Project update

Update from the originator:

The originator is pleased to inform you that today the originator is going to proceed with the distribution and liquidation of the Magallanes Street Storerooms project and the vehicle company in which you invested in January 2020, CRUSMETA SPAIN SL (hereinafter "the company"). As the originator anticipated, the project has yielded an after-tax result of € 101,290, which means higher profitability than estimated, and in a shorter period of time. From that amount, it is necessary to deduct € 20,374 of input VAT that the company could recover, but with low probability, so it is prudent to discount it and if this refund is obtained, it would also be distributed in a few months, further improving profitability.

Consequently, a total of € 80,916 will be distributed as a dividend, which is equivalent to 19.04% of the invested capital, 9 months after the investment date. On that amount, the company will make the withholding of 19% according to current tax regulations.

The company is also dissolved and the invested capital is returned. This operation is subject to the payment of the Corporate Operations Tax that must be taxed in the Madrid Community, the company's headquarters. The rate is 1% of the capital, and the taxpayer is the shareholder (each investor). To make your work easier and that you do not have to settle it yourself, and as the originator has done in previous projects, the originator will take care of it through a trusted agency, with which we have achieved very good conditions. Its cost will be deducted from the total amount to be distributed.

To sum up,  today the investors will receive 115.4% of the amount you invested in your wallet, with all taxes already discounted (19% retention and 1% Corporate Operations Tax).

The net IRR of the operation was 25%.

Update from the developer:

Dear investors,

The developer is pleased to inform you that the works to adapt the storage rooms are already 100% finished from August 20, 2020. The developer is currently waiting for the corresponding municipal technician to certify the executed works, in order to begin with the deed of the final units. The developer hopes to start around September 15 with the final process of the sale in the notary. Therefore, the developer is pleased to inform you that delivery times have been advanced substantially and we hope to close the project once we achieve a deed of all of the storage rooms. The units are currently all sold by private contract (having paid 30% of the final price).

The developer will continue to inform you promptly of the progress we make.

Update by the developer: Dear investors, The developer is pleased to inform you that due to the effort made with the increase in a business plan that was made in April by Covid19, the works are scheduled for completion on July 31st. In that case, the units would begin to be deeded during the month of August - September. Once the sales are executed, the project will be returned and closed. Therefore, the originator is pleased to inform you that the project deadlines could be brought forward from the initial year planned at 7-8 months. The originator details the progress of the project: • Current degree of progress of the works 80%. • 85% of the units are already formalized through a private contract with the future owners, each having already paid 30% of the final price. • In the two remaining months of work, the originator intends to formalize 100% of the remaining contracts. The originator will continue to inform you promptly of the progress we make.