Public Corporation of Land, Movables and Business Registrars

During 2013 it fell by 1,25%, bringing the fall in price to an end which had started in 2008, causing an adjustment of 31,12%.

Purchases/Sales continued being at historic low records in 2013, with transactions, falling by 0,48% with respect to Evolution of number of quarterly of house sales. Total national T 05 4T 05 1T 06 2T 06 3T 06 4T 06 1T 07 2T 07 3T 07 4T 07 1T 08 2T 08 3T 08 4T 08 1T 09 2T 09 3T 09 4T 09 1T 10 2T 10 3T 10 4T 10 1T 11 2T 11 3T 11 4T 11 1T 12 2T 12 3T 12 4T 12 1T 13 2T 13 3T 13 4T 13 GENERAL NEWSECOND HAND

The Autonomous Communities with highest home sales in 2013 were Andalusia, Catalonia, Valencia and Madrid. House sales. Number of registered sales QuarterlyAnnually AUTONOMOUS COMMUNITIES GeneralNew Second- hand GeneralNewSecond-hand ANDALUSIA ARAGON ASTURIAS BALEARIC ISLANDS CANARY ISLANDS CANTABRIA CASTILE AND LEON CASTILE-LA MANCHA CATALONIA COMMUNITY OF MADRID COMMMUNITY OF VALENCIA EXTREMADURA GALICIA LA RIOJA MURCIA NAVARRA BASQUE COUNTRY NATIONAL

Second-hand dwellings continued leading the demand in 2013, with 53,75%, followed by new free-market dwellings, 41%, and new subsidized dwellings, 5,25% Distribution of registered residential property sales. Absolute numbers (%) QuarterlyAnnually AUTONOMOUS COMMUNITIES New free- market New protected Second- hand New free- market New protected Second- hand ANDALUSIA45,98 %2,47 %51,55 %46,53 %4,05 %49,42 % ARAGON28,50 %3,70 %67,80 %26,65 %7,61 %65,74 % ASTURIAS38,14 %10,58 %51,28 %42,63 %7,73 %49,64 % BALEARIC ISLANDS47,40 %0,41 %52,19 %47,08 %0,43 %52,49 % CANARY ISLAND51,70 %1,71 %46,59 %54,64 %2,12 %43,24 % CANTABRIA51,39 %3,78 %44,83 %46,42 %5,02 %48,56 % CASTILE AND LEON37,09 %4,49 %58,42 %40,28 %5,61 %54,11 % CASTILE-LA MANCHA43,61 %2,23 %54,16 %45,78 %5,65 %48,57 % CATALONIA31,49 %1,85 %66,66 %30,79 %2,24 %66,97 % COMMUNITY OF MADRID26,91 %24,16 %48,93 %33,80 %11,12 %55,08 % COMMUNITY OF VALENCIANA42,51 %2,11 %55,38 %44,22 %2,48 %53,30 % EXTREMADURA24,40 %13,96 %61,64 %24,25 %20,66 %55,09 % GALICIA59,49 %2,15 %38,36 %57,64 %2,21 %40,15 % LA RIOJA39,10 %5,82 %55,08 %51,52 %4,68 %43,80 % MURCIA48,33 %1,82 %49,85 %49,14 %2,45 %48,41 % NAVARRA33,70 %13,81 %52,49 %31,66 %10,79 %57,55 % BASQUE COUNTRY26,98 %5,38 %67,64 %26,85 %13,90 %59,25 % NATIONAL39,28 %6,32 %54,40 %41,00 %5,25 %53,75 %

Foreigners housing demand continued “in crescendo” and represented 12,85% of the total registered. 8,97% 8,29% 5,85% 4,24% 4,45% 6,04% 8,12% 8,63% 11,22% 12,16% 12,85% 0% 2% 4% 6% 8% 10% 12% 14% T 20132T 20133T 20134T 2013 Purchase of dwellings by foreign (%)

United Kingdom continues at the head, with 15,10% of the total number of foreigners, followed by France (9,84%) and Russia (8,58%). Nacionalities % % s/foreigners United Kingdom 1,68% 15,10% France 1,10%9,84% Russia 0,96%8,58% Belgium 0,81% 7,26% Germany 0,78% 7,01% Sweden 0,63% 5,63% Norway 0,59% 5,27% Italy 0,41% 3,65% Algeria 0,36%3,23% China 0,34% 3,06% Holland 0,29% 2,62% Morocco 0,26% 2,29% Rumania 0,25% 2,22% Luxemburg 0,16% 1,46% Switzerland 0,15% 1,32% Ukrania 0,15% 1,32% Denmark 0,14% 1,29% Finland 0,13% 1,21% Poland 0,11% 0,94% Rest 1,86% 16,71% Foreigners 11,15% 100,00% Nationals 88,85% TOTAL 100,00% Registered residential property sales according to purchaser’s nationality (%)

Mortgage lending contracted for residential property purchases (€) The average mortgage amount in 2013 was €, historic low, bu slightly increased in the 4th quarter, at €.

Effective interest rates remained stable, with an annual average of 4,02% and an average of 4,06% in the 4th quarter. INTEREST RATE AMOUNTS INITIALLY CONTRACTED FOR THE NEW MORTGAGE LENDINGS Autonomous CommunitiesQuarterlyAnnually ANDALUSIA4,12 %4,08 % ARAGON4,21 %4,02 % ASTURIAS3,91 %4,12 % BALEARIC ISLANDS4,43 %4,37 % CANARY ISLANDS4,21 %4,06 % CANTABRIA3,97 %3,95 % CASTILE AND LEON4,04 %3,93 % CASTILE-LA MANCHA3,88 %3,94 % CATALONIA4,02 %4,10 % COMMUNITY OF MADRID3,94 %3,63 % COMMUNITY OF VALENCIANA4,16 %4,14 % EXTREMADURA4,06 %4,17 % GALICIA4,00 %4,10 % LA RIOJA4,05 %3,83 % MURCIA4,27 %4,30 % NAVARRA4,03 %3,82 % BASQUE COUNTRY3,89 %3,95 % NATIONAL4,06 %4,02 %

Fixed interest rates remain close to 6%, higher than the traditional percentage, but continue to be marginal with respect to the total. Variable rates continue referenced to EURIBOR. Reference rates contracted in housing mortgage lending. Average of contracts Reference rates contracted in mortgage lending at variable interest rate. Percentage of contracts over total

Mortgages are contracted at an average age of 22, reaching an average age of 25 in Madrid, and from an average age of 19 in La Rioja.

The average monthly mortgage payment in the 4 th quarter, around 600 euros, ranges from 369 € in Extremadura to 985 in Madrid. Average monthly mortg.age payment & % with respect to salary cost Absolute numbers (according to principal, term and interest rate) QuarterlyAnnually Autonomous Communities Monthly mortgage payment (€) % Monthly payment over gross salary (*) Monthly mortgage payment (€) % Monthly payment over gross salary (*) ANDALUSIA496,2929,72 %494,3629,61 % ARAGON502,2228,46 %529,9830,03 % ASTURIAS462,1425,17 %490,4826,72 % BALEARIC ISLANDS903,3152,40 %702,5140,75 % CANARY ISLANDS457,3829,60 %420,9727,24 % CANTABRIA526,5731,55 %521,5531,25 % CASTILE AND LEON480,7928,88 %506,9930,46 % CASTILE-LA MANCHA403,6023,77 %423,9624,97 % CATALONIA644,9131,84 %630,8331,14 % COMMUNITY OF MADRID985,2144,63 %846,4538,34 % COM. OF VALENCIA454,0527,04 %445,1326,51 % EXTREMADURA369,2424,21 %393,3425,79 % GALICIA452,4127,76 %485,8129,81 % LA RIOJA460,0626,36 %489,4728,04 % MURCIA418,0625,11 %403,4324,23 % NAVARRA737,0438,19 %582,4130,18 % BASQUE COUNTRY639,0028,54 %665,1629,71 % NATIONAL594,9731,79 %569,4030,42 % (*) Fuente INE

In 2006 mortgaged substantially exceeded the number of purchases/sales, in 2013 the situation was reversed.