Project update

We would like to inform you that San Sebastian de Los Reyes project has repaid and yielded 9.1 % XIRR. The reason the return is lower, is that the developer of the project has bought out the equity of the investors. Urbanitae explains that this was a good solution, due to the fact, that the sales were at a standstill of that project and the developer decided to develop and rent rather than sell the properties as initially planned.

March update by the developer. Dear investors, Following the note sent last December, we will contact you to inform you about the progress of the Francisco Navacerrada project: • The Capital Increase Deeds, through which you reflect your position as participants in the company, are already registered in the Mercantile Registry. • Likewise, the site is also registered in the name of PROMOCIONES BARRIO ALFA S.L. • The demolition work was completed last December. • In the months of January and February, previous work was done, and the start of work. With all the auxiliary means installed, the work began this month of March, having today quite advanced the foundations. • Regarding the commercialization of homes, a commercialization agreement has been signed with one of the most representative agencies at the local level of H.H. Reyes, located on Main Street. • The real estate agency has been taking steps to try to sell the complete building to known investors in the area, but finally has not managed to close the operation. • This month of March the sale of homes has begun individually, doing local advertising and having enough requests for information and even with second visits. • At the moment, due to the current situation, all the delayed negotiations. Let's hope that marketing can be resumed as soon as possible. We will continue to inform you promptly of the progress we make, Sincerely, David Jimenes Suarez