AROCA DEL PINAR SOCIMI, S.A. Calle Nanclares de Oca 1, 1B Madrid (SPAIN). https://www.arocadelpinarsocimi.es/ INFORMATION DOCUMENT "a #H\H -Y E J EJ ADMISSION TO TRADING OF SHARES ON EURONEXT ACCESS PARIS Euronext Access est un marché géré par Euronext. Les sociétés admises sur Euronext Access ne sont pas soumises aux mêmes règles que les sociétés du marché réglementé. Elles sont au contraire soumises à un corps de règles moins étendu adapté aux petites entreprises de croissance. Le risque lié à un investissement sur Euronext Access peut en conséquence être plus élevé que d’investir dans une société du marché réglementé. Euronext Access is a market operated by Euronext. Companies on Euronext Access are not subject to the same rules as companies on a Regulated Market (a main market). Instead they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in investing in a company on Euronext Access may therefore be higher than investing in a company on a Regulated Market. Ce document peut également être consulté sur le site internet AROCA DEL PINAR SOCIMI, S.A. (www.arocadelpinarsocimi.es) / Copy of this Information Document is available free of charge at AROCA DEL PINAR SOCIMI, S.A.´s website (www. arocadelpinarsocimi.es). L’opération proposée ne nécessite pas de visa de l’Autorité des Marchés Financiers (AMF). Ce document n’a donc pas été visé par l’AMF. / The proposed transaction does not require a visa from the Autorité des Marchés Financiers (AMF). This document was therefore not endorsed by the AMF. 1 Content 1 GENERAL DESCRIPTION OF AROCA DEL PINAR SOCIMI, S.A. ................................................... 6 1.1 COMPANY NAME, REGISTERED OFFICE AND REGISTRATION FOR THE SPECIAL TAX REGIME FOR SOCIMI ................................................................................................................. 7 1.1.1 Company name ........................................................................................................... 7 1.1.2 Registered office .......................................................................................................... 7 1.1.3 Data of Registration with the Commercial Registry .................................................... 7 1.1.4 Registration for the SOCIMI special tax regime .......................................................... 7 1.2 DURATION (ARTICLE 3 OF THE ARTICLES OF ASSOCIATION) ...................................... 7 1.3 COMPANY PURPOSE (ARTICLE 2 OF THE ARTICLES OF ASSOCIATION) ....................... 7 1.4 FISCAL YEAR (ARTICLE 23 OF THE ARTICLES OF ASSOCIATION) .................................. 8 1.5 PAYMENT OF DIVIDENDS (ARTICLE 25 BIS. - OF THE ARTICLES OF ASSOCIATION) ..... 9 1.6 ADMINISTRATIVE, MANAGEMENT, AND CONTROLLING BODIES ............................... 9 1.6.1 Board of Directors (ARTICLES 17, 18, 19 AND 20 OF THE ARTICLES OF ASSOCIATION) 9 1.6.2 Composition of the Board of Directors ...................................................................... 11 1.6.3 Directors’ trajectory .................................................................................................. 11 1.6.4 Assessment of the Board of Directors related to Bankruptcy, liquidation, and/or fraud related convictions ..................................................................................................... 13 2 HISTORY AND KEY FIGURES .................................................................................................... 14 2.2 HISTORY OF THE COMPANY ..................................................................................... 14 2.3 SELECTED FINANCIAL DATA ..................................................................................... 16 3 COMPANY ACTIVITY ............................................................................................................... 17 3.1 SUMMARY OF THE BUSINESS ................................................................................... 17 3.2 COMPANY INVESTMENT DATA ................................................................................ 17 3.3 PAST AND FUTURE INVESTMENTS ........................................................................... 19 3.4 COMPANY´S FUNCTIONAL ORGANIZATION .............................................................. 19 3.5 BUSINESS MODEL .................................................................................................... 19 3.6 INVESTMENT STRATEGY AND COMPETITIVE ADVANTAGES ...................................... 22 3.7 DESCRIPTION OF REAL ESTATE ASSETS .................................................................... 25 3.7.1 Etorbidea 1, Portugalete, Vizcaya – Ballonti Shopping Centre, Petrol Station and hypermarket ........................................................................................................................ 25 3.7.2 Calle Isabel Colbrand 22, Madrid - Castellana Norte Business Park ......................... 29 3.8 THE MARKET ........................................................................................................... 31 3.8.1 Main macroeconomic indicators ............................................................................... 31 2 3.8.2 Retail Market ............................................................................................................. 31 3.8.3 Office Market ............................................................................................................ 33 3.9 DEPENDENCE ON LICENCES AND PATENTS .............................................................. 33 3.10 INSURANCE CONTRACTS .......................................................................................... 34 3.11 RELATED-PARTY TRANSACTIONS.............................................................................. 34 4 RISK FACTORS ......................................................................................................................... 36 4.1 RISKS ASSOCIATED WITH THE REAL ESTATE BUSINESS ............................................. 36 4.1.1 Cyclical sector ............................................................................................................ 36 4.1.2 Risks derived from the possible fluctuation in the demand for properties and their consequent decrease in rental prices .................................................................................. 36 4.1.3 Degree of liquidity of investments............................................................................. 36 4.1.4 Risk of lack of occupation or activity licence ............................................................. 36 4.2 OPERATING RISKS .................................................................................................... 36 4.2.1 Risks associated with the valuation of assets ........................................................... 36 4.2.2 Geographical concentration of product and market ................................................. 37 4.3 LEGAL AND REGULATORY RISKS ............................................................................... 37 4.3.1 Risks related to regulatory changes .......................................................................... 37 4.3.2 Changes in tax legislation (including changes in the tax regime of SOCIMI) ............ 37 4.3.3 Application of special tax regime .............................................................................. 38 4.3.4 Loss of the SOCIMI tax regime................................................................................... 38 4.3.5 Litigation risk ............................................................................................................. 38 4.3.6 Lack of liquidity for the payment of dividends .......................................................... 39 4.4 FINANCIAL RISKS ..................................................................................................... 39 4.4.1 Risk relating to debt management and the associated interest rate ........................ 39 4.4.2 Risk arising from the effect of COVID-19 ................................................................... 40 5 INFORMATION CONCERNING THE OPERATION ..................................................................... 41 5.1 ADMISSION ON EURONEXT ACCESS ......................................................................... 41 5.2 OBJECTIVES OF THE LISTING PROCESS ..................................................................... 41 5.3 COMPANY’S SHARE CAPITAL (ARTICLE 5 OF THE ARTICLES OF ASSOCIATION) .......... 42 5.4 EVOLUTION OF THE SHARE CAPITAL, INCREASES AND REDUCTIONS ........................ 42 5.5 MAIN CHARACTERISTICS OF THE SHARES (ARTICLES 6 AND 8 BIS OF THE ARTICLES OF ASSOCIATION) ................................................................................................................ 43 5.6 CONDITIONS FOR THE TRANSFER OF SHARES .......................................................... 46 6 COMPANY VALUATION AND FINANCIAL FORECASTS ............................................................ 48 6.1 COMPANY VALUATION ............................................................................................ 48 6.1.1 Methodology ............................................................................................................. 48 3 6.2 REAL ESTATE VALUATION ........................................................................................ 52 6.3 BUSINESS PLAN ....................................................................................................... 56