A New Direction in City Living

Table of contents

Welcome to 21st Century Madrid

A Privileged Location

Communications and Public Transport

A Place to Live, Work and Relax

An Unmatched Opportunity for Commercial Real Estate Development

An Urban Development Built on Quality

An Environmentally Friendly and Socially Responsible Project

Forward-looking Management

Ten Years Creating Community

Project Specifications

Visiting Valdebebas

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Located in northeast Madrid directly across from the new terminal at Barajas International Airport, Valdebebas is the gateway to 21st century Madrid, a development planned to adapt to the needs of people who seek quality living in a spacious, well-connected urban setting. The project, which is directed by an independent, multidisciplinary management team, offers an innovative urban development model that differs from other recent developments in the Spanish capital and has been recognized internationally as a benchmark project.

Just 10 minutes from Plaza de Castilla and the Cuatro Torres financial area, Valdebebas is the final large-scale urban development project in northern Madrid. Surrounded by four major motorways and strategically situated between two regional economic anchors, Barajas Airport and IFEMA (Madrid’s convention centre), Valdebebas is the site of internationally renowned projects such as Real Madrid’s Training Complex and the future Justice Campus, which will concentrate 95% of regional judicial activity.

With a total area of more than 10.6 million square metres, the singular character of Valdebebas lies in the combination of uses (residential, offices, retail, hotels, leisure centres and public facilities), the revival of mixed use, efficient connections and an integrated public transport network, as well as the new “green lung” for Madrid: an immense Woodland Park with more than 200,000 trees.

Valdebebas. Designed for people, because people make a city tick.

A project for 21st Century Madrid

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Welcome to Valdebebas

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Situated just ten minutes from Plaza de Castilla and the Cuatro Torres complex in northeastern Madrid, Valdebebas is bordered to the north by La Moraleja, one of Madrid’s most affluent residential areas; to the south, by IFEMA; to the east, by Terminal 4; and to the west, by Sanchinarro.

Located next to symbols of 21st century Madrid, such as Terminal 4 at Barajas Airport (the fourth largest airport in Europe based on passenger traffic), Real Madrid’s Training Complex and the future Justice Campus, Valdebebas enjoys a strategic location that is perfectly integrated within the network of the capital.

With the construction of the Justice Campus, Valdebebas has become the starting point for a larger reshaping of the urban environment, including Real Madrid’s Training Complex, the expansion of the IFEMA pavilions and the reforestation of five million square metres recovered to endow the emerging northeast area of Madrid with an immense Woodland Park.

This sought-after location ensures that Valdebebas will become one of the most important residential, business and leisure districts of the Spanish capital.

A Privileged Location

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Located in Northeast Metropolitan Madrid

El Pardo

Pozuelo de Alarcón

Casa de Campo

Atocha

Nuevos Ministerios

Ensanche de Vallecas

Plaza Castilla

Cuatro Torres

Sanchinarro

La Moraleja

Alcobendas

Terminal 4

IFEMA

Madrid Municipal Limits

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• Atotallandareaofmorethan10.6 million square metres,50%ofwhicharegreenareas

• Approximately12,500 housing units,45%ofwhichhavesomeformofpriceprotectionunderthe Spanishgovernment´sprice-protectionscheme

• Morethanamillionsquaremetresdedicatedtooffice space with a capacity for 60,000 people

• Across from Terminal 4andborderedby thenewWoodland Park, Real Madrid’s Training Complex, the expansion of IFEMAandthefutureJustice Campus

• Home to various public facilities (education, health, sports and cultural centres) and a large shopping and entertainment centre

Valdebebas inFigures:

VALDEBEBAS

A solid, well-connected transport network is the underlying structure on which a 21st century city is built. With this in mind, we have planned easy access from Valdebebas to the major communication routes in the metropolitan region.

Four major communication routes surround the Valdebebas area:

• the M-11, connecting Barajas airport to the city centre• the M-40, one of the principal bypasses in Madrid• the Radial 2, linking the capital to northeast Spain• the M-12, the north-south airport axis

Access to these communication routes guarantees fast connections from Valdebebas to anywhere in Madrid.

Valdebebas also offers an integrated public transport network, featuring a transport hub where the commuter train, bus lines and the future light rail line will converge, offering ease and convenience for users.

Work on the new commuter train line, which connects Terminal 4 to the Chamartín train station with a stop in Valdebebas, is already well underway. Additionally, 13 kilometres of bus lanes ensure quick and easy movement along the principle streets in the development, as will the future light rail line that will link Valdebebas to Madrid’s underground network. The use of alternative transport is encouraged with the construction of 22 kilometres of cycle lanes along the main streets and an additional five along the perimeter of the Woodland Park.

This extensive transport network brings more people to Valdebebas and connects its future residents to the city’s nerve points: the Cuatro Torres financial area, the Plaza de Castilla interchange, Chamartín and Nuevos Ministerios Stations, and the historical centre of Madrid.

Communications and Public Transport

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Communications and Public TransportMap

IFEMA

Terminal 4

La MoralejaEl Encinarde los Reyes

Transport Hub

Sanchinarro

LEGEND

Commuter train

Light Rail (planned)

Metro

Motorway access

Valdebebaswillfeature...• Accesstofourmajorcommunicationroutes

• Alandmark bridgeconnectingtoTerminal4

• Aroad networkdesignedforafluidtrafficflowwithinthearea

• Atransport hub

• Acommuter train station less than 10 minutes from Chamartín Stationand20minutesfromPuertadeSolStation

• 13kmofbus lanes

• 27kmofcycle lanes

Barajas

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(under construction)

APlaceto Live, Work and Relax

Valdebebas brings back the idea that an urban area should be designed by and for people, so that life, work and leisure coexist in the same space.

By reviving the concept of mixed use in numerous city blocks and integrating retail offering, offices and flats in the same buildings, we can create a dynamic urban centre that supports viable neighbourhood commerce and intensive business activity.

People who live and work in Valdebebas will have all the services of a city centre at their fingertips: neighbourhood shops, physicians and dentists, service bureaus, property management firms, attorneys, etc. The area will feature numerous public facilities such schools, clinics, cultural centres, sports facilities, and administrative services.

All this offering is combined with 49 small urban parks and green areas that interconnect the urban area with the Woodland Park, which has a total area the size of Hyde Park and Central Park combined. By transferring half the development’s land to the City of Madrid and making a 90 million euro contribution for the construction of the Woodland Park, the Valdebebas Owners’ Management board has ensured that more than five million square metres will be permanently reserved for green areas and open spaces, and that no building in the development will be more than 150 metres from a green area.

Living, working, and enjoying leisure time in a modern urban centre that is surrounded by nature is a privilege found in Valdebebas.

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ZoningMap

Valdebebas Woodland Park

Shopping Centre

IFEMA Extension

Real Madrid Training Facilities

Justice Campus

LEGEND

Valdebebaswillfeature...• Approximately12,500 homes

• More than 5,600 homeswithsometypeof government price protection

• Officespaceformorethan60,000 people

• Viableneighbourhoodcommerceanda large shopping centre

• 19plotsforpublic facilities:education,health,sports, administrativeandothercentres

• Anetworkoflandscaped boulevards and urban parksconnectedtotheWoodlandPark

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RES.01 Market rateRES.02 Market rateRES.03 Price protectedRES.04 Price protectedRES.05 Mixed-use market rateRS-VIS Social housing

Green spacesStreets and accesses

TER.01 Shopping centreTER.02 Offices and hotels

RESIDENTIAL USE RESIDENTIAL USE

COMMERCIAL USE

City of MadridCommunity of MadridReal Madrid Training Facilities

COMMUNITY FACILITIES

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Doing Business in Madrid

Madrid is the city of choice for multinational companies and financial entities that choose to base their operations on the Iberian Peninsula, serving as the gateway from Europe, the Americas and the rest of the world, and the centre of air and ground transport networks.

From 2002 to 2008, the number of companies in Madrid grew by 35%. At present more than half a million businesses are registered in the Community of Madrid, which is by far the largest office market in Spain.

The city generates substantial tourism from conferences and conventions. The IFEMA fairgrounds complex, host of major trade shows and national and international events, received 4 million visitors in 2008, and is expected to reach 7 million by 2014.

According to the Spanish National Statistics Institute, in 2008 the city of Madrid attracted 7.3 million visitors, making it the most visited city in Spain and fourth-most visited European city after London, Paris

and Rome. In 2008 alone, the region of Madrid registered over 9 million visitors and more than 17 million overnight stays.

Why Valdebebas?

Benefitting from a strong location in sought-after northeast Madrid next to IFEMA and the Airport, unparalleled public and private transport connections and over one million square metres destined for commercial real estate development, Valdebebas offers a unique, long-term opportunity for retail, office and hotel development. Both the public transport network and the eight accesses connecting Valdebebas with the whole of Madrid’s infrastructure network ensure easy access from all points of the catchment area and indeed, the entire region. Direct access to Barajas International Airport via a landmark bridge connecting to world-class Terminal 4 will further enhance the development.

Valdebebas, with a projected weekday capacity of 100,000 people, has the potential to become the dominant regional retail and leisure centre in the north of Madrid.

This is based on its surrounding catchment, which has a purchasing power 30% above the national average, as well as its pull from the surrounding areas and city centre, making the location highly promising in terms of spending potential.

The proposed retail scheme will benefit from the nearby office buildings, including the courts and law offices at the Justice Campus, a new 15-building complex, the largest single site dedicated to justice in Europe, featuring innovative designs by renowned architects such as Norman Foster, Zaha Hadid and Richard Rogers; Real Madrid’s Training Facilities; and the planned extension of the IFEMA fairgrounds complex, with an additional 250,000 square metres of buildable area, effectively doubling the current exposition capacity.

Valdebebas is poised to become the location for offices, retail space and hotels in Madrid.

Anunmatchedopportunity for retail, office and hotel development in northeast Madrid

Justice Campus 10

Zonedforretail, office and hotel development

Green Space

Shopping Centre

Shopping Centre

Offices and Hotels Offices and

Hotels

IFEMA ExtensionReal Madrid

Training Facilities

Justice Campus

LEGEND

Commercial Development

Offices and Hotels

Shopping Centre

Other uses

Mixed use: neighbourhood shops / restaurants

Mixed use: offices

Service stations

TOTAL BUILDABLE AREA

1,008,891 m2

145,794 m2

89,454 m2

73,788 m2

13,166 m2

2,500 m2

1,244,139 m2

M-12

M-40

Radial 2

North

AirportTerminal 4

Cuatro TorresFinancial Area

Offices and Hotels Other usesShopping Centre

12%7%

81%

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Valdebebas has been designed around the needs of people, with the goal of creating an urban environment on a human scale and giving back space to people who live and work there. In addition to reviving the concept of mixed use within individual buildings, the attention to detail paid in the urban design of Valdebebas creates a unique, quality urban environment. Following the recommendations of mobility studies, a reduction in the number of motorized traffic lanes has been planned in favor of open spaces, adding cycle lanes and tree-lined streets, and in turn stimulating community life, leisure and entertainment options, equal opportunity and mobility.

Shorter distances

Being able to leave the car at home and do your daily errands on foot, by bike or by hopping on a fast bus was one of the most important considerations when urban planners

first sketched the Valdebebas development. By creating a compact urban area which favours density, people who live, work or come to Valdebebas for leisure activities will be able to get around quickly and comfortably, and in a way that minimizes the impact on the environment.

Maximum Mobility with Minimum Noise

In residential areas, the Valdebebas design gives priority to public spaces, equipping them with numerous green areas, cycle lanes and sidewalks that are more than five metres wide. Moreover, traffic lanes are minimized in certain areas to give precedence to pedestrians and cyclists.

With the aim of making vehicle traffic flow as fluidly as possible, a street hierarchy has been established, taking transportation and connection needs into account within the

development and with the road network of northeast Madrid.

•Theringroaddistributestheflow of incoming and outgoing road traffic.•Priority roads channel traffic towards high-influx areas, connecting to the ring road to streamline incoming and exiting traffic. They are equipped with bus lanes, as well as a reserve for a future light rail line.•Unifying roads absorb the traffic from the priority roads and distribute it within each zone of activity•Side streets provide residential access

Plus, all the streets are paved with a specially-designed sound-absorbing material, thereby reducing noise pollution and greatly improving quality of life.

AnUrbanDevelopmentBuilt on Quality

Promoting Public Transport

The commuter train line already under construction will make connections fast and easy from Valdebebas to the rest of the metropolitan network. What’s more, the creation of 13 kilometres of separate dedicated bus lanes along principal north-south thoroughfares within the development and the Justice Campus Corridor, as well as a reserve platform for a future light rail line, makes choosing public transport the simplest and most effective way of getting around.

Likewise, building 22 kilometres of cycle lanes along the main streets, plus five more in the Woodland Park, promotes the use

of the “greenest” transport of all. In addition to using your bike to get around in Valdebebas, you can link up to the Cyclists´ Ring Road that surrounds Madrid.

“Green” Urban Planning

All areas of the development are directly connected to the Woodland Park via landscaped boulevards thirty metres wide and watered via a system of regenerated water. These “Green Corridors” represent an innovative resource that encourages the integration of the park within the urban districts while facilitating access to the park on foot or by bike.

We Believe in Recovering the Space that People Need“

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An Environmentally Friendly and Socially Responsible ProjectOne of the core values of Valdebebas is the conservation of the surrounding environment and the creation of a city based on a sustainable development model that meets today’s requirements while anticipating the challenges of the future.

Social Responsibility

Valdebebas is a city for everyone. Since the inception of the project, we have focused on developing measures to guarantee accessibility within the urban setting and foster the social integration of all citizens, making sure that everyone who will one day visit, live or work here will be able to participate fully in all social and economic activities, regardless of age or physical capacity.

This action policy formally materialized in 2006, when an agreement was signed with the ONCE Foundation, Spain’s national association for the blind and disabled, to create urban architecture that is accessible to all.

Some of the more notable measures that have been implemented include improved visibility and the elimination of hazards on sidewalks and pedestrian walkways by laying pavements of different reliefs; a differentiation between sidewalks and cycle lanes; benches adapted for all types of passersby and the removal of architectural barriers of all types.

Sustainability – A Commitment from the Ground Up

Preserving and protecting the environment, and minimizing our impact on it, requires a conscious, concerted effort, especially in a development of this size. We made a commitment to “Zero Waste” during the land movement phase of the urban development works to ensure that the total volume of soil excavated for the project was preserved and reused within the development limits.

Measures which promote a wise use of limited resources include a regenerated water network for the irrigation not only of parks and public green areas and gardens, but private gardens as well, and the installation of an innovative street lighting system that significantly reduces energy consumption and minimizing light pollution.

Our Environment Comes First

The importance given to the surrounding landscape is another element that makes Valdebebas stand out and confirms its will to respect the environment and help conserve our common natural heritage.

Some of these environmentally-respectful actions include:

•thetransferofhalfofthetotalland area to the City of Madrid for the construction of the Woodland Park

•the planting of 12,000 drought tolerant trees in the urban area and more than 200,000 in the Woodland Park, thereby renewing a natural habitat for area fauna such as migratory birds, native birds, hares and foxes.

•the regeneration of the natural course of the Valdebebas Stream

•the rehabilitation of degraded areas

•the implementation of an Environmental Monitoring Study that analyzes and ensures compliance with commitments made regarding noise and atmospheric pollution, soil and underground water protection and the revegetation of degraded areas

This excellent management has been endorsed with the implementation of an Environmental Management System pursuant to standardUNE-ENISO14001:2004and the European EMAS Regulation. Valdebebas is the first urban development in Spain to obtain this type of recognition.

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Forward-looking Management

The Valdebebas management structure is the first of its kind in Spain, and is the underlying element that differentiates this project from other urban development projects.

This story of success began with the decision of the nearly 400 land owners who make up the Board to hire an independent, multidisciplinary professional team to watch over the interests and objectives of the project, directing it from the urban planning phase, through the civil works phase and up to the delivery of the resulting plots, ready for construction. This team have also acted as liaison with public administrations and have advocated for active collaboration between the owners and these local and regional public entities.

This management model, which allows the management team to direct the project with autonomy, effectively guarantees the interests of all participating land owners.

Guaranteed Financing The Valdebebas financial model is also a pioneering concept in our country. This structured finance scheme separates the financial risks of the landowners from the operational risks of the project, and is backed by property assets ceded to the Owners’ Management Board that serve as a guarantee for the banking institutions.

A pool of entities led by BBVA and Caja Madrid provides the financial security that a project of this size demands. The costs of the urban development and infrastructures works, technical assistance, and all related expenses are covered by an amount of 658 million euros.

TenYears Creating Community

2002UrbanDevelopment Agreements

2003PGOUM/97Modification

Sector Plan

2004Approval of Conditions and Statutes

ApprovalofUrbanDevelopment Project

Constitution of the Owners’ Management Board

2005

2008UrbanDevelopment Works continueSubdivision Project Approval (General Assembly) Approval of Master Plan ModificationApproval of Expropriation Project (City of Madrid)

2009UrbanDevelopment Works continueApproval of Subdivision Project (City of Madrid)

2010UrbanDevelo-pment Works completeCommercial and residential development begins

Final Approval of the Master Plan

2006StartofUrbanDevelopment Works

2007UrbanDevelopment Works continue

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ProjectSpecifications

TOTAL LAND AREA

BUILDABLE AREA

HOUSING

Green Spaces 5,316,424 m2

Infrastructures 1,557,365 m2

Real Madrid Training Complex 1,200,187 m2

Land available for private development 985,592 m2

Community Facilities 886,870 m2

IFEMA Extension 500,352 m2

Justice Campus 202,386 m2

TOTAL 10,649,176 m2

ResidentialUse 1,244,139m2

Retail, Offices and Hotels 1,244,139 m2

Private Sports Faciltiies (Real Madrid) 360,000 m2

TOTAL 2,848,278 m2

Market-rate Housing 55%Price-protected Housing 55%

APPROXIMATE NUMBER OF HOUSING UNITS 12,500

Green Spaces

Infrastructures

Real Madrid

Development Land

Community Facilities

IFEMA Extension

Justice Campus

Residential

Offices/hotels

Real Madrid Retail

Market-rate

Price-protected

43%

43%14%

50%

50%

You are invited to come and visit Madrid’s newest and most innovative district.

At our offices, we have created an Exposition Area with a large-scale model of the development, along with maps and information panels that give further details about the project. Guided information sessions of the Exposition Area are conducted by a Valdebebas staff member who will explain the most important points of the Project: location, public transport and access, residential and commercial zoning, green spaces, development partners and the measures taken to ensure accessibility and sustainability. After the information session, you will have a chance to see the development in progress from our rooftop viewing area.

If you wish to arrange an Information Session in English, please call in advance.

This dossier is for informational purposes only. The Valdebebas Owners’ Management Board reserves the right to update, modify, change and alter the information contained in the dossier at its sole discretion given the provisional nature of the information as of the date it was prepared. This information shall be considered commercial information to be used as guidance only.

Contact:Valdebebas Owners’ Management BoardCaminodeSintra,s/n28050 Madrid, Spain

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ValdebebasIsaReality.

(+34) 91 343 0872www.valdebebas.es