Shareholders and investors

Disclaimer

This valuation model has been prepared by the Capital Markets department (“CM”) of FIDENTIIS EQUITIES S.V., S.A., based on the mandate of Aedas Homes Group (“Aedas”). Aedas has engaged the CM of FIDENTIIS EQUITIES S.V., S.A. to prepare this valuation model with the aim to help investors better understand the business of Aedas and the intrinsic value of the land plots of its portfolio, as well as of the cashflow generation capacity of the company, and therefore to promote the revision of Aedas’ value estimates.

This valuation model has been prepared with information provided by the management of the Company and other publicly available information, and cannot be construed as being indicative or illustrative of the prospects or business plan of the Company or of its expected cash flows or internal rates of return. Therefore, undue reliance should not be placed on it. In fact, because the model allows all figures and percentages to be adjusted, recipients should modify them as they deem appropriate.

Moreover, the information contained in this valuation model does not purport to be comprehensive and may not include all relevant information to perform a full analysis of the value of the Company. While all reasonable care has been taken to ensure that the information contained herein is accurate and that the forecasts, opinions and expectations contained are fair and reasonable, neither the CM of FIDENTIIS EQUITIES S.V., S.A. nor Aedas nor any other person has verified the contents hereof and no reliance should be placed on the truth, accuracy, fairness or completeness of the information contained in this valuation model. In addition, the information contained herein may be materially and adversely affected by factors that are not addressed in it, including changes in housing demand. Furthermore, the sensitivity calculations imbedded in this example may not reflect the full impact of changes on any of the variables that are addressed in the example. For example, a delay in obtaining the first occupation license entails incurring additional maintenance and security expenses. An increase in prevailing interest rates may also have an adverse impact on housing demand. The data contained in this valuation model is provided as at the date thereof, any opinions, forecasts or estimates herein constitute a judgement by the CM of FIDENTIIS EQUITIES S.V., S.A. as at the date hereof, and is subject to verification, correction, completion and change without notice.

As a result of the above and for other reasons, there can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates and the final cash flows or internal rates of return may materially differ from the hypothetical information expressed or implied in this valuation model for any particular period or over any hypothetical period of ownership.

No person accepts any responsibility or liability whatsoever, or makes any representation or warranty (express or implied) as to the truth, fullness, accuracy or completeness of the information contained in this valuation model (or whether any information has been omitted), for any of the forecasts, opinions and expectations that may be contained herein, or for any loss howsoever arising from any use of this valuation model or its contents or otherwise arising in connection therewith. Neither the CM of FIDENTIIS EQUITIES S.V., S.A., Aedas, nor any of their respective direct or indirect shareholders or affiliates nor the directors, officers or employees of any such persons, shall be in any way responsible or liable in respect for his valuation model or for the contents hereof.

This valuation model does not constitute or form part of, and should not be construed as, any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of Aedas, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

By accessing the excel document, you will be deemed to have agreed to the above limitations and notifications and to have made the undertakings above.