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General information

Compliance with Royal Decree 775/1997, May 30th

Compliance with Royal Decree 775/1997, May 30th.

The Royal Decree 775/1997, May 30th, includes, in CHAPTER 1, Article 3, Point 1, the necessary requirements for Valuation Companies to obtain and maintain the official recognition of the Banco de Espaņa (Bank of Spain). For our company, the specific requirements are as follows:

a) Organise the corporation as a simultaneous foundation, headquartered in Spanish national territory.

REQUIREMENTS FULFILLED

b) To have a minimum of 50,000,000 pesetas of fully paid-up capital. This capital should be made up of registered shares.

REQUIREMENTS FULFILLED. Our share capital amounts to 600,000 euros (at a rate of 99,831,600 pts), fully paid.

c) To limit, in the company statutes, their corporate purpose to the valuation of all kinds of property, companies or estates.

REQUIREMENTS FULFILLED. (see statutes)

d) To have a minimum of ten professionals, of which at least three should be professionals employed directly by the company.

REQUIREMENTS FULFILLED. At present, we have approximately 402 valuers/collaborators that we use on a regular basis and who are related to the company by means of a business contract and officially registered with the Social Security.

e) To have the technical and personal resources and the internal control mechanisms necessary to ensure both adequate knowledge of the property market situation and conditions in which the company is to operate, as well as to fulfil the applicable regulations concerning the obligations and incompatibilities established by this Royal Decree.

REQUIREMENTS FULFILLED. The organisation of the company and positions of responsibility set out in clause 5, as well as the numerous, strict quality controls in all technical matters from administrative, accounting and technical points of view, guarantee the consistency and adherence to the processes referred to in the previous precept.

f) To have third party liability insurance for any eventualities that may arise from the valuation activity, by means of an insurance policy with an insurance company legally authorised to deal in civil liability, for not less than 100,000,000 pesetas, plus 0,50 per thousand of the total value of the property valued in the previous tax year, up to a maximum amount of 400,000,000 pesetas,

REQUIREMENTS FULFILLED. Our policy for Civil Liability covers up to a maximum of € 3,000,000

g) To have a Board of Directors composed of not less than three members all of whom should be known to be honest in commercial and professional matters and, at least those in executive posts, should have the adequate knowledge and experience to carry our their responsibilities.

REQUIREMENTS FULFILLED. REQUIREMENT FULFILLED. The present Board of Directors is made up of the following shareholders:

* Mr. Fernando Reverte Lledó.
* Mr. Fernando Reverte Sánchez.
* Mr. Alfonso Nieto López.

All the directors are fully capable and legally authorised to carry out their functions in accordance with Points 2 and 3 of the aforementioned Royal Decree, and have been directors since the founding of the Company. All of them, therefore, have a long track record of experience in the sector.

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Officially recognised by the Banco de España, registered as a Valuation Company, number 4,350, date 31/10/1988