Inmobiliaria del Sur : Hecho Relevante 31-05-2017

Plaza del Teatro (Malaga) Edificio Insu r (Sevilla)

LEGAL DISCLAIMER

This presentation is the exclusive property of INMOBILIARIA DEL SUR (INSUR). Its total or partial reproduction is strictly prohibited and it is covered by current law. Offenders will legally prosecuted both in Spain and abroad. The use, copy, reproduction or sale of this publication may only be undertaken with the explicit authorization in writing by INSUR.

This document is purely informative and does not constitute an acquisition, exchange or sales offer, nor an invitation to form a purchase offer on securities issued by the Company. The information contained in this document includes declarations on future intentions, prospects or forecasts. All declarations, except those based on past data, are future declarations, including those regarding our financial position, business strategy, management plans and objectives for future operations. These intentions, prospects or forecasts are subject, as such, to risks and uncertainties, which may determine that what actually occurs does not correspond to them. These risks include the evolution and competition of the real estate sector, preferences and expenditure trends of consumers and their access to credit, economic, financing and legal conditions, plus others. The risks and uncertainties that could possibly affect information provided, are difficult to predict. The information included in this document has not been checked or revised by INSUR auditors. The Company assumes no obligation to revise or publicly update these declarations, in the event of changes or unforeseen events, that may affect them. The Company provides information on them and other factors that may affect future declarations, the business and financial results of INSUR Group, in the documents presented before the Spanish National Stock Exchange Commission. Anyone interested is invited to consult these documents.

2

EXECUTIVE SUMMARY

Consolidation of the recovery of the real estate sector

• This recovery started in 2014, mainly in Madrid and Barcelona, and in certain coastal areas. It is starting to extend to other territories, backed by the growth in GDP, the intense creation of employment, improved confidence of families and good financial conditions.

  Insur Group

• Insur is a real estate group founded 72 years ago. It operates in West Andalucia, basically in Seville, Malaga, Costa del Sol and Madrid.

• It has two main areas of business: Development and Property, and two secondary businesses: Construction and Real Estate management projects.

• It has overcome the recession of the real estate sector without any dation in payment or applying any bank release, thanks to its:

  • A clear inclination towards property preservation (66% of GAV).

  • Traditional policy of acquiring land for urban development.

  • Vertical integration strategy.

  • Experienced management team.

    Strategy

• The strategy of Insur Group is defined in its Strategic Plan 2016-2020 and covers the following chief objectives:

  • Make use of the recovery in real estate in the area of development, by promoting geographic diversification in Madrid and Costa del Sol. Deliver 2,000-2,500 homes during the period from 2016 to 2020, with accrued income of 550-650 M€ (1). Today, the Group has a land portfolio , on which 2,086 homes can be built (in plots acquired mainly between 2013 and 2016).

  • Optimize resources in the area of property, increase the occupancy rate up to 85%-90% by 2020, reaching a turnover of 16.5-17.5 M€. In 2016, there have been new registrations for 11,763 m2 (10.2% of the above-ground portfolio)

  • Promote the project management and construction area, which will provide additional recurring invome for the Group.

  • It is estimated that NAV will grow from 285 M€ (1st semester 2015) to 350-375 M€ (2) in 2020.

• Insur Group has a powerful platform to make use of the recovery of the Spanish real estate market.

1. In own developments and through JVs 3

2. Without taking the distribution of dividends into consideration.

CONTENTS

Contents

ECONOMIC ENVIRONMENT

• INTRODUCTION

• DEVELOPMENT ACTIVITY

• PROPERTY ACTIVITY

INSUR GROUP

FINANCIAL HIGHLIGHTS

STRATEGY - STRATEGIC PLAN 2016 - 2020

ANNEXES

4