Muelles de Carga 22 Loading Docks 61,3% Tasa Ocupación 61.3% Occupancy Rate MADRID CENTRO RETIRO MORATALAZ ARGANZUELA PUENTE DE VALLECAS ALCORCÓN RIVAS VACIAMADRID LEGANÉS MÓSTOLES GETAFE ARGANDA DEL REY FUENLABRADA PARLA SAN MARTÍN DE LA VEGA 10 Km

51 axiare PATRIMONIO 2014 annual report 99

52 axiare PATRIMONIO 2014 annual report 101 our company Asset Portfolio LOGISTICS Guadalix DESCRIPTION KEY FACTS Logistics warehouse acquired in October 2014 from LEGII (Lasalle Investments), well located in a consolidated industrial estate north of Madrid. The warehouse was developed in 2001 by Riofisa, it comprises two adjoining modules, with a 445 sqm office annex, which equates to a total lettable area of 14,945 sqm and offers 22 loading bays. Location: The asset is located 30 km north of Madrid, in its 2nd logistics tier, with immediate access to the A1 motorway to Burgos and France. Tenancy: Fully let to Decopharma on a 5-year compulsory term lease contract with rent at market levels. Net Acquisition Price 4.50m Gross Acquisition Price 4.60m Net Acquisition Price / sqm 301 Market Value 1 (Dec. 14) 5.70m CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 WAULT 2 : 5.0 years on income. RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

53 LES BORGES DEL CAMP CAMBRILS AGRAMUNT REUS SALOU TÀRREGA VILA-SECA LA GUARDIA DELS PRATS ALCOVER CERVERA VILA-RODONA CALAF LLORENÇ DEL PENEDÈS EL VENDRELL IGUALADA VILAFRENCA DEL PENEDÈS SANTA FE DEL PENEDÈS VILANOVA I LA GELTRÚ LES ROQUETES SANT PERE DE RIBES SITGES MANRESA MONISTROL DE MONTSERRAT ESPARREGUERA MARTORELL SANT ANDREU DE LA BARCA CASTELLDEFELS TERRASA VILADECANS GAVÀ RUBÍ SAN BOI DE LLOBREGAT SANT FELIU DE LLOBREGAT SABADELL SANT QUIRZE DEL VALLÈS SAN CUGAT DEL VALLÈS EL PRAT DE LLOBREGAT L HOSPITALET DE LLOBREGAT SAN FELIU DE CODINES CALDES DE MONTBUI MONTCADA I REIXAC CERDANYOLA MOLLET DEL VALLÈS ELS HOSTALETS DE BALENYÀ SANTA COLOMA BADALONA DE GRAMENET LA GARRIGA GRANOLLERS MONTGAT PREMIÀ DE DALT CAN BOSC MATARÓ 102 informe anual 2014 axiare PATRIMONIO VALLS A-2 A-7 A-2 A-7 BARCELONA Valls C/ Moixiganga 5, Valls, Tarragona Submercado Barcelona, 3 er anillo Submarket Barcelona, 3 rd ring TARRAGONA SBA (m 2 ) 26,026 GLA (sqm) 36 Muelles de Carga 36 Loading Docks 0% Tasa Ocupación 0% Occupancy Rate

54 axiare PATRIMONIO 2014 annual report 103

55 axiare PATRIMONIO 2014 annual report 105 our company Asset Portfolio LOGISTICS Valls DESCRIPTION KEY FACTS High quality logistics warehouse vacant at the time of acquisition in October 2014 from LEGII (Lasalle Investements) and located in the consolidated industrial estate of Valls (Tarragona) with occupiers including IKEA and Kellogs. The warehouse, developed in 2003 by Copperfield, is in a very good state of repair, it comprises two adjoining units, with a 775 sqm office annex totalling 26,026 sqm of lettable area. The warehouse offers 36 loading bays. Net Acquisition Price 4.50m Gross Acquisition Price 4.62m Net Acquisition Price / sqm 173 Market Value 1 (Dec. 14) 6.50m CAPITAL APPRECIATION Location: the asset is located 100 km away from Barcelona, in its 3rd logistics tier, with easy access to the A2 motorway to Madrid, and a 20 km drive to the high-speed train station linking Barcelona and Madrid. Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 Tenancy: Fully let to Kellogg from 1st April 2015, on a term lease contract with rent at market levels. WAULT 2 : 3.3 years on income. RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

56 106 informe anual 2014 axiare PATRIMONIO SAN AGUSTÍN DE GUADALIX COLLADO VILLALBA PLANETOCIO TORRELODONES A-6 LAS ROZAS FUENCARRAL EL PARDO M-40 TRES CANTOS VALVERDE SAN SEBASTIAN DE LOS REYES A-1 FRANCISCA DELGADO GUADALAJARA Planetocio C/ Avda. Juan Carlos I, Collado Villalba, Madrid Submercado Madrid, Región Noroeste Submarket Madrid, Northwest Area MAJADAHONDA POZUELO Pº DE LA CASTELLANA HORTALEZA CHAMARTÍN CITY CENTRE CITY CIUDAD MONCLOA LINEAL CENTRE ARAVACA SAN BLAS CANILLEJAS SALAMANCA COSLADA ALCALÁ DE HENARES TORREJON SBA (m 2 DE ARDOZ ) 17,902 GLA (sqm) 858 Plazas Aparcamiento 858 Parking Spaces 88% Tasa Ocupación 88% Occupancy Rate VILLAVICIOSA DE ODÓN A-5 M-30 MADRID CENTRO RETIRO MORATALAZ ARGANZUELA PUENTE DE VALLECAS ALCORCÓN RIVAS VACIAMADRID LEGANÉS MÓSTOLES GETAFE ARGANDA DEL REY FUENLABRADA PARLA SAN MARTÍN DE LA VEGA 10 Km

57 axiare PATRIMONIO 2014 annual report 107

58 axiare PATRIMONIO 2014 annual report 109 our company Asset Portfolio Retail Planetocio DESCRIPTION KEY FACTS Neighbourhood leisure/retail centre acquired in September 2014, located in Collado Villalba-Madrid. Fully refurbished in , since then this centre has undergone a stabilisation process, which is already producing positive signs in terms of footfall and leasing activity. The shopping centre comprises two above ground floors and features a mall of 17,830 sqm, plus 1,800 sqm of terraces occupied by several restaurants. Excellent parking provision with 797 underground parking spaces and 61 exterior spaces. Location: located on the main high street of Collado Villalba, a 60,000 inhabitant town situated 35Km north of Madrid city centre, with excellent access from the A-1 highway. There is also a Mercadona (No. 1 supermarket chain in Spain) next door, as well as a petrol station. Net Acquisition Price 14.00m Gross Acquisition Price 14.27m Net Acquisition Price / sqm 782 Market Value 1 (Dec. 14) 15.60m CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 Tenancy: current occupancy rate stands at 85%. Main tenants include: Media Markt, Yelmo cinema (9 screen cinema), Fitness 2U, outdoor foodcourt (VIPS, Gino s, McDonalds, Tony Roma s). RENTAL COMPARISON WAULT 2 : 2.1 years on income. Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.

59 LES BORGES DEL CAMP CAMBRILS AGRAMUNT REUS SALOU TÀRREGA VILA-SECA LA GUARDIA DELS PRATS ALCOVER CERVERA VILA-RODONA CALAF LLORENÇ DEL PENEDÈS EL VENDRELL IGUALADA VILAFRENCA DEL PENEDÈS SANTA FE DEL PENEDÈS VILANOVA I LA GELTRÚ LES ROQUETES SANT PERE DE RIBES SITGES MANRESA MONISTROL DE MONTSERRAT ESPARREGUERA MARTORELL SANT ANDREU DE LA BARCA CASTELLDEFELS TERRASA VILADECANS GAVÀ RUBÍ SAN BOI DE LLOBREGAT SANT FELIU DE LLOBREGAT SABADELL SANT QUIRZE DEL VALLÈS SAN CUGAT DEL VALLÈS EL PRAT DE LLOBREGAT L HOSPITALET DE LLOBREGAT SAN FELIU DE CODINES CALDES DE MONTBUI MONTCADA I REIXAC CERDANYOLA MOLLET DEL VALLÈS ELS HOSTALETS DE BALENYÀ SANTA COLOMA BADALONA DE GRAMENET LA GARRIGA GRANOLLERS MONTGAT PREMIÀ DE DALT CAN BOSC MATARÓ 110 informe anual 2014 axiare PATRIMONIO A-2 LES GAVARRES A-7 A-2 A-7 BARCELONA Les Gavarres Carrer W-Carretera de Reus, 2, Tarragona Submercado Tarragona Submarket Tarragona TARRAGONA SBA (m 2 ) 12,413 GLA (sqm) 352 Plazas Aparcamiento 352 Parking Spaces 100% Tasa Ocupación 100% Occupancy Rate

60 axiare PATRIMONIO 2014 annual report 111

61 axiare PATRIMONIO 2014 annual report 113 our company Asset Portfolio Retail Les Gavarres DESCRIPTION KEY FACTS Retail warehouse unit purchased from Credit Suisse Asset Management in December 2014 in Tarragona, Catalonia. The unit is a single storey building with a retail GLA of 12,413 sqm constructed on a site that also has 352 parking spaces. Net Acquisition Price 27.00m Gross Acquisition Price 27.73m Net Acquisition Price / sqm 2,175 Market Value 1 (Dec. 14) 27.50m Location: Located in the Les Gavarres retail park which is extremely well located beside the A-7 motorway. The park is highly consolidated including occupiers such as Carrefour, Leroy Merlin, Decathlon and Media Markt. Tenancy: The unit is fully let to the German DIY retailer Bauhaus. WAULT 2 : 6.6 years on income. CAPITAL APPRECIATION Peak Value in Submarket* Asset Acquisition Price Asset Market Value 1 Avg. Market Value in Submarket* Development Cost* 3 RENTAL COMPARISON Peak Rent in Submarket* Current Rent in the Building Avg. Market Rent in Submarket* Current Market Rent in Submarket* (1) Valuation by CBRE at 31/12/2014, based on RICS standards. (2) Weighted Average Unexpired Lease Term at 31/12/2014. (3) CBRE Valuation Advisory, S.A. has proceeded to carry out the "theoretical breakdown and sum of the items that have an impact on a real estate development, in relation to the properties that form part of the Axiare Patrimonio portfolio. In said breakdown we have taken into consideration the following items: land, construction cost, professional fees, licenses and developer's profit. These items have been determined in accordance with the weighted average costs of the market, depending on the location, use and specifications of the specific property. Once the different items that have an impact on the property development have been calculated, we have combined them and discounted them in line with the age of each asset, thus obtaining the sum of the net replacement cost of the properties in Axiare Patrimonio's portfolio. In no case does the final amount obtained correspond to the Market Value or the Depreciated Replacement Cost of the assets.