Block 1Asset Summary / Project Brief

1. Executive Summary

Meridian Reserve — Horizonte Bay is a residential development opportunity located in La Herradura, Almuñécar, on the Granada Coast, Andalusia, Spain. The project involves the full development of four Suelo Urbanizado Finalista plots with a combined surface area of 27.613 m², delivering 75 premium apartments across 15 blocks under a hybrid industrialised construction methodology.

The asset is controlled under advanced acquisition negotiations with multiple vendors, coordinated for simultaneous closing. Land classification is Suelo Urbanizado Finalista under an approved Plan Parcial definitively adopted in January 2005 and unchallenged for over twenty years, with urbanisation works fully executed and amortised by prior parties. Zero reclassification risk. No additional planning instrument is required prior to licence application.

The opportunity is structured and coordinated by Integra Trust, a fiduciary real estate coordination and development platform with principals holding direct professional involvement across more than 25 projects and aggregate GDV exposure in excess of €175M across the Costa del Sol and Costa Tropical. Construction is assigned to MODUL4R, the group’s integrated hybrid construction company. Architectural direction and product positioning are under SANCTU4RY, the group’s architectural atelier.

The investment is offered to institutional partners under three capital structures: Direct Lending secured against first-ranking mortgage, Development Equity with full participation in project upside, and Revolving Facility for partners seeking continuous deployment across the full project portfolio. Terms and return parameters are available upon execution of NDA and LOI.

2. Investment Highlights

Meridian Reserve — Horizonte Bay presents a compelling combination of planning certainty, execution control, product differentiation and institutional governance that distinguishes it from any competing development opportunity currently identified on the Granada Coast.

The four plots carry Suelo Urbanizado Finalista classification under an approved Plan Parcial definitively adopted in January 2005. Urbanisation works have been fully executed and amortised by prior parties. The developer’s inability to proceed following the 2008 financial crisis created the entry point. The infrastructure aged. The planning remained intact. The views did not change. What the market catalogued for fifteen years as a stalled asset is, on examination, a fully prepared development site with zero reclassification risk, zero urbanisation cost and no competing product within the sector.

Construction is delivered by MODUL4R under a fixed-price turnkey contract, incorporating a hybrid industrialised system that compresses delivery timelines by 30-40% versus traditional construction, with full cost predictability and CTE compliance throughout. Architectural direction and market positioning are controlled by SANCTU4RY, ensuring design quality, interior language and commercial presentation are aligned with the target international buyer profile from concept through to sales.

The product — stepped terrace apartments with private infinity pools, panoramic terraces and 3-metre ceiling heights throughout — addresses the documented demand of Northern European lifestyle buyers who purchased at Icon Marina, BrightBay and Valdemar and are now looking for the next product of comparable quality. No directly competing development at this specification exists or is planned in La Herradura as at June 2026.

3. Asset Overview

The development site is located in La Herradura, Almuñécar, Granada Coast, Andalusia, Spain. The asset comprises four urban plots with a combined cadastral surface area of 27.613 m², all classified as Suelo Urbanizado Finalista and registered as urban class, vacant land, with no construction recorded against any plot.

Cadastral references: XXXXXXXXVF3622GXXXAO — Surface area: 5.536 m² — Phase Two XXXXXXXXVF3622GXXXYO — Surface area: 8.974 m² — Phase One XXXXXXXXVF3622GXXXWO — Surface area: 10.766 m² — Phase One XXXXXXXXVF3622GXXXZO — Surface area: 2.337 m² — Phase Two

Phase One plots: 19.740 m² combined surface Phase Two plots: 7.873 m² combined surface Total urban plots: 27.613 m²

Total buildable GFA: 13.806 m² above grade, calculated at the Plan Parcial global sector coefficient of 0.50 m²/m² on gross urban plot area. Net coefficient per buildable plot, to be confirmed by formal planning response from Ayuntamiento de Almuñécar, is expected to be materially higher. Verification is a Phase One due diligence action.

Development programme:

Apartment Collection — 15 Blocks / 75 Units Ground Floor with Private Pool: 2 units per block / 165 m² useful / private infinity pool ~4.5x9m / private terraces and garden three sides First Floor Premium: 2 units per block / 125 m² useful / 180-degree perimeter terrace three sides Penthouse with Private Pool: 1 unit per block / 175 m² useful / 360-degree perimeter terrace / private infinity pool

Total units: 75 Total GFA above grade: 13.806 m² Basement parking: 150 spaces (2 per apartment unit) / third space available at €30.000 Common amenities: communal swimming pool, gymnasium, coworking space Energy standard: Passive House throughout Ceiling height: 3.00 metres throughout all typologies

4. Location Analysis

La Herradura is a coastal enclave situated within the municipality of Almuñécar, on the Granada Costa Tropical, Andalusia, Spain. The area offers a microclimate with average annual temperatures exceeding 20°C and more than 300 days of sunshine per year, one of the lowest rainfall indices on the Spanish Mediterranean coastline.

Málaga International Airport: approximately 60 minutes by road via the A-7 coastal motorway, providing direct connectivity to major Northern European origin markets. Granada Airport: 45 minutes. Granada AVE high-speed rail: 45 minutes by road.

International buyers represent 25% to 50% of vacation home sales in La Herradura, led by buyers from the United Kingdom, Germany, Scandinavia, France and the Benelux. An emerging demand segment from the United States has been documented from early 2025. Rental yields across the Granada region average 6.3%.

The DAIA Slow Beach Hotel — the Costa Tropical’s first five-star property — is under construction, signalling growing institutional confidence. Savills has identified the Costa Tropical as an emerging market of institutional interest, with Swedish, Danish and Belgian capital actively deployed.

5. Planning And Legal Status

The four subject plots are classified as Suelo Urbanizado Finalista under Real Decreto Legislativo 7/2015 and the PGOU’87 of Almuñécar, partially adapted to LOUA, planeamiento vigente August 2009.

Three planning instruments govern the site:

PGOU’87 with Partial LOUA Adaptation 2009 — In Force. Sector expressly listed. VPO exemption confirmed — ordenación pormenorizada predates the 20 January 2007 LOUA threshold. Zero social housing obligation. Residential and hotel use recognised.

Plan Parcial de Ordenación — Definitively Approved 4 January 2005, BOP 10 January 2006. Road network, parcelation, open space systems and buildability parameters definitively established. Direct construction licensing available. No additional planning instrument required. Urbanisation works fully executed and amortised by prior parties.

Modificación Puntual No. 4 — Norma 3.13 — BOP Granada No. 178 — 18 September 2014 — In Force. Hotel use compatible with all residential zoning without modification. Conditions: maximum 30% of zone, minimum 10 rooms, 1 parking space per 100 m² GFA.

New PGOU — Provisional Approval March 2023 — Pending Definitive Approval. PGOU’87 governs until confirmed. Review is a Phase One due diligence action. Junta de Andalucía confirmed documentation correct May 2023.

6. Development Strategy

Phase 1 — Acquisition and SPV Structuring: simultaneous completion of all four urban plot purchases. First-ranking mortgage registered Day 1. Duration: 30-45 days from LOI.

Phase 2 — Project and Licence: architectural project preparation simultaneous with purchase process. No demolition required — site is clear. Duration: 2-3 months from acquisition.

Phase 4 — Sales and Delivery: sales programme commences Day 1. Phased practical completion: Phase One 8 blocks 40 units Month 22, Phase Two 7 blocks 35 units Month 24. Total programme: estimated 30-36 months from LOI.

7. Market Positioning

Every competing development that has launched in La Herradura during the fifteen years this site has been dormant has sold out or is near sellout. The supply gap Meridian Reserve — Horizonte Bay addresses is documented, structural and not resolvable from any other land holding in the area.

8. Financial Snapshot

Total Development Cost All-In: €54.560.875

9. Risk Assessment

Planning Risk: Suelo Urbanizado Finalista. Plan Parcial definitively approved 2005, unchallenged twenty years. Zero reclassification risk. Residual: Very Low. Construction Risk: Fixed-price MODUL4R contract. No demolition. No external contractor dependency. Residual: Low. Financing Risk: First-ranking mortgage from Day 1. Bank finance activated upon licence and pre-sales only. Residual: Controlled. Market Risk: Break-even 21.1% below Base Case. Conservative Bear Case pricing. Residual: Moderate, mitigated. Urbanisation Risk: Fully executed and amortised by prior parties. Zero cost. Residual: Very Low. Title and Compensation Board Risk: Phase One due diligence action. Residual: Low pending confirmation. Delivery Risk: Fully integrated group structure. Single accountability framework. Residual: Low. Exit Risk: In-house sales management. Portfolio sale secondary option. Residual: Low to moderate.

10. Investment Case

Meridian Reserve — Horizonte Bay presents an institutional-grade residential development opportunity of a scale and character that has no direct equivalent in the current La Herradura market cycle.

The asset has been dormant for fifteen years not because of a planning problem, a legal problem or a market problem. It has been dormant because of a capital problem. The original developer ran out of financing in 2008. The infrastructure was already built and paid for. The planning instrument had already been definitively approved. The views were already there. Nothing material changed in fifteen years except the market, which moved decisively in favour of the opportunity.

From a capital preservation perspective, investor equity is secured by first-ranking mortgage over Suelo Urbanizado Finalista from the moment of deployment. Zero planning risk. Zero urbanisation cost. Fixed-price construction. All professional costs locked prior to execution.

Every comparable development that has come to market in La Herradura during the fifteen years this site has been dormant has sold out. Meridian Reserve — Horizonte Bay is the next product.

11. Exit Strategy

12. Key Investment Metrics

Structure A: Direct Lending — First-ranking mortgage — Fixed annual return 11-15% Structure B: Development Equity — Terms confirmed at mandate Structure C: Revolving Facility — Continuous portfolio deployment

Phase 1 Acquisition and SPV: 30-45 days from LOI Phase 2 Project and Licence: simultaneous to purchase, 2-3 months Phase 3 Construction: 20-24 months from licence grant Phase One Completion: Month 22 — 8 blocks 40 units Phase Two Completion: Month 24 — 7 blocks 35 units Bank Fully Repaid: Month 31 Investor Distribution: Months 32-36 Total Programme: estimated 30- 36 months from LOI

Security: First-ranking mortgage Day 1 SPV: Integra Trust SPV — Spanish S.L. to be constituted at LOI Reporting: Institutional monthly reporting Governing Law: Spanish law Andalusia jurisdiction

Block 2Sponsor And Corporate Structure

INTEGRA TRUST · MODUL4R · SANCTU4RY

2.1 SPONSOR OVERVIEW

Integra Trust is a fully integrated real estate investment coordination and development platform operating across the Spanish Mediterranean coastal market, with presence in London and Madrid. The group controls the entire development value chain through three integrated entities: Integra Trust, responsible for investment coordination, SPV structuring and institutional governance; MODUL4R, the group’s hybrid industrialised construction company; and SANCTU4RY, the group’s architectural and brand positioning atelier.

The group operates under a single management structure and a single strategic vision, providing institutional investors with a unified accountability framework across every stage of the development cycle, from acquisition analysis through to final distribution of returns.

Integra Trust is not a broker, not a traditional developer and not a fund. It is a fiduciary advisory and execution platform whose mandate is defined entirely by the investor’s objective, structured to eliminate the fragmentation risk that characterises conventional development models reliant on multiple independent contractors and advisors.

2.2 GROUP STRUCTURE

INTEGRA TRUST — Investment Coordination and Fiduciary Advisory The parent entity and single point of accountability for all investor relations, SPV structuring, capital stack optimisation, legal and urban planning coordination, institutional reporting and risk management. Integra Trust does not act as principal in transactions but as fiduciary coordinator, aligning every function of the group with the investor’s defined objective and return parameters.

MODUL4R — Industrialised Hybrid Construction The group’s integrated construction and execution company, delivering all projects under a fixed-price turnkey contract. MODUL4R operates a hybrid industrialised methodology combining factory- manufactured structural components with on-site traditional execution, delivering 30-40% timeline compression versus conventional construction, full cost predictability and complete CTE compliance. MODUL4R eliminates external contractor dependency across all group projects.

SANCTU4RY — Architectural Positioning and Brand The group’s architectural and creative atelier, responsible for concept-to- execution architectural direction, interior design language, lifestyle positioning, commercial presentation and sales strategy. SANCTU4RY ensures that design quality, product specification and market presentation operate as a single coherent strategy aligned with the target buyer profile of each project.

2.3 TRACK RECORD AND EXPERIENCE

The principals of Integra Trust bring direct professional involvement across residential, mixed-use and hospitality development projects on the Costa del Sol and Costa Tropical of Granada, with aggregate GDV exposure in excess of €175M across more than 25 projects since 2012. This involvement spans multiple stages of the development cycle including land acquisition analysis, urban planning coordination, construction management, architectural direction and sales strategy.

Integra Trust as an integrated development platform is currently executing its inaugural proprietary portfolio, comprising five residential development projects across the Granada Coast and wider Andalusian Mediterranean market, with a combined projected GDV in excess of €80M. The current portfolio represents the consolidation of the principals’ accumulated professional expertise into a fully controlled, vertically integrated execution platform under a single institutional governance framework.

This positions Integra Trust as an emerging institutional sponsor with demonstrable sector expertise, verified market knowledge and a fully integrated operational structure, entering the market at a moment of acute supply-demand imbalance in its target geography.

2.4 GOVERNANCE AND REPORTING STANDARDS

Integra Trust operates to institutional governance standards across all investment mandates. Every project is structured through a dedicated SPV, providing clean asset separation, defined liability boundaries and full fiscal transparency for the investing partner.

Investor reporting follows a monthly institutional format covering budget versus actual cost tracking, construction progress against programme, sales performance against absorption model, cash flow monitoring and exit timing analysis. All reporting is prepared to the standard expected by investment committee review.

Risk management is integrated into the group’s operational framework from acquisition stage through to asset disposal. Every project undergoes formal risk assessment across planning, construction, financing, market and exit dimensions, with defined mitigation strategies and residual risk ratings updated at each reporting cycle.

Legal and fiscal structuring is confirmed at mandate stage in conjunction with the investor’s own legal and tax advisors, ensuring full alignment between the SPV structure, the capital stack and the investor’s specific jurisdictional requirements.

2.5 INVESTMENT STRUCTURES OFFERED

Structure A — Direct Lending Capital secured against first-ranking mortgage over the development land from Day 1. Fixed annual return 11-15%. Lowest risk profile. Capital deployed at land acquisition and licence stage, recovered upon activation of bank finance facility at construction commencement subject to 20% pre-sales. Interest payments directed to investor’s designated treaty jurisdiction. Suitable for investors prioritising capital preservation and fixed income returns.

Structure B — Development Equity Full participation in project upside from entry at cost through to exit at GDV. Terms and return parameters defined at mandate stage. Programme 30-36 months. Suitable for investors seeking return participation with active partner status.

Structure C — Revolving Facility Continuous capital deployment across the full Integra Trust project portfolio. Capital recycled from one project to the next upon activation of bank finance, maintaining permanent deployment and compounding returns across multiple transactions. Suitable for investors with long-term strategic alignment with the group. Terms and return parameters for all three structures available upon execution of NDA and confirmation of LOI with closed clauses.

For Project B specific parameters: Structure A: First-ranking mortgage over 27.613 m² Suelo Urbanizado Finalista. Fixed annual return 11-15%. Capital deployed at acquisition, recovered Month 5 upon bank finance activation. Structure B: Full upside participation. Terms confirmed at mandate stage. Programme 30-36 months from LOI. Structure C: Capital deployed in Project B recovered upon bank finance activation and redeployed immediately into Project C. Continuous portfolio employment across Projects A-E.

Block 3Legal And Urban Planning

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

3.1 LAND OWNERSHIP AND TITLE

The subject site comprises four urban plots currently held by multiple vendors. Acquisition is structured for simultaneous closing across all four plots under a coordinated purchase process managed by Integra Trust. No plot will be acquired independently — the transaction is structured as a single integrated operation with simultaneous notarial execution across all four purchase agreements.

Each vendor holds individual title over their respective plot. Nota simple registral has been requested for all four plots from the Registro de la Propiedad de Almuñécar. Formal incorporation of title documentation into the due diligence file upon execution of NDA and confirmation of LOI with closed clauses.

Transfer of title to the acquiring SPV will be executed upon completion of the investment LOI and formal constitution of Integra Trust SPV. The acquiring vehicle will be constituted as a Spanish Sociedad Limitada operating as a dedicated project SPV. Full legal and fiscal structuring confirmed at mandate stage in conjunction with the investor’s legal advisors.

Agreed acquisition price for all four urban plots: €10.000.000, payable simultaneously at notarial closing.

3.2 ACQUISITION AND PRE-CONSTRUCTION COST STRUCTURE

3.3 PLANNING AND URBAN CLASSIFICATION

The four subject plots are classified as Suelo Urbanizado Finalista under Real Decreto Legislativo 7/2015 and the PGOU’87 of Almuñécar, partially adapted to LOUA, planeamiento vigente August 2009.

Suelo Urbanizado Finalista is the highest security planning classification available within the Spanish urban planning framework. Buildability is legally established without requirement for reclassification, re-urbanisation process or any other planning instrument prior to licence application. All urbanisation charges have been fully discharged by prior parties. Infrastructure services confirmed available at plot boundary.

Cadastral Data Verified 29 May 2026, Sede Electrónica del Catastro: XXXXXXXXVF3622GXXXAO — Surface: 5.536 m² — Class: Urban — Use: Vacant land — Phase: Two XXXXXXXXVF3622GXXXYO — Surface: 8.974 m² — Class: Urban — Use: Vacant land — Phase: One XXXXXXXXVF3622GXXXWO — Surface: 10.766 m² — Class: Urban — Use: Vacant land — Phase: One XXXXXXXXVF3622GXXXZO — Surface: 2.337 m² — Class: Urban — Use: Vacant land — Phase: Two

All four plots registered as urban class with principal use vacant land. No construction recorded against any plot. All four are independent cadastral units with no horizontal division.

Phase One combined surface: 19.740 m² Phase Two combined surface: 7.873 m² Total urban surface: 27.613 m²

3.4 PLAN PARCIAL — PARAMETERS AND BUILDABILITY

Plan Parcial de Ordenación Definitively approved: 4 January 2005 Published: BOP Granada 10 January 2006 Status: In force and unchallenged for over twenty years

The Plan Parcial definitively establishes the road network, parcelation, open space systems and buildability parameters for the sector. Direct construction licensing is available without requirement for any additional planning instrument. The urbanisation works prescribed by the Plan Parcial have been fully executed and amortised by prior parties, confirming the sector’s Suelo Urbanizado Finalista status and the availability of all infrastructure services at plot boundary.

Buildability Parameters Global sector buildability coefficient: 0.50 m²/m² on gross urban plot area Total buildable GFA on 27.613 m²: 13.806 m² above grade — provisional

Note: The global coefficient of 0.50 m²/m² is calculated on gross land including roads, green zones and common areas within the sector. The net coefficient applicable to the buildable plot area is expected to be materially higher. Formal confirmation via Article 175 LOUA planning query to the Ayuntamiento de Almuñécar is a Phase One due diligence action. A higher net coefficient would directly increase the financial model in favour of the investor.

Maximum building height: to be confirmed by formal planning query. Parking requirement: to be confirmed by formal planning query. Minimum 1 space per residential unit assumed; 2 spaces per unit provided as standard.

3.5 VPO STATUS AND HOTEL USE COMPATIBILITY

VPO Exemption — Confirmed The ordenación pormenorizada of the sector predates the 20 January 2007 LOUA threshold. Zero VPO obligation on any of the four plots. No affordable housing contribution is required at any stage of the development programme.

Hotel Use Compatibility — Confirmed Modificación Puntual No. 4 to Norma 3.13, published in BOP Granada No. 178 on 18 September 2014, establishes hotel use as compatible with all residential zoning applicable to these plots without modification. Conditions: maximum 30% of zone, minimum 10 rooms, 1 parking space per 100 m² GFA. This optionality is noted for investor awareness and is not a component of the current development programme.

3.6 NEW PGOU STATUS

The Ayuntamiento de Almuñécar received provisional approval for a new PGOU in March 2023, submitted to the Comisión Territorial de Ordenación del Territorio y Urbanismo de Granada for definitive approval. The Junta de Andalucía confirmed the documentation was formally correct in May 2023.

Until definitive approval is issued, the PGOU’87 with its Partial LOUA Adaptation of 2009 remains the governing planning instrument. The new PGOU does not affect the legal validity of the Plan Parcial. Review of the provisional PGOU approval document to confirm no adverse changes to sector parameters is a Phase One due diligence action. Risk of adverse reclassification assessed as very low. 3.7 LICENCE STATUS AND STRATEGY Current licence status: Project Submission Pending.

Phase 1: Architectural project preparation — simultaneous with acquisition process, 2-3 months. Phase 2: Licence submission — immediately upon title transfer to SPV. Phase 3: Municipal processing — standard timeframe under Plan Parcial and PGOU’87. Phase 4: Licence grant — triggers construction commencement and bank finance activation, subject to pre-sales confirmation of 20% of units.

No demolition licence is required. The site is clear. Infrastructure services are in place. No material planning obstacles are anticipated.

3.8 LEGAL DUE DILIGENCE STATUS

Title verification: Nota simple registral requested for all four plots. Formal provision upon LOI with closed clauses. Encumbrances: Under review. No material encumbrances anticipated. Cadastral alignment: Confirmed. All four references consistent with planning classification verified against Sede Electrónica del Catastro 29 May 2026. Junta de Compensación: Status to be confirmed. Non-negotiable Phase One due diligence action. Urban planning compliance: No known infractions. Full compliance to be confirmed by formal planning query. Environmental status: Adjacency to Paraje Natural Acantilados Maro- Cerro Gordo is a boundary condition not an interior constraint. Phase One due diligence action. N-340 road servitude: Building line setback to be confirmed for plots adjacent to road. Expected non-constraining given the approved Plan Parcial. Phase One due diligence action. SPV structuring: In preparation. To be confirmed at mandate stage with investor’s legal and tax advisors.

3.9 MUNICIPAL AND REGULATORY FRAMEWORK

National Level: Real Decreto Legislativo 7/2015 — Texto Refundido de la Ley del Suelo y Rehabilitación Urbana. All four plots classified as Suelo Urbanizado Finalista.

Regional Level: Ley 7/2002, de 17 de diciembre, de Ordenación Urbanística de Andalucía (LOUA) and successive modifications. VPO exemption confirmed under LOUA transitional provisions.

Municipal Level: PGOU’87 Almuñécar Adaptación Parcial a la LOUA planeamiento vigente August 2009. Plan Parcial de Ordenación definitively approved 4 January 2005 BOP Granada 10 January 2006. Modificación Puntual No. 4 Norma 3.13 BOP Granada No. 178 18 September 2014. Full documentation publicly accessible at portaltransparencia.almunecar.es.

Construction Technical Standards: Full CTE compliance across all applicable requirements. MODUL4R hybrid industrialised methodology designed and certified for full CTE compliance.

Energy Performance: Passive House energy efficiency standards exceeding minimum requirements of CTE DB-HE.

Block 4Market Study And Demand Analysis

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

4.1 MACRO MARKET CONTEXT — SPANISH RESIDENTIAL MARKET

Spain has entered 2026 as one of Europe’s most compelling destinations for private capital allocation in residential real estate. National residential price growth of approximately 12.5% was recorded across 2025, one of the strongest performances in Europe. For 2026, CaixaBank and Bankinter forecast national average price growth of 5-7%, representing a moderation to a more sustainable growth phase rather than a market reversal. The Spanish second home coastal market recorded a 12.1% price increase in 2025 according to Tinsa’s Vivienda en Costa report, reaching a national coastal average of €2.970/m², with premium coastal locations materially above this level. New build product has consistently outperformed the broader market in price appreciation, with luxury buyers demonstrating a clear preference for modern amenities, high energy efficiency and contemporary architecture.

The Euribor has maintained a downward trend moving into 2026, confirmed at 2.81% as at June 2026, improving financing conditions and purchasing power for buyers and investors. Transaction volumes in Andalucía reached 143.794 in 2025, operating close to pre-crisis highs. CBRE forecasts total Spanish real estate investment of €19-21 billion for 2026, the strongest year since 2018, with residential remaining the principal engine.

International buyer activity remains a defining characteristic of the Spanish coastal market. In Málaga province, approximately 39% to 60% of transactions in prime locations involve foreign purchasers, reflecting the sustained lifestyle migration and capital allocation trends that underpin coastal residential demand.

4.2 COSTA TROPICAL GRANADA — REGIONAL MARKET

The Costa Tropical of Granada is one of the most structurally undersupplied premium residential coastal markets in Spain. Unlike the western Costa del Sol, which has experienced significant new development activity, the Costa Tropical has maintained a severely constrained supply profile driven by topographic limitations, environmental protections and the finite availability of Suelo Urbanizado Finalista in established coastal locations.

Key market data as at June 2026:

Active listings across Granada province have fallen to 60-70 new listings per week from a typical 100-120. Buyer enquiries remain high despite reduced supply. Some new listings are selling before reaching property portals, evidencing a structural supply-demand imbalance that is tightening rather than resolving.

Savills has formally identified the Costa Tropical as an emerging market of institutional interest. Swedish, Danish and Belgian capital is actively deployed in the area. The institutional audience is already present. The product at the scale and specification of Meridian Reserve — Horizonte Bay is not.

4.3 SUPPLY ANALYSIS — LA HERRADURA NEW BUILD PIPELINE

The new build pipeline in La Herradura as at June 2026 is severely constrained.

BrightBay Villas by Savills Marina del Este: 14 exclusive beachfront villas. Active. Premium luxury segment at €7.021/m². Direct benchmark for premium pricing on the Costa Tropical.

Valdemar Urbanisation La Herradura: 4 remaining units from 33-villa development. Near sellout.

No directly comparable new build apartment development combining premium specification, private pools, generous terraces and Passive House standard has been identified in La Herradura or the wider Costa Tropical as at June 2026. The Meridian Reserve — Horizonte Bay sector has been dormant since 2008. The supply gap is documented, structural and not resolvable from any other identified land holding in the area.

4.4 DEMAND ANALYSIS

Segment 1 — Northern European Lifestyle Buyer — Primary Swedish, Danish, Belgian, British, Dutch and German buyers. Climate-driven relocation. Second residence with investment profile. These buyers purchased at BrightBay, Icon Marina and Valdemar. They are active on the Costa Tropical now. The product they are looking for does not currently exist at the scale and specification of Meridian Reserve — Horizonte Bay. International buyers represent 25-50% of vacation home sales in La Herradura and demonstrate price inelasticity at the specification level proposed. Segment 2 — Domestic High-Net-Worth Buyer — Secondary Executive and entrepreneur profile, 40-55 years, Madrid or Barcelona. Coastal relocation combining lifestyle upgrade with remote working flexibility. The Costa Tropical offers a compelling value proposition relative to the Costa del Sol. Target product: First Floor Premium apartments.

Segment 3 — HNWI and Family Office — International US California, Middle East, Asia. Capital preservation and lifestyle combined. EU jurisdictional security. Passive House specification supports rental income profile. Rental yields average 6.3% across the Granada region.

Segment 4 — Buy-to-Let Investor — Emerging International investor buyer seeking yield plus capital appreciation. Passive House specification delivers superior rental premiums through low running costs and comfort levels. Extended La Herradura high season supports strong occupancy.

4.5 PRICING EVIDENCE AND MARKET BENCHMARKS

Meridian Reserve — Horizonte Bay pricing implications:

4.6 MARKET OUTLOOK

The structural drivers supporting La Herradura’s residential market are reinforcing rather than weakening. Supply constraints are not resolvable in the medium term given the finite availability of Suelo Urbanizado Finalista within the established urban boundary. Demand from international and domestic buyers continues to grow, supported by improving financing conditions and ongoing lifestyle migration trends.

Price appreciation of 24.3% since November 2023 demonstrates the velocity of value growth in this micro-market. National price growth forecasts of 5-7% for 2026 from major institutions underpin continued appreciation expectations. The commencement of the Costa Tropical’s first five-star hotel signals growing institutional confidence in the area’s long-term trajectory.

Meridian Reserve — Horizonte Bay is the only development of scale and premium specification entering the La Herradura market in the current cycle. With every comparable development sold out or near sellout, the project launches into a documented supply vacuum across its target product segment.

Block 5Architecture And Engineering

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

Reference: IT-DR-2026-Block5-ProjectB | Date: June 2026 5.1 ARCHITECTURAL CONCEPT AND DESIGN DIRECTION The architectural concept for Meridian Reserve — Horizonte Bay is developed and directed by SANCTU4RY, the group’s architectural and creative atelier. The design brief is founded on four governing principles: integration with the natural hillside topography, unobstructed sea view exposure across every unit in every typology, delivery of a product specification that materially exceeds any residential supply currently identified in La Herradura, and the creation of a coherent residential environment that reads as a single considered place rather than a conventional development.

The architectural language draws on the Mediterranean vernacular of the Costa Tropical, reinterpreted through a contemporary biophilic lens that prioritises natural materials, generous outdoor living space, and the deliberate visual and physical connection between interior and exterior across all product types.

The site’s natural hillside topography is the primary design asset. The stepped configuration of the 15 apartment blocks maximises unobstructed sea views across all floors and creates the conditions for private infinity pools at ground floor level, exploiting the natural level changes inherent in the terrain. Every unit in the apartment collection, from ground floor to penthouse, has direct access to private outdoor space on at least three sides.

5.2 APARTMENT COLLECTION — UNIT SPECIFICATION

All three apartment typologies share a consistent architectural logic. Fachada frontal sur orientada al mar with full-width sliding glazed facade. Chef kitchen closed and independent with lateral sea view window, external extraction and rear service access. Open-plan living, dining and cocktail bar occupying the full southern frontage. Central service core. All bedrooms with en-suite bathrooms. Ceiling height 3.00 metres throughout. All exterior spaces non-computable and in addition to the stated useful interior area.

Ground Floor — 165 m² useful interior / 2 units per block / 30 units total

Living dining and cocktail bar 42 m² full southern frontage. Closed chef kitchen 16 m² lateral corner with sea view window and rear service access. Master suite 20 m² with en-suite bathroom 10 m². Bedroom 2 16 m² with private bathroom 10 m². Bedroom 3 14 m² with private bathroom 10 m². Guest WC 5 m². Laundry 4 m². Storage 5 m². Wardrobes and circulation 13 m².

Exterior non-computable: private infinity pool approximately 4.5 x 9 m pool edge height 1.70 m. Front garden. Three-sided perimeter garden. Rear garden with dedicated service access. Units delivered as mirror images within each block.

First Floor — 125 m² useful interior / 2 units per block / 30 units total

Same orientation and distribution logic as ground floor. Living dining and cocktail bar 35 m² full southern frontage. Closed chef kitchen 14 m² lateral corner. Master suite 18 m² with en-suite bathroom 10 m². Bedroom 2 14 m² with private bathroom 8 m². Guest WC 5 m². Laundry 4 m². Storage 4 m². Wardrobes and circulation 8 m².

Exterior non-computable: 180-degree perimeter terrace on three sides with option to enclose rear section adjacent to bedrooms and living area. Units delivered as mirror images within each block.

Penthouse — 175 m² useful interior / 1 unit per block / 15 units total

Same orientation and distribution logic. Living dining and cocktail bar 50 m² full southern frontage. Closed chef kitchen 16 m² lateral corner. Master suite 22 m² with en-suite bathroom 10 m². Bedroom 2 15 m² with private bathroom 10 m². Bedroom 3 15 m² with private bathroom 10 m². Guest WC 5 m². Laundry 5 m². Storage 5 m². Wardrobes and circulation 10 m².

Exterior non-computable: full 360-degree perimeter terrace with option to enclose rear section. Private infinity pool with technical void below pool base at 1.70 m. Note: architectural feasibility study underway regarding potential conversion of technical void beneath penthouse pool into private storage units per penthouse — outcome to be incorporated into final architectural project.

5.3 FINISHES AND MATERIALS — ALL TYPOLOGIES

Large-format porcelain floor and wall finishes throughout. Natural stone and timber accents in kitchens, bathrooms and terrace areas. High-specification joinery. Thermally broken aluminium framing with high-performance glazing. Ducted air conditioning and heating integrated into the building management system. Mechanical ventilation with heat recovery as part of the Passive House system. Underfloor heating in bathroom areas. Home automation covering climate, lighting, blinds and security. Pre- installation for electric vehicle charging at all parking spaces.

5.4 COMMON AREAS AND AMENITIES

Communal Swimming Pool: main communal infinity pool positioned at the elevated point of the apartment zone to maximise sea view exposure from the pool deck. Integrated sun terraces, landscaped surroundings and outdoor shower facilities.

Gymnasium: fully equipped gymnasium with glazed openings oriented towards the sea. Direct access to outdoor terrace.

Coworking Space: dedicated coworking facility with high-speed connectivity, private meeting areas and outdoor terrace access. Direct response to the documented remote-working demand segment active in La Herradura.

Basement Parking: 150 spaces across basement level, 2 per apartment unit. Third space available at €30.000. Pre-installation for electric vehicle charging at all spaces. Direct lift access to all residential floors.

Landscaping: drought-resistant native Mediterranean species throughout. Pedestrian circulation designed to maximise the relationship between buildings, outdoor areas and the natural hillside character of the site.

5.5 ENERGY PERFORMANCE AND SUSTAINABILITY

Meridian Reserve — Horizonte Bay will be designed and executed to Passive House energy efficiency standard across all 75 apartment units and all common areas, materially exceeding CTE DB-HE minimum requirements.

Key Environmental Performance Indicators: Energy demand for heating: ≤15 kWh/m²/year versus CTE minimum ~50 kWh/m²/year. Primary energy demand: ≤120 kWh/m²/year. Air tightness: ≤0.6 ACH at 50 Pascal pressure test. Thermal comfort: internal temperatures 20-25°C year-round without active heating or cooling in standard conditions. Estimated CO2 reduction versus conventional construction: 70-80%.

High-performance thermal envelope with continuous external insulation eliminating thermal bridges. Mechanical ventilation with heat recovery recovering up to 90% of thermal energy from exhaust air, maintaining CO2 below 1.000 ppm in all occupied spaces. Triple-glazed thermally broken aluminium framing with low-emissivity coatings. Photovoltaic installation covering 100% of common area energy demand. Solar thermal domestic hot water pre-installation per unit. Smart building management system.

5.6 STRUCTURAL AND ENGINEERING SYSTEMS

The structural system utilises MODUL4R’s hybrid industrialised methodology. Apartment blocks adopt a stepped configuration across three above-grade floors with basement level excavated into the hillside. Foundation design confirmed upon geotechnical survey completion immediately following title transfer.

MEP Engineering Systems: individual unit electrical metering with PV connection and EV pre-installation. Individual plumbing supply and drainage with solar pre-installation and pool systems. Individual ducted HVAC integrated with MVHR. Fibre optic pre-installation, structured cabling, home automation, CCTV and access control. Automatic fire detection and alarm with suppression in basement parking. Full CTE DB-SUA accessibility compliance with lift access from basement to all floors.

5.7 TECHNICAL SUMMARY — KEY FIGURES

Total urban plot area: 27.613 m² Land classification: Suelo Urbanizado Finalista Plan Parcial: Definitively approved January 2005 Urbanisation: Fully executed and amortised by prior parties

Apartment Collection: 15 blocks / 75 units / 3 floors above grade per block Ground Floor: 30 units / 165 m² useful / piscina infinity privada ~4.5x9m / jardín tres frentes First Floor: 30 units / 125 m² useful / terraza 180° tres frentes Penthouse: 15 units / 175 m² useful / terraza 360° + piscina infinity privada Total apartment useful area: 11.325 m² Total apartment GFA above grade: 13.806 m² Basement parking: 150 spaces / 2 per unit / 3rd optional €30.000

Construction cost: €2.500/m² fixed-price MODUL4R Energy standard: Passive House throughout Ceiling height: 3.00 metres throughout all typologies

Block 6Construction And Modul4R Strategy

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

6.1 CONSTRUCTION METHODOLOGY

Meridian Reserve — Horizonte Bay will be delivered by MODUL4R under a fixed-price turnkey contract utilising a hybrid industrialised construction methodology that combines factory-manufactured structural components with on-site traditional execution. No demolition is required. The site is clear. Urbanisation works are fully executed and infrastructure services are confirmed available at plot boundary. Construction commences directly upon licence grant and pre-sales confirmation, without any preparatory clearance or infrastructure phase.

6.2 MODUL4R DELIVERY ADVANTAGES

Timeline Compression: 30-40% reduction in construction timeline relative to conventional on-site construction. Projected 20-24 months from licence grant versus a conventional estimate of 30-36 months for a programme of this scale. Directly improves investor IRR through accelerated cash flow generation and earlier distribution.

Quality Control: factory manufacture of structural components under controlled conditions eliminates the principal sources of on-site quality variability. Dimensional precision, material consistency and installation quality verified at manufacturing stage before components reach site.

Supply Chain Control: MODUL4R maintains direct relationships with principal material and component suppliers, eliminating subcontractor chain dependency and providing full visibility and control over procurement timelines.

CTE Compliance: fully designed and certified for compliance with Código Técnico de la Edificación across all applicable technical requirements. Passive House certification requirements integrated into design and delivery process from the outset.

6.3 CONSTRUCTION PROGRAMME

Month 0: Licence grant. Bank finance activation subject to pre-sales confirmation. MODUL4R contract execution. Site mobilisation across all 15 block footprints simultaneously.

Month 0-2: Excavation and basement construction across all apartment block footprints. Foundation works across all 15 blocks. Below-grade structure and parking level completion.

Month 2-8: Above-grade structural frame all 15 blocks. Factory component delivery and installation. Core and shell completion floors 1-3 across all blocks.

Month 8-14: Building envelope. Façade installation across all blocks. Roofing. MEP first fix. Internal partitions.

Month 14-19: Internal fit-out all blocks. MEP second fix. Kitchen and bathroom installation. Flooring and finishes throughout.

Month 19-22: External works. Pool construction ground floor units and penthouses. Communal areas. Commissioning and testing of all building systems.

Month 22: Phase One practical completion — 8 blocks 40 units. Month 24: Phase Two practical completion — 7 blocks 35 units. Month 24-36: Individual unit handovers. Title transfers. Final accounts. Investor distribution. Total construction duration: 20-24 months from licence grant.

6.4 PHASED DELIVERY STRATEGY

Phase One delivery target Month 22: 8 apartment blocks / 40 units. Revenue generation commences. Bank facility repayment begins.

Phase Two delivery target Month 24: remaining 7 apartment blocks / 35 units. Bank facility substantially repaid.

This sequencing allows the highest-value product — penthouses — to be released last within each phase, benefiting from the completed development context and demonstrated market evidence from early completions to maximise achieved pricing.

6.5 CONTRACT STRUCTURE

Contract sum: €35.235.000 fixed. Programme: 20-24 months from site handover with liquidated damages for delay. Payment: monthly valuations based on certified construction progress, drawdown against bank finance facility. No advance payment to contractor. Defects liability: 12 months from practical completion per phase, backed by retention and performance bond. Decennial insurance: 10-year structural policy at practical completion as required under Ley de Ordenación de la Edificación, covering all 15 apartment blocks.

6.6 CONSTRUCTION COST SUMMARY

6.7 BEAR CASE ADVISORY NOTE

The combined stress test confirms full capital recovery under simultaneous adverse conditions across all four principal risk variables. Investors under Structure A should size their position against Bear Case GDV of €58.100.000 to ensure full debt coverage under all scenarios. Peak LTV against Bear Case GDV is 60.6% — within standard crédito promotor credit parameters.

Block 7Financial Model

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

7.2 UNIT PRICING AND GDV BREAKDOWN

Break-even unit price weighted average: €727.479 — 21.1% below Base Case weighted average.

7.3 CAPITAL STRUCTURE — SOURCES AND USES

Residual available for distribution Base Case: €14.589.125

7.4 MONTHLY CASH FLOW MODEL — BASE CASE

Phase 1 — Acquisition — Months 1-2

Phase 3 — Construction — Months 5-28

Phase 4 — Completions and Distribution — Months 29-36

Month 33: BANK FULLY REPAID. Total interest paid: €1.800.000.

Months 34-36: INVESTOR DISTRIBUTION Net profit distribution Base Case: €14.589.125 before waterfall split. Final accounts settled. Programme complete.

7.5 INVESTOR RETURN BY STRUCTURE

Structure B — Development Equity: Terms confirmed at mandate stage.

Structure C — Revolving Facility Capital deployed: €10.970.000 redeployed continuously across portfolio A-E. Combined portfolio IRR: 45-55%. Multiple: 3.0x+ over programme.

7.6 SENSITIVITY ANALYSIS

Sensitivity 1 — Unit Pricing vs Net Margin

Break-even average unit price €727.479 is 21.1% below Base Case weighted average and 6.1% below Bear Case weighted average. Full capital recovery confirmed under Bear Case scenario.

Sensitivity 2 — Construction Cost Overrun (Base Case revenue held constant at €69.150.000)

Sensitivity 3 — Sales Absorption Rate

Sensitivity 4 — Interest Rate

Interest rate sensitivity is low. A 200bp increase reduces Base Case IRR by approximately 2 percentage points.

Sensitivity 5 — Combined Stress Test

Under simultaneous stress of all four principal risk variables the project returns investor capital in full with a marginal positive return.

7.7 DEBT SERVICE AND BANK REPAYMENT SCHEDULE

Peak LTV at 50.9% of Base Case GDV confirms the bank facility is within standard crédito promotor parameters, providing the lending institution with a material buffer against adverse market conditions.

7.8 INVESTOR DISTRIBUTION WATERFALL

Structure B — Development Equity Tier 1: Senior bank debt service and repayment — Priority Tier 2: Investor capital return €10.970.000 — from Month 29 completions Tier 3: Investor preferred return — rate confirmed at mandate Tier 4: Residual profit split — terms confirmed at mandate

Structure C — Revolving Facility Same waterfall as Structure B per project. Capital returned Month 5 redeployed immediately into Project C. Combined portfolio IRR across A-E: 45-55%. Capital multiple over programme: 3.0x+.

7.9 BEAR CASE ADVISORY NOTE

Block 8Capital Structure And Funding

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

8.1 OVERVIEW OF CAPITAL STRUCTURE

The capital structure of Meridian Reserve — Horizonte Bay is designed to achieve three simultaneous objectives: maximum protection of investor capital from the moment of deployment, optimisation of project returns through appropriate leverage, and alignment of interests between the investing partner and the sponsor group across a 30-month programme.

The structure is built around two principal layers of capital. The first layer is investor equity, deployed exclusively during Phase 1 and Phase 2 covering land acquisition, professional fees and project costs. This layer is secured by first-ranking mortgage from Day 1 and is returned upon activation of the bank finance facility at Month 5, before any construction risk is assumed. The second layer is senior bank debt in the form of a crédito promotor facility, activated upon licence grant and pre-sales confirmation of 20% of units, covering the construction cost through to practical completion.

This two-layer structure ensures that investor capital is never exposed to construction risk. By the time the bank facility is drawn and construction commences, the investor’s equity has been returned, with the project’s risk profile substantially de-risked relative to the acquisition stage.

8.2 CAPITAL STACK

Total development cost all-in: €54.560.875

8.3 SENIOR DEBT — CRÉDITO PROMOTOR

Peak LTV of 50.9% against Base Case GDV leaves a coverage buffer of €27.660.000 — equivalent to 40.0% of GDV — before the bank’s security position is impaired.

Bank Selection Rationale CaixaBank: Market leader in Spanish residential development finance. Active across Andalusia and the Costa Tropical. Competitive pricing. Banco Sabadell: Strong Andalusian presence. Active crédito promotor programme. Competitive on LTV for premium coastal residential. BBVA: National coverage. Passive House product directly supports ESG lending criteria. Unicaja: Regional Andalusian bank. Deep knowledge of the Granada Coast market. Active in Almuñécar municipality. Ibercaja: Growing Andalusian presence. Active residential development finance programme.

Formal bank mandate sought from Month 1, targeting credit committee approval by Month 4.

8.4 TAX STRUCTURE AND CAPITAL REPATRIATION

IVA — New Build Sales First delivery by a promoter is subject to IVA reducido at 10%, charged to the end buyer at notarial completion. The SPV recovers input IVA on construction costs through the regular quarterly VAT return cycle. Net IVA position is neutral to the project. IVA is not a cost line in the development model.

Corporate Tax — SPV Level The Spanish SPV is subject to Spanish corporate income tax at the standard rate of 25% on its net income. The taxable base is the net development margin after deduction of all legitimate cost lines — land acquisition, construction, professional fees, financing costs, marketing, insurance and sales costs. All cost lines in the Meridian Reserve — Horizonte Bay model are fully deductible. Tax planning confirmed at mandate stage with specialist Spanish tax counsel.

Three-Layer Corporate Structure

Construction SL — Execution Vehicle: contracts with MODUL4R, manages construction expenditure, receives reservation deposits and completion proceeds. Operationally isolated from the asset holding layer.

Patrimonial SL — Asset Holding Vehicle: titleholder of the plots and building licence. Structurally isolated from construction risk. Holds residual value and receives net proceeds from Construction SL upon completion.

Holding SL — Sponsor Vehicle: consolidates net proceeds across all portfolio projects. No distribution event occurs during the operational cycle. Profits are retained and recycled directly into subsequent SPVs, generating a compounding reinvestment cycle with no intermediate tax leakage. The Holding SL represents the long-term value accumulation vehicle of the Integra Trust platform. The anticipated exit event is a sale of the Holding itself upon portfolio maturity, at which point the full accumulated value across all developed projects is crystallised in a single transaction.

Investor Capital Structure — Debt Instrument All investor capital under Structure A and Structure B enters the Spanish SPV via a documented intercompany loan agreement. The investor designates the receiving entity for interest payments — typically a company resident in their preferred treaty jurisdiction.

The SPV pays interest on the loan to the investor’s designated entity. Financial expenses are deductible for the Spanish company within the quantitative limits established under Spanish corporate tax law, reducing the SPV’s corporate tax base at 25% and improving the net return to the sponsor. Capital is returned as loan repayment — no Spanish withholding tax applies to principal repayment under any scenario.

Interest payments are subject to Spanish withholding tax at the rate established by the applicable double taxation treaty between Spain and the investor’s designated jurisdiction:

Singapore: 0% withholding tax on interest if the beneficial owner is a company holding at least 10% of the capital of the paying company under the Spain-Singapore double taxation treaty.

UAE: Reduced withholding rate under the Spain-UAE double taxation treaty, subject to genuine economic substance requirements in the UAE entity. EU jurisdictions Netherlands Luxembourg: Full withholding tax exemption under the EU Parent-Subsidiary Directive where the EU parent holds at least 10% of the capital and meets the required conditions.

Other jurisdictions: Rate confirmed against the applicable bilateral treaty at mandate stage.

The investor nominates their preferred receiving jurisdiction at LOI stage. Integra Trust structures the intercompany loan documentation accordingly in coordination with Spanish tax counsel and the investor’s own advisors. Transfer pricing documentation maintained throughout. Full compliance with AEAT requirements confirmed at mandate stage.

No Distribution During Operational Cycle No dividend distribution event occurs during the development and sales programme. Net proceeds flow from the Construction SL to the Patrimonial SL and thence to the Holding SL, where they are retained and recycled into the next project in the portfolio. This structure eliminates intermediate dividend withholding tax exposure entirely during the operational phase.

Exit — Sale of Holding The anticipated liquidity event for the sponsor is a sale of the Holding SL upon portfolio maturity. At this point the full accumulated net value across all developed and sold projects is crystallised. Tax treatment confirmed with specialist Spanish tax and M&A counsel at the appropriate time.

Important Note The above is a factual summary of applicable Spanish tax rules and treaty provisions as at June 2026, verified against PwC Tax Summaries, Chambers Corporate Tax Guide 2026 and specialist legal publications. It does not constitute tax advice. Every investor’s optimal structure depends on their specific jurisdictional profile, entity type, treaty entitlement and beneficial ownership chain. Full tax structuring is confirmed at mandate stage by Integra Trust’s Spanish tax counsel in coordination with the investor’s own legal and tax advisors. No structure is implemented without bilateral written confirmation from both advisory teams.

8.5 EQUITY STRUCTURE AND SPV

SPV Structure Entity type: Sociedad Limitada Registered: Spain Andalusia jurisdiction Sole purpose: Development and sale of Meridian Reserve — Horizonte Bay apartment collection Shareholding: Integra Trust and investing partner in proportions confirmed at mandate stage for Structure B and C. Under Structure A SPV wholly owned by Integra Trust with investor holding first-ranking mortgage security.

Multiple Vendor Closing The simultaneous acquisition of four plots from multiple vendors requires coordinated notarial execution. All four purchase agreements executed at a single notarial closing with simultaneous title transfer to the SPV and immediate registration of first-ranking mortgage at the Spanish Land Registry. This process is standard practice under Spanish conveyancing law.

8.6 PRE-SALES STRATEGY AND ESCROW

Escrow Structure All pre-sale deposits held in notarised escrow account in compliance with Spanish Law 57/1968. Each buyer’s deposit protected by individual bank guarantee or insurance policy covering 100% of advance payment plus legal interest. Mandatory under Spanish law.

8.7 FUNDING TIMELINE

Block 9Sales And Marketing Strategy

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

9.1 SALES STRATEGY OVERVIEW

The sales strategy for Meridian Reserve — Horizonte Bay is managed entirely in-house by SANCTU4RY in coordination with Integra Trust, with selective collaboration with tier-one international agents where distribution reach justifies it. This model eliminates structural commission dependency while maintaining access to the broadest possible qualified buyer universe.

9.2 TARGET BUYER PROFILE

Segment 2 — Domestic High-Net-Worth Buyer — Secondary Executive or entrepreneur profile 40-55 years Madrid or Barcelona. Coastal relocation combining lifestyle upgrade with remote working flexibility. Target units: First Floor Premium. Average ticket: €630.000 Base Case.

Segment 4 — Buy-to-Let Investor — Emerging International investor buyer seeking yield plus capital appreciation. Passive House specification delivers superior rental premiums. Extended La Herradura high season supports strong occupancy. Target units: First Floor Premium. Average ticket: €630.000 Base Case.

9.3 PRICING STRATEGY AND RELEASE SEQUENCING

Release Sequencing Phase 1 Months 1-4: Ground Floor units with private pool. Most differentiated product. Pre-sales launch. Target 15 units by Month 4 — bank trigger. Phase 2 Months 5-12: First Floor Premium units. Target 30 units. Phase 3 Months 13- 20: Penthouse collection. Restricted release. Pre-qualified buyers only. Released when development context supports pricing discipline at €1.850.000 Base Case. Phase 4 Months 21-24: Final units at completion premium.

9.4 MARKETING CHANNELS AND BUDGET

Total sales and marketing budget: €1.383.000 — 2% of Base Case GDV.

Digital Marketing €200.000: Project website in EN/ES/DE/SE/NL. SEO and paid search. Social media across Instagram LinkedIn and YouTube. Retargeting campaigns. Email marketing. Virtual reality tour for international buyers.

International Property Exhibitions €150.000: A Place in the Sun Live UK. International Property Show Dubai. Barcelona Meeting Point. Scandinavian property exhibitions Stockholm and Copenhagen. 4-5 events per year.

Show Apartment and Sales Suite €200.000: Full specification show apartment on site or in La Herradura showroom. Sales suite with architectural model, material samples, CGIs and financial information packs. Passive House specification demonstration.

Selective Agency Collaboration €450.000: Savills, Knight Frank and Lucas Fox for international reach. Commission structure confirmed on a per-introduction basis — no exclusive agency mandate.

CRM and Sales Technology €80.000: Full CRM platform covering lead capture, buyer profiling, reservation tracking, contract management and cash flow reporting. Real-time dashboard for Integra Trust and investing partner.

PR and Brand €150.000: International property media press releases. Editorial coverage in A Place in the Sun Magazine, Homes Overseas, Living Spain and Scandinavian and German property titles. SANCTU4RY brand consistency across all materials.

Contingency €153.000: Reserved for opportunistic marketing spend.

9.5 PRE-SALES PROGRAMME

The pre-sales programme is the single most important risk mitigation action in the Meridian Reserve — Horizonte Bay programme. Achieving 15 units — 20% — presold by Month 4 triggers the bank finance facility, returns Structure A investor capital and confirms market depth before construction expenditure commences.

9.6 SALES PERFORMANCE MONITORING

Monthly KPIs reported to investing partner within 5 business days of month end:

Reservations: units reserved cumulative and monthly versus target. Conversion rate: reservations to signed contracts — target 85%+. Average achieved price: per unit and per m² versus Base Case. Sales velocity: units per month versus absorption model — target 3 units/month. Buyer profile: segment breakdown and origin country. Pipeline value: total reservation pipeline contracted and reserved. Cash flow from sales: deposits received escrow balance projected completion receipts. Unsold inventory: units remaining and pricing strategy update. Pre-sales bank trigger status: progress toward 15-unit threshold.

Block 10Risk Matrix

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

10.1 RISK FRAMEWORK

The risk matrix evaluates all material risks across eight categories: Planning, Construction, Financing, Market, Sales, Legal, Environmental and Execution. Each risk is assessed on probability — Low/Medium/High — and impact — Low/Medium/High. Residual risk rating assigned after application of stated mitigation.

10.2 RISK MATRIX

PLANNING RISKS

PR-01 — Licence Delay Probability: Low | Impact: Medium | Residual: Low Mitigation: Architectural project preparation simultaneous with acquisition. Early pre-submission dialogue with Almuñécar planning department. Plan Parcial in force since 2005 — municipal technical staff familiar with sector parameters.

PR-02 — Planning Parameter Change Probability: Very Low | Impact: Medium | Residual: Very Low Mitigation: New PGOU review is Phase One due diligence action. Sector is consolidated and urbanised. Risk of adverse reclassification of a fully urbanised sector assessed as very low.

PR-03 — Net Buildability Lower Than Model Probability: Low | Impact: Medium | Residual: Low Mitigation: Global coefficient calculated on gross land including roads and green zones. Net coefficient on buildable plot area expected to be materially higher. Formal Article 175 LOUA query is Phase One due diligence action before capital commitment.

PR-04 — Hotel Use Confirmation Probability: Very Low | Impact: Low | Residual: Very Low Mitigation: BOP Granada No. 178 18 September 2014 confirms hotel use compatible with residential zoning. Written confirmation from Ayuntamiento at Phase One due diligence. Not relevant to current residential development programme.

CONSTRUCTION RISKS

CR-01 — Construction Cost Overrun Probability: Very Low | Impact: Low | Residual: Very Low Mitigation: Fixed-price turnkey contract at €2.500/m². Cost overrun risk contractually assumed by MODUL4R. No demolition required. Site is clear. Urbanisation executed.

CR-02 — Construction Programme Delay Probability: Low | Impact: Medium | Residual: Low Mitigation: Liquidated damages clause in MODUL4R contract. Supply chain control. Phased practical completion strategy allows revenue generation to commence before full programme completion. Monthly progress monitoring.

CR-03 — Contractor Insolvency Probability: Very Low | Impact: High | Residual: Very Low Mitigation: Performance bond and retention. Decennial insurance post-completion. MODUL4R is a group entity — not an independent third-party contractor.

CR-04 — Ground Conditions Probability: Low | Impact: Medium | Residual: Low Mitigation: Geotechnical survey commissioned immediately upon title transfer. 3% contingency allocated. Hillside topography known site characteristic incorporated into design from outset.

FINANCING RISKS

FR-03 — Pre-Sales Threshold Not Met by Month 4 Probability: Low | Impact: Medium | Residual: Low Mitigation: Pre-sales launch Day 1. Pre-construction discount of 5-8% incentivises early commitment. SANCTU4RY Sales Reserve activated simultaneously with acquisition. International marketing active from Day 1.

MARKET RISKS

MR-01 — Residential Price Decline Probability: Low | Impact: Medium | Residual: Low-Medium Mitigation: Break-even at €727.479 weighted average per unit — 21.1% below Base Case. Bear Case pricing delivers positive margin with full capital recovery. Pre-sales locks revenue before completion.

MR-02 — International Buyer Demand Reduction Probability: Low-Medium | Impact: Medium | Residual: Low-Medium Mitigation: Four-segment buyer strategy. No single origin market represents more than 30% of projected demand. Domestic HNW and US buyer segments provide primary fallback.

MR-03 — Competing Supply Probability: Very Low | Impact: Medium | Residual: Very Low Mitigation: Severely constrained Suelo Urbanizado Finalista availability in La Herradura. No competing apartment pipeline at equivalent specification identified June 2026. First-mover advantage in a sector dormant since 2008.

SALES RISKS

SR-01 — Buyer Default on Pre-Sales Contracts Probability: Low | Impact: Medium | Residual: Low Mitigation: 20% pre- completion deposits held in individual escrow accounts. Spanish law buyer default provisions. Thorough financial qualification at reservation stage. AML and KYC clearance prior to contract exchange.

SR-02 — Sales Velocity Below Model Probability: Low-Medium | Impact: Medium | Residual: Low-Medium Mitigation: In-house SANCTU4RY sales team with selective agency collaboration. Multi-channel international marketing. Phased release sequencing protects pricing discipline. Portfolio sale secondary exit option available from Month 18.

SR-03 — Penthouse Pricing Not Achieved Probability: Low | Impact: Medium | Residual: Low Mitigation: Penthouse released last — Phase 3 from Month 13 — when completed development context and Phase 1 and 2 sales evidence supports pricing. Bear Case penthouse pricing of €1.500.000 still delivers positive overall project margin.

LEGAL RISKS

LR-01 — Title Defect Probability: Very Low | Impact: High | Residual: Very Low Mitigation: Full legal due diligence across all four plots simultaneously. Nota simple registral for all four plots. Title insurance available. Seller warranties in all four purchase contracts.

LR-02 — Junta de Compensación Outstanding Obligations Probability: Low | Impact: Medium | Residual: Low Mitigation: Junta de Compensación status confirmed as non-negotiable Phase One due diligence action. Any outstanding obligations identified and resolved before capital commitment.

LR-03 — Multiple Vendor Closing Risk Probability: Low | Impact: Medium | Residual: Low Mitigation: Coordinated purchase agreements with simultaneous closing condition. No plot acquired independently. Legal counsel manages coordinated notarial process from LOI stage.

LR-04 — SPV Legal or Tax Challenge Probability: Low | Impact: Medium | Residual: Low Mitigation: Legal and tax opinion at mandate stage. Transfer pricing documentation maintained throughout. Full AEAT compliance confirmed by specialist Spanish tax counsel.

ENVIRONMENTAL RISKS

ER-01 — Paraje Natural Boundary Probability: Very Low | Impact: High | Residual: Very Low Mitigation: Sector boundary confirmed as adjacent to Paraje Natural Acantilados Maro-Cerro Gordo — not interior. Plan Parcial adopted with full knowledge of environmental boundary. Sectoral constraints verification is Phase One due diligence action.

ER-02 — N-340 Road Servitude Probability: Low | Impact: Low-Medium | Residual: Low Mitigation: Servitude verification is Phase One due diligence action. Plan Parcial adopted with full knowledge of N-340 alignment. Expected to be non-constraining given 2005 approval. EXECUTION RISKS

XR-01 — Multi-Block Programme Management Probability: Low | Impact: Medium | Residual: Low Mitigation: MODUL4R hybrid industrialised methodology designed for multi-block simultaneous delivery. Factory component production decoupled from on- site sequencing. Phased practical completion strategy reduces simultaneous completion pressure.

XR-02 — Key Person Risk Probability: Low | Impact: Medium | Residual: Low Mitigation: Two-principal management structure. Institutional reporting framework maintains full programme documentation and investor visibility throughout.

10.3 RISK SUMMARY

Very Low residual risk: PR-02 PR-04 CR-01 CR-03 MR-03 LR-01 ER-01 Low residual risk: PR-01 PR-03 CR-02 CR-04 FR-02 FR- 03 SR-01 SR-03 LR-02 LR-03 LR-04 ER-02 XR-01 XR-02 Low-Medium residual risk: FR-01 MR-01 MR-02 SR-02 No High residual risks identified across any category.

Overall risk profile: Low to Low-Medium.

Block 11Esg And Sustainability

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

11.1 ESG FRAMEWORK

Integra Trust operates a fully integrated ESG framework across all projects in the portfolio, embedded into every stage of the development cycle from site selection through to asset disposal. ESG is not a reporting obligation for the group — it is a core element of the product proposition, the construction methodology and the investment thesis.

The Meridian Reserve — Horizonte Bay ESG profile is strengthened by three characteristics specific to this project. First, the site has been dormant since 2008 — no land conversion, no habitat destruction, no new urbanisation. The infrastructure was already built. The development activates an already-urbanised sector without any additional environmental footprint beyond the plot boundary. Second, the Passive House standard applied across all 75 units and all common areas delivers operational carbon performance materially above any regulatory minimum in the Spanish market. Third, the hillside biophilic design language of SANCTU4RY integrates native Mediterranean landscaping, drought-resistant species and passive solar design principles as core architectural elements rather than post-construction additions.

The ESG framework is structured around three pillars: Environmental performance, Social value creation and Governance transparency.

11.2 ENVIRONMENTAL — PASSIVE HOUSE AND ENERGY PERFORMANCE

Meridian Reserve — Horizonte Bay will be designed and executed to Passive House energy efficiency standard across all 75 apartment units and all common areas, materially exceeding CTE DB-HE minimum requirements.

Key Environmental Performance Indicators: Energy demand for heating: ≤15 kWh/m²/year versus CTE minimum ~50 kWh/m²/year. Primary energy demand: ≤120 kWh/m²/year. Air tightness: ≤0.6 ACH at 50 Pascal pressure test. Thermal comfort: internal temperatures 20-25°C year-round without active heating or cooling in standard conditions. Estimated CO2 reduction versus conventional construction: 70-80% reduction in operational carbon emissions.

High-performance thermal envelope: continuous external insulation eliminating thermal bridges across all apartment blocks. U- values materially below CTE minimums across all envelope elements. Mechanical ventilation with heat recovery: recovering up to 90% of thermal energy from exhaust air, maintaining superior indoor air quality. CO2 levels maintained below 1.000 ppm in all occupied spaces.

High-performance glazing: triple-glazed thermally broken aluminium framing with argon fill and low-emissivity coatings. Full- width sliding glazed facades designed to maximise passive solar gain in winter and minimise heat load in summer.

Renewable energy: photovoltaic installation covering 100% of common area energy demand. Solar thermal domestic hot water pre-installation per unit. Net zero operational energy target for all common areas.

Water management: low-flow fixtures throughout. Drought-resistant native Mediterranean landscaping. Swimming pool heat pump and solar cover system. Grey water recycling for irrigation where technically viable.

Construction environmental impact: MODUL4R hybrid industrialised methodology reduces construction waste by an estimated 30-40% versus conventional construction. Construction waste management plan in compliance with Royal Decree 105/2008. No demolition waste — site is clear.

Electric vehicle infrastructure: pre-installation for EV charging at all 150 basement parking spaces and all third-space optional positions.

11.3 SOCIAL — COMMUNITY AND BUYER VALUE

Health and wellbeing: continuous MVHR maintains superior indoor air quality eliminating humidity, mould and allergen risks. Thermal comfort maintained year-round. Ceiling height of 3.00 metres throughout — materially above standard residential norms.

Accessibility: full CTE DB-SUA compliance across all blocks. Lift access from basement to all floors. Accessible common areas.

Local economy: construction programme generates direct and indirect employment in the local Almuñécar and Costa Tropical economy across a 24-month programme. MODUL4R local subcontractor and supplier preference policy. Activation of a sector dormant since 2008 contributes to the municipal tax base and local commercial activity.

Remote working infrastructure: dedicated coworking facility with high-speed connectivity responds directly to the documented demand from remote-working lifestyle buyers in La Herradura.

11.4 GOVERNANCE — INSTITUTIONAL TRANSPARENCY

SPV structure: single-purpose vehicle with clean asset separation. No cross-collateralisation with other group projects. Independent legal and tax counsel at mandate stage.

Reporting: monthly institutional reporting package covering financial performance, construction progress, sales performance and ESG metrics. Prepared to investment committee standard. Full audit trail maintained throughout programme.

ESG reporting: quarterly ESG report to investing partner during construction. Post-completion annual ESG report covering operational energy performance against Passive House design targets, resident satisfaction and asset value performance.

Passive House certification: OCT engaged from project commencement as required by the decennial insurance underwriter and Passive House certification process. Independent technical oversight throughout construction.

Anti-money laundering and KYC: full AML and KYC procedures applied to all buyers at reservation stage in compliance with Spanish Law 10/2010. All buyer funds traced and verified prior to contract exchange.

ESG alignment with institutional capital: 74% of Spanish asset managers report positive returns on investments with ESG criteria. Funds classified as Articles 8 and 9 under SFDR show a net IRR above the sector average. The Passive House specification of Meridian Reserve — Horizonte Bay positions the product at the premium end of the ESG performance spectrum.

Block 12Asset Management And Reporting

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

12.1 ASSET MANAGEMENT FRAMEWORK

Integra Trust operates a fully integrated asset management framework across all projects in the portfolio, providing the investing partner with complete visibility over every material variable throughout the development lifecycle. The framework is designed to meet the governance and reporting standards expected by institutional investors including private equity funds, family offices and sovereign wealth funds.

Asset management for Meridian Reserve — Horizonte Bay is the direct responsibility of Integra Trust, operating as fiduciary coordinator across all four phases of the programme. MODUL4R provides monthly construction progress reports certified by the site architect. SANCTU4RY provides monthly sales performance reports. All inputs are consolidated by Integra Trust into a single monthly institutional reporting package delivered to the investing partner within 5 business days of each month end.

12.2 MONTHLY INSTITUTIONAL REPORTING PACKAGE

Delivered within 5 business days of each month end throughout the programme.

Executive Summary: one-page project status covering key metrics and material developments. Traffic light status across planning, construction, sales and financial dimensions. Actual versus budgeted comparison. Narrative commentary on any deviation from programme baseline with mitigation actions.

Financial Performance Report: budget versus actual cost tracking across all cost lines. Monthly and cumulative cash flow statement. Bank facility drawdown status and remaining availability. Pre-sales deposit escrow balance and release schedule. Revenue recognition and projected completion receipts by phase. Updated IRR projection based on actual performance versus model. Tax position update.

Construction Progress Report: certified progress against programme milestone schedule by block and phase. Photograph record of site progress across all active construction fronts. MODUL4R monthly valuation and drawdown request with architect certification. Programme risks or variations with mitigation actions. Health and safety performance summary. OCT technical inspection status and Passive House compliance monitoring.

Sales Performance Report: units reserved, contracted and completed monthly and cumulatively by typology. Pipeline breakdown by segment and origin country. Average achieved price versus Base Case by typology. Sales velocity against absorption model. Pre-sales bank trigger progress. Unsold inventory status. CRM pipeline summary.

ESG Report — Quarterly: construction waste data versus benchmark. Local employment figures. Energy performance metrics. Passive House compliance status.

Legal and Compliance Update: material legal developments. Regulatory compliance status. AML and KYC buyer pipeline status. Junta de Compensación status update. New PGOU definitive approval status when confirmed.

12.3 KPI DASHBOARD

12.4 INVESTOR COMMUNICATIONS PROTOCOL

Standard communications: Monthly reporting package: within 5 business days of month end. Quarterly review call: 45-minute video call with Integra Trust principals covering programme status, financial performance and market conditions. Annual investor review: comprehensive full-year performance review and 12-month outlook.

Event-driven communications: Material development notification: within 24 hours of any event with estimated impact exceeding 5% of Base Case project margin. Licence grant notification: immediate. Bank facility activation notification: immediate. Structure A capital return notification: immediate — Month 5. Phased practical completion notifications: immediate per phase. Unit completion notifications: monthly summary. New PGOU definitive approval notification: immediate upon confirmation.

All communications in English. Spanish versions available on request. Secure investor portal providing 24/7 access to all reporting, legal documentation and project updates, established at mandate stage.

12.5 PHASED PRACTICAL COMPLETION MANAGEMENT

Phase One Completion — Month 22 — 8 blocks / 40 units: Systematic snagging inspection of all 40 units prior to buyer handover. Defect liability management under MODUL4R contract. Coordinated buyer handover schedule including unit orientation, building systems training and handover documentation. Occupation licence application for Phase One blocks. Individual cédulas de habitabilidad per unit. Coordinated notarial completion schedule for Phase One buyer title transfers.

Phase Two Completion — Month 24 — 7 blocks / 35 units: Same protocol as Phase One. Bank facility fully repaid from Phase One and Phase Two completion proceeds by Month 31. Final snagging and defect resolution programme. Community establishment.

12.6 POST-COMPLETION ASSET MANAGEMENT

Comunidad de Propietarios: establishment of the owners community under Spanish horizontal property law upon first unit handover in Phase One. Community management contract and service charge schedule confirmed at mandate stage covering common area maintenance, swimming pool, gymnasium, coworking, landscaping and basement parking.

Decennial insurance: 10-year structural policy from practical completion under Spanish Ley de Ordenación de la Edificación covering all 15 apartment blocks. Policy issued upon receipt of final OCT technical report without outstanding reservations.

Defects liability: 12-month defects liability period from each phase practical completion. MODUL4R retention and performance bond maintained throughout.

Passive House post-occupancy monitoring: first-year operational energy performance monitoring against Passive House design targets. Data provided to residents and reported to investing partner in post-completion ESG report.

Block 13Exit Strategy

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

Reference: IT-DR-2026-Block13-ProjectB | Date: June 2026 13.1 EXIT STRATEGY OVERVIEW The exit strategy for Meridian Reserve — Horizonte Bay is structured to maximise achieved returns while maintaining flexibility to adapt to market conditions across a 30-month programme. Three primary exit routes have been identified and evaluated, each offering a different balance between return maximisation and execution certainty. The optimal route is determined in consultation with the investing partner at LOI stage and reviewed quarterly throughout the programme.

The scale and product mix of Meridian Reserve — Horizonte Bay — 75 premium units across Ground Floor, First Floor and Penthouse typologies, with private pools, 3-metre ceiling heights and Passive House specification throughout — provides a diversified exit profile that does not depend on a single transaction or a single buyer segment for programme completion.

13.2 PRIMARY EXIT — INDIVIDUAL UNIT SALES

Execution: pre-construction sales launch from Day 1. Target 15 units by Month 4, 30 units by Month 8, full sellout by Month 24. Each unit completed and title transferred individually upon practical completion and occupation licence grant per phase.

Release sequencing: Ground Floor pool units first — most differentiated product, highest demand visibility. First Floor Premium second — volume product, broadest buyer segment. Penthouse collection last — restricted release from Month 13 when completed development context supports pricing discipline at €1.850.000 Base Case.

Advantages: maximum achieved pricing across all typologies. No bulk discount. Diversified buyer base across four segments and multiple origin countries. Phased revenue generation from Month 4 pre-sales deposits.

13.3 SECONDARY EXIT — PORTFOLIO SALE

Execution: portfolio sale mandate issued in parallel with individual sales programme from Month 18. Target completion Month 26-28 if pricing acceptable.

Target buyers: institutional residential investor, Spanish or international family office, real estate fund with Andalusian coastal exposure mandate. The Passive House specification and ESG profile of Meridian Reserve — Horizonte Bay is directly aligned with Articles 8 and 9 SFDR fund requirements.

13.4 TERTIARY EXIT — FORWARD FUNDING / FORWARD PURCHASE

13.5 SPONSOR EXIT — HOLDING SALE

The anticipated long-term liquidity event for the Integra Trust platform is a sale of the Holding SL upon portfolio maturity across all five projects. Meridian Reserve — Horizonte Bay contributes to the Holding SL value proposition at exit: demonstrated execution capability at scale — 75 units across 15 blocks, 30-month programme delivered on time and on budget. Verified market evidence — 75 unit completions with achieved pricing at or above Base Case across all three typologies. Passive House specification across the full programme directly relevant to ESG-mandated institutional buyers of the Holding. Established community — Comunidad de Propietarios in operation, decennial insurance in place, post-occupancy performance data available.

13.6 EXIT COMPARISON SUMMARY

Recommended approach: individual unit sales as primary strategy. Portfolio sale mandate issued from Month 18. Forward funding or forward purchase considered at mandate stage if investing partner profile supports contracted exit structure.

Block 14Due Diligence Vault

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

14.1 DUE DILIGENCE VAULT OVERVIEW

The Due Diligence Vault consolidates all primary source documentation supporting the investment thesis presented in this Data Room. Structured to enable efficient independent verification of every material fact, assumption and representation across Blocks 1-13 by the investing partner’s legal counsel, technical advisors and financial analysts.

ACCESS CONDITION: Full Data Room access including all documentation listed below is conditional upon execution of a signed LOI with closed clauses confirming ticket size, capital structure, investor jurisdiction and timeline. NDA execution alone does not activate Data Room access. No cadastral references, financial model detail, tax structuring, legal documentation or technical data is released prior to LOI execution with closed clauses.

14.2 SEVEN-PHASE DUE DILIGENCE ROADMAP

Confirms: registered ownership per plot. Reparcelation inscription and sector parcelation status. Absence of charges, encumbrances and mortgage registrations. Urbanisation quota obligations. Any prior reservation or purchase option registered against any plot.

If any element does not withstand examination the acquisition is not recommended. This phase is non-negotiable before any capital commitment.

Phase 2 — Junta de Compensación Status — Week 1 Ayuntamiento de Almuñécar. Cost: nil. Timeline: immediate to 1 week.

Confirms: Junta de Compensación status — active or dissolved. If active: certificate of outstanding urbanisation quota obligations by plot — any outstanding obligations attach to the plot and not the prior owner and must be resolved before acquisition. If dissolved: verify formal cancellation of charges in the Land Registry.

Phase 3 — Formal Planning Query — Week 1-2 Article 175 LOUA — Ayuntamiento de Almuñécar. Timeline: 2-4 weeks for written response.

Confirms: net buildability coefficient by plot — expected to be materially higher than global sector coefficient of 0.50. Maximum building height per plot. Site coverage and setback requirements. Parking requirements. Hotel use applicability confirmation under Modificación Puntual No. 4. Urbanisation reception status.

Written response from the Ayuntamiento is required before any capital commitment. The net buildability confirmation directly affects the financial model. Phase 4 — New PGOU Review — Week 1-2 Portal de Transparencia Almuñécar. Timeline: 1 week analysis.

Download and analyse provisional PGOU approval document March 2023. Identify any proposed changes to sector parameters. Confirm that the investment thesis is not adversely affected by the incoming instrument.

Phase 5 — Sectoral Constraints Verification — Week 2 Demarcación de Carreteras del Estado en Andalucía — N-340 road servitude confirmation. Costas.miteco.gob.es — maritime-terrestrial public domain boundary confirmation. Paraje Natural Acantilados Maro-Cerro Gordo boundary confirmation. Timeline: 1 week.

Phase 6 — Technical Due Diligence — Week 2-4 Topographic survey of all four plots. Geotechnical survey across development footprint. Pre-development site inspection report covering existing infrastructure connections, access roads and boundary conditions.

14.3 DOCUMENT INDEX

Section A — Legal and Title A-01: Nota simple registral all four plots — available upon LOI with closed clauses A-02: Contrato privado de arras all four vendors — available upon LOI with closed clauses A-03: Escrituras de propiedad all four plots — upon completion of acquisition A-04: Certificados de deuda cero all four plots — available upon LOI with closed clauses A-05: Certificados catastrales descriptivos y gráficos — available upon LOI with closed clauses A-06: Junta de Compensación status certificate — Phase One due diligence action A-07: Legal due diligence opinion covering all four plots — to be commissioned at mandate stage A-08: SPV incorporation documents — upon SPV constitution at LOI A-09: Multiple vendor coordinated closing documentation — upon notarial execution

Section B — Urban Planning B-01: PGOU-87 Almuñécar — Plano clasificación sector — available at portaltransparencia.almunecar.es B-02: Plan Parcial de Ordenación — BOP Granada 10 January 2006 — available at portaltransparencia.almunecar.es B-03: Modificación Puntual No. 4 Norma 3.13 — BOP Granada No. 178 18 September 2014 B- 04: New PGOU provisional approval document March 2023 — available at portaltransparencia.almunecar.es B-05: Article 175 LOUA formal planning query response — Phase One due diligence action B-06: Cédulas urbanísticas all four plots — to be obtained at mandate stage B-07: Building licence application — upon submission Month 3-4 B-08: Building licence grant — upon municipal approval B-09: Urban planning compliance legal opinion — to be commissioned at mandate stage

Section C — Technical C-01: Topographic survey all four plots — to be commissioned upon title transfer C-02: Geotechnical survey development footprint — to be commissioned upon title transfer C-03: Pre-development site inspection report — to be commissioned at mandate stage C-04: N-340 road servitude verification — Phase One due diligence action C-05: Paraje Natural boundary confirmation — Phase One due diligence action C-06: Architectural basic project — upon completion Month 2-3 C-07: Architectural execution project — upon completion Month 3-4 C-08: MODUL4R construction contract — upon execution Month 4 C-09: MODUL4R technical specifications — available upon LOI with closed clauses C-10: Passive House energy performance calculations — upon detailed design completion C-11: Structural engineering report — upon completion Month 3-4 C-12: OCT engagement confirmation — upon contract execution

Section D — Financial D-01: Project financial model detailed — available upon LOI with closed clauses D-02: Construction cost breakdown — available upon LOI with closed clauses D-03: Professional fees breakdown — available upon LOI with closed clauses D-04: Bank finance term sheet — upon bank mandate completion Month 3-4 D-05: Pre-sales reservation agreements — upon reservation execution D-06: Escrow account documentation — upon facility establishment Month 1 D-07: Insurance policies decenal RC construction all risks — upon policy execution D-08: Intercompany loan documentation — upon mandate and SPV constitution

Section E — Market E-01: Icon Marina sales documentation — available upon LOI with closed clauses E-02: BrightBay comparable evidence — available upon LOI with closed clauses E-03: La Herradura market data Idealista ThinkSpain — available upon LOI with closed clauses E-04: Tinsa Vivienda en Costa 2025 report — available upon request E-05: CaixaBank / Bankinter residential market forecasts 2026 — available upon request E-06: CBRE Real Estate Market Outlook Spain 2026 — available upon request E-07: Independent market valuation — to be commissioned at mandate stage if required Section F — Corporate F-01: Integra Trust corporate documentation — available upon LOI with closed clauses F-02: MODUL4R corporate documentation — available upon LOI with closed clauses F-03: SANCTU4RY corporate documentation — available upon LOI with closed clauses F-04: Principals CVs and track record documentation — available upon LOI with closed clauses F- 05: Professional indemnity insurance certificates — available upon LOI with closed clauses F-06: AML and KYC policies and procedures — available upon LOI with closed clauses

Section G — Tax and Structure G-01: Spanish tax counsel opinion on SPV structure and intercompany loan — to be commissioned at mandate stage G-02: Cross-border tax structuring analysis per investor jurisdiction — to be commissioned at mandate stage G-03: Transfer pricing documentation framework — to be established at mandate stage G-04: Holding SL corporate documentation — upon constitution

14.4 DUE DILIGENCE PROCESS TIMELINE

Week 1-2: Land Registry results received. Junta de Compensación status confirmed. New PGOU downloaded and reviewed. Sectoral constraints verification initiated. Option contract drafted.

Week 2-4: Article 175 LOUA planning query submitted and response awaited. Technical due diligence commissioned. Investing partner legal counsel reviews available documentation.

Week 3: Option contract executed. €150.000 refundable option payment. 90-day exercise period commences.

Week 4-6: Planning query response received. Net buildability confirmed. Technical reports delivered. Legal due diligence opinion issued by investing partner legal counsel covering all four plots, planning and SPV structure.

Week 6-8: Investment committee presentation. Integra Trust presents to investing partner IC. Full Q&A. Final terms negotiation. Tax structuring confirmed with bilateral counsel.

Week 8-10: LOI with closed clauses executed. SPV constituted. Simultaneous four-plot notarial closing. First-ranking mortgage registered Day 1. Capital deployed. Programme commences.

Total due diligence to capital deployment: 8-10 weeks from NDA execution.

Block 15Investment Committee Pack

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

15.1 INVESTMENT COMMITTEE MEMORANDUM

TO: Investment Committee FROM: Integra Trust DATE: June 2026 RE: Project B — Meridian Reserve — Horizonte Bay — Investment Approval Request REFERENCE: IT-DR-2026-ProjectB

15.2 TRANSACTION SUMMARY

Integra Trust presents for Investment Committee approval a premium residential development opportunity in La Herradura, Almuñécar, on the Granada Coast of Andalusia, Spain.

The opportunity involves the simultaneous acquisition of four Suelo Urbanizado Finalista urban plots with a combined surface area of 27.613 m² and the full development of 75 premium apartments across 15 blocks under a hybrid industrialised construction methodology delivered by MODUL4R and designed by SANCTU4RY.

The sector has been dormant since 2008. The Plan Parcial has been definitively approved since January 2005. The urbanisation is fully executed and amortised by prior parties. The original developer ran out of capital in 2008. The infrastructure, the planning and the views were all in place. Only the capital was missing. That capital problem is now solved.

Investment available under three capital structures: Direct Lending Structure A, Development Equity Structure B and Revolving Facility Structure C. Total equity requirement: €10.970.000.

ACCESS TO THIS DOCUMENT AND THE FULL DATA ROOM IS CONDITIONAL UPON EXECUTION OF A SIGNED LOI WITH CLOSED CLAUSES. No due diligence documentation, financial model detail, cadastral references, tax structuring or legal documentation is released prior to LOI execution. The NDA alone does not activate Data Room access.

15.3 WHY THIS ASSET

Suelo Urbanizado Finalista — highest security planning classification in the Spanish framework. Buildability legally established. Zero reclassification risk. No planning instrument required prior to licence application. Infrastructure services confirmed in place. Urbanisation fully executed and amortised by prior parties — zero urbanisation cost to the developer or investor.

Plan Parcial definitively approved January 2005 — unchallenged for over twenty years. Municipal technical staff familiar with the sector. No demolition required. Site is clear. Ground works commence directly upon licence grant.

Fixed-price construction — MODUL4R delivers under fixed-price turnkey contract at €2.500/m² across 13.806 m² GFA. No cost overrun exposure for SPV or investor. 30-40% timeline compression versus conventional construction.

First-ranking mortgage security from Day 1 — investor equity secured against 27.613 m² of Suelo Urbanizado Finalista from the moment of deployment, before any construction risk is assumed.

Product differentiation — 165 m² ground floor apartments with private infinity pools and three-sided gardens. 125 m² first floor units with 180-degree terraces. 175 m² penthouses with 360-degree terraces and private infinity pools. Ceiling height 3.00 metres throughout. Passive House specification. No directly competing product at this specification in La Herradura as at June 2026.

15.4 WHY THIS LOCATION

La Herradura is one of the most structurally undersupplied premium residential coastal markets in Spain. Price appreciation of 24.3% since November 2023. New build market above €4.000/m². Every comparable development — Icon Marina, BrightBay, Valdemar — sold out or near sellout. No directly competing apartment pipeline at equivalent specification identified June 2026.

The Meridian Reserve — Horizonte Bay sector has been dormant since 2008. Not because of a planning problem. Not because of a market problem. Because of a capital problem. That problem is resolved. The sector activates now.

International buyers represent 25-50% of vacation home sales in La Herradura. Four demand segments: Northern European lifestyle buyers primary, domestic HNW buyers secondary, HNWI and family office international, buy-to-let investor emerging. No single segment represents more than 30% of projected demand. Rental yields average 6.3% across the Granada region.

Málaga Airport 60 minutes. Granada AVE 45 minutes. First five-star hotel on the Costa Tropical under construction. Savills active coverage. Institutional capital from Sweden, Denmark and Belgium already deployed in the area.

15.5 WHY THIS SPONSOR

Integra Trust controls 100% of the development value chain through three integrated entities: Integra Trust fiduciary coordination and governance, MODUL4R fixed-price hybrid industrialised construction, SANCTU4RY architectural direction, product positioning and sales.

Single accountability framework. No reliance on external contractors, brokers or advisors for any function that determines project outcome. Monthly institutional reporting to investment committee standard. Full audit trail maintained throughout programme.

Principals with direct professional involvement across 25+ projects and aggregate GDV exposure in excess of €175M across the Costa del Sol and Costa Tropical since 2012.

No distribution event during the operational cycle. Net proceeds from each project are retained and recycled into the next SPV within the Integra Trust portfolio structure, generating a compounding reinvestment cycle with no intermediate tax leakage. The anticipated exit event is a sale of the Holding SL upon portfolio maturity — a platform sale rather than a project sale.

15.6 FINANCIAL SUMMARY

Break-even: €727.479 weighted average per unit — 21.1% below Base Case. Combined stress test: full capital recovery under simultaneous adverse conditions across all four principal risk variables.

Structure A Direct Lending: capital returned Month 5. Fixed return 12% per annum. Total return €11.518.500. Annualised IRR ~24%. Interest payments directed to investor’s designated treaty jurisdiction — 0% withholding Singapore, reduced UAE, 0% EU under Parent-Subsidiary Directive.

Structure B Development Equity: terms confirmed at mandate stage.

Structure C Revolving Facility: combined portfolio IRR 45-55%. Multiple 3.0x+ over programme.

15.7 PROGRAMME TIMELINE

Month 1: LOI with closed clauses executed. SPV constituted. Simultaneous four-plot notarial closing. First-ranking mortgage registered Day 1. Equity deployed. Pre-sales launch. Month 2-3: Professional fees deployed. Architectural project preparation. Bank credit committee process. Month 4: Licence grant. 20% pre-sales threshold — 15 units — confirmed. Bank facility signed. Ground works commence. Month 5: First bank drawdown. Structure A capital returned plus fixed return. Months 5-28: Monthly bank drawdowns €1.468.125. Construction to programme across 15 blocks. Month 22: Phase One practical completion — 8 blocks 40 units. Unit completions commence. Bank repayment begins. Month 24: Phase Two practical completion — 7 blocks 35 units. Bank facility substantially repaid. Month 31: Bank fully repaid. Months 32-36: Investor distribution. Final accounts. Programme complete. Total: 30-36 months from LOI.

15.8 CAPITAL STRUCTURE RECOMMENDATION

Structure A — Direct Lending: for investors prioritising capital preservation and fixed income. 12% per annum. Capital secured by first-ranking mortgage over 27.613 m² Suelo Urbanizado Finalista and returned by Month 5. Minimal programme exposure. Interest directed to investor’s designated treaty jurisdiction with 0% or reduced withholding. Cleanest and most straightforward structure for institutional capital.

Structure B — Development Equity: for investors seeking full participation in project upside. Terms confirmed at mandate stage. Programme 30-36 months from LOI.

Structure C — Revolving Facility: for investors seeking continuous portfolio deployment. Capital recycled across Projects A-E. Combined portfolio IRR 45-55%. Maximum capital efficiency across the full Integra Trust programme.

15.9 CONDITIONS PRECEDENT TO INVESTMENT

CP-00 — Non-negotiable gateway condition: execution of LOI with closed clauses confirming ticket size, capital structure, investor jurisdiction and timeline. No due diligence documentation, financial model detail, cadastral data, tax structuring or legal documentation is released prior to LOI execution with closed clauses. NDA alone does not activate Data Room access.

CP-01: Completion of legal due diligence to investing partner’s satisfaction across all four plots — title, encumbrances, Junta de Compensación, cadastral alignment.

CP-02: Article 175 LOUA formal planning query response from Ayuntamiento de Almuñécar confirming net buildability, height and parameters.

CP-03: New PGOU provisional document reviewed and confirmed as non-adverse to sector parameters.

CP-04: Sectoral constraints verified — N-340 road servitude and Paraje Natural boundary confirmed as non-constraining.

CP-05: Constitution of Integra Trust SPV Spanish S.L.

CP-06: Registration of first-ranking mortgage over all four urban plots at Spanish Land Registry Day 1.

CP-07: Confirmation of bank finance indicative terms from target lender.

CP-08: Execution of MODUL4R construction contract.

CP-09: Legal and tax opinion on SPV structure and intercompany loan from investing partner’s advisors and Integra Trust Spanish tax counsel — bilateral written confirmation.

CP-10: AML and KYC clearance for all investing entities.

15.10 INVESTMENT COMMITTEE RECOMMENDATION

Integra Trust recommends Investment Committee approval of the Meridian Reserve — Horizonte Bay investment on the following basis.

The asset presents the lowest planning risk classification available in the Spanish framework — Suelo Urbanizado Finalista with a Plan Parcial definitively approved for over twenty years. The urbanisation is already paid for by prior parties. There is no demolition. The site is clear. Construction commences directly upon licence grant.

Construction is fully contracted at a fixed price with no cost overrun exposure for the investor. The capital structure protects investor equity with first-ranking mortgage security from Day 1 over 27.613 m² of urban land. The market evidence supports conservative pricing assumptions with a 21.1% downside buffer before capital is at risk. The fully integrated group structure eliminates the fragmentation risk that characterises conventional development models.

The Base Case delivers an IRR of approximately 24% with a net margin of €14.589.125 over a 30-month programme. The Bull Case projects an IRR of approximately 40%. Even under a combined stress test of all four principal risk variables simultaneously, the project returns investor capital in full.

The sector has been dormant since 2008. Every comparable development that has come to market in La Herradura in the intervening fifteen years has sold out. Meridian Reserve — Horizonte Bay is the next product. It is larger, more differentiated and more institutionally governed than any predecessor. The product exists nowhere else in the current La Herradura market cycle.

This is a capital deployment solution for investors whose primary concern in June 2026 is return certainty, jurisdictional security and execution control. Meridian Reserve — Horizonte Bay delivers all three.

INTEGRA TRUST RECOMMENDS APPROVAL.

This Investment Committee Pack is a summary document. Full supporting analysis, primary source documentation and legal opinions are contained in Blocks 1-14 of the Meridian Reserve — Horizonte Bay Data Room, accessible upon execution of LOI with closed clauses. All financial projections are indicative and subject to final confirmation at mandate stage. This document does not constitute financial advice.

subject to due diligence completion and licence grant

Data Room Complete — Blocks 1-15

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

CONDITIONAL UPON LOI WITH CLOSED CLAUSES

Document 2 — Valuation Report

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

1. Identification Of The Property

Cadastral References: XXXXXXXXVF3622GXXXAO — Surface area: 5.536 m² — Urban class — Vacant land XXXXXXXXVF3622GXXXYO — Surface area: 8.974 m² — Urban class — Vacant land XXXXXXXXVF3622GXXXWO — Surface area: 10.766 m² — Urban class — Vacant land XXXXXXXXVF3622GXXXZO — Surface area: 2.337 m² — Urban class — Vacant land

Location: La Herradura, Almuñécar, Granada Coast, Andalusia, Spain Class: Urban | Principal Use: Residential Total Plot Area: 27.613 m² | Plot Type: Four independent urban plots without horizontal division Current State: Vacant — no construction registered against any plot Owner: Integra Trust SPV — pending constitution at LOI

2. Documentation Provided

Cadastral Documentation: descriptive and graphic consultation of cadastral data for all four references, issued by the Sede Electrónica del Catastro, dated 29 May 2026.

Urban Planning Documentation: PGOU’87 of Almuñécar Partial Adaptation to LOUA planeamiento vigente August 2009. Plan Parcial de Ordenación definitively approved 4 January 2005 BOP Granada 10 January 2006. Global sector buildability coefficient 0.50 m²/m², total buildable GFA 13.806 m² provisional. Full documentation at portaltransparencia.almunecar.es.

Registry Documentation: Nota simple registral and complete title documentation available for all four plots upon LOI with closed clauses.

Contractual Documentation: advanced acquisition negotiations with multiple vendors structured for simultaneous closing. Agreed acquisition price: €10.000.000 for all four urban plots.

Market Documentation: Icon Marina Puerto Marina del Este La Herradura — 100% sold out. BrightBay by Savills Marina del Este — active. Idealista ThinkSpain South of Granada property market reports 2025-2026. Tinsa Vivienda en Costa 2025.

3. Location And Environment

Macro Location: La Herradura, municipality of Almuñécar, province of Granada, Andalusia, Spain. Costa Tropical of Granada. Average annual temperatures exceeding 20°C, more than 300 days of sunshine per year. Málaga International Airport approximately 60 minutes. Granada Airport 45 minutes. Granada AVE 45 minutes by road.

Micro Location: elevated hillside position with sea orientation within a fully urbanised sector dormant since 2008. Unobstructed sea views across the entire development footprint. Quality residential fabric with no incompatible uses. Proximity to Paraje Natural de Cerro Gordo and UNESCO-protected marine reserve of Punta de la Mona. 4. URBAN AND PLANNING STATUS Land Classification: Suelo Urbanizado Finalista under Real Decreto Legislativo 7/2015 and PGOU’87 Almuñécar partially adapted to LOUA. Highest security planning classification available. Buildability legally established. All urbanisation charges fully discharged by prior parties. Infrastructure services confirmed available at plot boundary.

Plan Parcial de Ordenación: definitively approved 4 January 2005 BOP Granada 10 January 2006. In force and unchallenged for over twenty years. Direct construction licensing available without additional planning instrument.

Planning Parameters: Total urban plot area: 27.613 m² Global sector buildability coefficient: 0.50 m²/m² Total buildable GFA above grade: 13.806 m² — provisional Basement: permitted below grade not computed within buildable area Use: Residential. Hotel use compatible without modification per Modificación Puntual No. 4 VPO obligation: Zero

Licence Status: Project Submission Pending. No demolition licence required. All four sites are clear.

5. Description Of The Property And The Project

Current State: all four sites vacant urban land. No construction registered. Urbanisation fully executed and amortised by prior parties. Infrastructure services confirmed available at plot boundary.

Development Programme: Ground Floor with Private Pool: 30 units / 165 m² useful / piscina infinity privada ~4.5x9m / jardín perimetral tres frentes / 3.00 m ceiling First Floor Premium: 30 units / 125 m² useful / terraza 180° tres frentes / 3.00 m ceiling Penthouse with Private Pool: 15 units / 175 m² useful / terraza 360° + piscina infinity privada / 3.00 m ceiling Total residential units: 75 Total residential useful area: 11.325 m² Total GFA above grade: 13.806 m² Basement parking: 150 spaces / ~900 m² / not computed in buildable GFA

Construction Specification: MODUL4R hybrid industrialised fixed-price €2.500/m². Passive House energy efficiency standard throughout.

6. Valuation Methodology

Methodologies Applied: Cost Method — Método del Coste: determination of current replacement value incorporating land construction professional fees and developer margin. Comparison Method — Método de Comparación: market value of completed units by reference to comparable transactions and active listings in La Herradura and Costa Tropical Granada.

Comparison Method Pricing Scenarios:

7. Market Analysis And Comparable Evidence

Spain: national residential price growth ~12.5% in 2025. CaixaBank/Bankinter forecast 5-7% for 2026. CBRE forecasts €19-21 billion total Spanish real estate investment 2026. Euribor 2.81% June 2026. Andalucía 143.794 transactions 2025.

8. Valuation

Valuation Date: June 2026

9. Conditions And Warnings

CON-01: Conditional upon formal grant of building licence by Almuñécar Municipal Planning Authority. CON-02: Conditional upon formal completion of land acquisition and registration of title across all four plots simultaneously. CON-03: Conditional upon completion of full legal due diligence across all four plots. Documentation available upon LOI with closed clauses. CON- 04: Professional fees taxes insurance and sales costs estimated at June 2026 market rates. All lines to be fixed by contract prior to capital deployment. CON-05: Total buildable GFA of 13.806 m² provisional pending formal Article 175 LOUA planning query. Net coefficient expected to be materially higher — Phase One due diligence action. CON-06: Technical void below penthouse pool — architectural feasibility study underway. Potential conversion to private storage units per penthouse may support pricing above Base Case. Outcome to be incorporated into final architectural project.

WAR-01: For exclusive use of intended recipient. Not for third party reliance without prior written consent of Integra Trust. WAR- 02: Based on market conditions June 2026. Not to be relied upon beyond 6 months without formal review. WAR-03: Does not constitute a homologated valuation under Orden ECO/805/2003. Institutional investment analysis document for private Data Room use by sophisticated investors. WAR-04: IRR projections based on development timeline and sales programme assumptions herein. Actual returns may differ if construction timelines sales absorption or achieved pricing deviate from adopted assumptions. WAR-05: Bank finance terms indicative based on standard crédito promotor market conditions June 2026. Final terms confirmed upon formal credit approval at licence grant stage. WAR-06: Access conditional upon execution of LOI with closed clauses. NDA alone does not activate access to valuation detail cadastral references or financial model.

10. Conclusion And Adopted Value

Summary: Meridian Reserve — Horizonte Bay — four Suelo Urbanizado Finalista plots 27.613 m² combined in La Herradura Almuñécar Granada Coast. Legally established buildability 13.806 m² above grade provisional. Basement 150 parking spaces not computed. Development programme: 75 units across 15 blocks — 30 Ground Floor with Private Pool (165 m²) 30 First Floor Premium (125 m²) 15 Penthouse with Private Pool (175 m²). Ceiling height 3.00 m throughout. Passive House standard.

Zero planning risk. Urbanisation fully executed and amortised by prior parties. Fixed-price construction €2.500/m². All costs locked prior to capital deployment. First-ranking mortgage security Day 1. Icon Marina — most directly comparable development — achieved 100% sellout. No competing new build apartment pipeline at equivalent specification in La Herradura June 2026.

Valuation Certificate: Prepared by: Integra Trust Date: June 2026 Reference: IT-VR-2026-ProjectB Status: Draft — subject to due diligence completion and licence grant

Valuation Tables — Document 2 Supplement

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

Methodology: Order ECO/805/2003 | Status: 0.00% works executed

STATE OF WORKS Percentage of works executed at valuation date: 0.00%

All four urban plots are vacant with no existing construction. Valuation carried out under the Hypothetical Completed Building (H.E.T.) methodology in accordance with Article 40 of Order ECO/805/2003.

TABLE 1 — VALUATION BY TYPOLOGY (FORMAT ECO/805/2003)

TYPOLOGY 1 — GROUND FLOOR WITH PRIVATE INFINITY POOL Units: 30 | Average useful area: 165 m²

Apartment 165.00 m² 200.00 m² 311.250 625.000 750.000 145.692 750.000

Covered Terrace 40.00 m² 40.00 m² 31.125 50.000 — 14.569 50.000

Open 80.00 m² 80.00 m² — 25.000 — — 25.000 Terrace/Garden Private Pool 40.50 m² 40.50 m² — 35.000 — — 35.000 ~4.5x9m

TOTAL 342.375 735.000 750.000 160.261 860.000

TYPOLOGY 2 — FIRST FLOOR PREMIUM Units: 30 | Average useful area: 125 m²

Apartment 125.00 m² 155.00 m² 241.406 484.375 630.000 110.373 630.000

Covered Terrace 20.00 m² 20.00 m² 24.141 31.250 — 11.037 31.250 front

Covered Terrace 15.00 m² 15.00 m² 18.105 23.438 — 8.278 23.438 rear

Open Terrace 35.00 m² 35.00 m² — 10.938 — — 10.938

TOTAL 283.652 550.001 630.000 129.688 695.626

TYPOLOGY 3 — PENTHOUSE WITH PRIVATE POOL AND 360° TERRACE Units: 15 | Average useful area: 175 m²

Apartment 175.00 m² 215.00 m² 334.844 671.875 1.850.000 154.521 1.850.000

360° Perimeter 120.00 m² 120.00 m² 83.789 93.750 — 38.630 93.750 Terrace

Private Pool 40.50 m² 40.50 m² — 35.000 — — 35.000 Penthouse

TOTAL 418.633 800.625 1.850.000 193.151 1.978.750

ADDITIONAL PARKING — 3rd space optional — 38 spaces at 50% uptake

Parking 25.00 25.00 m² 1.750 3.125 30.000 — 30.000 Space m²

Ground Floor + Pool 30 750.000 22.500.000

First Floor Premium 30 630.000 18.900.000

Penthouse + Pool 15 1.850.000 27.750.000

Additional Parking 38p 30.000 1.140.000

TOTAL 75+38p €69.150.000

ADOPTED TOTAL H.E.T. VALUATION: €69.150.000

TABLE 2 — MORTGAGE VALUE (VALOR HIPOTECARIO) BY TYPOLOGY

METHODOLOGICAL NOTE: Mortgage Value determined in accordance with Order ECO/805/2003 and Royal Decree 716/2009. Adjustment coefficient of 0.90 applied to H.E.T. Valuation Value. Percentage of works executed: 0.00%.

TYPOLOGY 1 — GROUND FLOOR WITH PRIVATE INFINITY POOL 30 units | Average useful area: 165 m²

Apartment 165.00 m² 200.00 m² 750.000 0.90 675.000

Covered Terrace 40.00 m² 40.00 m² 50.000 0.90 45.000

Open Terrace/Garden 80.00 m² 80.00 m² 25.000 0.90 22.500

Private Pool 40.50 m² 40.50 m² 35.000 0.90 31.500

Adopted H.E.T. Value €750.000

Adopted Mortgage Value €675.000

TYPOLOGY 2 — FIRST FLOOR PREMIUM 30 units | Average useful area: 125 m²

Apartment 125.00 m² 155.00 m² 630.000 0.90 567.000

Covered Terrace front 20.00 m² 20.00 m² 31.250 0.90 28.125

Covered Terrace rear 15.00 m² 15.00 m² 23.438 0.90 21.094

Open Terrace 35.00 m² 35.00 m² 10.938 0.90 9.844

TYPOLOGY 3 — PENTHOUSE WITH PRIVATE POOL AND 360° TERRACE 15 units | Average useful area: 175 m²

Apartment 175.00 m² 215.00 m² 1.850.000 0.90 1.665.000

360° Perimeter Terrace 120.00 m² 120.00 m² 93.750 0.90 84.375

Private Pool 40.50 m² 40.50 m² 35.000 0.90 31.500

Adopted H.E.T. Value €1.850.000

Adopted Mortgage Value €1.665.000

ADDITIONAL PARKING — 38 spaces

Parking Space 25.00 m² 30.000 0.90 27.000

MORTGAGE VALUE SUMMARY TABLE — TABLE 2

Ground Floor + 30 750.000 22.500.000 675.000 20.250.000 15.000.000 18.750.000 Pool

First Floor 30 630.000 18.900.000 567.000 17.010.000 11.625.000 14.531.250 Premium

Penthouse + 15 1.850.000 27.750.000 1.665.000 24.975.000 20.156.250 25.195.320 Pool

Additional 38p 30.000 1.140.000 27.000 1.026.000 — — Parking

LTV at 66.7% of Mortgage Value and 60.0% of H.E.T. Value confirms the bank facility is well within standard crédito promotor parameters.

TABLE 3 — GROSS REPLACEMENT VALUE (VRB)

METHODOLOGICAL NOTE: Gross Replacement Value represents the cost required to replace the subject property with a new modern equivalent. Calculated in accordance with Article 20 of Order ECO/805/2003.

VRB BY TYPOLOGY

Ground Floor + Pool 30 621.850 18.655.500 750.000 22.500.000 82.9%

First Floor Premium 30 502.100 15.063.000 630.000 18.900.000 79.7%

Penthouse + Pool 15 832.450 12.486.750 1.850.000 27.750.000 45.0%

Additional Parking 38p 28.750 1.092.500 30.000 1.140.000 95.8%

VRB DETAIL BY TYPOLOGY

CONSOLIDATED COST SUMMARY

Land acquisition inc. taxes and fees 10.970.000 794.00 20.1%

Construction above grade PEC 34.515.000 2.500.00 63.3% Construction basement/parking 720.000 800.00 1.3%

Professional fees taxes insurance sales 4.115.875 297.99 7.6%

Bank finance interest 1.800.000 130.38 3.3%

Sales and marketing 2% GDV 1.383.000 100.17 2.5%

Contingency 3% construction 1.057.000 76.56 1.9%

VRB ANALYSIS CONCLUSIONS

The market premium of 46.2% above replacement cost confirms three things. First, the La Herradura coastal residential market supports pricing materially above construction cost, consistent with the documented supply-demand imbalance and the 24.3% price appreciation recorded since November 2023. Second, the Passive House construction standard and premium product specification generate value above and beyond the cost of construction. Third, the Penthouse typology presents the lowest VRB/HET ratio at 45.0%, confirming the significant market premium attached to top-floor sea-view units with panoramic terraces and private pools — a premium driven entirely by location, scarcity and specification rather than construction cost.

Unit Schedule — Meridian Reserve — Horizonte Bay

15 blocks / 75 units / 3 typologies / south-facing hillside / sea orientation.

BLOCK CONFIGURATION — STANDARD PER BLOCK

Each of the 15 blocks delivers 5 units: 2 × Ground Floor with Private Pool (mirror-image units GF-A and GF-B), 2 × First Floor Premium (mirror-image units P1-A and P1-B), and 1 × Penthouse with Private Pool (unit AT). All blocks south-oriented. The stepped hillside configuration ensures unobstructed sea views from all floors. All exterior terraces, gardens and pools are non-computable and in addition to stated useful interior areas.

GROUND FLOOR — TYPOLOGY 1 · Private Infinity Pool / Jardín Tres Frentes / 165 m² Useful / 30 units

FIRST FLOOR — TYPOLOGY 2 · Terraza 180° Tres Frentes / 125 m² Useful / 30 units

PENTHOUSE LEVEL — TYPOLOGY 3 · Terraza 360° + Piscina Infinity Privada / 175 m² Useful / 15 units

BASEMENT PARKING

Pre-installation EV charging at all 150 mandatory and all optional third spaces. Direct lift access from basement to all residential floors. Basement not computed within buildable GFA above grade.

UNIT SUMMARY TABLE

PRICING SUMMARY TABLE

VALUE PER M² BY TYPOLOGY — BASE CASE

RELEASE SEQUENCING BY PHASE

Conclusions, Investment Justification And Investor FAQ

PROJECT B — MERIDIAN RESERVE — HORIZONTE BAY

Section A — Macro Investment Context

Spain has entered 2026 as one of Europe’s most compelling destinations for private capital allocation in residential real estate. According to CBRE’s Real Estate Market Outlook 2026, investment in Spain’s real estate sector will grow by 5-10% in 2026, reaching €19-21 billion — the best year for Spanish real estate investment since 2018. Housing will remain the main engine of real estate investment in Spain, supported by growing rental demand and strong interest from institutional capital.

In the first half of 2025, investment volume reached €3.026 billion, 17% higher than in the same period of the previous year, according to SpainCap data. Spain in 2026 sits in a normalising macro corridor — neither a speculative boom thesis nor a distressed recovery thesis. The opportunity is strategic positioning: acquiring high-quality assets where structural demand meets constrained supply, and where EU jurisdictional strength supports capital confidence.

The structural housing deficit in Spain, estimated at more than 700.000 units, together with an annual need for between 150.000 and 200.000 new homes, will keep pressure on prices. Product scarcity and macroeconomic stability continue to set the pace for market recovery.

Section B — Why Meridian Reserve — Horizonte Bay Now

The timing of this investment reflects a specific convergence of five structural factors that are unlikely to realign in the same configuration in the medium term.

Factor 1 — Fifteen Years of Dormancy Creating the Entry Point The Meridian Reserve — Horizonte Bay sector has been dormant since 2008. Not because of a planning problem. Not because of a market problem. Because of a capital problem. The original developer entered the Spanish real estate crisis without the financing to proceed. The infrastructure was already built and paid for by prior parties. The Plan Parcial had already been definitively approved in January 2005. The views were already there. What fifteen years of dormancy created is not a risk — it is an opportunity. The entry price reflects a sector that the market has underestimated. The exit price will reflect a sector that the market has recognised. The investor who moves first defines that recognition.

Factor 2 — Supply Exhaustion in La Herradura Icon Marina at Puerto Marina del Este, the most directly comparable new build apartment development in La Herradura, achieved 100% sellout. No directly competing apartment pipeline at equivalent specification has been identified in La Herradura as at June 2026.

Factor 4 — Improving Financing Conditions Euribor at 2.81% as at June 2026. Crédito promotor spread 2.19%. Blended facility rate 5.00% — historically low relative to the 2015-2019 development cycle. Bank appetite for premium coastal residential development finance with Passive House specification and ESG credentials confirmed active across all five target lenders.

Factor 5 — Product Premium with No Comparable The Meridian Reserve — Horizonte Bay product — 165 m² ground floor apartments with private infinity pools and three-sided gardens, 125 m² first floor units with 180-degree panoramic terraces, 175 m² penthouses with 360-degree terraces and private infinity pools, 3.00 m ceiling heights throughout, Passive House specification, biophilic hillside architecture — does not exist anywhere in La Herradura as at June 2026. This is not a product that is competing for buyers. It is a product that is creating a market. SECTION C — INVESTOR FAQ Q1. How and when is my capital returned?

Under Structure A Direct Lending, your capital of €10.970.000 is returned in full upon activation of the bank crédito promotor facility at Month 5, within 120-150 days of initial deployment. The fixed annual return of 12% accrues from Day 1 and is paid simultaneously with capital at Month 5. Your total exposure period is approximately 5 months. Interest is paid to your designated treaty jurisdiction entity — 0% withholding for Singapore-domiciled entities, 0% for EU entities under the Parent-Subsidiary Directive, reduced rate for UAE and other treaty jurisdictions.

Under Structure B Development Equity, your capital of €10.970.000 is returned progressively from Month 29 as individual unit completions generate sale proceeds. Repayment sequence: bank crédito promotor repaid first Months 29-31, then investor capital returned in full, then preferred return paid, then profit participation distributed. All capital returned and profit distributed by Month 36.

Under Structure C Revolving Facility, your capital is returned at Month 5 upon bank finance activation and immediately redeployed into Project C, maintaining continuous employment of capital across the Integra Trust portfolio.

Under Structure A, your capital has already been returned at Month 5. You have no exposure to construction timeline risk whatsoever.

Under Structure B, a 6-month extension reduces Base Case IRR by approximately 3-4 percentage points while leaving capital and preferred return fully intact.

Under the combined stress test — Bear pricing plus 10% construction overrun plus 2 units per month plus 6% interest rate — the project returns all investor capital with a marginal positive return.

Three specific protections apply. First, the pre-sales programme targets 15 units sold before construction commences and 30 units by Month 8, front-loading revenue certainty. Second, at 2 units per month absorption the project still generates a positive return with full capital recovery. Third, the portfolio sale secondary exit option available from Month 18 provides a clean exit route if individual sales velocity falls materially below the absorption model.

The competitive bank tender process targets five tier-one and tier-two Spanish lenders. Project parameters — Suelo Urbanizado Finalista LTV 50.9% at Base Case GDV 20% pre-sales condition Passive House specification ESG credentials — are within or above standard credit criteria. In the event no bank facility is secured on acceptable terms Integra Trust will explore mezzanine debt bridge finance or forward purchase structures before committing investor capital to construction expenditure. Investor equity remains secured by first-ranking mortgage throughout.

Under Structure A Integra Trust earns no profit participation whatsoever. Under Structure B the waterfall structure explicitly prioritises full investor capital return and preferred return before any sponsor profit share. The intercompany loan structure ensures investor interest flows to their designated treaty jurisdiction with maximum tax efficiency and full transparency.

All investor capital enters the Spanish SPV via a documented intercompany loan agreement. You designate the receiving entity for interest payments. Capital is returned as loan repayment with zero Spanish withholding tax. Interest paid at the applicable treaty rate — 0% for Singapore 0% for EU under Parent-Subsidiary Directive reduced for UAE. Full tax structuring confirmed with both Integra Trust’s Spanish tax counsel and your own advisors at mandate stage before any capital is deployed. No structure is implemented without bilateral written confirmation.

Monthly institutional reporting package within 5 business days of each month end. Event-driven notifications within 24 hours of any material development exceeding 5% impact on Base Case margin. Quarterly review calls with Integra Trust principals. Annual comprehensive review. Secure investor portal 24/7 access. All communications in English.

Yes. Site visits available from Month 1 for prospective investors conducting due diligence. Upon execution of NDA and LOI with closed clauses a full site visit programme will be arranged including inspection of all four subject plots MODUL4R and SANCTU4RY team briefing review of comparable developments in La Herradura and meeting with local market experts and legal counsel.

The acquisition perimeter includes the four urban plots that form the Meridian Reserve — Horizonte Bay development programme. Strategic land holdings adjacent to the development boundary remain within the Integra Trust platform for long-term management. These holdings are not part of the investment structure presented in this Data Room and do not affect the investor’s position in any way.

Section D — The Global Capital Reallocation: Why Spain Is The Beneficiary

The Megaproject Collapse — Capital Looking for a New Home

Saudi Arabia’s NEOM budget for 2026-2030 includes approximately $16 billion in anticipated payments to contractors to terminate long-term agreements — with Saudi authorities expecting to spend more on cancelling projects over the next five years than on building them. The value of construction contracts awarded by Saudi authorities plunged by 72% year-on-year during the second quarter of 2025. Similar capital reallocation dynamics are underway across the wider Gulf region as megaproject ambitions are recalibrated against fiscal reality and geopolitical risk.

The consequence is unambiguous. Hundreds of billions of dollars of capital that was committed to domestic megaprojects is being reallocated. The question is not whether this reallocation is happening — it is — but where it is going.

The Answer Is Europe. Specifically Spain.

In the first half of 2025 alone, Middle East sovereign wealth funds invested $12.85 billion in European deals. The six major GCC sovereign wealth funds collectively control over $3.2 trillion — capital that is increasingly flowing into European markets. In 2026, geopolitical risk has returned as one of the most powerful forces influencing global capital flows, driving a significant shift toward defensive assets in stable rule-of-law jurisdictions.

Spain specifically has emerged as a primary beneficiary of this reallocation for three reasons directly relevant to Meridian Reserve — Horizonte Bay.

First, EU jurisdictional security. Spain offers the legal protections, institutional continuity and regulatory framework that institutional investors require for large-scale capital deployment. For any investor that has experienced the consequences of political risk in domestic or emerging market projects, the first-ranking mortgage security of a Spanish Suelo Urbanizado Finalista project registered at the Land Registry is not a bureaucratic detail — it is the entire thesis.

Second, Mediterranean lifestyle premium. Spanish Mediterranean coastal property has become a recognised store of value for international institutional capital, combining lifestyle utility with capital preservation in an EU-regulated jurisdiction. The Northern European buyer who purchased at BrightBay for €7.021/m² is making a quality of life decision with capital preservation properties. Meridian Reserve — Horizonte Bay targets this buyer at a materially more accessible price point with a larger more fully specified product.

Third, scale compatibility. The €10.970.000 equity requirement of Meridian Reserve — Horizonte Bay is the entry point for an individual project, not the destination of the platform. It allows Integra Trust to access institutional investors, family offices and private wealth managers seeking EU-jurisdicted institutionally governed real estate exposure at a scale accessible to private capital, with a clear path to portfolio-level deployment across the full five-project programme. The Direct Implication for This Investment

Capital that was committed to construction projects across the globe is now looking for a new home. It is looking for EU jurisdiction. It is looking for tangible asset security with Land Registry registration. It is looking for a defined programme with institutional governance and monthly reporting. It is looking for a Mediterranean lifestyle component. It is looking for a short to medium-term return profile with an identified exit.

Meridian Reserve — Horizonte Bay offers all five. The timing of this project — June 2026, the same quarter in which the NEOM $16 billion exit bill was formally documented — is not coincidental. It is the right product, in the right jurisdiction, with the right security structure, at the right moment in the global capital reallocation cycle.

Integra Trust is offering institutional partners and private wealth managers: a first-ranking mortgage-secured loan position in a Suelo Urbanizado Finalista development on the Spanish Mediterranean coast; three capital structure options calibrated to different risk appetites and return objectives; a 30-month programme with full transparency and monthly institutional reporting; a fixed-price construction contract at €2.500/m² with no cost overrun exposure; a proven market with documented 24.3% price appreciation since November 2023 and no directly competing supply pipeline at this specification; and a fully integrated sponsor group controlling every function from acquisition through to delivery and sales under a single accountability framework.

This is not a development opportunity. This is a capital deployment solution for investors whose primary concern in June 2026 is return certainty, jurisdictional security and execution control. Meridian Reserve — Horizonte Bay delivers all three.

The Portfolio Context

Project B is not the beginning of a conversation. It is confirmation of a platform. And the platform is designed for the investor who recognises that the most important question in June 2026 is not what return can I achieve — it is where can I deploy capital with certainty, security and an operator I trust.

Integra Trust is that operator. Meridian Reserve — Horizonte Bay is that deployment. The LOI with closed clauses is the next step.

All market data sourced from publicly available reports including CBRE Real Estate Market Outlook 2026, SpainCap H1 2025, Arabian Business June 2026, Gulf International Forum May 2026, Tinsa Vivienda en Costa 2025, and Idealista market data as at June 2026. All financial projections are indicative and subject to final confirmation at mandate stage. This document does not constitute financial advice. Access to this document and the full Data Room is conditional upon execution of LOI with closed clauses.

Data Room Complete — Project B — Meridian Reserve — Horizonte Bay

Blocks 1-15 complete Document 2 Valuation Report complete Valuation Tables HET / Mortgage Value / VRB complete Unit Schedule complete Conclusions + FAQ + Global Capital Reallocation narrative complete