Hispania Activos Inmobiliarios SOCIMI : INFORMATION ABOUT THE VALUE RETURN PROPOSAL

On the date hereof, pursuant to the terms of the Investment Manager Agreement entered into by the Company, Azora Gestión, S.G.I.I.C., S.A.U. ("Azora Gestión" or the "Manager") and Azora Capital, S.L., dated 21 February 2014, as amended and restated (the "Investment Manager Agreement"), the Board of Directors has received from the Manager the value return proposal for Hispania , which confirms the plan initially envisaged in the Investment Manager Agreement, consisting on the sale of all the assets that form part of the Company's portfolio and in the subsequent distribution to its shareholders of both the net proceeds resulting from such sales and any outstanding equity remaining in the Company. Such plan would be implemented before 14 March 2020 (the date of the sixth anniversary of the admission to listing of the Company's shares).

In order to implement this strategy, Azora Gestión expects to use a number of mechanisms to optimize the sale value of Hispania's assets, including direct sales of assets (either on a standalone basis or forming part of portfolios), sale of shares in holding companies or, as the case may be, and subject to applicable securities market rules, the promotion of a takeover offer over the entire share capital of the Company. Likewise, for the return of value to shareholders, it is expected, when applicable and amongst other alternatives, dividend distributions, devolutions of capital and reserves, share repurchases in the pen market and/or share buy-back programmes.

In addition, in the context of this value return proposal, and to the extent that the company still has investment capacity and Azora Gestión considers that there still are attractive opportunities in the hotel sector (all of which are aligned with Hispania's strategy and may generate value and returns to its shareholders), the Manager has proposed the extension of the investment period until 31 December 2017. The Company, pursuant to the Investment Manager Agreement, shall submit to the next shareholders' meeting such proposal to extend the investment period from 14 March 2017 (its current termination date, being the third anniversary of the admission to listing of the Company's shares) to 31 December 2017 (the new proposed end date).

In addition, the Company has been informed that, should the abovementioned proposal be finally approved, both the Manager and the individual members of the management team are ready to voluntarily extend the lock-up commitments that were assumed at the time of the admission to listing of the Company's shares and in the capital increases executed thereafter, thus making coincide the termination date of such commitments with that of the investment period.

Except for the abovementioned extension of the investment period, no other change to the Investment Manager Agreement is being considered.

Both the Company and Azora Gestión are confident in that the value return proposal together with the extension of the investment period shall enable the completion of the hotel strategy in which Hispania is focused, the continuous generation of value through an active management and the crystallization of the value created across hotels, offices and residential its shareholders.

Madrid 28 February 2017.

Hispania was incorporated for an indefinite duration as per its by-laws. However, and according to the prospectus filed in connection with the admission to listing of Hispania's shares on the Spanish Stock Exchanges, the company reminds its shareholders that its initially proposed value return proposal provides for the liquidation of the entire asset portfolio within six (6) years of the admission to listing without the need to submit such proposal to the shareholders for approval (alternatively, a favorable shareholder vote must be sought if the Board of Directors proposes to keep and actively manage all or part of the company's portfolio on a permanent basis).