Today’s Project, Tomorrow’s Project.

INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY

INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY

ADANIA: 30 YEARS OF SOLID SUSTAINED GROWTH

Adania is a family business group, with more than 30 years experience in the housing industry. From our beginnings, we have been defined by our strong and clear beliefs, which support our identity:

We believe in social housing, today and always.

We believe in social rents, for limited incomes, this specially targeting the youth.

We believe in capitalization and strengthening the solvency of our group.

We believe in renewable energies.

We believe in collaboration with other institutions and socio economic agents, both public and private.

Despite the difficult times which our economy is going through, we still hold firm to our beliefs. The results have been and will keep on being very satisfactory.

Esteban Lizarraga Artola Adania’s CEO

OUR BUSINESS LINES· Real estate promotion, building and sales, mainly dwellings.

· Management and administration of real estate developments.

· Real estate promotion and renting, mainly dwellings.

· Renewable energies production.

Head office. Navarra

At the present moment, we carry out our ac-tivity in three regions: Navarre, where we are based, Alava and Madrid.

EACH OF THE PREVIOUS BUSINESS LINES IS INCORPORATED IN THE GROUP AS SEEN IN THE FOLLOWING GRAPH:

ADANIA GRUPO EMPRESARIAL, S.L.Holding company

ADANIA PATRIMONIO, S.L.U.• Renting of 893 social dwellings.

100%

ADANIA RESIDENCIAL, S.L.U.• Real estate promotion.• Building.• Real estate sales.

100%

ADANIA ENERGÍA, S.L.U.• Energy production: mini hydro-power plants and photovoltaic instalations.

100%

VITALQUILER, S.L.• Renting of 981 social dwellings.40%

SALBURUA Vitoria249 social dwellings (rented)

Unlike the general tendency in the housing sec-tor, our promotion activities have been marked, in the past and today, by our firm beliefs in pro-moting and building social housing.

WHAT DIFFERENCIATES US FROM OTHER REAL ESTATE OPERATORS?

Since we started our promotion and building activities 30 years ago, we have handed over 6.341 dwellings of which 4.896, 77% of them, were social dwellings. Also, out of the 2.081 dwellings handed over in the last 5 years, 89% were social dwellings.

And in the medium term, it will continue in the same way: in the next 3 years, Adania will hand over 806 dwellings, 100% will be social dwellings and 383 of them will be for rent. Geographically, our activity was developed in the Basque Country, 3.683 dwellings (58%), Navarre, 2.158 (34%) and Madrid, 500 (8%)

DWELLINGS IN THE 2008-2012 REGIME

Socialhousing89% 1.860

DWELLINGS IN 30 YEAR REGIME

Open market dwellings

23% 1.445

THE NEXT 3 YEARS 2013-2015

SALE52% 423

RENT48% 383

Socialhousing77% 4.896

Open market dwellings11% 221

SALBURUA Vitoria.81 social dwellings (for sale)

SALBURUA Vitoria53 dwellings for sale on the open market

A SOLVENT GROUP

As of the 31st December 2012, Adania boasted total consolidated assets of close to EUR 284 million. As a consequence of our firm belief in social renting since 1995, our growth is based on investment in social renting, in Navarre, Alava and, since 2010, in Madrid.

Our evolution is characterized by sustained growth of our activities, a continuous generation of positive results in the promoting and building areas and a firm belief in investment in dwellings for rent.

TOTAL ASSETS (€1000)

NET FIXED ASSETS (€1000)

0 2005 2006 2007 2008 2009 2010 2011 2012

350.000

300.000

250.000

200.000

150.000

100.000

50.000

105.411

131.679

216.170

271.612275.298

292.641

294.671

283.935

0 2005 2006 2007 2008 2009 2010 2011 2012

160.000

140.000

120.000

100.000

80.000

60.000

40.000

20.000

123.730132.854 136.372 136.194

56.782

72.962

87.565

147.354

LEZKAIRU Pamplona189 social dwellings (for sale or rent)

SALES (€1000)

PROFIT (€1000)

120.000

100.000

80.000

60.000

40.000

20.000

0

61.365

34.226

92.825

106.985

14.000

12.000

10.000

8.000

6.000

4.000

2.000

0

12.476

6.726

11.393

6.416

2005-2006 2007-2008 2008-2010 2011-2012

2005-2006 2007-2008 2008-2010 2011-2012

It should be pointed out that in the last two fiscal years, while most of the companies in the real estate sector have registered very significant economic losses, during 2011 and 2012 Adania obtained a joined net tax result of about € 6,4 million, basically due to the following points:

· We have achieved a significant volume of promoting activity having sold 558 dwellings in 2011 and 2012 which helped us reach a total turnover of just over € 100 million.

· Renting ensures Adania a stable source of incomes which very significantly contributes to the support of its business structure. As of 2012, Adania managed 1.874 rented social dwellings which mean an annual turnover of € 77 million in rents.

· Adania does not have relevant investment in land purchased at high prices or long term developments.

LOS MOLINOS Getafe (Madrid)154 social dwellings (for sale)

Our real estate sales activities have been defined by promoting social housing and securing relevant profits which allow us to finance our investment in dwellings to rent.

BUENAVISTA Getafe (Madrid)154 social dwellings (for sale)

RIPAGAINA Pamplona70 social dwellings (for sale)

2007 2008 2009 2010 2011 2012

On the other hand, Adania s net worth has gone from €53 million in 2005 to €78 million in 2012, with very suitable capital solvency levels (28% over assets). Apart from the capitalisation of the results of the group operations, investment have been undertaken by means of an appropriate structuring of our bank debt, which enabled to keep Adania’s financial solvency at very high levels.

In the 2013 to 2015 horizon, we forecast the handing over of 806 dwellings, of which 423 will be for sale and 383 to rent. This is a significant activity volume which will allow us to strengthen our solvency and deal with the next period from 2016 to 2018 successfully.

NET WORTH (€1000)100.000

80.000

60.000

40.000

20.000

0

64.718

76.216

82.629 83.35280.677

78.233

NET WORTH RATIO (assets / worth)45%

40%

35%

30%

25%

20%

15%

0

30%

28% 28%

31%

27% 28%

2007 2008 2009 2010 2011 2012

SALBURUA Vitoria81 social dwellings (for sale)

REAL ESTATE VALUE

LOECHES Madrid148 social dwellings (for rent)

One of the aspects which differentiate Adania from other operators in the sector has been its support of social housing on a rental basis. In 1995 Adania was the first private promoter to commit itself to a project to invest in rented social housing.

At Adania we are completely convinced that the rental of social housing should be an important segment in the housing industry, which complements the cycles of our promotional activities and contributes in an important way to the maintenance of our business structure.

Adania currently handles the rental of 1874 properties which in 2012 contributed €7.7 millions to the company.

By 2015 we should reach 2257 properties. Conscious of the importance of location, our dwellings are in the radial expansion zones in provincial capitals (principally Vitoria and Pamplona).

The current rate of occupation of our dwellings is 95% (technically, total occupation) which reflects a product with a high demand mainly in the younger segments of the population who in this way may be able to become independent from their parents.

NAVARRE45% 1.027

MADRID7% 148

BASQUE COUNTRY48% 1.082

Number of dwellings rented. Stock evolution

2.700

2.400

2.100

1.800

1.500

1.200

900

600

1.874 1.874 2.044

2.257

2012 2013 2014 2015

2.257 DWELLINGS RENTED

MÓSTOLES Madrid20 dwellings for sale (under construction)

THE KEYS FOR SOLID AND SUSTAINED GROWTH

· An very relevant investment sacrifice in recent years (rental dwellings).

· High level of promotion activity centred in social housing and with reasonable margins.

· A significant stock of dwellings for rent which facilitates the availability of a stable income which is configured to be an additional source of solvency for use in future projects.

· A current financial and asset situation in a very healthy situation which will allow sufficient solvency for the next 3 year cycle.

NAVARRAPolígono Industrial Cordovilla Calle B,nº 431191 Cordovilla (Navarra). SPAINT +34 948 213 131email: pamplona@adania.es

MADRIDParque Empresarial Rivas FuturaC/ Marie Curie, Edificio Alfa, Planta 5ª,Oficina 228521 Rivas - Madrid. SPAINT +34 915 644 801 email: madrid@adania.es

ÁLAVAPlaza Amárica 5 bajo01005 Vitoria (Álava). SPAINT +34 945 143 308email: vitoria@adania.es

www.adania.es