INVESTOR DAYS ‘18 – NORTH - September 27th, 2018 AGENDA FOR THE DAY AND TOPICS FOR THE WEEK

SCHEDULED TIME EVENT

10.00-10.30 Corporate Update - Host: Juan Velayos, CEO

10.30-11.00 North Regional Presentation – Regional Team

11.30-13.30 Site Visits , ,

13.30-14.00 Lunch – Hors D’Oeuvres will be served

OUR FOCUS THIS WEEK MACRO AND MICRO: RESIDENTIAL SECTOR STRENGTH ALL PROFIT WARNING ISSUES RESOLVED

NEINOR HOMES PROVEN CAPACITY TO EXECUTE, DELIVER AND REPLENISH THE LAND BANK

MARGIN PROTECTION MEASURES TO FACE TRANSITIONAL COST PRESSURES

VALUE CREATION SINCE THE IPO 2 Neinor Homes. Site Tour / North / September 2018

REGIONAL MACRO (1)

2.2m inhabitants 2.9k new housing annual transactions 5% of the country 6% of the country’s new housing transactions

6.4% HPA captured 10.1% unemployment rate vs.2.5% projected in the BP for the region vs. 15.3% national unemployment rate

Units on the maket vs. local competition 5k unsold stock 1.600 (0.5% of total stock) 1.400 1.200 1.000 800 600 400 200 0 3 Neinor Homes Amenabar Jauregizar Arrasate (1) Includes Vizcaya, Alava, Guipuzcoa Neinor Homes. Site Tour / North / September 2018

INDEX

1 North Region

2 Organization Chart & Team Brief

3 Tour Summary

Bilbao Site Tour 4 1. Neinor Store (Urduliz) 2. Urban Homes I and II (Urduliz) 3. Design Homes I (Urduliz) 5 Customer Centric 4. Natura Homes (Urduliz) 5. Iturribarri Homes I and I (Getxo) 6. Land bank plots (Getxo) 7. Torresolo Homes (Leioa) 8. Leioandi Homes I and II (Leioa)

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Neinor Homes North Region Neinor Homes. Site Tour / North / September 2018

8 sites/260+ units NORTH REGION (September 2018) Cummulative deliveries

Land Bank 15 sites 535 units

Strategic 2 sites 215 units

Launched 11 sites 965 units 1,410 units on the market WIP 18 sites 835 units

TOTAL 46 sites 2,550 units

6 Neinor Homes. Site Tour / North / September 2018 NORTH REGION

Vizcaya

2 15 7 3 6 23 9 12 4 12 32 25 8 28 21 22 24 13 27 33 6 19 7 34 35 20 26 36 14 29 18 16 3 17 15 14

1 2 1 5 5 8 10 11 9 4 30 12 31

1st GO 2nd GO WIP Delivered 1. Homes 8. Natura Homes II 12. Design Homes II 15. Irun Homes 23. Design Homes I 30. Jardines de Zabalgana III 2. Homes 9. Design Homes III 13. Ituribarri Homes III 16. Torresolo Homes 24 Natura Homes I 31. Jardines de Zabalgana IV 3. Ribera Homes 10. Aretxabaleta Homes 14. Leioandi Homes II 17. Astrabadua Homes 25. Arbaizenea Homes 32. Leku Eder 4. Urban Homes III 11. Esmaltaciones 6/7 18. Ikasle Homes 26. Abra Homes 33. Urduliz Homes 5. Olarizu Homes 19. Goiegi Homes 27. Ituribarri Homes I 34. Urduliz Homes II 20. Goiegi Homes II 28. Ituribarri Homes II 35. Landako 6. Goiegi Homes III 7 7. Ituribarri Homes IV 21. Urban Homes I 29. Leioandi Homes I 36. San Roke Homes 22. Urban Homes II 02

Neinor Homes Organization Chart & Team Brief NORTH REGION ORGANIZATIONAL CHART 30,000+ houses North Area Manager: delivered Iñigo Ibarra (DGN)

DGI DGO DGN

New Developments Regional Technical Manager: Acquisitions: José Escobedo Juantxo Cortés Unai Zaldo Commercial Managers: Mercedes López Jesús González Project Managers: Silvia Ortiz Urko Guitera Urban Management: David Cobos Iñaki Ciganda Andoni Ochoa Daniel Ábalos Legacy

Commercial Managers: Neinor Experience: Jesus Carbajal Eva Maria Martín Clara Ramirez Paula Salazar Construction Managers: María Pereda Pedro Mendibil

Marketing Norberto Eguskizaga Diego Rioyo 9 Julián Uribarri Business Analyst: Goiatz Saenz Miren Dobaran Itsaso Salazar Years with Neinor Homes

NORTH TEAM BRIEF 26 17 Total experience years Iñigo Ibarra

Regional Manager Architect

DGI: New Development

20 18 17 3 Mercedes Silvia López Ortiz

Commercial Manager Commercial Manager Educational practice Lawyer

20 2,5 10 1 Jesús Urko Gonzalez Guitera

Commercial Manager Commercial Manager Professional training Lawyer 10 Years with Neinor Homes NORTH TEAM BRIEF Total experience years

DGI: Legacy

Jesús 12 10 Eva María 19 3,5 Carbajal Martín

Commercial Manager Commercial Manager BSc in Economics Lawyer

DGI: Marketing

Goiatz 1,5 1,5 Miren 13 13 Saenz Dobaran

Journalism, MD in Marketing Secreterial Studies

11 Years with Neinor Homes NORTH TEAM BRIEF Total experience years

DGO José Daniel 20 1 Escobedo

Technical Manager Msc. Civil Engineering

DGO: Project managers

15 0,6 David 14 12 Iñaki Cobos Ciganda

Project Manager Project Manager Architect Architect

12 Years with Neinor Homes NORTH TEAM BRIEF Total experience years

DGO: Construction managers Norberto 23 15 Eguskizaga

Construction Manager Quantity Surveyor

Diego 23 9 Julián 20 11 Rioyo Uribarri

Construction Manager Construction Manager Industrial Engineer Quantity Surveyor

13 Years with Neinor Homes NORTH TEAM BRIEF Total experience years

DGN: Acquisitions

Juan José 30 19 18 18 Unai Zaldo Cortés Bsc in Business Bsc in Business Adminisstration Administration, MBA

DGN: Planning Management

Andoni 16 2,5 Daniel 13 8 Ochoa Ábalos

Lawyer Architect

14 Years with Neinor Homes NORTH TEAM BRIEF Total experience years

DGN: Neinor Experience Clara 15 2 Ramirez

Neinor Experience Quantity surveyor

Paula 6 0,6 Pedro 25 15 Salazar Mendibil

Neinor Experience Neinor Experience Quantity surveyor Quantity surveyor

DGN: Business Analyst Itsaso 4 2 Salazar

BSc in Economics

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Neinor Homes Tour Summary A WALK THROUGH THE VALUE CHAIN

Neinor Store Launched WIP

• Ituribarri Homes III (Getxo) • Urban Homes I - III (Urduliz)

• Ituribarri Homes IV (Getxo) • Design Homes (Urduliz)

• Leioandi Homes II (Leioa) • Natura Homes (Urduliz)

• Iturribarri Homes I -II (Getxo)

• Leioandi Homes I-II (Leioa)

• Torresolo Homes (Leioa)

17 Neinor Homes. Site Tour / North / September 2018

TOUR SUMMARY 1

2

3

WIP 1 Urban Homes I and II, Natura Homes, WIP 3 Torresolo Homes, Design Homes, Neinor Store (Urduliz) Leioandi Homes (Leioa)

Launched, WIP 2 Ituribarri Homes I – II (Getxo) 04

Neinor Homes North Site Visits Neinor Homes. Site Tour / North / September 2018 85% Pre-sold

URBAN HOMES I 2B 10 - 29% Typology (units) - % 3B 25 - 71% Urban Homes I is located in Urduliz, a municipality of aprox. 4,070 inhabitants, in the Vizcaya province, in the País Vasco Region. This belongs to one of the eleven plots 4B 0 - 0% for nearly 400 units which are owned by Neinor Homes in the residential complex Total Units 35+4 commercial units Ciudad Urduliz Homes. Total income (€) - (€/sqm) €10.532.800 - €2.582/sqm Ciudad Urduliz Homes, is a new concept of city which develops three lifestyles for its Extra HPA Captured 1.2% future inhabitants: Urban, Design and Natura. This development is the first one Status On sale under Urban typology which main characteristic is an architectural design which continues with the one of the actual buildings in the area, creating an urban avenue Construction Start Q3 2017 which links the underground area with the Town Hall. Delivery H1 2019

• 2 and 3 bedrooms Broker Básico • Large terraces Architect Eduardo Escauriaza • Breeam Certificate Construction company Balzola • Urban Concept

20 Neinor Homes. Site Tour / North / September 2018 48% Pre-sold

URBAN HOMES II 2B 18 - 41% Typology (units) - % 3B 22 - 50% Urban Homes II has a privileged location in the center of Urduliz, being one of the eleven Neinor Homes developments within the area inside the complex of Ciudad 4B 4 - 9% Urduliz Homes. It counts with all the necessary facilities in the proximities and good Total Units 44 communications by car (only 20 minutes from Bilbao city center) and public Total income (€) - (€/sqm) €12.678.800 - €2.751/sqm transport (next to the Urduliz subway station and diverse bus lines). Extra HPA Captured 0% It is also placed in calm residential environment with large natural open spaces and Status On sale only 7 km away from the beach. Construction Start Q1 2018 • 2, 3 and 4 bedrooms Delivery H2 2019 • Large terraces Broker Básico • Breeam Certificate • Urban Concept Architect Apaolaza Construction company Sodelor Neinor Homes. Site Tour / North / September 2018 41% Pre-sold

NATURA HOMES 2B 8 - 24% Typology (units) - % 3B 16 - 47% Natura Homes comprises 34 homes located in Urduliz. It is placed in calm residential 4B 10 - 29% environment with large natural open spaces and only 7 km away from the beach, and is the first development under the concept of Natura. Total Units 34 Total income (€) - (€/sqm) €10.422.100 - €2.546/sqm Natura Homes typology is focused on the open spaces and its relationship with Extra HPA Captured 0% nature, looking for a natural lifestyle. Status On sale • 2, 3 and 4 bedrooms Construction Start Q1 2018 • Urban Gardens • Breeam Certificate Delivery H2 2019 • Large Terraces Broker Básico Architect BYE Construction company Altuna y Uria

22 Neinor Homes. Site Tour / North / September 2018 89% Pre-sold

DESIGN HOMES 2B 11 - 39% Typology (units) - % 3B 15 - 54% Design Homes comprises 28 units in Urduliz and is the first development under 4B 2 - 7% Design Style in the complex of Ciudad Urduliz Homes. Total Units 28 Design Homes style has the determination to develop a modern product aligned Total income (€) - (€/sqm) €6.813.000 - €2.374/sqm with Neinor Homes developments. Extra HPA Captured 8.3% • 2, 3 and 4 bedrooms Status On sale • Large Terraces Construction Start March 2018 • Breeam Certificate • Desgin Concept: Modern Architecture Delivery 2019 Broker Básico Architect Vaillo Irigay Construction company Lagunketa

23 Neinor Homes. Site Tour / North / September 2018 97% Pre-sold

ITURRIBARRI HOMES I 2B 10 - 31% Typology (units) - % 3B 18 - 56% Iturribarri Homes is a residential complex located in , a municipality 4B 4- 13% belonging to the metropolitan area of Bilbao, in the Bizkaia Province in the Basque County. This development is placed in a residential area in expansion Total Units 32 process near the exclusive neighborhoods of Artaza (Leioa) and (Getxo) Total income (€) - (€/sqm) €12.155.500 - €3.238/sqm and surrounded by a large natural area. It counts with all the necessary facilities Extra HPA Captured 7.8% in its surroundings such as private and public schools, a health center, the Quiron Hospital, and diverse sport facilities. Status On sale Construction Start Q1 2018 • 2, 3 and 4 bedrooms • Communal swimming pool Delivery H2 2019 • Gym Broker Aixerrota • Txoko Architect Arquiplan 2.0 • Breeam Certificate Construction company Urbelan

24 Neinor Homes. Site Tour / North / September 2018 65% Pre-sold

ITURRIBARRI HOMES II 2B 8 - 20% Typology (units) - % 3B 28 - 70%

Iturribarri Homes II has a privileged location in the municipality of Getxo. It 4B 4 - 10% counts with all the facilities necessary in the proximities and good Total Units 40 communications by car (only 20 minutes from Bilbao city center) and public Total income (€) - (€/sqm) €16.286.000 - €3.532/sqm transport (next to the subway station and bus line A3414). Iturribarri Homes is also placed in calm residential environment with quick access Extra HPA Captured 2.1% to the Ereaga beach boulevard and the Fadura Sport Center. Status On sale

• 2, 3 and 4 bedrooms Construction Start Q1 2018 • Communal swimming pool Delivery H2 2019 • Txoko Broker Aixerrota • Breeam Certificate Architect Cooperactiva Construction company Altuna y Uria

25 Neinor Homes. Site Tour / North / September 2018 23% Pre-sold

ITURRIBARRI HOMES III 2B 8- 36% Typology (units) - % 3B 14 -64% 4B 0 - 0% Iturribarri Homes III has a privileged location in the municipality of Getxo. It counts with all the facilities necessary in the proximities and good Total Units 22 communications by car (only 20 minutes from Bilbao city center) and public Total income (€) - (€/sqm) € 9.126.000 - €3.563/sqm transport (next to the Aiboa subway station and bus line A3414). Iturribarri Homes is also placed in calm residential environment with quick access Extra HPA Captured 3.8% to the Ereaga beach boulevard and the Fadura Sport Center. Status On sale Construction Start Q3 2018 • 2 and 3 bedrooms • Breeam Certificate Delivery H1 2020 Broker Aixerrota Architect Cooperactiva Construction company Altuna y Uria

26 Neinor Homes. Site Tour / North / September 2018 92% Pre-sold TORRESOLO HOMES 2B 10 - 17% Torresolo Homes has a strategic location, in the Artaza mountains of Leioa, which Typology (units) - % 3B 44 - 73% combines the quality of life that provides a residential complex in a calm and natural environment with the proximity to all the necessary facilities and 4B 6 - 10% services. From the terraces that have all the homes can be enjoyed fantastic Total Units 60 views of the surroundings and the sea. Total income (€) - (€/sqm) € 22.673.500 - €3.044/sqm It is also well communicated with Bilbao, which is only 8 km away, and the Extra HPA Captured 0.4% neighboring towns by private and public transport (bus and subway). Status On sale • 2, 3 and 4 bedrooms Construction Start Q4 2016 • Communal swimming pool Delivery H2 2018 • Playgrounds • Garden areas Broker Amuriza • Gym Architect IDOM • Txoko Construction company Balzola • Breeam Certificate

27 Neinor Homes. Site Tour / North / September 2018 55% Pre-sold

LEIOANDI HOMES 2B 14- 23% Typology (units) - % 3B 38 - 61% Leioandi Homes is a residential complex located in Leioa, a municipality 4B 10 - 16% belonging to the metropolitan area of Bilbao, in the Bizkaia Province in the Total Units 62 Basque County. It counts with all the necessary facilities in its surroundings such Total income (€) - (€/sqm) €24.243.400 - €3.335/sqm as private and public schools, a health center, the Quiron Hospital, and diverse sport facilities. The Pais Vasco University Headquarters can also be found in Extra HPA Captured 2.2% Leioandi proximities, while the beach is 5 minutes away. Status On sale • 2, 3 and 4 bedrooms Construction Start Q1 2018 • Garden areas (30.000 m2) Delivery H2 2018 • Outdoor fitness areas Broker Amuriza • Breeam Certificate Architect G&C Construction company ACR

28 Neinor Homes. Site Tour / North / September 2018 34% Pre-sold LEIOANDI HOMES II 2B 18- 29% Typology (units) - % 3B 32 - 52% Leioandi Homes is a residential complex located in Leioa, a municipality belonging to the metropolitan area of Bilbao, in the Bizkaia Province in the 4B 12 - 19% Basque County. It counts with all the necessary facilities in its surroundings such Total Units 62 as private and public schools, a health center, the Quiron Hospital, and diverse sport facilities. The Pais Vasco University Headquarters can also be found in Total income (€) - (€/sqm) €25.085.000 - €3.418/sqm Leioandi proximities, while the beach is 5 minutes away. Extra HPA Captured 7.6% Status On sale • 2, 3 and 4 bedrooms • Garden areas (30.000 m2) Construction Start Q3 2018 • Outdoor fitness areas Delivery 2020 • Breeam Certificate Broker Amuriza Architect G&C Construction company ACR

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Neinor Homes Customer Centric Summary Neinor Homes. Site Tour / North / September 2018 CUSTOMER CENTRIC APP

Age Range Marital Status Mortgage Use Lead Origin

Urduliz

Getxo Leioa

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