WHITENI RCajal SOCIMI S A : 19/05/2023 – Audit Report + financial statements 2022 Whiteni Rcajal Socimi S.A.

C&O CONSULTORES Y AUDITORES SL

R.O.A.C. Nº S-1194

Grupo C&O AUDITORES®

REPORT

OF

CONSOLIDATED ANNUAL ACCOUNTS

WHITENI RCAJAL SOCIMI, S.A.

AND SUBSIDIARIES

FINANCIAL YEAR ENDED 31/12/2022

Fecha: 17-05-2023

DELEGACIÓN CENTRAL C/ CASTELLO 95, 4ºC 28.006 MADRID

Tfno : 902.193.217 Fax:902.195.296

E-mail:[e-mail]

http://www.cyoauditores.com

C&O CONSULTORES Y AUDITORES SL

R.O.A.C. Nº S-1194

Grupo C&O AUDITORES®

INDEPENDENT AUDITOR´S REPORT ON THE CONSOLIDATED ANNUAL

ACCOUNTS

To the Shareholders of WHITENI RCAJAL SOCIMI, S.A.

Opinion

We have audited the consolidated annual accounts of WHITENI RCAJAL SOCIMI, S.A. (the "Parent Company") and its subsidiaries (the "Group"), which comprise the consolidated balance sheet as at 31 December 2022, and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows and notes to the consolidated annual accounts for the year then ended.

In our opinion, the accompanying consolidated annual accounts present fairly, in all material respects, the consolidated equity and consolidated financial position of the Group as at 31 December 2022, and its consolidated results and its consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRSs) and the other provisions of the regulatory financial reporting framework applicable to the Group in Spain.

Basis for Opinion

We conducted our audit in accordance with legislation regulating the audit practice in Spain. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Accounts section of our report.

We are independent of the Group in accordance with the ethical requirements, including those relating to independence, that are relevant to our audit of the consolidated annual accounts in Spain, in accordance with legislation governing the audit practice in force. In this regard, we have not provided any services other than those relating to the audit of the accounts and there have not been any situations or circumstances which, under the mentioned regulations, might have affected the required independence such that this has been compromised.

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

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C&O CONSULTORES Y AUDITORES SL

R.O.A.C. Nº S-1194

Grupo C&O AUDITORES®

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated annual accounts of the current period. These matters were addressed in the context of our audit of the consolidated annual accounts as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Investment Property

Real estate investments constitute 42% of the Group's assets. The group, as described in Notes 2.3 and 2.6, applies the cost method in accordance with IAS 40, so after initial recognition, it values all of its real estate investments applying the requirements established in IAS 16, recording amortization charges and impairment losses that must be recognized in relation to them.

For the determination of the recoverable value, the Group used valuations carried out by independent experts. Valuations are carried out in accordance with the Valuation and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) of Great Britain and in accordance with International Valuation Standards

Appraisers consider specific variables such as signed leases and the rental market trend. Likewise, they assume certain hypotheses regarding variables, such as the discount rate, estimated market income and comparable transactions, reaching a final valuation.

The importance of the estimates and judgments that these valuations entail, makes the subsequent valuation of real estate investments to be considered a key issue of the audit.

How they have been treated in the audit

For acquisitions of real estate investments, we check the key documentation supporting them, such as contracts and deeds of sale and purchase or other documents that affect the price.

Additionally, we have obtained the valuation of the real estate investments made by the independent experts of the management, on which we have carried out, among others, the following procedures:

• Verification of the competence, capacity and independence of the expert appraiser, revealed in his own report and the confirmation of his recognized prestige in the market.
• Verification that the valuations have been carried out according to accepted methodology.
• Carrying out selective tests to check the accuracy of the data supplied by the management to the evaluator and used by them.

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C&O CONSULTORES Y AUDITORES SL

R.O.A.C. Nº S-1194

Grupo C&O AUDITORES®

• Evaluation of the coherence of the main hypotheses used, taking into account market conditions.

Additionally, we have evaluated the sufficiency of the information disclosed in the consolidated annual accounts.

Other information: Consolidated Management Report

Other information comprises only the consolidated management report for the 2022 financial year, the preparation of which is the responsibility of the Parent´s Directors and which does not form an integral part of the consolidated annual accounts.

Our audit opinion on the consolidated annual accounts does not cover the consolidated management report. Our responsibility regarding the information contained in the consolidated management report is defined in the audit regulations in force, which establish two different levels thereof:

1. A specific level applicable to the consolidated non-financial information statement and to certain information included in the Annual Corporate Governance Report, as defined in article 35.2. b) of Audit Law 22/2015, which consists solely of verifying that this information has been provided in the consolidated management report, or where applicable, that the consolidated mangement report makes reference to the separate report on non-financial information, as provided for in legislation, and if not, to report on this matter.
2. A general level applicable to the rest of the information included in the consolidated management report, which consists of assessing and reporting on the consistency of this information with the consolidated annual accounts, based on knowledge of the Group obtained during the audit of the aforementioned consolidated accounts and without including any information other than that obtained as evidence during the audit. Also, assessing and reporting on whether the content and presentation of this part of the consolidated management report are in accordance with applicable legislation. If, based on the work we have performed, we conclude that there are material misstatements, we are required to report them.

Based on the work carried out, as described above, we have verified that the information mentioned in section a) above is included in the consolidated management report and that the rest of the information contained in the consolidated management report is consistent with that disclosed in the consolidated annual accounts for 2022 and its content and presentation are in accordance with applicable legislation.

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C&O CONSULTORES Y AUDITORES SL

R.O.A.C. Nº S-1194

Grupo C&O AUDITORES®

Responsibilities of the Parent Company´s Directors and of the Audit Committee for the Consolidated Annual Accounts

The Parent´s Directors are responsible for the preparation of the accompanying consolidated annual accounts in such a way that they give a true and fair view of the consolidated equity, consolidated financial position and consolidated financial performance of the Group in accordance with IFRS-EU and other provisions, in particular, with the accounting principles and criteria set forth therein, and for such internal control as they determine is necessary to enable the preparation of consolidated annual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated annual accounts, the Parent Company's Directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

The Parent Company's audit committee is responsible for overseeing the preparation and presentation of the consolidated annual accounts.

Auditor's Responsibilities for the Audit of the Consolidated Annual Accounts

Our objectives are to obtain reasonable assurance about whether the consolidated annual accounts 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 level of assurance but is not a guarantee that an audit conducted in accordance with legislation governing the audit practice 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual accounts.

As part of an audit in accordance with legislation governing the audit practice 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 consolidated annual accounts, 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 Group´s internal control.

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