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Letter from the Chairman

O1. Organization and structure 8 O2. Equipo directivo 12 O3. Key aspects 18 O4. Business performance 24 O5. Portfolio and valuation 34 O6. Financial statements 40 O7. EPRA metrics 49 O8. Events post-closing 52 O9. Stock Exchange evolution 54 10. Dividend policy 57 11. Main risks and uncertainties 60 12. Outlook and other 62 13. R&D information / Own shares transactions 63 14. Corporate Responsibility 64 15. Staff 68

APPENDIX

01. EPRA metrics calculation 71 02. List of assets 75