Inmosupa SOCIMI S A : Financial Statements 2021

AUDIT REPORT ON THE ANNUAL FINANCIAL STATEMENTS ISSUED BY AN

INDEPENDENT AUDITOR

To the Shareholders of INMOSUPA SOCIMI, S.A.

Opinion

We have audited the annual financial statements of INMOSUPA SOCIMI, S.A. (the Company), which comprise the balance sheet as of 31 December 2021, the income statement, the statement of changes in equity, the cash flow statement and the notes to the financial statements for the year ended on the aforementioned date.

In our opinion, the attached financial statements give, in all material aspects, a true and fair view of the Company's net assets and liabilities and of its financial position as of 31 December 2021 and of its financial results and cash flows for the year then ended, in accordance with the applicable financial reporting framework (as identified in Note 2 to the financial statements) and, in particular, with the accounting principles and criteria set out in that framework.

Basis for the opinion

We have conducted our audit in accordance with auditing standards in force in Spain. Our responsibilities under those standards are described below in the section of our report under the heading "Auditor's responsibilities for the audit of the annual financial statements".

We are independent of the Company in accordance with the ethical requirements, including independence requirements, applicable to our audit of the annual financial statements in Spain, as required by the regulations governing the audit activity. In this sense, we have not provided services other than those of the audit of accounts nor have there been any situations or circumstances which, in accordance with the provisions of the aforementioned regulations, have affected the necessary independence in such a way that it has been compromised.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Audit highlights

The key audit matters are those that, in our professional judgement, have been identified as the most significant risks of material misstatement in our audit of the current period financial statements. These risks have been addressed in the context of our audit of the annual financial statements as a whole, and in reaching our opinion on them, and we do not express a separate opinion on those risks.

Real estate investments (see Notes 4.3 and 7 to the accompanying annual financial statements):

Description of risk

The risk of incorrect recording of the acquisition of these assets or incorrect recognition of costs and impairment of the same, as well as the significance of the amounts, have made us consider the evaluation of real estate investments as one of the most important aspects of our audit.

Audit response

Our audit procedures included, among other things, an understanding of the Company's process for the management of its fixed asset inventory and an assessment of the design and implementation of key controls established by the Company to prevent errors in the capitalization of costs within real estate investments.

In addition, we have reviewed the deeds of sale and purchase to verify that there are no errors in the amounts recorded. We also assessed the recoverable amount estimated by management using a sample of the appraisals commissioned by the Company to ensure that there are no unrecorded impairments.

Finally, we have assessed whether the disclosures in the annual financial statements comply with the requirements of the financial reporting framework applicable to the Company.

Other matters

On 12 May 2021, other auditors issued their audit opinion on the annual financial statements for the year ended 31 December 2020 in which they expressed a favorable opinion.

Other information: management report

The other information comprises exclusively the management report for the financial year 2021, the preparation of that report is the responsibility of the Board of Directors and it is not integrated in the annual financial statements.

Our audit opinion on the financial statements does not cover the management report. Our responsibility for the management report, as required by the regulations governing the audit activity, is to assess the consistency of the management report with the annual financial statements, based on our knowledge of the entity obtained in the course of the audit and without including information other than that obtained as evidence during the same. Our responsibility is also to assess whether the content and presentation of the management report comply with the applicable regulations. If, based on the work we have performed, we conclude that there are material misstatements, we are obliged to report these.

Based on the work performed, as described in the preceding paragraph, the information in the management report is consistent with the information in the annual financial statements for the financial year 2021 and its content and presentation are in accordance with the applicable standards.

Responsibility of the Board of Directors for the annual financial statements

The Board of Directors is responsible for the preparation of the accompanying annual accounts so that they present fairly the Company's equity, financial position and results of operations in accordance with the regulatory financial reporting framework applicable to the entity in Spain, and for such internal control as it determines is necessary to enable the preparation of annual financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the annual financial statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as appropriate, going concern matters and using the going concern basis of accounting unless the Board of Directors intends to liquidate the Company or to cease operations, or if there is no realistic alternative.

Auditor's responsibilities for the audit of the annual financial statements

Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high degree of assurance, but it does not guarantee that an audit conducted in accordance with Spanish auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the annual financial statements.

A more detailed description of our responsibilities for the audit of the annual financial statements is included in Appendix 1 to this auditor's report. This description is set out on pages 4 and 5 below and is integral part of our auditor's report.

20 May, 2022

LMN LUCA AUDITORES, S.L.P.

(Registered in the Official Register of Statutory Auditors under No. S-0514)

Rafael López Mera

Appendix 1 to our audit report

In addition to what is included in our auditor's report, we include in this appendix our responsibilities for the audit of the annual financial statements.

Auditor's responsibilities regarding the audit of the annual financial statements

As part of an audit in accordance with the regulations governing the audit activity in Spain, we apply our professional judgement and maintain an attitude of professional skepticism throughout the audit. In addition:

• We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, we design and perform audit procedures designed to address those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement due to fraud is higher than for a material misstatement due to error, as fraud may involve collusion, forgery, intentional omissions, deliberate misstatements, intentional misrepresentations, or the circumvention of internal control.
• We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
• We assessed the adequacy of accounting policies and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• We conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cause significant doubt about the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to express a modified opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Company to cease to be a going concern.
• We assessed the overall presentation, structure and content of the annual financial statements, including the disclosures, and whether the annual financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

We communicated with the entity's Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, as well as any significant internal control weaknesses that we identified during the course of the audit.

Among the significant risks that have been communicated to the entity's Board of Directors, we identified those that were of most significance in the audit of the current period's annual financial statements and which are, accordingly, the risks considered to be the most significant.

We describe these risks in our auditor's report unless legal or regulatory provisions forbid public disclosure.

INMOSUPA, SOCIMI, S.A.

Financial Statements and Management Report

Corresponding to the fiscal year ending on

December 31, 2021