Subsidiaries Merger December 2018

2016 Annual Accounts_ Axiare Investigación, Desarrollo e Innovación, S.L.U.

2016 Annual Accounts_ Axiare Properties, S.L.U.

2015 Annual Accounts_ Chameleon (Cedro), S.L.U.

2017 Annual Accounts_ Chameleon (Cedro), S.L.U.

2016 Annual Accounts_ Colonial Arturo Soria, S.L.U.

2015 Annual Accounts_ Colonial Invest, S.L.U.

2017 Annual Accounts_ Colonial Invest, S.L.U.

2016 Annual Accounts_ Fincas y Representaciones, S.A.U.

2015 Annual Accounts_ Hofinac Real Estate, S.L.U.

2017 Annual Accounts_ Hofinac Real Estate, S.L.U.

2016 Annual Accounts_ LE Offices Egeo, S.A.U.

2015 Annual Accounts_ Venusaur, S.L.U.

2016 Annual Accounts (ii)_ Venusaur, S.L.U.

The Merger Balance Sheets of Inmobiliaria Colonial, SOCIMI, S.A

The Merger Balance Sheets of Axiare Properties, S.L.U.

The Merger Balance Sheets of Colonial Arturo Soria, S.L.U.

The Merger Balance Sheets of Fincas y Representaciones, S.A.U.

The Merger Balance Sheets of LE Offices Egeo, S.A.U.

Announcement of Subsidiaries Merger