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Project update

Pine trees Pinares

March 23, 2022

Update from the originator:

The project has been closed with a delay of 4 months out of the 22 planned, which, taking into account that it was a project that was financed in January, two months before the pandemic, seems to us to be a moderate and justified delay.

Investors have obtained a return of 47.6% on invested capital. The IRR of the investment will be 19.2%. The benefit will be distributed in the form of a dividend, and the relevant tax withholding will be made. Likewise, the promoter will pay on behalf of the investor the payment of the Corporate Operations tax. The return provided has already discounted this expense.

It is undoubtedly a magnificent result, which supports the originator's investment strategy and confirms the resilience of the originator's projects, which, like this one, have sustained the expected returns in such a completely complicated time (COVID-19, rising construction costs, etc. ).

The repayment of the project will happen close to the 10th of April.

February 28, 2022

Update from the originator:

The project is on the verge of liquidation, with results that presumably will be equal or better than initial estimates. In 3-4 weeks' time, the originator expects to return funds to investors.

June 02, 2021

Update from the originator:

Due to the restrictions caused by COVID-19 the project has been facing delays. The estimate for the delays might be 3 months or more. However, the originator does not expect changes in total return.

April 19, 2021

Update from the developer:

The developer wants to inform you of the latest developments produced in the project. Regarding the progress of the works, after the last certification in March, the project presents an execution progress of 40%, which is in line with the planned planning and that It will allow the developer to complete them within the expected time. Both the construction company and the facultative management are making every effort necessary to undertake the project in quality terms and established deadlines.

From a financial point of view, the developer continues without notable incidents, since to date, no relevant event has occurred that has affected the approved Business Plan.

In the same way that the developer already informed you in the last communication, on a commercial level the promotion continues to have all its units sold under a private contract and all customers are up to date on their payment obligations.

October 20, 2020

Update from the developer:

Since the last communication in July, great progress has been made in the project and the developer is pleased to be able to share them with you. As the developer has already informed investors, the developer has focused on achieving two fundamental milestones, one of them being the obtaining of bank financing. In this sense, the developer is pleased to confirm that on October 8 the developer signed the mortgage loan with the banking entity Caja Rural del Sur.

The developer is also pleased to inform investors that on October 15, the signature of the mandatory reconsideration act the works has been signed. In the course of this week, the initial work of this phase will begin materially. From a commercial point of view, all the clients have signed their private contracts for sale and are fully informed of all the steps the developer is taking.

The developer wants to inform investors that the second phase of the project is progressing at a very good pace, having obtained today a commercialization percentage of 75%, which allows the developer to face the next phases of the project, with the aim of signing the financing bank and start the works within a maximum period of 4 months from this date.

As the developer has always conveyed to you, the developer remains fully committed to the project and therefore with the investors. The developer will continue to inform investors as significant progress continues to be made in the project or any other relevant aspect that investors should know.

Once again the developer would like to thank investors very much for the trust the investors continue to show for this project.

July 21, 2020

Update from the developer:

In Madrid, on July 21, 2020
Dear investor,
Several months have passed since our last communication, and since then many things have changed due to the impact the COVID 19 pandemic has had on our lives, which is why, before informing you of the latest relevant events related to our project we ask that you receive our greatest wish for good health for you and your loved ones. From the proclamation of the state of alarm to the present day, we have focused all our efforts on two essential objectives: obtaining bank financing, which should allow us to start the work faster, and maintaining the trust of our clients, since the project was 94% done. From a commercial point of view, we are pleased to indicate that the project is 100% sold, despite the logical fluctuations we have had in the harshest period of the state of alarm. From the first day, we assumed that transparency and daily contact with customers would be our best weapons to deal with the situation. From the point of view of financing, the situation has been different, since all the banks with which we have commercial relations have focused their efforts on the strategic direction set by the government, which have responded to the call effect caused by the public guarantees attached to certain financial products among which property development is not found. A direct consequence of this has been the temporary suspension of this very specific type of financing that lasts from the days preceding the state of alarm and that is maintained, with exceptions, today, since some banking entities have recently confirmed their desire to start the normal course of their activities on these days.
For this reason, we hope to inform you shortly of the confirmation of obtaining financing from one of the entities with which the negotiations are most advanced: Bankinter, Caja Rural or IberCaja.We also want to confirm that the purchase option regarding the land subject to the project has been conveniently extended in accordance with the situation and that the negotiations with the construction company are fully completed, which will allow us to proceed immediately, from the confirmation by some of the entities to obtain financing, the final acquisition of the land, the signing of private contracts with customers, and the start of works. We do not want to leave the opportunity to inform you that the second phase of the project is progressing adequately, having obtained today a commercialization rate of 60%, which will undoubtedly allow us to shorten the 6-month period initially planned between the firm to rethink the two phases. Negotiations with banks take into account the possibility of financing the two phases with the aforementioned time difference. As a sign of our commitment to you, and in accordance with our value of being transparent, we will inform you periodically of all significant incidents in future communications. We do not want to miss the opportunity without strongly thanking you for the trust you continue to show us. Best regards.

June 18, 2020

Update from developer. Dear Investor, First of all, we want to thank you for the trust you have placed in our company. Investing in our Pinares I project. Know that for us it is also a reason for responsibility to meet the proposed profitability objectives. In addition, we take the opportunity to inform you of the main milestones and news of this: - February 25, we proceeded to extend the agreed period for the formalization of the purchase option agreed with the current owner of the and until next April 25. The main reason for this delay lies in the complexity of the internal procedures of the financial institution initially retained, to formalization of the final approval of its risk committee. - From a commercial point of view we are pleased with the great success of the project, since that this is 94% sold, with several clients potentially interested in acquiring the only pending home. This success has encouraged us to start sales of the second phase of the project, Pinares II, which is 9 homes sold to date of the total of 16 that comprise the project. - We will be in contact with clients shortly to formalize their private sales contracts according to the type of payments already made informed: 10% of the price at the signing of said contract, 10% during the execution of works in monthly periodic payments, and the remaining 80% through subrogation in the mortgage loan of the project financing entity. - We are finalizing the last fringes of the bidding process for the award of the works with the two companies initially retained, pending approval favorable of the financial institution. Any such offer complies with price expectations reflected in our business plan. - In the next few days we will proceed to pay the fees and request the license of works of the second phase, since our objective is to start their works in a period maximum of 6 months from the signing of the first phase stating act, planned for the next few weeks. As a sign of our commitment to you and in accordance with our value of being transparent in communication, we will inform you periodically of all significant incidents of the project in future communications. Best regards. Signed José María Carpio Salcedo Administrator

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