The project is promoted by NORDAL ANTIGUA, S.L., a company 50% owned by ALZA REAL ESTATE and NORDESTADA. Alza is a top-tier contractor and developer with nearly 40 years of experience in the Spanish market, over 8,000 homes delivered and about 2,500 homes currently under construction, and provides the direct technical execution of the work.

The entire development was acquired by the manager in 2024 as a work in progress and is being executed in phases. Phase 1, with 53 homes, was completed in 14 months and has been marketed at c. 90% within a twelve-month period, at an average price of c. €304,000 per home. This phase constitutes a direct and validated comparable of the same product in terms of construction costs, work pace and sales pace.

As of today, the project manager has committed a total capital of c. €5.9M to the project. Of this amount, c. €2.0M corresponds to contributions of own funds in cash, intended for the acquisition of the land and the initial costs of the project. The remaining c. €3.9M corresponds to the first three work certifications already executed and not yet collected. The construction company is part of the same group as the developer and participates in the borrowing company, and has agreed to defer the collection of these certifications until the sale of the homes, being subordinated to the full repayment of the principal and interest of the Urbanitae loan. It is therefore a contribution made in the form of work performed that, in terms of collection priority, is behind the Urbanitae investors.

Urbanitae investors will enter the project through the granting of a mortgage loan committed in four tranches, intended to finance the remaining construction costs of Phase 2. Tranche A will have a fixed annual rate of 11.75% and a term of 24 months with a possible extension of 6 months in month 24.

The exit of Urbanitae investors will occur through the sale of the homes. With the amount obtained from the sale of c. 39 of the 68 units, we estimate that the developer will have sufficient liquidity to fully repay the principal and interest of the loan.

The marketing of the homes will be carried out through local real estate agencies, with Gilmar as the reference agency for all phases of the project. The start of the marketing of Phase 2 is expected to begin in October 2026.

STRUCTURE

This operation will be structured via debt, where Urbanitae Investors will grant a fixed-rate loan to the company NORDAL ANTIGUA, S.L.

The total amount of the gross loan will amount to an amount of €12,215,000, of which Urbanitae investors will contribute up to a maximum of €5,000,000 per year. The total loan will be structured in four tranches, whose main characteristics are as follows (you can consult more information in the document "Fundamental Data of the Investment"):

• Total loan amount: up to a maximum of €12,215,000, committed in four tranches:

I. A first tranche or Tranche A, for an amount of up to €2,920,000, at a rate of 11.75% simple annual and a term of 24 months (+6).

II. A second tranche or Tranche B, for an amount of up to €2,385,000, at a rate of 11.50% simple annual and a term of 20 months (+6).

III. A third tranche or Tranche C, for an amount of up to €3,245,000, at a rate of 11.25% simple annual and a term of 16 months (+6).

IV. A fourth tranche or Tranche D, for an amount of up to €3,665,000, at a rate of 11.00% simple annual and a term of 12 months (+6). This tranche includes an item of c. €710k intended to cover possible work contingencies (5% of the construction budget).

• Fixed annual simple interest rate of 11.75% for Tranche A.

• Loan term: 24 months + 6 months extension for Tranche A.

• Interest and principal of the loan will be paid at maturity (interest will begin to accrue from the moment of formalization of the loan contract).

• The part of the loan intended to finance construction works will be disposed of by the developer through monthly work certifications, subject to the favorable report issued by the Project Monitor. The provision of tranches subsequent to Tranche A will also require a favorable report from the Project Monitor.

Total early repayment will be allowed at any time, subject to a minimum return of interest for Tranche A equivalent to 15 months of interest.

Regarding the loan guarantees, the following is established in the financing contract:

• First rank real estate mortgage guarantee on the homes subject to financing (Phase 2), with Mortgage Responsibility of 140%.

• Private contract of first rank pledge on the bank accounts of the Borrower SPV intended for the project to be financed.

• First rank pledge on the shares of the Borrower SPV.

• Cash sweep for 100% of the net income obtained from the sale of the homes, which will be used to repay the principal and interest of the loan.

• Subordination of any additional financing to the Urbanitae loan and commitment not to dispose in favor of partners or related parties throughout the life of the loan.

As in all debt projects, the figure of the Project Monitor is incorporated in this project, who will review the work certifications, progress in construction, possible deviations in time / cost and who will in turn approve the monthly loan disbursements.

WHY INVEST?

There are several reasons to invest in this project:

• First rank mortgage guarantee on the underlying asset, with a mortgage responsibility of 140% and cash sweep on 100% of the net sales income.

• The annual return of 11.75%, with a minimum return equivalent to 15 months of interest (14.69%).

• Work in progress with a degree of progress of 40% and building license granted, which significantly reduces the risk of construction and the remaining term until delivery.

• Phase 1 as validated comparable: 53 homes of the same product, completed, delivered and 100% sold in twelve months, which allows to contrast costs, deadlines and sale prices.

• Relevant own capital already disbursed by the manager: c. €5.9M contributed prior to Urbanitae's entry, of which c. €2.0M in cash and c. €3.9M in work already executed by the group's construction company, whose collection is deferred to the sale of the homes and subordinated to the Urbanitae loan.

• Experience of the builder, with nearly 40 years of trajectory, who has also directly executed Phase 1 of this same promotion and participates in the project as a 50% partner.

MARKET

A market study has been carried out to determine if the sale prices proposed by the manager are reasonable. In turn, a commercial Due Diligence has been carried out by an external agent who has issued a favorable report corroborating the proposed prices. The target prices for Phase 2 are set at c. €2,559/m² built, in line with the Tecnitasa appraisal and with the market witnesses of Caleta de Fuste, and represent a contained increase compared to the prices at which Phase 1 was sold in full.

There is information available on the market within the "Sales Witnesses" documentation, where you will find a list of homes for sale in the area.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 24 months with a possible extension of 6 months in month 24.

• October 2026, granting of the first Tranche of the loan by Urbanitae investors to the promoter to partially finance the remaining construction costs of Phase 2.

• Fourth quarter 2027, completion of construction works.

• First quarter 2028, delivery of the homes and repayment of the loan to Urbanitae.

RISKS

All investments carry a risk. Below are the main risks identified for this project:

• Commercial risk arising from a possible delay in the sale of assets, which could cause delays in debt repayment. This risk is mitigated by the commercial performance of Phase 1 of the promotion itself, sold 100% in twelve months at comparable prices, the limited supply of new competing work in Caleta de Fuste and the support of the favorable report issued during the commercial due diligence, which validates the sale price established in the Business Plan.

• Risk of deviations in project deadlines due to possible unforeseen events during the construction phase. This risk is mitigated by the degree of progress of the work at the time of signing (c. 40%), by the experience of the builder, who has executed Phase 1 of the same promotion in 14 months, and by the supervision of the Project Monitor, who controls the execution schedule and approves monthly disbursements.

• Risk of deviations in construction costs derived from unforeseen contingencies. To mitigate this risk, the Business Plan includes a contingency item equivalent to 5% of the construction budget, financed within Tranche D, and the funds are made available against construction certifications following a favorable report from the Project Monitor.

• Risk of geographic concentration in an island market, with demand largely linked to second homes and vacation rental investment. This risk is mitigated by the stability of tourist demand in Fuerteventura, the low seasonality of the destination and the validation of the absorption rate obtained in Phase 1.

• Possibility of change of agreed conditions. This risk includes potential substantial changes that take place from the start of the financing campaign until the formalization of the loan contract, in which case the project would be cancelled and the investment returned.

------------------------------------------------------------

Warnings and Risks

Urbanitae Real Estate Platform S.L. (Urbanitae) does not hold the status of an investment services company, nor a credit institution and is not attached to any investment guarantee fund or deposit guarantee fund. The information published by Urbanitae Real Estate Platform on its Website is for informational purposes only and can in no case be considered as an investment recommendation to potential investors.

The crowdfunding projects published by Urbanitae on its Website are not subject to authorization or supervision by the National Securities Market Commission or the Bank of Spain, therefore, all the information provided by the manager in relation to the projects has not been reviewed by them.

Urbanitae expressly informs that, in case of non-compliance with the total volume of investment of the project, the period for raising funds may be exceeded by up to 25%, maintaining the same investment conditions. Likewise, the project may be financed by Urbanitae when at least 90 percent of the financing objective has been reached, once the participation in the project that the platform itself may have is discounted.

Investing in the projects published on this Website may entail certain risks, such as, the risk of total or partial loss of the invested capital, of not obtaining the expected monetary return or of lack of liquidity. Therefore, we warn investors to only invest an amount they are willing to lose and we suggest they diversify their investments to minimize and mitigate potential risks. In the event that the manager is unable to return or remunerate the funds received, Urbanitae will not return the investors their investment made.

This project will be open to any investor registered in Urbanitae, and any of the following registered persons may invest in it:

• Urbanitae partners who own at least 20% of the share capital or voting rights;

• Managers or employees of Urbanitae;

• Natural or legal persons linked to these partners, managers or employees by control.

In this regard, Urbanitae guarantees that the investments of any of these people will be made through the platform, on the same terms and conditions as any other investor, without receiving any preferential treatment, or privileged access to information compared to the rest of the investors registered in Urbanitae. In accordance with Urbanitae's Internal Code of Conduct, these investors are obliged to internally communicate these operations.

Once the investment in the project is closed, Urbanitae will provide information in the project investment area about the amount invested by these investors, the type of investor who has made the investment, and the percentage it represents with respect to the total financed, always complying with the data protection policy.