Project update

Update from the originator:

Pine Trees II is about to be completed. The originator expects that before the end of the year it will be paid back, with a good return.

Update from the originator: The project is moving forward as expected. 100% sold and works exceeding 80% executed. The originator is expecting to end and return in the 4Q 2022, with a similar return as the Pine Trees I project.

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.

Update from the developer:

The developer is pleased to communicate with you again, in order to bring you the latest and important advances that have occurred in the project, since the developer's last communication of the last January. One of the main milestones reached has been that of obtaining, on April 6, the mayoral decree regarding the building permit, a fact that has allowed the developer, in the latter days after the concession, to begin to manage everything necessary for the effective start of the works. In this regard, the developer has already signed the works contract with the winning company, which, as the developer has already informed you, is the construction company that is currently carrying out the execution of Phase I works.

In recent days the developer has made progress, at a commercial level, in the signing of private contracts for sale with all customers, which are necessary, both to consolidate sales and obtained through the reserves and obtaining the established funds, so as to be able to provide them to the financial institution, as one of the requirements for signing the financing. In this sense, the developer already has more than 80% of the signed contracts, waiting to be able to complete this process in the next few days.

As a milestone also achieved, the developer informs you of the final approval of the financing of the promotion. Both CAJA RURAL DEL SUR and BANCO SANTANDER have charged us favorably for the operation. The developer has decided to opt for the latter, due both to the best conditions offered as well as the fact that it is the entity itself that manages the bond of the quantities delivered by customers.

Update from the developer:

Since the last communication in October, great progress has been made in this project and the originator is pleased to be able to share them with investors. As the originator had already informed investors, the originator was in a position to proceed to pay the fees and the request for the building permit, milestones that we carried out on November 12, has already received the required technical reports and waiting to obtain the latest procedures that allow the originator to obtain the license during the month of February and consequently start the works.

In this sense, the originator has already signed a pre-contract with the construction company that currently develops the execution of the works of Phase I. Another priority issue that the originator has focused on obtaining bank financing. In this sense, the originator continues to make progress with the bank CAJA RURAL DEL SUR in the processing of the file and currently, after the pre-approval of the operation by the area management, the project has already been elevated to its risk committee for its final approval.

The originator will continue to inform investors as significant progress continues to be made in the project or any other relevant aspect that they should know.

Update from the developer:

- Last Tuesday, October 27, the developer announced that both the transaction of the land and the agreed capital increase have been completed, thus finding the company fully capitalized and with ownership of the land in which the project will be carried out.

- Therefore, in the next few days the developer will proceed to pay the fees and apply for the building license since the developer's goal is to start the works within a maximum period of 4 months.

- From the commercial point of view the developer is pleased with the great success of the project, since it is 88% sold, with several clients potentially interested in acquiring the two pending homes.

- The developer is finalizing with the bank CAJA RURAL DEL SUR the financing file through subrogable mortgage loan, as was done with this entity in the first phase, estimating that the approval and concession period will be short, especially due to the good experience acquired in the preceding project.