Arima Real Estate Socimi S.A.

Annual Report • Feb 24, 2020

FULL YEAR RESULTS 2019

EXECUTIVE SUMMARY 2019 AT A GLANCE

Notes: (1) 12-month like-for-like compares with the same properties included in the portfolio at 31 December 2018; (2) Based on the external independent valuation carried out by CBRE Valuation Advisory (RICS) 31 December 2019; (3) Portfolio acquisition price; (4) In accordance with EPRA Best Practice Recommendations; (5) Lease in office building America terminated ahead of refurbishment works; (6) Post-period, a new bilateral loan agreement signed in Jan'20 for a notional of EUR 9.4m; (7) Weighted average; all-in costs include spread, up-front costs and hedge

STRONG AND STEADY VALUATION UPLIFT SINCE IPO

• Ʌ +16% portfolio valuation growth on acquisition price since IPO, and +9.5% 12-month LfL1. GAV of EUR 222 million at 31 December 20192
• Ʌ Capital value growth driven by accretive acquisitions at very competitive prices and good progress on redevelopment plan

INTENSE INVESTMENT AND ACTIVE ASSET MANAGEMENT ACTIVITY

• Ʌ Continued strategic deployment of firepower with proceeds raised in the year expected to be fully deployed in the next 12 months
• Ʌ 7 properties acquired since IPO, all in line with the investment strategy, for a total amount of €191m3 . The high-quality and well-balanced portfolio has a strong uplift potential
• Ʌ Redevelopment pipeline on track: two schemes in offices (18,600 sqm) with refurbishment works currently ongoing, and two additional (15,200 sqm) with building permits granted and works expected to begin in Q2 2020
• Ʌ Office lettings with 3,636 sqm signed in the period with an average releasing spread of +9.2% The scarcity of large class A space is pushing market rents up
• Ʌ 6.7% ERV yield post-capex vs c.4% market yield

ROBUST FINANCIAL PERFORMANCE IN LINE WITH COMPANY GROWTH

• Ʌ EPRA NAV4 per share of EUR 10.6, up +9.8 % since IPO
• Ʌ Gross rental income for the year of EUR 4.7m. Annualised GRI at Dec'19 was EUR 5.2m5
• Ʌ Net profit of EUR 15.4m, and EPS of EUR 1.05 p.s.
• Ʌ Gross LTV of 32.8%, cash in banks and equivalents of EUR 154 million

ACTIVE MANAGEMENT OF OUR CAPITAL STRUCTURE

• Ʌ Successfully executed two capital increases during the year to fund further growth:
• Ʌ EUR 40m in April '19: 40% of the share capital, fully deployed in 3 months
• Ʌ EUR 150m in November '19: c.100% of the share capital, with Ivanhoé Cambridge as new anchor investor subscribing c.50%. Funds deployment already started in Dec'19
• Ʌ Overall, multiplying x3 the company's share capital and x2 the share liquidity
• Ʌ Long-term bilateral loan agreements signed for a notional amount of EUR 93m YTD6

SUSTAINABILITY AND RESPONSIBILITY, A CORE PART OF OUR BUSINESS

• Ʌ 80% of portfolio expected to be LEED/BREEAM certified in 2021
• Ʌ EPRA member since IPO, and the only rental property portfolio company in Spain RICS-accredited
• Ʌ ESG certificates already being assessed, only 12 months post-IPO

FY19 FINANCIAL RESULTS

FINANCIAL RESULTS

> KEY BALANCE SHEET ITEMS

€'000 unless specified	31/12/2018	31/12/2019
Gross Asset Value (GAV)1	39,976	221,650
Gross Debt	–	72,637
Cash & Equivalents	57,967	153,967
Gross LTV (%)	n.a.	32.8%
EPRA NAV2	97,088	300,513
EPRA NAV p.s.2	9.8	10.6

> KEY INCOME STATEMENT METRICS

€'000 unless specified	31/12/2018	31/12/2019
Gross Rental Income (GRI)	12	4,719
Net Rental Income (NRI)	12	4,337
EBIT	1,124	16,133
Net profit	1,124	15,389
EPS (€ p.s.)	0.11	1.05

€18.4 MILLION OF NET PROFIT, WITH THE PORTFOLIO STILL BEING BUILT UP AND REPOSITIONINGS IN EARLY PHASE

• Ʌ Portfolio assets Cristalia, América, additional M Molina, Guadalix, Ramírez de Arellano and LS7 – not contributing in full to Arima's FY 2019 P&L. They were acquired during the period and some are undergoing refurbishment works. Thus, Arima's FY2019 P&L does not reflect the real operating income of the company's current portfolio of assets
• Ʌ Expected revaluation of the assets through smart capex and active property management. Strong focus on repositioning and refurbishment of the assets

FURTHER STRENGHTENED CAPITAL STRUCTURE TO FUND FURTHER GROWTH

• Ʌ Multiplying x3 the company's share capital through 2 capital increases in the period
• Ʌ Long-term bilateral loan agreements signed for a notional amount of EUR 83 million, of which EUR 10 million remain undrawn as of 31st December 2019
• Ʌ 1.5% all-in costs3 for a 7-year weighted average maturity
• Ʌ Post-period, a new bilateral loan agreement has been signed for a notional of EUR 9.4 million. The agreement has a 5-year term and a loan-to-value (LTV) of approximately 42%. The financed property is the logistics warehouse located in Guadalix, Madrid

Note: (1) Based on the external independent valuation carried out by CBRE Valuation Advisory (RICS) at 31 December 2019; (2) In accordance with EPRA Best Practice Recommendations; (3) Weighted average; all-in costs include spread, up-front costs and hedge

PORTFOLIO VALUATION

PORTFOLIO VALUATION GAV GROWTH

ROBUST GROWTH IN UNDERLYING ASSET VALUES MAINLY DRIVEN BY ACCRETIVE ACQUISITIONS AT ATTRACTIVE PRICES…

Ʌ M. Molina refurbishment expected to be completed in Q1 2020

Notes: (1) Based on the external independent valuation carried out by CBRE and Savills at 31 January 2019; (2) Based on the external independent valuation carried out by CBRE Valuation Advisory (RICS) at 31 December 2019; (3) Revaluation on total portfolio acquisition price

PORTFOLIO VALUATION NAV GROWTH …ALREADY CRYSTALLIZING IN SHAREHOLDER VALUE…

NAV BRIDGE

FIRST CAPITAL INCREASE FULLY INVESTED AND MOST RECENT EXPECTED TO BE DEPLOYED IN THE NEXT 12 MONTHS

• Ʌ 7 accretive acquisitions successfully closed since IPO
• Ʌ +9.8% NAV p.s. increase since IPO
• Ʌ 75,628 sqm GLA 100% Madrid
• Ʌ EUR 22m capex plan

PORTFOLIO VALUATION PORTFOLIO UPSIDE POTENTIAL ...AND STILL WITH SIGNIFICANT UPSIDE POTENTIAL AHEAD

CURRENT PORTFOLIO – GROSS RENTAL INCOME EXPECTED EVOLUTION (AT CURRENT MARKET RENTS)

FOLLOWING DIFFERENT VALUE CREATION STRATEGIES

b Repositioning & Improvement b Re-gearing & Re-leasing b Leasing vacant

Notes: (1) Passing gross yield defined as passing gross rents over total portfolio acquisition price; (2) Yield on cost defined as post-capex GRI divided by total investment (acquisition cost plus expected capex); (3) Annualized gross rents; (4) Lease in office building América terminated ahead of refurbishment works; (5) Includes mark-to-market of existing rents and leasing vacant space; (6) Expected increase in rents from capex investments; (7) Expected gross rental income after realizing reversionary potential and effects from capital expenditures

PORTFOLIO OVERVIEW

PORTFOLIO OVERVIEW ASSET MAP

PORTFOLIO OVERVIEW PORTFOLIO AT A GLANCE

UNIQUE PROPOSITION WITH CLEAR FOCUS ON MADRID OFFICES BUILT VIA DISCLIPLINED AND ACCRETIVE ACQUISITIONS

> PORTFOLIO BREAKDOWN

EUR m. unless specified	Assets (#)	GLA (sqm)	Parking (slots)3	Acq Price (EURm)	Acq Cost (EURm)	Acq Price (€/sqm)4	GAV1 (EURm)	Occupancy rate	Annualised GRI5 (€'000)	Annualised NRI (€'000)	Gross yield6	EPRA NIY7
INVESTMENT PROPERTIES2
Offices	4	26,043	374	114	117	4,052	129	73%	3.621	3.413	3.20%	2.60%
Madrid	4	26,043	374	114	117	4,052	129	73%	3.62	3.413	3.20%	2.60%
CBD	2	8,356	62	42	43	4,804	54	58%	0.65	0.612	1.50%	1.10%
Inner Madrid (M30)	1	6,759	110	32	33	4,315	34	100%	1.46	1.493	4.50%	4.40%
Greater Madrid	1	10,928	202	39	40	3,314	42	67%	1.52	1.308	3.90%	3.10%
Logistics		25,694	0	16	17	638	23	100%	1.531	1.453	9.30%	6.40%
Madrid	1	25,694	0	16	17	638	23	100%	1.531	1.453	9.30%	6.40%
Total investment properties	5	51,737	374	130	134	2,357	152	86%	5.152	4.866	4.00%	3.20%
REDEVELOPMENTS2
Offices	2	23,891	389	61	63	2,319	70
Madrid	2	23,891	389	61	63	2,319	70
CBD	0	-	-	-	-	-	-
Inner Madrid (M30)	0	-	-	-	-	-	-
Greater Madrid	2	23,891	389	61	63	2,319	70
Logistics	0	0	0	0	0	-	0
Total investment properties	2	23,891	389	61	63	2,319	70
Total Portfolio	7	75,628	763	191	197	2,345	222

b Madrid

b Offices b Logistics

GAV BY LOCATION

GAV BY SECTOR

€222m GAV DEC'19¹

Notes: (1) Based on the external independent valuation carried out by CBRE Valuation Advisory (RICS) at 31 December 2019; (2) As per EPRA recommendations, investment properties comprise rented or under commercialisation properties, excluding redevelopments. Current undergoing redevelopments include America and LS7. Planned portfolio redevelopments still considered investment properties during the project definition phase; (3) Includes underground parking slots only; other types such as overground slots or motorcycle slots are not included in this figure; (4) Adjusted for parking; (5) Topped-up passing rental income; (6) Topped-up annualized GRI divided by GAV; (7) As per EPRA recommendations, calculated as the annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the gross market value of the property

PORTFOLIO OVERVIEW PORTFOLIO IN DETAIL

LOCATION	ACQ. DATE	STRATEGY
Madrid	December	Full
CBD	2018	refurbishment
GLA	PARKING UNITS	TENANTS
4,300 sqm	65	Cegos Formación

• Ʌ Acquisition of a free-standing office building in Madrid CBD, with a metro station within 5 minutes walking distance
• Ʌ Acquired c.40% below comparable market transactions
• Ʌ Free-standing complex benefits from excellent visibility
• Ʌ Spacious floor plates of c. 1,000 sqm
• Ʌ Currently occupied by single tenant under a sale-and-lease back while project definition phase finalised
• Ʌ Upon end of lease, full refurbishment expected to result in a Class A building with LEED Gold certification
• Ʌ Refurbishment project designed by Fenwick Iribarren Arquitects with full involvement of Arima's team, includes renovation of façade, entrance hall and common areas. Works expected to begin in Q2 2020

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Planeta

• Ʌ Acquisition of a prominent office building in the well- established Madrid submarket of A2-M-30
• Ʌ Excellent visibility from the A2 highway, located next to the new premises of Banco Santander and near Arturo Soria
• Ʌ Well-connected building with quick access to the airport with a good number of public transports options within walking distance
• Ʌ Good floor plates and common areas with great potential
• Ʌ Partial refurbishment project design ongoing to redefine a Class A building office with LEED Gold certification
• Ʌ Occupied at 74% at acquisition. Tenant accommodated lease terms to start refurbishment works in Q2 2020

LOCATION	ACQ. DATE	STRATEGY
Madrid	January	Lease-up and
C. Naciones	2019	re-leasing
GLA	PARKING UNITS	TENANTS
10,928 sqm	202	Aegon

• Ʌ Acquisition of a free-standing office building located in the consolidated Cristalia Business Park, in Campo de las Naciones
• Ʌ Located in a highly sought after business park with a strong tenant roster
• Ʌ Highly-efficient building with LEED Gold certification and column-free floor plates of 1,400 sqm
• Ʌ Currently partially occupied (67%), with the remainder showing strong traction amongst high-quality tenants
• Ʌ Attractive reversionary potential through re-gearing existing leases and leasing-up current vacant space

PORTFOLIO OVERVIEW PORTFOLIO IN DETAIL

LOCATION	ACQ. DATE	STRATEGY
Madrid	December 2018	Single ownership
CBD	February 2019
GLA	PARKING UNITS	TENANTS
4,122 sqm	24	—

• Ʌ Acquisition in various transactions of 5th, 6th, 9th and 10th floors of a prominent office building located in Madrid's prime CBD
• Ʌ Located on one of Madrid's prime arteries, benefitting from excellent access and communications
• Ʌ Prominent office building with strong signage potential and spacious floor plates above 1,000sqm
• Ʌ Value creation strategy includes consolidation of single ownership, with negotiations underway
• Ʌ Floor-by-floor refurbishment to be completed by Q1 2020, and eventually renovation of façade targeted
• Ʌ Future leasing strategy focused on multi-tenant approach

LOCATION	ACQ. DATE	STRATEGY
Inner Madrid	June	Re-leasing
(M30)	2019
GLA	PARKING UNITS	TENANTS
6,759 sqm	110	Sonae Spain

• Ʌ Acquisition of a free-standing prime office building located in the well-established Avenida de América-Torrelaguna office area in Madrid
• Ʌ Located in one of the most active areas for corporate lettings in Madrid in recent years
• Ʌ Highly efficient building with BREEAM "Very Good" sustainability certification and column-free flexible floor plates of over 1,000sqm
• Ʌ Acquired at an attractive entry point and initial yield
• Ʌ Fully occupied with high-quality tenant, and strong reversionary potential through re-leasing medium-term

LOGISTICS ^IN NV M EN

LOCATION	ACQ. DATE	STRATEGY
Madrid	April	Re-gearing
2nd ring	2019
GLA	LOADING BAYS	TENANTS
25,694 sqm	29	Eroski

• Ʌ Prime logistics warehouse acquired at an attractive entry point
• Ʌ High-yielding cold storage facility with a long-term lease
• Ʌ Located in San Agustín de Guadalix, in a consolidated industrial estate 30 km north of Madrid (2nd ring), benefitting from excellent access and communications to the north of Spain and France
• Ʌ The platform was built to comply with the highest standards and is in excellent condition
• Ʌ Value creation strategy includes longer term restructuring of the unit's occupation to improve liquidity and mortgageability
• Ʌ Increased demand for this type of specialist facility from institutional investors

INVESTMENT ACTIVITY LS7 – ACCRETIVE ACQUISITION POST CAPITAL RAISE

ACQUISITION RATIONALE

• Ʌ Free-standing office building acquired in an off-market deal
• Ʌ Located in the Campo de las Naciones submarket, next to the new ING 35,000 sqm headquarters
• Ʌ Excellent visibility from the M-40 orbital motorway and excellent road access to the airport and CBD via M-11
• Ʌ Large floor plates (2,865sqm) and common areas with great potential
• Ʌ Refurbishment already ongoing to redefine a class A office building with LEED Gold certification
• Ʌ Attractive reversionary potential upon completion of refurbishment works

LOCAL MAP

ACTIVE ASSET MANAGEMENT

ACTIVE ASSET MANAGEMENT ACTIVE ASSET MANAGEMENT PLAN

PROPERTY MANAGEMENT DESIGNED TO CAPTURE GRADE A DEMAND, RENTAL UPSIDE AND IMPROVE TENANT EXPERIENCE

Ʌ Redevelopment and asset management plan progressing well on track

• Ʌ Assets follow different value-add strategies
• Ʌ Combination of different strategies leading to a balanced portfolio with significant upside
• Ʌ Refurbishment and redevelopment expected to improve asset quality and capture additional rent upside in its area of influence
• Ʌ Leasing vacant, re-gearing and maximising occupancy
• Ʌ Innovation & technology: focus on efficiency and services

> REDEVELOPMENT & ASSET MANAGEMENT PLAN

VALUE CREATION STRATEGY

€22m ESTIMATED CAPEX 6.7% ESTIMATED YIELD ON TOTAL INVESTMENT High α play > BY GAV b Repositioning & Improvement b Re-gearing & Re-leasing b Leasing vacant ³

Notes: (1) America lease agreement with existing tenant terminated in Dec'19, and Habana's agreed to terminate in Feb'20. Refurbishment works expected to commence for both buildings in Q2 2020; (2) Yield on cost defined as post-capex GRI divided by total investment (acquisition cost plus expected capex)

ACTIVE ASSET MANAGEMENT ONGOING REDEVELOPMENT PROJECTS ACTIVE PROPERTY MANAGEMENT TO CAPTURE GRADE A DEMAND, RENTAL UPSIDE AND IMPROVE TENANT EXPERIENCE

HABANA

Name: Habana Acq. Date: Dec'18 Location: Madrid CBD GLA: 4,300 sqm Strategy: Full Refurbishment Target Quality: Class A & LEED Gold (expected H1 2021)

• Ʌ Building Permit already granted
• Ʌ Working drawings finalized in Q4 2019
• Ʌ Agreement with existing tenant to leave the building in Feb'20. Refurbishment works to start in Q2 2020

AMÉRICA

Name: América Acq. Date: Jan'19 Location: Madrid A2/M30 GLA: 9,391 sqm Strategy: Partial Refurbishment Target Quality: Class A & LEED Gold (expected H1 2021)

• Ʌ Building Permit granted in Q4 2019
• Ʌ Working drawings finalized in Q4 2019
• Ʌ Agreement with existing tenant to terminate the contract in Q4 2019. Refurbishment works to start in Q2 2020

7.0% ESTIMATED POST-CAPEX YOC¹

7.4% ESTIMATED POST-CAPEX YOC¹

ACTIVE ASSET MANAGEMENT ONGOING REDEVELOPMENT PROJECTS ACTIVE PROPERTY MANAGEMENT TO CAPTURE GRADE A DEMAND, RENTAL UPSIDE AND IMPROVE TENANT EXPERIENCE

M. MOLINA

Name: M. Molina Acq. Date: Dec'18-Feb'19 Location: Madrid CBD GLA: 4,122 sqm Strategy: Full Refurbishment Target Quality: Class A (expected year-end 2019)

• Ʌ Refurbishment works began in July 2019, and are expected to end in Q1 2020
• Ʌ Commercialisation phase to start inmediately upon works completion

6.3% ESTIMATED POST-CAPEX YOC¹

LS7

Acq. Date: Dec'19 Location: Madrid A2/M30 GLA: 14,500 sqm Strategy: Full Refurbishment Target Quality: Class A

• Ʌ Refurbishment works ongoing, initiated by the vendors
• Ʌ Undertaking additional improvements with Estudio Lamela, including creating a patio on the office floors, adding a new façade, improving the entrance hall and outside space
• Ʌ LEED certification to be sought
• Ʌ Completion of refurbishment works expected in Q2 2021

6.8% ESTIMATED POST-CAPEX YOC¹

Notes: (1) Yield on cost defined as post-capex GRI divided by total investment (acquisition cost plus expected capex)

ACTIVE ASSET MANAGEMENT LEASING ACTIVITY

LETTING PERFORMANCE CAPTURING TOP-TIER INSTITUTIONAL TENANTS AND SUBSTANTIAL RENTAL UPLIFTS

CRISTALIA

3,636 SQM1

€60k ADDITIONAL GRI

+9.2% LEASING SPREAD1 Ʌ One lease renewed totalling 3,636sqm

• Ʌ Average release spread of +9.2%, securing additional annual income of c. €60k
• Ʌ Remaining vacant space (2 floors) receiving strong interest from potential institutional occupiers

CAPITAL STRUCTURE

CAPITAL STRUCTURE

FOLLOWING FULL DEPLOYMENT OF THE APR'19 CAPITAL INCREASE, ÁRIMA SUCCESSFULLY EXECUTED A SECOND CAPITAL INCREASE TO CONTINUE FUNDING FURTHER GROWTH

CAPITAL STRUCTURE ÁRIMA SHARE PERFORMANCE SINCE IPO

PIPELINE

PIPELINE

COMMITTED TO OUR INVESTMENT STRATEGY

Ʌ Current pipeline mainly comprised of Madrid offices

• Ʌ c.€300m in advanced analysis or under negotiations and c.€800m in preliminary analysis phase
• Ʌ Pipeline IRR6 in the range of 10% to 18%
• Ʌ Pipeline YoC7 in the range of 5% to 9%

Note: (1) Information regarding the property received but such information is either incomplete or has not yet been analysed yet in full; (2) Sufficient information has been received, analysed and considered adequate to perform an advanced analysis of the property, or negotiations are already ongoing with the potential seller; (3) Core: stabilized assets; Core+: assets in which minor refurbishments or changes in tenancy are expected; (4) Value Add: assets where ongoing/planned repositioning/full refurbishment programs and/or significant capex investment are expected; (5) Development: potential properties to be built in an urbanized plot of land or properties where more than 50% of the existing building is demolished or removed and must be redeveloped; (6) IRR: "Internal Rate of Return"; (7) YoC: "Yield on Cost".

SUSTAINABILITY & CORPORATE RESPONSIBILITY

SUSTAINABILITY & CORPORATE RESPONSIBILITY

SUSTAINABILITY

• Ʌ 80% of portfolio expected to be LEED/ BREEAM certified in 2021
• Ʌ EPRA member since IPO
• Ʌ The only rental property portfolio company in Spain RICS-accredited1
• Ʌ ESG certificates already being assessed, only 12 months post-IPO

> ROADMAP TO PORTFOLIO LEED/BREEAM CERTIFICATION

Asset	CertificacionType	Status	Expected Certification Date
Cristalia	LEED Core & Shell	LEED GOLD	Certified
Ramírez de Arellano	Breeam In-Use	BREEAM Very Good	Certified
Habana	LEED Core & Shell	LEED GOLD	H1 2021
América	LEED Core & Shell	LEED GOLD	H1 2021
M. Molina2	LEED	Under Analysis	Under Analysis
Guadalix	LEED/BREEAM	Under Analysis	UnderAnalysis
LS7	LEED Core & Shell	LEED GOLD	H1 2021

CORPORATE RESPONSIBILITY

• Ʌ Committed to designing and managing our buildings in the most sustainable means possible. By the same token, our tenants are increasingly focused on sustainable and healthy working environments
• Ʌ c.80% of Árima's management team RICS-accredited, demonstrating the steadfast commitment to excellence, transparency and professional integrity towards the market and our main stakeholders

Notes: (1) Royal Institution of Chartered Surveyors; (2) Final type and status to depend on extent of ownership

APPENDIX

APPENDIX 2019 FINANCIALS

> CONSOLIDATED INCOME STATEMENT (IFRS)

IFRS
€ 000 (unless otherwise specified)	31/12/2018	31/12/2019
Gross Rental Income (GRI)	12	4,719
Non-reimbursable property expenses	–	(382)
Net Rental Income (NRI)	12	4,337
Overheads	(507)	(4,139)
Operating Income (EBITDA)	(495)	198
Amortization & Provisions	(2)	(11)
Recurring EBIT	(497)	187
Net financial charges	–	(744)
Tax	–	–
Recurring net profit	(497)	(557)
Change in fair value of assets	1,621	21,589
Other income and expenses	–	(5,643)
Reported net profit	1,124	15,389
Reported EPS (€ p.s.)	0.11	1.05
Average no. of shares outstanding	9,965,199	14,661,803

EPRA

Adjusted EPRA EPS (€ p.s.)	(0.05)	(0.04)
EPRA EPS (€ p.s.)	(0.05)	(0.42)
Adjusted EPRA earnings	(497)	(590)
EPRA earnings	(497)	(6,200)
€ 000 (unless otherwise specified)	31/12/2018	31/12/2019

> CONSOLIDATED BALANCE SHEET

€ 000 (unless otherwise specified)	31/12/2018	31/12/2019
Non Current Assets	40,038	222,628
Property plant & equipment	63	136
Investment property	39,975	221,650
Long-term financial investments	0	842
Current assets	58,444	155,632
Trade and other receivables	369	1,204
Prepayments and accrued income	105	461
Cash & cash equivalents	57,970	153,967
Equity	97,088	299,778
Share Capital	100,063	284,294
Share Premium	–	5,769
Reserves	(3,553)	(9,924)
Treasury shares	(546)	(625)
Retained earnings	1,124	15,389
Other	–	4,875
Liabilities	1,394	78,482
Non-current liabilities	0	74,118
Financial debt	0	72,427
Financial derivatives	0	735
Other	0	956
Current liabilities	1,394	4,364
Financial debt	0	210
Trade & other payables	1,394	4,154
Number of shares outstanding, end of period	9,948,170	28,373,534

DISCLAIMER

This document has been prepared by Árima real estate socimi, S.A. (the "Company'') for information purposes only and it is not a regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission. This document is neither a prospectus nor implies a bid or recommendation for investment.

This document includes summarized audited and non-audited information. The financial and operational information, as well as the data on the acquisitions which have been carried out, included in the presentation, corresponds to the internal recordings and accounting of the Company. Such information may have been subject to audit, limited review or any other control by an auditor or an independent third party. Therefore, this information may be modified or amended in the future.

The information contained herein has been obtained from sources that Árima considers reliable, but Árima does not represent or warrant that the information is complete or accurate, in particular with respect to data provided by third parties.

Neither the Company nor its legal advisors and representatives assure the completeness, impartiality or accuracy of the information or opinions included herein. In addition, they do not assume responsibilities of any kind, whether for misconduct or negligence, with regard to damages or loss that may derive from the use of this document or its contents. The internal analysis have not been subject to independent verification. This document may include forward-looking representations or statements on purposes, expectations or forecasts of the Company or its management up to the date of release of this document. Said forward-looking representations and statements or forecasts are mere value judgments of the Company and do not imply undertakings of future performance. Additionally, they are subject to risks, uncertainties and other factors, which were unknown or not taken into account by the time this document was produced and released and which may cause such actual results, performance or achievements, to be materially different from those expressed or implied by these forward-looking statements.

Under no circumstances the Company undertakes to update or release the review of the information included herein or provide additional information. Neither the Company nor any of its legal advisors or representatives assume any kind of responsibility for any possible deviations that may suffer the forwardlooking estimates, forecasts or projections used herein. This document discloses neither all risks nor other material issues regarding the investment on the shares of the Company. The information included in this presentation is subject to, and should be understood together with, all publicly available information. Any person acquiring shares of the Company shall do so on their own risk and judgment over the merits and suitability of the shares of the Company, after having received professional advisory or of any other kind that may be needed or appropriate but not only on the grounds of this presentation. By delivering this presentation, the Company is not providing any advisory, purchase or sale recommendation, or any other instrument of negotiation over the shares or any other securities or financial instrument of the Company. This document does not constitute an offer, bid or invitation to acquire or subscribe shares, in accordance with the provisions of article 30.bis of Law 24/1998, of July 28th, on the Securities Market, and/or the

Royal Decree 1310/2005, of November 4th and their implementing regulations. Furthermore, this document does not imply any purchase or sale bid or offer for the exchange of securities or a request for the vote or authorization in any other jurisdiction The delivery of this document within other jurisdictions may be forbidden. Consequently, recipients of this document or those persons receiving a copy thereof shall become responsible for being aware of, and comply with, such restrictions.

By accepting this document you are accepting the foregoing restrictions and warnings.

All the foregoing shall be taking into account with regard to those persons or entities which have to take decisions or issue opinions relating to the securities issued by the Company. All such persons or entities are invited to consult all public documents and information of the Company registered within the Spanish Securities Market Commission.

Neither the Company nor any of its advisors or representatives assumes any kind of responsibility for any damages or losses derived from any use of this document or its contents.

30 FULL YEAR RESULTS 2019

Árima Real Estate SOCIMI S.A. Edificio Torre Serrano - Serrano, 47 28001 Madrid www.arimainmo.com