Inmobiliaria Colonial, Socimi, S.A. Ordinary General Meeting of Shareholders (May 2018)

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INMOBILIARIA COLONIAL, SOCIMI, S.A. ORDINARY GENERAL MEETING OF SHAREHOLDERS (MAY 2018)

REPORT BY THE BOARD OF DIRECTORS ON PROPOSED RESOLUTIONS FOR THE APPOINTMENT OR RE- ELECTION OF DIRECTORS (ITEM NINE ON THE AGENDA)

1. Purpose of the report

This report has been awn up by the Board of Directors of Inmobiliaria Colonial, SOCIMI, S.A. (“Colonial” or the “Company”) in connection with the appointment or re-election, for the statutory period of 4 years, of Directors of the Company, in accordance with the Director Recruitment Policy of the Company.

Pursuant to the provisions of Article 529 decies of the Spanish Limited Liability Companies Law approved by Royal Legislative Decree 1/2010 of 2 July (the “Spanish Limited Liability Companies Law”), this motion subject to the General Meeting requires the Board of Directors to draw up this report in order to assess the skills, experience and merits of the proposed candidate.

2. Justification of the proposal

2.1. Appointment of Mr Javier López Casado

In order to submit the proposal for appointment of Mr Javier López Casado, the Board of Directors has examined the favorable report issued by the Appointments and Remuneration Committee, pursuant to the provisions of section 6 of Article 529 decies of the Spanish Limited Liability Companies Law, upon an evaluation of the current list of members of the Board, the needs of the Board and the shareholding structure of the Company. The Appointments and Remuneration Committee has also appraised the conditions that must be met by Directors for the exercise of their functions and the dedication required to enable them to carry out their duties properly. The Board of Directors endorses the conclusions reached in that report, which are reproduced in this report.

As a result of this appointment, along with the appointment on 29 June 2017 of Mr Carlos Fernández González, the Finaccess Group shall have two representatives on the Board of Directors, which, in the opinion of the Board of directors, entails proper representation in accordance with the Company’s shareholder structure.

The Board of Directors has assessed the skills, experience and merits of Mr Javier López Casado in relation to his appointment on the basis of the following:

. Mr Javier López Casadohas held a number of posts of responsibility throughout his professional career, evidencing his capacity and merits for the purposes of proper prudent management within the Company. . Academic profile and professional career: He joined Finaccess as International Director of Asset Management in November 2010. Since 2012, he has been CEO of Finaccess Advisors LLC. Since 2014, he has also been responsible for Finaccess Estrategia S.L. in Spain.

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Prior to joining Finaccess, he worked as Senior Vice-President for Santander Private Banking in Miami. He previously held different posts in Banco Santander’s International Private Banking area in Madrid and Miami. He worked at the Santander Group from 1996 to 2010. Before joining Banco Santander, he worked as a Lawyer in Madrid. He has 22 years’ experience in financial markets and is a member of Grupo Finaccess’ Board of Directors, the International Investment Committee and the Audit Committee of Finaccess Advisors LLC. He is Chairman of SOLTRA S.L., a company working on the promotion, education and rehabilitation of people with different capacities in order to achieve full social integration, which currently has 400 employees. He also sits on the board of trustees of several Foundations in Spain and Mexico. He holds a Law Degree from Universidad San Pablo CEU in Madrid, an MBA from the University of Miami and a Masters in Legal and Tax Consultancy for Construction and Real Estate Companies from Universidad Politécnica of Madrid.

The professional career of Mr Javier López Casado, described in the paragraphs above, demonstrates that he has extensive knowledge and experience both in Spain and abroad to make him eligible as a member of the Board of Directors.

Therefore, the Board of Directors believes that Mr Javier López Casado has, at the discretion of the Board of Directors and considering the favorable report issued by the Appointments and Remuneration Committee, the knowledge, skills and specific abilities, and has the experience and merits necessary for the purpose of proposing the Ordinary General Meeting of Shareholders to appoint him as a member of the Board of Directors of the Company, with the status of proprietary director, for the statutory period of four years.

2.2. Re-election of Mr Juan José Brugera Clavero

Therefore, in order to submit the proposal for the re-election of Mr Juan José Brugera Clavero, the Board of Directors has examined the favorable report issued by the Appointments and Remuneration Committee, pursuant to the provisions of section 6 of Article 529 decies of the Spanish Limited Liability Companies Law, upon an evaluation of the current list of members of the Board, the needs of the Board and the shareholding structure of the Company. The Appointments and Remuneration Committee has also appraised the conditions that must be met by Directors for the exercise of their functions and the dedication required to enable them to carry out their duties properly. The Board of Directors endorses the conclusions reached in that report, which are reproduced in this report.

The Board of Directors has again appraised the competence, merits and experience of Mr Juan José Brugera Clavero for the purposes of his re-election, on the basis of the following:

. Mr Juan José Brugera Clavero was appointed as an Executive Director of the Company following a resolution by the General Meeting of Shareholders on 19 June 2008, and was re- elected to this post following a resolution by the General Meeting of Shareholders on 30 June 2014. . Since he was appointed Director and Executive Chairman of the Board of Directors, Mr Juan José Brugera Clavero has demonstrated that he has the ability to manage the Company, and that he has the knowledge, aptitudes and experience necessary to carry out the functions assigned to him. In this regard, on the basis of the report drawn up by the Appointments and

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Remuneration Committee, the Board of Directors has conducted an annual assessment of the work of the Chairman of the Board of Directors, and has concluded that Mr Juan José Brugera Clavero has performed his duties diligently and effectively and at all times in the spirit of Good Governance set out in the Company Bylaws and in the regulations of the board of directors concerning the Chairman of the Board and the Board of Directors itself. . Academic profile and professional career: He holds a degree in Industrial Technical Engineering (specialised in Industrial Electronics) from the University School of Industrial Technical Engineers, Terrassa. He also has an MBA (Master in Business Administration) from ESADE (Barcelona) and a “PDG” Diploma (General Management Programme) from IESE (Barcelona). In 2004, he was awarded an Honorary Doctorate in Economics by the Constantinian University of Providence, Rhode Island (USA), and he is honorary professor at Sociedad Científica de Chile. ESERP (Barcelona). Between 1967 and 1968, he was an associate professor of Electronics and Servo-Systems at the Industrial School, Terrassa, and at the La Salle Telecommunications School. From 1968 to 1970, he worked as an Engineer in the Inter-Grundig Industrial Laboratory. From 1971 to 1975, he worked in the Central Services’ Planning and Commercial Department at Banco Atlántico. Also, from 1975 to 1987, he held different posts of responsibility at Banco Sabadell, as Director of the Main Office in Barcelona, Barcelona Area Director, Deputy Managing Director and Member of the Central Management Committee. In 1987 and 1994, he was CEO of Sindibank (Sindicato de Banqueros de Barcelona). Between 1994 and 2006, he had already joined Inmobiliaria Colonial (absorbed company) as CEO and Director of SFL. In addition, from July 2006 to March 2007, he worked as Managing Director of Grupo Mutua Madrileña. He was also the Chairman of the ESADE Foundation until 2005, where he was assistant lecturer for 15 years. He was the Chairman of the Board of Trustees at Universidad Ramón Llull (URL) between 2012 and 2016. Juan José Brugera Clavero joined Colonial in June 2008, and has been Chairman of SFL since April 2010. He is the current Chairman of “Círculo de Economía”.

Therefore, the Board of Directors believes that Mr Javier López Casado has, at the discretion of the Board of Directors and taking into account the favorable report issued by the Appointments and Remuneration Committee, the knowledge, skills and specific abilities, and the experience and merits necessary for the purpose of proposing the Ordinary General Meeting of Shareholders to appoint him as a member of the Board of Directors of the Company, with the status of executive director, for the statutory period of four years.

2.3. Re-election of Mr Pedro Viñolas Serra

Therefore, in order to submit the proposal for the re-election of Mr Pedro Viñolas Serra, the Board of Directors has examined the favorable report issued by the Appointments and Remuneration Committee, pursuant to the provisions of section 6 of Article 529 decies of the Spanish Limited Liability Companies Law, upon an evaluation of the current list of members of the Board, the needs of the Board and the shareholding structure of the Company. The Appointments and Remuneration Committee has also appraised the conditions that must be met by Directors for the exercise of their functions and the dedication required to enable them to carry out their duties properly. The Board of Directors endorses the conclusions reached in that report, which are reproduced in this report.

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The Board of Directors has again appraised the competence, merits and experience of Mr Pedro Violas Serra for the purposes of his re-election, on the basis of the following:

. Mr Pedro Violas Serra was appointed an Executive Director of the Company following a resolution by the Board of Directors on 18 June 2008, and was confirmed and confirmed in his post following a resolution by the General Meeting of Shareholders on 21 November 2008. Subsequently, Mr Pedro Viñolas Serra was re-elected to this post by the General Meeting of Shareholders on 30 June 2014. On the same date, 30 June 2014, a meeting of the Board of Directors agreed to confirm him in the post of CEO of the Company, and delegated to him each and every one of the powers that may be delegated in accordance with the law and the Company Bylaws. Since he was appointed as a member of the Board of Directors, Mr Pedro Viñolas Serra has demonstrated having the ability to manage the Company, and that he has the knowledge, aptitudes and experience necessary to carry out the functions assigned to him. In this regard, on the basis of the report drawn up by the Appointments and Remuneration Committee, the Board of Directors has conducted an annual assessment of the work of the CEO, and has concluded that Mr Pedro Viñolas Serra has diligently and effectively discharged the duties assigned to him in the Company Bylaws, the regulations of the board of directors and any delegated to him by the Board of Directors. . Academic profile and professional career: He is a graduate in Business Management and MBA from ESADE and Universidad Politécnica de Cataluña, and holds a Diploma in Business Management from Universidad de Barcelona, where he also studied Law. In 1990, Pedro Viñolas began to work as Director of the Research Department at the Barcelona Stock Exchange, of which he later became Deputy Managing Director, where he remained until 1997. He then took up duties as Managing Director of FILO, S.A., a listed real estate company, where he remained until 2001. Subsequently, until July 2008, he was Partner and CEO at the Riva y García Financial Group. He has been Chairman of the Urban Land Institute in Spain and a member of the Board of Directors of the Riva y García Financial Group. He was also Chairman of the Spanish Institute of Financial Analysts in Catalonia from 1994 to 2000. He is a member of the Board at the European Public Real Estate Association (EPRA). Pedro Viñolas joined Colonial in July 2008. He is currently a member of the Board of Directors of SFL and also sits on the Executive Committee. He is a full professor at ESADE’s Finance Department and a member of the Board of Directors of Electro-Stocks, S.A. and Bluespace, S.A.

Therefore, the Board of Directors believes that Mr Pedro Viñolas Serra has, at the discretion of the Board of Directors and taking into account the favorable report issued by the Appointments and Remuneration Committee, the knowledge, skills and specific abilities, and the experience and merits necessary for the purpose of proposing the Ordinary General Meeting of Shareholders to appoint him as a member of the Board of Directors of the Company, with the status of executive director, for the statutory period of four years.

2.4. Re-election of Mr Juan Carlos García Cañizares

Therefore, in order to submit the proposal for the re-election of Mr Juan Carlos García Cañizares, the Board of Directors has examined the favorable report issued by the Appointments and Remuneration

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Committee, pursuant to the provisions of section 6 of Article 529 decies of the Spanish Limited Liability Companies Law, upon an evaluation of the current list of members of the Board, the needs of the Board and the shareholding structure of the Company. The Appointments and Remuneration Committee has also appraised the conditions that must be met by Directors for the exercise of their functions and the dedication required to enable them to carry out their duties properly. The Board of Directors endorses the conclusions reached in that report, which are reproduced in this report.

As a result of the re-election, Águila LTD, one of the Company’s major shareholders, shall continue to have a representative on the Board of Directors, which, in the opinion of the Board of directors, entails proper representation in accordance with the Company’s shareholder structure.

The Board of Directors has again appraised the competence, merits and experience of Mr Juan Carlos García Cañizares for the purposes of his re-election, on the basis of the following:

. Mr Juan Carlos García Cañizares was appointed as a proprietary director of the Company following a resolution by the General Meeting of Shareholders on 30 June 2014. Since he was appointed as a director of the Board of Directors, Mr Juan Carlos García Cañizares has demonstrated having specific knowledge, skills and competences. He has also carried out his functions faithfully as a loyal representative, acting in good faith and in the best interests of the Company, on the principle of personal responsibility with freedom of criteria and independence with respect to instructions and third-party links. The Appointments and Remuneration Committee considers that Mr Juan Carlos García Cañizares has dedicated the necessary time to perform his task efficiently, and that he has sufficient time available to properly carry out his functions. . D. Juan Carlos García Cañizares has held a number of posts of responsibility throughout his professional career, evidencing his capacity and merits for the purposes of proper prudent management within the Company. . Academic profile and professional career: Industrial Engineer. He also studied management programmes at IMD Switzerland, and holds an MBA granted jointly by the New York University Stern School of Business, London School of Economics and HEC Paris. He is an investment banker who was responsible for more than $35 billion in mergers, acquisitions and financing of acquisitions over a period of 25 years. He was Vice President of Planning for Bavaria, one of Latin America’s leading breweries, where he was responsible for the $4 billion international brewery acquisition programme, and for the subsequent $8 billion merger with SABMiller plc, creating the world’s second largest brewery. In recent years, he led negotiations on behalf of the Santo Domingo Group for the conversion of its holding in SABMiller into a share in Anheuser Busch Inbev following the merger of the two, an operation which was finalised in 2016. Before joining the Santo Domingo Group, he was co-founder and Main Partner of Estrategias Corporativas, an investment bank firm in Latin America. He is currently Managing Director of Quadrant Capital Advisors, Inc. in New York (a Santo Domingo Group investment company based in New York). He is responsible for Quadrant Capital’s Strategic Investments Group, including investments in Anheuser Busch Inbev and in the consumer, financial system, natural resources and energy sectors worldwide, among others. He is a member of the Boards of Park S.A.R.L., Bavaria, S.A., Valorem S.A. (Colombia) and Genesis Foundation (USA).

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Therefore, the Board of Directors believes that Mr Juan Carlos García Cañizares has, at the discretion of the Board of Directors and taking into account the favourable report issued by the Appointments and Remuneration Committee, the knowledge, skills and specific abilities, and the experience and merits necessary for the purpose of proposing the Ordinary General Meeting of Shareholders to appoint him as a member of the Board of Directors of the Company, with the status of proprietary director, for the statutory period of four years.

2.5. Re-election of Ms Ana Sainz de Vicuña Bemberg

The Board of Directors has again appraised the competence, merits and experience of Ms Ana Sainz de Vicuña Bemberg for the purposes of her re-election, on the basis of the following:

. Ms Ana Sainz de Vicuña Bemberg was appointed as an independent director of the Company following a resolution by the General Meeting of Shareholders on 30 June 2014. Since she was appointed as a member of the Board of Directors, Ms Ana Sainz de Vicuña Bemberg has demonstrated that she has specific knowledge, skills and competences. He has also carried out his functions faithfully as a loyal representative, acting in good faith and in the best interests of the Company, on the principle of personal responsibility with freedom of criteria and independence with respect to instructions and third-party links. . Ms Ana Sainz de Vicuña Bemberg has held a number of posts of responsibility throughout her professional career, evidencing her capacity and merits for the purposes of proper prudent management within the Company. . Academic profile and professional career: She is a graduate in Agricultural Economics from Reading University in the UK, with a Programme for Management Development from Harvard University. She worked at Merrill Lynch in Spain for 18 years (1984-2003). She began her career in Private Banking, and worked in this sector for 12 years. She then joined Sociedad de Valores y Bolsa, which was constituted following the acquisition of FG, a process she headed together with Mr Claudio Aguirre, and subsequently headed Operations, Systems HR and Finance. She was then appointed General Manager of Merrill Lynch International Bank’s Spanish subsidiary. She now sits on the Foundational Committee of the ARPE Foundation (Foundation for Art Research Partnership and Education). Since 2004, she has been a member of the Board and member of the Management Committee of Corporación Financiera Guadalmar (CFG), a Family Office with assets in Spain and Latin America, mainly Argentina and Chile. She supervises the Financial Assets Committee, which manages the securities portfolios and the family's investments in the Security Group -of which she is also a Director- and the Awasi and W Santiago hotel group. In 2011, she was appointed Director of Terold Invest, S.L., and in July 2015, she was appointed Director of Acciona, S.A., where she also sits on the Audit Committee. In February 2017, she was appointed Director of Prosegur Cash, S.A., and also sits on the Appointments and Remuneration Committee.

Therefore, the Board of Directors believes that Ms Ana Sainz de Vicuña Bemberg has, at the discretion of the Board of Directors and taking into account the favorable report issued by the Appointments and Remuneration Committee, the knowledge, skills and specific abilities, and the experience and merits necessary for the purpose of proposing the Ordinary General Meeting of Shareholders to appoint her

FOR INFORMATION PURPOSES ONLY. SPANISH VERSION PREVAILS as a member of the Board of Directors of the Company, with the status of independent director, for the statutory period of four years.

2.6. Re-election of Mr Carlos Fernández-Lerga Garralda

The Board of Directors has again appraised the competence, merits and experience of Mr Carlos Fernández-Lerga Garralda for the purposes of his re-election, on the basis of the following:

. D. Carlos Fernández-Lerga Garralda was appointed as an Independent Director of the Company following a resolution by the General Meeting of Shareholders on 19 June 2008, and was re- elected to this post following a resolution by the General Meeting of Shareholders on 30 June 2014. Since he was appointed as a director of the Board of Directors, Mr Carlos Fernández-Lerga Garralda has demonstrated having has specific knowledge, skills and competences. He has also carried out his functions faithfully as a loyal representative, acting in good faith and in the best interests of the Company, on the principle of personal responsibility with freedom of criteria and independence with respect to instructions and third-party links. In this regard, as Coordinating Director, the Board of Directors, on the basis of the report drawn up by the Appointments and Remuneration Committee, has conducted an annual assessment of his work as Coordinating Director, and has concluded that Mr Carlos Fernández- Lerga Garralda has effectively and diligently fulfilled the functions assigned to him under the Bylaws and the Regulations of the Board of Directors. . D. Carlos Fernández-Lerga Garralda has held a number of posts of responsibility throughout his professional career, indicating his capacity and merits for the purposes of proper prudent management within the Company. . Academic profile and professional career: Law degree from the University of Navarra, master’s degree in European studies from the University of Louvain (Belgium) and PhD courses in Law at Universidad Complutense de Madrid and commercial law specialisation courses for post-graduates at the Bank of Spain’s Training Centre. He completed his studies in international law at the Academy for International Law at The Hague, in comparative law and international organisations in Strasbourg and at the Collège Universitaire d´études fédéralistes, Nice, Val d’Aoste. From 1978 to 1983 he was an Advisory Member of the Minister and Secretary of State for Relations with the European Community, participating in negotiations for Spain’s accession to the European Union. From 1984 to 1986, he held the position of General Manager of the European Union Advisory Service at the Banco Hispano Americano Group. He has also been a director of Abantia Corporación. He has also been Coordinating Director and chairman of the Appointments and Remuneration Committee at Gamesa Corporación Tecnológica, S.A. (Lead Independent Director) and General Director of La Caixa. Member of the International Secretariat of World Federalist Youth (Amsterdam, the Netherlands); Secretary of the European League for Economic Cooperation (ELEC), Madrid; Secretary of the Foundation for Progress and Democracy, Deputy (Treasurer) of the Governing Board of the Madrid Bar Association, member of the Executive Committee of Real Instituto Elcano and Trustee of the Spain/US and Spain/China Council Foundations. He has also taught extensively in the School of Political Science at the Complutense University and the Institute of European Studies at the

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University of Alcalá de Henares, among other institutions, and has authored numerous publications on legal issues. He is currently Chairman of Iberdrola Ingeniería y Construcción, S.A. and continues to practise law at his law firm, Carlos Fernández-Lerga Abogados, mainly focusing on legal advice in commercial and civil law. He is currently a member of the Board of Directors at SFL.

Therefore, the Board of Directors believes that Mr Carlos Fernández-Lerga Garralda has, at the discretion of the Board of Directors and taking into account the favorable report issued by the Appointments and Remuneration Committee, the knowledge, skills and specific abilities, and the experience and merits necessary for the purpose of proposing the Ordinary General Meeting of Shareholders to appoint him as a member of the Board of Directors of the Company, with the status of independent director, for the statutory period of four years.

Notwithstanding the foregoing, on 19 June 2020, 12 years shall have elapsed since the first appointment of Mr Carlos Fernández-Lerga Garralda as an independent Director of the Company, i.e. the maximum period stipulated in regulations for a Director to be considered independent. In this regard, Mr Carlos Fernández-Lerga Garralda has undertaken to place his directorship at the disposal of the Company prior to the convening of the Ordinary General Meeting of Shareholders to be held in 2020, to enable the Board of Directors to take the necessary decisions in the best interests of the Company.

2.7. Re-election of Mr Javier Iglesias de Ussel Ordís

The Board of Directors has again appraised the competence, merits and experience of Mr Javier Iglesias de Ussel Ordís for the purposes of his re-election, on the basis of the following:

. D. Javier Iglesias de Ussel Ordís was appointed as an independent director of the Company following a resolution by the General Meeting of Shareholders on 19 June 2008, and was re- elected to this post following a resolution by the General Meeting of Shareholders on 30 June 2014. Since he was appointed as a director of the Board of Directors, Mr Javier Iglesias de Ussel Ordís has demonstrated having specific knowledge, skills and competences. He has also carried out his functions faithfully as a loyal representative, acting in good faith and in the best interests of the Company, on the principle of personal responsibility with freedom of criteria and independence with respect to instructions and third-party links. . D. Javier Iglesias de Ussel Ordís has held a number of posts of responsibility throughout his professional career, evidencing his capacity and merits for the purposes of proper prudent management within the Company. . Academic profile and professional career: Javier Iglesias de Ussel y Ordís has a wealth of experience in financial circles. In 1974, he joined Lloyds Bank International in London, where he held different positions of responsibility for Corporate Banking in Dubai, São Paulo, Asunción and Madrid over 21 years. In 1995, he joined The Bank of New York and was appointed Country Manager for the Iberian Peninsula. He moved to New York in 2002, and was appointed Division Head for Latin America. From 2008 to December 2013, he ran the Representation Office of Chilean bank Banco de Crédito e Inversiones. Mr Iglesias de Ussel has been an Independent Director of Inmobiliaria Colonial since 2008, and has also been an Independent Director of Aresbank since March 2015.

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Mr Iglesias de Ussel holds a degree in modern history from the University of Barcelona and throughout his career has been involved in numerous business administration, marketing, risk analysis and money laundering prevention courses. He lived outside Spain for 22 years, and speaks English, French and Portuguese.

Therefore, the Board of Directors believes that Mr Javier Iglesias de Ussel Ordís has, at the discretion of the Board of Directors, the knowledge, skills and specific abilities, and the experience and merits necessary for the purpose of proposing the Ordinary General Meeting of Shareholders to appoint him as a member of the Board of Directors of the Company, with the status of independent director, for the statutory period of four years.

Notwithstanding the foregoing, on 19 June 2020, 12 years shall have elapsed since the first appointment of Mr Javier Iglesias de Ussel Ordís as an independent Director of the Company, i.e. the maximum period stipulated in regulations for a Director to be considered independent. In this regard, Mr Javier Iglesias de Ussel Ordís has undertaken to place his directorship at the disposal of the Company prior to the convening of the Ordinary General Meeting of Shareholders to be held in 2020, to enable the Board of Directors to take the necessary decisions in the best interests of the Company.

2.8. Re-election of Mr Luis Maluquer Trepat

The Board of Directors has again appraised the competence, merits and experience of Mr Luis Maluquer Trepat for the purposes of his re-election, on the basis of the following:

. Mr Luis Maluquer Trepat was appointed as Director of the Company with the status of external director following a resolution by the Board of Directors on 31 July 2013, and was confirmed in this post following a resolution by the General Meeting of Shareholders on 21 January 2014. Subsequently, Mr Luis Maluquer Trepat was re-elected under a resolution of the General Meeting of Shareholders held on 30 June 2014. Under a decision of the Board of Directors issued on 16 December 2016, his status was changed to independent director, and he is currently holding such status. Since he was appointed as a director of the Board of Directors, Mr Luis Maluquer Trepat has demonstrated having specific knowledge, skills and competences. He has also carried out his functions faithfully as a loyal representative, acting in good faith and in the best interests of the Company, on the principle of personal responsibility with freedom of criteria and independence with respect to instructions and third-party links. . Mr Luis Maluquer Trepat has held a number of posts of responsibility throughout his professional career, evidencing his capacity and merits for the purposes of proper prudent management within the Company. . Academic profile and professional career: He holds a degree in Law from the University of Barcelona and a Diploma in International Institutions from the University of Geneva. Throughout his career at the law firm Maluquer Advocats, SCP, he has advised different national and international institutions, providing his services in the fields of consultancy, legal advice and lawsuits, arbitration and mediation procedures. He also has teaching experience at various institutions, such as the Barcelona Chamber of Commerce, and worked as director at the European Society for Banking and Financial Law (AEDBF Paris).

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He is the founding partner of Despacho Maluquer Advocats, SCP, and is a board member and secretary to a number of companies, including SFL, where he sits on the board. In addition, he has special powers of attorney and is secretary to the board of various subsidiaries of French and Swiss companies, especially in the infrastructure and agri-food industries. He is currently Chairman of the Argentinian Chamber of Commerce in Spain.

Therefore, the Board of Directors believes that Mr Luis Maluquer Trepat has the knowledge, skills and specific abilities, and the experience and merits necessary for the purpose of proposing the Ordinary General Meeting of Shareholders to appoint him as a member of the Board of Directors of the Company, with the status of independent director, for the statutory period of four years.

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MOTIONS FOR APPOINTMENT OR RE-ELECTION OF DIRECTORS

9.1 Appointment of Mr Javier López Casado as director of the Company, as proprietary director.

It is resolved, at the proposal of the Board of Directors and following a favourable report of the Appointments and Remuneration Committee, to re-elect Mr Javier López Casado as a director of Inmobiliaria Colonial, SOCIMI, S.A., as a proprietary director, for the four-year statutory period as from the date of adoption of this resolution.

9.2 Re-election of Mr Re-election of Mr Juan José Brugera Clavero as director of the Company, as executive director.

It is resolved, at the proposal of the Board of Directors and following a favourable report of the Appointments and Remuneration Committee, to re-elect Mr Juan José Brugera Clavero as a director of Inmobiliaria Colonial, SOCIMI, S.A., as a executive director, for the four-year statutory period as from the date of adoption of this resolution.

9.3 Re-election of Mr Pedro Viñolas Serra as director of the Company, as executive director.

It is resolved, at the proposal of the Board of Directors and following a favourable report of the Appointments and Remuneration Committee, to re-elect Mr Pedro Viñolas Serra as a director of Inmobiliaria Colonial, SOCIMI, S.A., as a executive director, for the four-year statutory period as from the date of adoption of this resolution.

9.4 Re-election of Mr Juan Carlos García Cañizares as director of the Company, as proprietary director.

It is resolved, at the proposal of the Board of Directors and following a favourable report of the Appointments and Remuneration Committee, to re-elect Mr Juan Carlos García Cañizares as a director of Inmobiliaria Colonial, SOCIMI, S.A., as a proprietary director, for the four-year statutory period as from the date of adoption of this resolution.

9.5 Re-election of Ms Ana Sainz de Vicuña Bemberg as director of the Company, with the status of independent director.

It is resolved, at the proposal of the Appointments and Remuneration Committee, to re-elect Ms Ana Sainz de Vicuña Bemberg as a director of Inmobiliaria Colonial, SOCIMI, S.A., as a independent director, for the four-year statutory period as from the date of adoption of this resolution.

9.6 Re-election of Mr Carlos Fernández-Lerga Garralda as director of the Company, with the status of independent director.

It is resolved, at the proposal of the Appointments and Remuneration Committee, to re-elect Mr Carlos Fernández-Lerga Garralda as a director of Inmobiliaria Colonial, SOCIMI, S.A.,with the status of independent director, for the four-year statutory period as from the date of adoption of this resolution.

9.7 Re-election of Mr Javier Iglesias de Ussel Ordís as director of the Company, with the status of independent director.

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It is resolved, at the proposal of the Appointments and Remuneration Committee, to re-elect Mr Javier Iglesias de Ussel Ordís as a director of Inmobiliaria Colonial, SOCIMI, S.A., with the status of independent director, for the four-year statutory period as from the date of adoption of this resolution.

9.8 Re-election of Mr Luis Maluquer Trepat as director of the Company, with the status of independent director.

It is resolved, at the proposal of the Appointments and Remuneration Committee, to re-elect Mr Luis Maluquer Trepat as a director of Inmobiliaria Colonial, SOCIMI, S.A., as a independent director, for the four-year statutory period as from the date of adoption of this resolution.

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This report was prepared and approved by the Board of Directors at the registered office, at a meeting held on 19 April 2018.