Orinoquia Real Estate SOCIMI S A : Cuentas Anuales 2022 de Orinoquia Real Estate SOCIMI, S.A. con informe de auditoría - English version.

ORINOQUIA REAL ESTATE SOCIMI, S.A.

This document is a translation of an original text in Spanish. The Spanish language version shall be controlling in all respects and shall prevail in case of any inconsistencies with this English translated version, if any.

[Auditors' report and abridged financial statements for the financial year ended December 31, 2022 of real estate investment company Orinoquia Real Estate Socimi, S.A.; 53 pages in length; cover page]

ORINOQUIA REAL ESTATE SOCIMI, S.A.

Abridged financial statements for the financial year ended December 31, 2022

[Independent auditor's report on abridged financial statements, printed on letterhead of firm Grant Thornton SLP; pages 2 through 4]

INDEPENDENT AUDITOR'S REPORT ON ABRIDGED FINANCIAL STATEMENTS

To the shareholders of Orinoquia Real Estate SOCIMI, S.A.:

Opinion

We have audited the abridged financial statements of Orinoquia Real Estate SOCIMI, S.A. (hereinafter referred to as "the Company"), which comprise the abridged balance sheet as of December 31, 2022, the abridged profit and loss statement, the abridged statement of changes in equity and the abridged annual report for the year then ended.

In our opinion, the accompanying abridged financial statements provide, in all material respects, a true and fair view of the Company's equity and financial position as of December 31, 2022, and of its results for the year then ended, in accordance with the applicable financial reporting standards (identified in note 2 to the abridged annual report) and, in particular, with the accounting principles and criteria set forth therein.

Basis for Opinion

We conducted our audit in accordance with Spanish auditing standards. Our responsibilities under those standards are described below in the Auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the Company in accordance with the ethical requirements, including those regarding independence, that are relevant to our audit of the abridged annual financial statements as required by the regulations governing the auditing of accounts in Spain. We have not provided any non-audit services, nor have any situations or circumstances occurred wherein, under the aforementioned regulations, audit independence may have been compromised.

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

Key Audit Matters

Key audit matters are those matters that, in the auditors' professional judgement, were of most significance in the audit of the abridged financial statements of the current period and include the most significant assessed risks of material misstatement. These risks were addressed in the context of our audit of the abridged financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Valuation of investments and loans to Group and associated companies

As explained in note 1 to the accompanying abridged annual report, the Company is the parent company of a group engaged in the acquisition, development and investment management of residential real estate assets for lease. The Company's interest in its subsidiaries and the loans

ORINOQUIA REAL ESTATE SOCIMI, S.A.

This document is a translation of an original text in Spanish. The Spanish language version shall be controlling in all respects and shall prevail in case of any inconsistencies with this English translated version, if any.

granted to them are the main items of the abridged balance sheet, accounting for 94% of total assets as of December 31, 2022.

In accordance with the applicable financial reporting regulatory framework, the need to make valuation adjustments to these investments and loans based on their recoverable value must be assessed at least at year-end. In this respect, the directors have estimated the recoverable value of the Group's investments and receivables, resulting in a reversal of value in the abridged profit and loss statement for the year in the amount of 3,000 euros. The calculation of the recoverable value may involve a high degree of judgment and estimation, since slight changes in the variables and assumptions used may have a significant impact on the determination thereof, and we have determined this to be our key audit matter.

In connection with the above, we performed a series of audit tests by applying certain procedures as described below:

• We have performed certain procedures to verify specific areas of the financial statements of subsidiaries that we consider to be of greater relative importance.
• We obtained an understanding of the policies and processes implemented by the Company to estimate the recoverable value of its investments and loans, determining that the requirements of the applicable financial reporting framework have been appropriately applied, and we assessed the manner in which the directors made estimates of the recoverable value of investments and loans to the Group's companies, as well as the conclusions reached.
• It should be noted, however, that, given the real estate nature of the activity of the subsidiaries, the recoverable value is closely linked to the recoverable amount of the real estate investments and, therefore, where appropriate, we have reviewed the procedures established by the Company's directors through protocols that ensure the competence and independence of the experts involved. We have also obtained the valuations of investment property carried out by independent experts and have analyzed the calculations made by the Company's directors.
• We have verified the information disclosed in the abridged financial statements.

Directors' responsibilities for the abridged financial statements

The directors are responsible for the preparation of the accompanying abridged financial statements and for being satisfied that they give a true and fair view of the Company's equity, financial position and results, in accordance with the regulatory financial reporting framework applicable to the Company in Spain, and for such internal control as they determine is necessary to enable the preparation of abridged financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the abridged financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to the going concern and using the going concern basis of accounting, unless the directors either intend to liquidate the company or to cease operation, or have no realistic alternative but to do so.

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

Our objectives are to obtain reasonable assurance about whether the abridged 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 is not a 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 to be material if they, individually or in the aggregate, could reasonably be expected to influence the economic decisions of users made on the basis of the abridged financial statements.

ORINOQUIA REAL ESTATE SOCIMI, S.A.

This document is a translation of an original text in Spanish. The Spanish language version shall be controlling in all respects and shall prevail in case of any inconsistencies with this English translated version, if any.

As part of an audit in accordance with the rules and regulations governing the auditing of accounts in Spain, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the abridged financial statements, whether due to fraud or error, design and perform audit procedures responsive 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 for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• 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 company's internal control.
• Assess the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the 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 cast significant doubt on 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 abridged financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the abridged financial statements, including the disclosures, and whether the abridged financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Among the significant risks that have been reported to the company's directors, we have identified those that have been most significant in the audit of the abridged financial statements for the current period and which are, consequently, the risks considered to be the most significant.

We describe these risks in our audit report, unless legal or regulatory provisions prohibit the public disclosure thereof.

Grant Thornton SLP, Single Member Company

No. S0231 of Spain's Official Register of Statutory Auditors (ROAC) [Signed:] David Calzada Criado. ROAC No. 22193; [Corporate seal] May 29, 2023

ORINOQUIA REAL ESTATE SOCIMI, S.A.

This document is a translation of an original text in Spanish. The Spanish language version shall be controlling in all respects and shall prevail in case of any inconsistencies with this English translated version, if any.

[Abridged financial statements for the financial year ended December 31, 2022; pages 5 through 53]

Orinoquia Real Estate SOCIMI, S.A.

Abridged financial statements as of December 31, 2022 (Expressed in euros)

				ASSETS	NOTES		12/31/2022		12/31/2021
			NON-CURRENT ASSETS					14,626,468.07		10,983,695.78
			Intangible assets	5			444.33		2,203.34
			Computer software					84.99		1,039.55
			Other intangible assets					359.34		1,163.79
			Investments in Group companies	6 and 7		14,626,023.74		10,981,492.44
			Long-term investments					13,466,023.74		7,551,800.00
			Long-term loans to Group companies	13			1,160,000.00		3,429,692.44
			CURRENT ASSETS					962,685.39		455,753.05
			Trade and other receivables					87,813.66		63,171.21
			Other receivables from public authorities					87,813.66		63,171.21
			Short-term investments in Group and associated companies	6			45,902.27		183,462.99
			Interest on loans to subsidiaries					45,902.27		183,462.99
			Short-term financial investments		6 and		103,535.34		155,077.40
			13
			Current account with partners and administrators					103,535.34		155,077.40
			Cash and cash equivalents	8			725,434.12		54,041.45
			Cash					725,434.12		54,041.45
TOTAL ASSETS					15,589,153.46		11,439,448.83
				EQUITY AND LIABILITIES		NOTES	12/31/2022		12/31/2021
				EQUITY					15,260,717.63		11,433,830.18
				Owners' equity					15,260,717.63		11,433,830.18
									14,270,000.00		10,932,528.00
				Capital		9.1
				Registered capital					14,270,000.00		10,932,528.00
				Issue premium		9.2			916,425.40		248,931.00
				Reserves		9.3			40,563.56		12,593.52
				Legal and statutory reserves					40,563.56		12,593.52
				Negative results from previous years					(39,922.70)		(39,922.70)
				Result of the financial year		3			393,651.37		279,700.36
				Interim dividend					(320,000.00)		0.00
				CURRENT LIABILITIES					328,435.83		5,618.65
				Short term debts		10			320,000.00		0.00
				Dividend payable					320,000.00		0.00
				Short-Term Payables To Group Companies		10 and	0.00		52.65
					13
				Trade and other payables					8,435.83		5,566.00
				Other Payables					8,435.83		5,566.00
	TOTAL EQUITY AND LIABILITIES					15,589,153.46		11,439,448.83

Notes 1 to 14 of the accompanying abridged annual report are an integral part of the abridged financial statements as of December 31, 2022.

ORINOQUIA REAL ESTATE SOCIMI, S.A.

This document is a translation of an original text in Spanish. The Spanish language version shall be controlling in all respects and shall prevail in case of any inconsistencies with this English translated version, if any.

Orinoquia Real Estate SOCIMI, S.A.

Abridged profit and loss statements as of December 31, 2022 (Expressed in euros)

		NOTES	12/31/2022	12/31/2021
	CONTINUING OPERATIONS
	Net amount of the annual turnover	11.1		551,093.31	349,026.19
	Services rendered			4,678.97	144,090.89
	Dividend income			500,500.00	0.00
	Interest income on loans	6		45,914.34	204,935.30
	Other operating expenses	11.4		(158,456.18)	(282,351.53)
	Outside services			(158,456.18)	(282,351.53)
	Amortization of fixed assets	5		(1,759.01)	(1,827.21)
	Reversal of impairment losses and gains or losses on			3,000.00	214,898.00
	disposal of equity instruments
	Reversal of impairment losses on equity-related instruments	6 and
	11.3-		3,000.00	214,898.00
	of other related companies
	13.4
	OPERATING INCOME			393,878.12	279,745.45
	Financial expenses			(391.22)	(149.15)
	Other financial expenses			(391.22)	(149.15)
	Financial income	11.2		164.47	104.06
	Other financial income			164.47	104.06
	FINANCIAL RESULT			(226.75)	(45.09)
	RESULT BEFORE TAXES			393,651.37	279,700.36
	RESULT FOR THE YEAR			393,651.37	279,700.36

Notes 1 to 14 of the accompanying abridged annual report are an integral part of the abridged financial statements as of December 31, 2022.

Abridged statement of changes in equity for the year ended December 31, 2022 (Expressed in euros)

1. Abridged statement of recognized income and expense for the year ended December 31, 2022

	NOTE	2022		2021
A) RESULT OF THE ABRIDGED PROFIT AND LOSS		393,651.37		279,700.36
STATEMENT
B) TOTAL INCOME AND EXPENSES CHARGED DIRECTLY TO		393,651.37		279,700.36
EQUITY
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT		-		-
TOTAL RECOGNIZED INCOME AND EXPENSES (A+B+C)		393,651.37		279,700.36