MAQ Administración Urbanas SOCIMI S A : • Audit report & Financial Statements and Management Report MAQ 2023

MAQ ADMINISTRACIÓN URBANAS, SOCIMI, S.A.

Financial Statements and Director's Report for financial year 2023 together with Audit Report on the Financial Statements issued by an Independent Auditor

16 May 2024

MAQ ADMINISTRACIÓN URBANAS, SOCIMI, S.A.

Annual accounts corresponding to the financial year 2023

along with the Audit Report on the Annual Accounts

AUDITOR´S REPORT ON THE ANNUAL ACCOUNTS

ANNUAL ACCOUNTS FOR THE FINANCIAL YEAR 2023:

• Balance Sheet at 31 December 2023 and 2022
• Profit Loss Account for the financial year 2023 and 2022
• Statement of Changes in Net Equity for the financial year 2023 and 2022
• Cash Flow Statement for the years 2023 and 2022
• Annual report for the financial year 2023

DIRECTOR'S REPORT FOR THE YEAR 2023

BDO Auditores, S.L.P., sociedad limitada española, es miembro de BDO International Limited, una compañía limitada por garantía del Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas.

BDO es la marca comercial de la red BDO y para todas sus firmas miembro.

MAQ ADMINISTRACIÓN URBANAS, SOCIMI, S.A.

AUDITOR´S REPORT ON ANNUAL ACCOUNTS

BDO Auditores, S.L.P., sociedad limitada española, es miembro de BDO International Limited, una compañía limitada por garantía del Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas.

BDO es la marca comercial de la red BDO y para todas sus firmas miembro.

Tel: [phone]

www.bdo.es

Avda. de la Aurora, nº 17

Edificio Aurora Plaza, 1ª planta, oficina 3 29002 Málaga

España

This version of our report is a free translation of the original, which was prepared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.

Audit report on the financial statements issued by an independent auditor

To Shareholders of MAQ ADMINISTRACIÓN URBANAS, SOCIMI, S.A.

Opinion

We have audited the annual accounts of MAQ ADMINISTRACIÓN URBANAS, SOCIMI, S.A. (the Company), which comprise the balance sheet at 31 December 2023, the profit and loss account, the statement of changes in equity, the statement of cash flows and the report for the financial year ended on that date.

In our opinion, the accompanying financial statements give, in all material respects, a true and fair view of the Company's equity and financial position as at 31 December 2023, as well as its results and cash flows for the financial year ending on said date, in accordance with the application of the regulatory framework of financial information (identified in note 2 a) of the report) and, in particular, with the accounting principles and criteria contained therein.

Basis for opinion

We have performed our audit in accordance with the current regulations governing the auditing of accounts in Spain. Our responsibilities in accordance with these regulations are described later in the section Auditor's Responsibilities relating to the audit of the financial statements of our report.

We are independent of the Company in accordance with the ethical requirements, including those of independence, which are applicable to our audit of the financial statements in Spain as required by the regulations governing the activity of auditing accounts. Accordingly, we have not provided services other than those of the audit of accounts nor have concurred situations or circumstances that, in accordance with the provisions of the aforementioned governing regulations, have compromised the necessary independence.

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

Key audit matters

The key audit matters are matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. Our audit procedures relating to these matters were designed in the context of our audit of the financial statements as a whole, and in the formation of our opinion on these and we do not express a separate opinion on those matters.

BDO Auditores S.L.P., sociedad limitada española, inscrita en el Registro Oficial de Auditores de Cuentas nº S1.273, es miembro de BDO International Limited, una compañía limitada por garantía del Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas.

Registro Mercantil de Barcelona, Tomo 47.820, Folio 131, Hoja n.º B-563.253, CIF: B-82387572

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Key Audit matters

Audit response

Income recognition

As indicated in note 1 of the accompanying notes to the financial statements, the Company's main activity is the rental of real estate properties of own.

The recognition of income is a significant and susceptible area for inaccuracies, especially with regard to the integrity, accuracy and adequate temporary allocation, for this reason we have considered this issue as a key audit matter.

We have performed, amongst others, the following audit procedures:

• Obtain an understanding of the internal controls established by the Company's Management to assurance the integrity and accuracy of the income figure.
• Analysis of the reasonableness of the income recorded through analytical reviews of the different income concepts, comparing these with previous years.
• Review a sample of transactions to ensure that the recording of income is made based on the accrual principle.
• Analysis of the main lease contracts and verification that the registered income coincides with the conditions contained therein.
• Verification that the information included in the financial statements is timely and sufficient.

BDO Auditores, S.L.P., sociedad limitada española, es miembro de BDO International Limited, una compañía limitada por garantía del Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas.

BDO es la marca comercial de la red BDO y para todas sus firmas miembro.

3

Key Audit matters

Audit response

Tax regime applicable to SOCIMI

As indicated in notes 1 and 2 c) of the attached financial statement, the Company is governed, among other regulations, by Law 11/2009, of 26 October as amended by Law 16/2012, of

27 December and Law 11/2021 of 9 July, regulating Publicly Listed Investment Companies in the real estate market ("SOCIMIS law"). One of the main characteristics of this type of company is that the tax rate for Corporation Tax is set at 0%.

The SOCIMIS Law requires the Company to comply with certain requirements in making investments, the nature of the income obtained, the permanence of real estate assets in the portfolio, as well as the distribution of dividends, under the terms and deadlines set.

The correct application of the regulations applicable to SOCIMIS is a significant risk, since tax exemption has a significant impact on the financial statements, so we have considered this issue as key Audit matter.

We have performed, amongst others, the following audit procedures:

• Understanding of the requirements established in Law 11/2009, of 26 October as amended by Law 16/2012, of 27 December and Law 11/2021, of 9 July, regulating Publicly Listed Investment Companies in the real estate market.
• Verification of the compliance requirements of minimum share capital required by SOCIMIS law.
• Verification that the Company joined the "EURONEXT ACCESS PARIS"
  Market as a SOCIMI for the trading of ordinary shares issued by the Company in the Multilateral Facility of "Euronext Access" operated by Euronext Access Paris S.A.
• Verification of the investment requirements established by SOCIMIS law.
• Verification of the requirements for the distribution of results established in the SOCIMIS law.
• Verification that the information included in the financial statements is timely and sufficient, especially as established by the tax regulations that regulate the special SOCIMI regime.

BDO Auditores, S.L.P., sociedad limitada española, es miembro de BDO International Limited, una compañía limitada por garantía del Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas.

BDO es la marca comercial de la red BDO y para todas sus firmas miembro.

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Other information: Management report

The other information comprises exclusively the management report for financial year 2023, the formulation of which is the responsibility of the Company's management and does not form an integral part of the financial statements.

Our audit opinion on the annual accounts does not cover the management report. Our responsibility over the management report, in accordance with the requirements of the regulations governing the audit activity, consists of evaluating and reporting on the consistency of the management report with the annual accounts based on the knowledge of the Company obtained in carrying out the audit of the aforementioned annual accounts, as well as evaluating and reporting on whether the content and presentation of the management report are in accordance with the applicable regulations. If based on the work we have performed, we conclude that there is a material misstatement, we would be obliged to report this.

Based on the work performed, as described in the previous paragraph, the information contained in the management report agrees with that in the financial statements for financial year 2023 and its content and presentation is in accordance with the applicable regulations.

The responsibility of the management in respect of the financial statements

The management are responsible for formulating the accompanying financial statements, so that they give a true image of the assets, the financial situation and the results of the Company, in accordance with the regulatory framework on financial information applicable to the Entity in Spain, and of the internal control that they consider necessary to allow the preparation of the financial statements free of material misstatement, due to fraud or error.

In the preparation of the financial statements, the management are responsible for assessing the Company's ability to continue as a going concern, revealing, as appropriate, the matters related with a company in operation and using the accounting principle of a going concern except if the management intend to liquidate the Company or cease operations, or if there is no other realistic alternative.

BDO Auditores, S.L.P., sociedad limitada española, es miembro de BDO International Limited, una compañía limitada por garantía del Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas.

BDO es la marca comercial de la red BDO y para todas sus firmas miembro.

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The auditor's responsibility for the audit of the financial statements

Our objectives are to obtain reasonable assurance that the financial statements as a whole are free from material misstatement, due to fraud or error, and to issue an audit report that contains our opinion. Reasonable assurance is a high degree of assurance, but is not a guarantee that an audit conducted in accordance with the regulations governing the audit activity in force in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the current regulations governing the account auditing activity in Spain, we exercise professional judgment and maintain an attitude of professional skepticism throughout the audit. Also:

• We identify and assess the risks of material misstatement in the financial statements, due to fraud or error, design and perform audit procedures to respond to 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 resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or circumvention of internal control.
• We obtain knowledge of the 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 evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and disclosures made by management.
• We conclude whether the use, by management, of the accounting principle of the company as a going concern is adequate and, based on the audit evidence obtained, we conclude on whether or not there is a material uncertainty related to events or conditions that can generate significant doubts about the ability of the Company to continue as a going concern. If we conclude that there is material uncertainty, we are required to draw attention in our audit report to the corresponding information disclosed in the financial statements or, if such disclosures are not adequate, we express a modified opinion. Our conclusions are based on the audit evidence obtained at the date of our audit report. However, future events or conditions may cause the Company to cease to be a going concern.

BDO Auditores, S.L.P., sociedad limitada española, es miembro de BDO International Limited, una compañía limitada por garantía del Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas.

BDO es la marca comercial de la red BDO y para todas sus firmas miembro.

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• We evaluate the overall presentation, structure and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We are required to communicate with the Entity's management of regarding, amongst other matters, the planned scope and timing of the audit and significant findings, including any significant deficiencies in internal control that we identify during the course of the audit.

Amongst the matters that have been communicated to the Entity's management, we determine those that have been of the greatest significance in the audit of the financial statements of the current period and that are, consequently, the key matters of the audit.

We describe those matters in our audit report unless legal or regulatory provisions prohibit public disclosure of the matter.

BDO Auditores, S.L.P.

16 May 2024

BDO Auditores, S.L.P., sociedad limitada española, es miembro de BDO International Limited, una compañía limitada por garantía del Reino Unido y forma parte de la red internacional BDO de empresas independientes asociadas.

BDO es la marca comercial de la red BDO y para todas sus firmas miembro.