SHAREHOLDERS AND INVESTORS

By the resolution of the Board of Directors adopted at the meeting held on 27 February 2020, the shareholders are summoned to an Ordinary General Meeting, which will be held on 2 April 2020, at 6:30 p.m. on first call, or, where appropriate, on 3 April 2020, at the same time, on second call, at the NH COLLECTION SEVILLA Hotel, located in Seville (41013), Avenida Diego Martínez Barrio, number 8

Inmobiliaria del Sur, S.A.
Ángel Gelán, 2
41013 Seville

02 April 2020

To the Board of Directors of Inmobiliaria del Sur, S.A. Dear Sirs: The notice of the General Shareholders' Meeting of Inmobiliaria del Sur, S.A. dated 3 April 2020 includes the following Profit Allocation Proposal approved by the Board of Directors at its meeting held on 27 February 2020:

This proposal is also included in note 3 of the notes to the annual accounts (and note 3 of the notes to the consolidated annual accounts) for the year ended 31 December 2019, which were drawn up by the Board of Directors at the aforementioned meeting and on which we issued our audit reports on 27 February 2020 expressing a favourable opinion.

As set out in the attached documentation (see Appendix), at its meeting on 27 March 2020, the Board of Directors decided to propose the deferment of the decision on the aforementioned proposed allocation of profits, contained in the General Shareholders' Meeting notice, to a later meeting to be held within the period legally stipulated for holding of the General Shareholders’ Meeting, taking into account the period extended by Spanish RDL 8/2020 of 17 March. In this context, we confirm that this decision does not alter the conclusions contained in the audit report that we issued on 27 February 2020 on the annual accounts of Inmobiliaria del Sur, S.A. for the year ended 31 December 2019. This letter refers exclusively to the decision to amend the profit allocation proposal to be submitted to the General Shareholders' Meeting for approval. Since 27 February 2020, the date of issuance of our audit report, we have not performed any audit procedures on other matters or subsequent events that may have occurred since that date. This letter is issued at the request of the Board of Directors of Inmobiliaria del Sur, S.A. for the purpose of informing the General Shareholders' Meeting of Inmobiliaria del Sur, S.A., in accordance with the requirements contained in Articles 40 and 41 of Spanish Royal Decree Law 8/2020 of 17 March on extraordinary urgent measures to address the economic and social impact of COVID-19, of the proposed allocation of commercial company profit in the context of the COVID-19 health crisis, and may not be used for any other purpose. Deloitte, S.L.

Leopoldo Parias Mora-Figueroa

Mr RICARDO ASTORGA MORANO, non-board member Secretary of the Board of Directors of the entity "INMOBILIARIA DEL SUR, S.A.", with registered office in Seville at Calle Ángel Gelán, No. 2; registered in the Seville Trade and Companies Register under Volume 598, Folio 47, Page SE-813, and with Tax Identification Code A-41.002.205.
CERTIFIES:
a) That, on 27 March 2020, following a notice duly communicated by email on 26 March of the same year to all the Directors, an extraordinary meeting of the Board of Directors was held by telematic means, in accordance with the applicable regulations, for all relevant purposes, at the registered office of the company.

b) That the Chairman and Secretary of the Board of Directors acted as Chairman and Secretary, respectively.

c) That the minutes of the aforementioned Board meeting contain the date of the meeting, the place where it was held, the agenda of the meeting, a summary of the matters discussed, the procedures whose recording was requested, the content of the resolutions adopted, the result of the votes and the form of approval of the minutes.

d) That, under the second point of the Agenda, in relation to the Annual General Shareholders' Meeting called on 2 April 2020 at 6:30 pm, on first call, and to be held the following day, 3 April, at the same time, on second call, in view of the unforeseeable impact that the current State of Alarm (caused by the COVID-19 pandemic) and its consequences may have on the Company, the following resolutions have been unanimously agreed upon for reasons of prudence:

1. In accordance with the joint communiqué of the Colegio de Registradores de España (Spanish Association of Registrars) and the Comisión Nacional del Mercado de Valores (Spanish National Securities Market Commission), in relation to the annual accounts and the proposed commercial company profit allocation in the context of the COVID-19 health crisis, to propose to defer the decision on the proposed profit allocation contained in the notes to the annual accounts to a later meeting. This General Shareholders' Meeting must be held within the period legally stipulated for holding the Annual General Shareholders' Meeting in Article 41.1.b) of Spanish Royal Decree-Law 8/2020 of 17 March on extraordinary urgent measures to address the economic and social impact of COVID-19 (i.e. before 31 October 2020). The new General Shareholders' Meeting to be convened may include a profit allocation proposal different from the proposal made at the time of the Ordinary General Meeting scheduled for 3 April (on second call).

2. That the Board of Directors understands that it is not necessary to restate the Annual Accounts for the 2019 financial year in relation to the new profit allocation proposal for the 2019 financial year that will be formulated in due time, as it will not provide for the distribution of a dividend higher than that initially formulated.

In witness whereof, I hereby issue this certificate in Seville on 1 April 2020.

APPROVED CHAIRMAN Ricardo Pumar López

SECRETARY Ricardo Astorga Morano