IT-DR-2026-ProjectE-MASTER

PROJECT E — MONTE MAYOR VILLAS

2026-ProjectE-MASTER Date: June 2026 Status: Draft — subject to due diligence completion and licence grant

DOCUMENT STRUCTURE PART I — Data Room — Blocks 1-15

PART II — Valuation — Document 2 + Valuation Tables HET / Mortgage / VRB

PART III — Unit Schedule — 18 villas / 3 typologies / 10 sub-typologies

PART IV — Conclusions and FAQ

PART V — PERE Model — Sections 1-10

PART VI — Business Plan Supplements — Management / Scalability / Conclusions

PART I — DATA ROOM

Block 1Asset Summary / Project Brief

Reference: IT-DR-2026-Block1-ProjectE | Date: June 2026

1. Executive Summary

Monte Mayor Villas is a luxury residential development opportunity located within the gated estate of Monte Mayor, Benahavís, on the Costa del Sol, Málaga, Andalusia, Spain. The project involves the full development of an 114.000 m² urban plot delivering 18 bespoke villas across three SANCTU4RY-designed typologies under a hybrid industrialised construction methodology, within one of the most private and prestigious residential communities on the European Mediterranean coastline. The asset is controlled under advanced acquisition negotiations. Land classification is urban residential under the approved Plan Parcial de Ordenación of Monte Mayor and the PGOU of Benahavís, definitively approved and in force. Buildability is legally established at 12% of gross plot area, confirming a total buildable GFA of 13.640 m² above grade. Zero reclassification risk. No additional planning instrument is required prior to licence application.

The development programme delivers three villa typologies under the SANCTU4RY residential brand: Villa Origen, a 600 m² biophilic garden retreat conceived for stillness and privacy; Villa Tierra, a 780 m² hillside villa connecting the landscape, the infinity pool and the panoramic views across the Mediterranean, Gibraltar and the African coastline; and Villa Horizonte, the 950 m² flagship SANCTU4RY villa, designed for legacy ownership, full entertaining capability and unobstructed 360-degree panoramic exposure.

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. The funding model is structured around phased institutional commitment to break-even, beyond which pre-sales proceeds and villa completions generate self-financing capacity across the remainder of the programme. Terms and return parameters are available upon execution of NDA and LOI with closed clauses.

2. Investment Highlights

Monte Mayor Villas presents a convergence of locational scarcity, product differentiation, brand positioning and execution control that has no direct equivalent in the current Benahavís luxury villa market.

Monte Mayor is a 330-hectare gated estate in the municipality of Benahavís, with 54% of its total area designated as protected green belt. Access is restricted to residents and their guests. There is no commercial zone, no through traffic and no short-term rental activity within the estate. The community operates under 24-hour security with a single controlled access point. These characteristics are structural and permanent — they cannot be replicated by any competing development outside the Monte Mayor boundary. The subject plot of 114.000 m² represents one of the largest single landholdings available for development within the Monte Mayor estate. At the confirmed buildability of 12%, the total programme of 18 villas across 13.640 m² GFA delivers an average plot per villa of approximately 6.333 m², maintaining the low-density character of the estate and the privacy standards that define the Monte Mayor residential proposition.

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. The fixed-price contract at €3.500/m² eliminates construction cost overrun exposure for the SPV and the investing partner across all 18 villas.

The SANCTU4RY biophilic longevity retreat concept positions Monte Mayor Villas at the intersection of three documented demand trends that are reshaping the ultra-luxury residential market in 2026: the growing preference among HNWI buyers for nature- integrated living environments over conventional luxury specifications; the expansion of the longevity and wellness lifestyle segment as a primary driver of premium residential purchasing decisions; and the sustained appetite among international capital for EU- jurisdicted tangible assets offering both lifestyle utility and capital preservation.

No directly competing development at equivalent specification, scale and brand positioning exists or is planned within Monte Mayor as at June 2026.

3. Asset Overview

The development site is located within the gated estate of Monte Mayor, Benahavís, Costa del Sol, Málaga, Andalusia, Spain. The asset comprises a single urban plot with a cadastral surface area of 114.000 m², classified as urban residential use under the PGOU of Benahavís and the approved Plan Parcial de Ordenación governing the Monte Mayor estate.

Cadastral reference: 44XXXXXXUF1442SXXXXUK — Surface area: 114.000 m² — Class: Urban — Use: Residential

The plot is registered as a single urban unit without horizontal division. Current state: single existing structure subject to excision to a separate patrimonial vehicle prior to development commencement. The development plot is treated as effectively clear for programme purposes.

Total buildable GFA above grade: 13.640 m², calculated at the confirmed Plan Parcial buildability coefficient of 12% on gross urban plot area. Basement volume not computed within buildable GFA.

Total villas: 18 / Total GFA above grade: 13.640 m² Average plot per villa: approximately 6.333 m² Basement: permitted below grade, not computed within buildable GFA Energy standard: Passive House throughout Common amenities: residents-only longevity fitness centre, biophilic coworking pavilion, communal garden and meditation spaces, estate management and concierge service

4. Location Analysis

Monte Mayor is situated in the municipality of Benahavís, on the Costa del Sol, Málaga, Andalusia, Spain. Benahavís is consistently ranked among the most exclusive residential municipalities in Europe, combining natural mountain environment, proximity to the Marbella-Puerto Banús axis and a residential profile defined by ultra-high-net-worth owner- occupiers and international second home buyers.

The Monte Mayor estate occupies an elevated hillside position at approximately 350 metres above sea level, providing unobstructed panoramic views across the Mediterranean Sea, the Strait of Gibraltar and the African coastline on clear days. The estate is surrounded on all sides by protected natural land, ensuring that the visual and environmental character of the location is permanently preserved.

Málaga International Airport: approximately 60 minutes by road, providing direct connectivity to all major Northern European, Middle Eastern and North American origin markets. Marbella: 15 minutes. Puerto Banús: 15 minutes. Benahavís village: 7 kilometres. Gibraltar International Airport: 45 minutes. The estate’s elevated position above the A-7 coastal corridor provides rapid access to the full range of Costa del Sol amenities while maintaining complete separation from coastal traffic and noise.

The Benahavís luxury residential market operates with a documented international buyer majority. German, Scandinavian, British, Belgian, Dutch, Middle Eastern and increasingly American buyers define the active demand pool for ultra-luxury product at the Monte Mayor specification level. Rental yields for premium villa product in Benahavís average 4-5% on a managed short-stay basis, with longevity retreat and wellness-positioned product commanding premium occupancy rates and nightly rates materially above standard villa comparables.

5. Planning And Legal Status

The subject plot is classified as urban residential use under the PGOU of Benahavís, definitively approved by the Comisión Territorial de Ordenación del Territorio y Urbanismo de Málaga on 14 November 2018, and the approved Plan Parcial de Ordenación governing the Monte Mayor estate.

The Plan Parcial establishes a confirmed buildability coefficient of 12% on gross plot area, a minimum plot size of 2.000 m² per villa unit and a low-density residential use across the entire estate. All infrastructure services — road network, water supply, drainage, electricity and telecommunications — are confirmed available within the estate and at the plot boundary. Urbanisation works are fully executed and maintained by the Monte Mayor community management structure.

The PGOU of Benahavís is in force following definitive approval in November 2018 and subsequent publication of the Revisión-Adaptación document in March 2022. No adverse reclassification of the subject plot or its buildability parameters has been identified. Review of current PGOU provisions applicable to the subject plot is a Phase One due diligence action.

Licence status: Project Submission Pending. No demolition licence required. The development plot is treated as clear for programme purposes following excision of the existing structure to a separate patrimonial vehicle. Infrastructure services confirmed in place. No material planning obstacles are anticipated.

6. Development Strategy

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

Phase 2 — Project and Licence: architectural project preparation simultaneous with purchase process. SANCTU4RY concept development and villa typology finalisation. Duration: 3-4 months from acquisition.

Phase 3 — Pre-Sales Launch: sales programme commences upon architectural concept completion. Villa Origen and Villa Tierra released first. Target: 6 villas presold generating pre-construction cash sufficient to cover land acquisition cost and initial professional fees. Duration: concurrent with Phase 2. Phase 4 — Construction: commencement upon licence grant and pre-sales confirmation. MODUL4R fixed-price turnkey, 30-40% timeline compression. Phased delivery by typology. Duration: 24-30 months from licence grant.

Phase 5 — Self-Financing Threshold: upon delivery and completion of first villa tranche, programme becomes self-financing. Institutional fund commitment no longer required. Remaining villas delivered and sold from project cash flow. Total programme: estimated 36-42 months from LOI.

7. Market Positioning

No directly competing new build villa development at equivalent specification — biophilic design, longevity retreat concept, SANCTU4RY architectural direction, Passive House standard, average plot 6.333 m², residents-only gated community — has been identified within Monte Mayor or the wider Benahavís luxury market as at June 2026.

The Bear Case weighted average of €4.500.000 per villa sits within the documented active market range for Monte Mayor new build product, confirming that the investment thesis does not depend on pricing above current market evidence to deliver positive returns.

8. Financial Snapshot

9. Risk Assessment

10. Investment Case

Monte Mayor Villas presents an institutional-grade luxury villa development opportunity of a character and specification that has no direct equivalent in the current Benahavís market cycle.

The asset combines three structural advantages that are rarely available simultaneously in the European ultra-luxury residential market. First, locational permanence: Monte Mayor is a 330-hectare gated estate with 54% designated protected green belt, 24-hour security and a residents-only access policy that cannot be replicated or competed away. Second, product differentiation: the SANCTU4RY biophilic longevity retreat concept — Villa Origen, Villa Tierra, Villa Horizonte — addresses a documented and growing demand segment that no competing development in Benahavís currently serves. Third, execution certainty: fixed- price construction at €3.500/m², fully integrated group structure, and a phased funding model that reaches self-financing capacity before the programme is half complete.

11. Exit Strategy

12. Key Investment Metrics

Total Villas: 18 | Energy Standard: Passive House throughout | Ceiling Height: 3.20 metres throughout all typologies

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, 3-4 months

Phase 3 Pre-Sales Launch: concurrent with Phase 2 — target 6 villas presold Phase 4 Construction: 24-30 months from licence grant Phase 5 Self-Financing Threshold: Month 18-20 approximately Total Programme: estimated 36-42 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 Málaga jurisdiction

Block 2Sponsor And Corporate Structure

INTEGRA TRUST · MODUL4R · SANCTU4RY Reference: IT-DR-2026-Block2 | Applicable to all projects A-E

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 — PROJECT E SPECIFIC

PARAMETERS Structure A — Direct Lending Capital secured against first-ranking mortgage over 114.000 m² urban residential plot within Monte Mayor gated estate from Day 1. Fixed annual return 11-15%. Capital deployed at land acquisition and licence stage, recovered upon self- financing threshold confirmation at construction commencement subject to 6 villa pre-sales confirmation. Interest payments directed to investor’s designated treaty jurisdiction.

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 36-42 months from LOI.

Structure C — Revolving Facility Capital deployed in Project E recovered upon self-financing threshold and redeployed immediately into next active project in the Integra Trust portfolio. Continuous portfolio employment across Projects A-E. Terms and return parameters for all three structures available upon execution of NDA and confirmation of LOI with closed clauses.

Block 3Legal And Urban Planning

Reference: IT-DR-2026-Block3-ProjectE | Date: June 2026

3.1 LAND OWNERSHIP AND TITLE

The subject site comprises a single urban residential plot currently held by a single vendor. Acquisition is structured under a coordinated purchase process managed by Integra Trust, with simultaneous title transfer to the acquiring SPV and immediate registration of first- ranking mortgage at the Spanish Land Registry on the day of notarial closing.

Individual vendor holds sole title over the plot. Nota simple registral has been requested from the Registro de la Propiedad de Marbella. 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 the 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 the urban plot: €10.000.000, payable at notarial closing.

Prior to development commencement, the existing structure registered against the plot will be excised to a separate Integra Trust patrimonial vehicle. This operation is a standard Spanish real estate structuring procedure and does not affect the development programme, the buildable GFA, the planning parameters or the investor’s security position in any way. The development plot is treated as effectively clear for all programme purposes from Day 1.

3.2 ACQUISITION AND PRE-CONSTRUCTION COST STRUCTURE

3.3 PLANNING AND URBAN CLASSIFICATION

The subject plot is classified as urban residential use under the PGOU of Benahavís, definitively approved by the Comisión Territorial de Ordenación del Territorio y Urbanismo de Málaga on 14 November 2018, published in the Boletín Oficial de la Junta de Andalucía No. 228 of 26 November 2018, and the approved Plan Parcial de Ordenación governing the Monte Mayor estate.

Urban residential classification under the PGOU of Benahavís is the highest security planning classification available within the Spanish urban planning framework for this asset class. 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. Infrastructure services confirmed available throughout the Monte Mayor estate and at the plot boundary.

Cadastral Data Verified 11 June 2026, Sede Electrónica del Catastro: 44XXXXXXUF1442SXXXXUK — Surface: 114.000 m² — Class: Urban — Use: Residential — Single unit without horizontal division

Plot registered as urban class with principal use residential. Development plot treated as clear for programme purposes following excision of existing structure to separate patrimonial vehicle prior to construction commencement.

3.4 PLAN PARCIAL — PARAMETERS AND BUILDABILITY

Plan Parcial de Ordenación — Monte Mayor Estate Governing instrument: PGOU Benahavís definitively approved 14 November 2018 Status: In force

The Plan Parcial de Ordenación governing the Monte Mayor estate definitively establishes the road network, parcelation, open space systems, community management framework and buildability parameters for the entire 330-hectare estate. Direct construction licensing is available without requirement for any additional planning instrument. All urbanisation works prescribed by the Plan Parcial have been fully executed and are maintained by the Monte Mayor community management structure, confirming the urban residential status of the subject plot and the permanent availability of all infrastructure services at plot boundary.

Buildability Parameters Confirmed buildability coefficient: 12% on gross urban plot area Total buildable GFA on 114.000 m²: 13.680 m² above grade — provisional pending formal planning query Adopted GFA for development programme: 13.640 m² — conservative adoption Minimum plot size per villa unit: 2.000 m² — confirmed Plan Parcial parameter Average plot per villa in adopted programme: approximately 6.333 m² — materially above minimum Basement: permitted below grade, not computed within buildable GFA Maximum building height: to be confirmed by formal planning query — Phase One due diligence action Parking requirement: to be confirmed by formal planning query — private garage per villa assumed as standard

Note: The confirmed buildability coefficient of 12% is applied to gross plot area. The adopted GFA of 13.640 m² is conservative relative to the maximum theoretical entitlement of 13.680 m². Formal confirmation via planning query to the Ayuntamiento de Benahavís is a Phase One due diligence action. Any upward revision to confirmed GFA would directly improve the financial model in favour of the investor.

3.5 COMMUNITY FRAMEWORK AND ESTATE GOVERNANCE

Monte Mayor operates under a fully established community governance framework that is a material component of the investment thesis and the product proposition.

Access: single controlled access point. 24-hour professional security. Residents and registered guests only. No through traffic. No commercial activity within the estate perimeter.

Community Management: professional estate management company responsible for road maintenance, green belt preservation, common area upkeep, security operations and infrastructure management. Community charge applicable to all plot owners within the estate.

Architectural Review: Monte Mayor enforces architectural review standards for all new construction within the estate, ensuring that the visual and environmental character of the community is maintained across all development activity. SANCTU4RY’s biophilic design language is fully aligned with Monte Mayor’s established architectural standards. Formal confirmation of compliance is a Phase One due diligence action.

Green Belt: 54% of the total 330-hectare estate is designated as protected green belt. This designation is permanent and cannot be modified by any individual landowner or developer. It constitutes a structural and irreversible guarantee of the low-density character, natural environment and privacy standards that define the Monte Mayor residential proposition.

These community framework characteristics are not replicable by any competing development outside the Monte Mayor estate boundary. They represent a permanent locational advantage that is embedded in the asset and transferred in full to each villa purchaser upon completion.

3.6 VPO STATUS

VPO Exemption — Confirmed The subject plot and the Monte Mayor estate as a whole are classified for luxury residential development under the PGOU of Benahavís. Zero VPO obligation on the subject plot. No affordable housing contribution is required at any stage of the development programme. The ultra-luxury villa typology and pricing structure of Monte Mayor Villas is fully consistent with the planning parameters and residential character of the estate.

3.7 LICENCE STATUS AND STRATEGY

Current licence status: Project Submission Pending.

Phase 1: Architectural project preparation — simultaneous with acquisition process, 3-4 months. SANCTU4RY concept development and villa typology finalisation concurrent with technical project preparation.

Phase 2: Licence submission — immediately upon title transfer to SPV and excision of existing structure.

Phase 3: Municipal processing — standard timeframe under PGOU Benahavís 2018 and Plan Parcial Monte Mayor.

Phase 4: Licence grant — triggers construction commencement. Pre-sales programme already active from Phase 1.

No demolition licence is required. The development plot is treated as clear for programme purposes. Infrastructure services are in place throughout the estate. No material planning obstacles are anticipated. Monte Mayor Villas is consistent in all material respects with the established development pattern of the estate. 3.8 LEGAL DUE DILIGENCE STATUS Title verification: nota simple registral requested. Formal provision upon LOI with closed clauses. Encumbrances: under review. No material encumbrances anticipated beyond existing structure subject to excision. Cadastral alignment: confirmed. Reference consistent with planning classification verified against Sede Electrónica del Catastro 11 June 2026. Community obligations: Monte Mayor community charge and architectural review compliance 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 to Ayuntamiento de Benahavís. Environmental status: adjacency to protected natural land surrounding the Monte Mayor estate is a boundary condition confirming permanent green belt preservation, not an interior constraint on the development plot. Phase One due diligence action. SPV structuring: in preparation. To be confirmed at mandate stage with investor’s legal and tax advisors. Excision of existing structure: legal and fiscal structuring of excision to separate patrimonial vehicle to be confirmed at mandate stage with Spanish legal counsel.

3.9 MUNICIPAL AND REGULATORY FRAMEWORK

National Level: Real Decreto Legislativo 7/2015 — Texto Refundido de la Ley del Suelo y Rehabilitación Urbana. Subject plot classified as urban residential.

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

Municipal Level: PGOU Benahavís definitively approved 14 November 2018, published BOJA No. 228, 26 November 2018. Revisión-Adaptación published March 2022. Plan Parcial de Ordenación Monte Mayor estate — in force. Full documentation publicly accessible at the Ayuntamiento de Benahavís.

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 across all 18 villa units and all common amenity structures.

Block 4Market Study And Demand Analysis

Reference: IT-DR-2026-Block4-ProjectE | Date: June 2026

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 ultra-luxury segment has materially outperformed the broader national average. Prime and super-prime residential product across Spain’s established coastal markets recorded price appreciation consistently above the national figure in 2025, driven by structural undersupply of high-specification new build product, sustained international demand and the ongoing reallocation of global private wealth toward EU-jurisdicted tangible assets. 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 across all segments.

CBRE forecasts total Spanish real estate investment of €19-21 billion for 2026, the strongest year since 2018. Within this figure, the ultra-luxury residential segment on the Costa del Sol has attracted disproportionate institutional and private wealth attention, driven by the convergence of lifestyle migration, capital preservation demand and the documented scarcity of developable land within established prime communities.

4.2 COSTA DEL SOL ULTRA-LUXURY MARKET — REGIONAL CONTEXT

The Costa del Sol ultra-luxury residential market — anchored by the Marbella-Benahavís- Estepona triangle and extending from Sotogrande in the west to the Málaga metropolitan area in the east — is one of the most structurally resilient prime residential markets in Europe. It operates under different dynamics from the broader Spanish coastal market and from the Granada Costa Tropical where Integra Trust’s Projects A and B are located.

This is not an emerging market. It is not a market discovering itself. It is a fully established, globally recognised ultra-prime residential destination with a forty-year track record of absorbing international private wealth across multiple economic cycles. The buyers active in this market have chosen it deliberately, returning repeatedly and allocating significant capital with a long time horizon.

Key market data as at June 2026:

The structural supply constraint in this market is more severe than in any comparable European ultra-luxury destination. The combination of topographic limitations, environmental protections, established community governance frameworks and the finite availability of developable land within gated estates of the Monte Mayor calibre means that new supply at this specification level is inherently scarce and cannot be manufactured at scale.

4.3 BENAHAVÍS — THE ULTRA-PRIME MUNICIPALITY

Benahavís is consistently ranked among the wealthiest municipalities in Spain by per capita income and among the most exclusive residential addresses in Europe. Its residential profile is defined by owner-occupiers and long-term second home buyers of exceptional means, drawn by the combination of natural mountain environment, proximity to the Marbella- Puerto Banús axis, world-class golf, gastronomy and the permanent privacy that only a low- density mountain municipality can provide.

The municipality hosts several of Europe’s most recognised ultra-luxury gated communities. La Zagaleta — 900 hectares, approximately 230 completed villas, no new developable land — is the most exclusive private residential estate in Europe by most recognised measures. El Madroñal, Marbella Club Golf Resort and Monte Mayor complete the tier-one gated community offer in Benahavís. Each of these communities has its own character, its own buyer profile and its own architectural identity. Each operates with permanent supply constraints that support long-term value stability.

Monte Mayor occupies a specific and differentiated position within this hierarchy. At 330 hectares with 54% protected green belt, a residents-only access policy, 24-hour security and an established community of owner-occupiers who chose the estate precisely for its natural, unhurried character, Monte Mayor offers a proposition that La Zagaleta — with its more visible luxury, its golf course and its higher profile — does not. Monte Mayor is for buyers who do not need to be seen. It is for buyers who have already arrived.

4.4 THE ARCHITECTURAL MARKET — WHERE SANCTU4RY POSITIONS

To understand the commercial opportunity that Monte Mayor Villas represents, it is necessary to understand the architectural market it enters and the space it occupies within it. The ultra-luxury residential architecture market on the Costa del Sol has been defined for the past decade by a small number of prominent studios whose work has become synonymous with the Marbella luxury villa aesthetic: clean horizontal lines, full-height glazing, infinity pools cantilevered over manicured gardens, white or stone facades, double- height living spaces opening to terraces. This language has been executed with great skill and has served the market extremely well. It continues to sell.

It has also become a category. A buyer arriving in Benahavís today who visits four new build villas across four different developments will see four variations of the same architectural vocabulary. The specification changes. The price changes. The fundamental visual and experiential language does not.

This is not a criticism. It is a market observation. And it is the observation that defines the SANCTU4RY opportunity.

There is a growing segment of ultra-luxury buyers — and it is growing precisely because the market has matured — for whom the established Marbella villa aesthetic is no longer sufficient. These are buyers who have owned property in this market before. Who have lived in the canonical luxury villa and found it beautiful but not resonant. Who are now looking for something that reflects not just their wealth but their values, their curiosity, their relationship with the natural world and with their own wellbeing.

SANCTU4RY addresses this buyer directly. The biophilic longevity retreat concept is not a marketing overlay applied to a conventional villa programme. It is an architectural philosophy that determines how each villa sits on its plot, how it opens to the landscape, how it manages light, air and material across all seasons, how it supports the physical and psychological wellbeing of its occupants, and how it creates the conditions for the kind of life its owners actually want to live — quiet, restorative, connected to nature, generous with friends and family, conducive to health and longevity.

Villa Origen, Villa Tierra and Villa Horizonte are not houses with biophilic features added. They are environments designed from the ground up around the relationship between the person, the place and the natural world. That is the product. That is what does not exist anywhere else in Monte Mayor as at June 2026.

4.5 SUPPLY ANALYSIS — MONTE MAYOR NEW BUILD PIPELINE

The new build pipeline in Monte Mayor as at June 2026 is severely constrained by the finite availability of developable plots within the estate boundary and the architectural review requirements that govern all new construction.

No development combining the following characteristics simultaneously has been identified in Monte Mayor as at June 2026: biophilic design philosophy as governing architectural principle, longevity and wellness retreat concept integrated into programme and specification, three-typology curated collection of 18 villas under a single brand, Passive House energy standard throughout, SANCTU4RY narrative identity across Villa Origen, Villa Tierra and Villa Horizonte.

Monte Mayor Villas is not competing within the existing supply. It is creating a new category within an established market.

4.6 DEMAND ANALYSIS

4.7 PRICING EVIDENCE AND MARKET BENCHMARKS

Monte Mayor Villas pricing implications:

Villa Origen — 6 units / 600 m² GFA

Villa Tierra — 8 units / 780 m² GFA

Villa Horizonte — 4 units / 950 m² GFA

4.8 MARKET OUTLOOK

The structural drivers supporting the Benahavís ultra-luxury residential market are reinforcing rather than weakening. Supply constraints within established gated communities are permanent by nature — they cannot be resolved by new planning instruments or by new development activity outside the existing estate boundaries. Demand from international HNWI and UHNWI buyers continues to grow, supported by improving financing conditions, ongoing lifestyle migration and the sustained reallocation of global private wealth toward EU-jurisdicted tangible assets.

The wellness and longevity lifestyle segment — identified as a primary demand driver for Monte Mayor Villas — is one of the fastest growing segments in global luxury real estate. The global wellness economy was valued at $5.6 trillion in 2022 and is projected to reach $8.5 trillion by 2027. Residential wellness real estate is growing at approximately 18% annually, materially faster than the broader luxury residential market. Monte Mayor Villas enters this segment at precisely the moment of maximum market receptivity.

The architectural differentiation argument — SANCTU4RY as the next generation of ultra- luxury residential design on the Costa del Sol — is not a speculative positioning. It is a response to a documented market evolution that the established architectural studios have not yet addressed. The buyers who will purchase Villa Origen, Villa Tierra and Villa Horizonte are already in the market. They are currently looking at product that does not yet satisfy them. Monte Mayor Villas is that satisfaction.

Block 5Architecture And Engineering

Reference: IT-DR-2026-Block5-ProjectE | Date: June 2026

5.1 ARCHITECTURAL CONCEPT AND DESIGN DIRECTION

The architectural concept for Monte Mayor Villas is developed and directed by SANCTU4RY, the group’s architectural and creative atelier. It represents a fundamental departure from the prevailing ultra-luxury residential vocabulary of the Costa del Sol — not as a stylistic choice but as a philosophical one.

The governing principle of SANCTU4RY’s design direction is the relationship between the person, the place and the natural world. Every decision — how the villa sits on its plot, how it opens and closes to the landscape, how light enters and moves through interior space across the day and across the seasons, how materials age and develop character over time, how outdoor and indoor space dissolve into each other — is made in service of that relationship. The result is not a house with biophilic features. It is an environment designed from the ground up to support the physical and psychological wellbeing of the people who live in it.

The Monte Mayor site provides the conditions for this philosophy to be expressed at its fullest. The elevated hillside position, the unobstructed panoramic exposure across the Mediterranean, Gibraltar and the African coastline, the permanent natural green belt surrounding the estate, the absence of commercial activity, through traffic and short-stay rental — all of these characteristics are architectural raw material. SANCTU4RY does not impose a design on this site. It listens to it.

Four governing principles define the design brief across all three villa typologies:

First, rootedness. Each villa is conceived as an extension of its plot rather than an object placed upon it. The relationship between built volume, garden, landscape and natural terrain is continuous and reciprocal. The villa does not dominate the land. It belongs to it.

Second, biophilic integration. Natural materials, living systems, water, light and air are not decorative elements. They are structural components of the architectural programme, determining spatial organisation, material selection, environmental performance and the sensory experience of daily life within each villa.

Third, graduated privacy. Each typology offers a distinct relationship between intimacy and openness, between the private interior world of the household and the expansive exterior world of the landscape. Villa Origen is oriented inward, toward the garden and the stillness of the plot. Villa Tierra opens progressively toward the panorama while maintaining protected private zones. Villa Horizonte achieves the fullest expression of outward orientation — the landscape becomes the dominant architectural element, framed and celebrated from every room.

Fourth, longevity by design. The programme and specification of each villa — Passive House air quality, thermal comfort, acoustic performance, circadian lighting design, spaces for movement and restoration, coworking and social entertaining — supports the physical and psychological conditions associated with long, healthy and intentional living. This is not wellness as amenity. It is wellness as architecture.

5.2 VILLA ORIGEN — 600 m² GFA / 6 UNITS

Villa Origen is the most intimate typology in the Monte Mayor Villas collection. It is conceived as a private sanctuary — a place of stillness, restoration and deep connection with the immediate natural environment of its plot. The architectural language is introverted, drawing the inhabitant inward and downward, into the garden, into the landscape, into a quality of quiet that is increasingly rare in contemporary life. The spatial organisation is organised around a central garden courtyard that serves as the heart of the villa — a private biophilic environment visible from all principal rooms, providing natural light, living greenery, water and the sounds of the natural world throughout the interior. The courtyard is not a feature. It is the architectural centre of gravity around which all spaces are arranged.

Spatial Programme — 600 m² useful interior: Living, dining and library 55 m² opening fully to the central garden courtyard and to a south-facing covered terrace. Kitchen 20 m² independent with garden views and rear service access. Master suite 35 m² with dressing room, en-suite bathroom 15 m² and private garden terrace. Bedroom 2 with en-suite 25 m². Bedroom 3 with en-suite 22 m². Guest suite independent with private garden access 30 m². Home spa — sauna, cold plunge, treatment room 25 m². Home gym 20 m². Meditation room 15 m². Laundry, storage and technical spaces 30 m². Circulation and wardrobes 28 m².

Exterior non-computable: central garden courtyard with living walls, water feature and shade canopy. South-facing covered terrace. Private infinity pool integrated into the garden topography. Perimeter garden on three sides with drought-resistant native Mediterranean species. Rear garden with dedicated service access.

Ceiling height: 3.20 metres throughout all interior spaces. Energy standard: Passive House throughout. Orientation: south and southeast, maximising passive solar gain and garden privacy simultaneously.

5.3 VILLA TIERRA — 780 m² GFA / 8 UNITS

Villa Tierra is the central typology of the collection — the villa that most fully expresses the governing SANCTU4RY principle of connection between the person, the land and the horizon. Where Villa Origen turns inward, Villa Tierra achieves equilibrium: fully connected to the panoramic landscape while maintaining zones of privacy and intimacy that make daily life within it genuinely restorative rather than merely spectacular.

The spatial organisation is oriented along a south-facing axis that runs from the protected private core — bedrooms, spa, garden courtyard — through the main living spaces to the fully open south facade, the infinity pool terrace and the unobstructed panoramic views across the Mediterranean, Gibraltar and the African coastline. This axis is the experiential spine of the villa. Moving along it from the private core to the open terrace is the architectural equivalent of the transition from stillness to expansion — from the interior world to the world at large.

Spatial Programme — 780 m² useful interior: Living, dining and entertaining 70 m² full southern frontage with floor-to-ceiling glazed facade opening fully to pool terrace. Kitchen 25 m² independent with lateral sea view window and rear service access. Cocktail bar and wine cellar 15 m². Master suite 40 m² with dressing room, en-suite bathroom 18 m² and private terrace with sea views. Bedroom 2 with en-suite 28 m². Bedroom 3 with en-suite 25 m². Guest suite independent with garden access 32 m². Home spa — sauna, cold plunge, hammam, treatment room 35 m². Home gym and movement studio 25 m². Home office and coworking space 20 m². Meditation and breathwork room 15 m². Laundry, storage and technical spaces 35 m². Circulation and wardrobes 37 m².

Exterior non-computable: south-facing infinity pool terrace with unobstructed panoramic views. Protected garden courtyard at private core. Perimeter landscaping on all sides with native Mediterranean species, olive trees and natural rock features integrated into the garden design. Rear garden with dedicated service access and staff facilities.

Ceiling height: 3.20 metres throughout all interior spaces. Energy standard: Passive House throughout. Orientation: south and southwest, maximising panoramic sea view exposure and passive solar performance simultaneously.

5.4 VILLA HORIZONTE — 950 m² GFA / 4 UNITS

Villa Horizonte is the flagship typology of the Monte Mayor Villas collection. It is the fullest expression of the SANCTU4RY design philosophy — a villa conceived not merely as a residence but as a complete environment for living, entertaining, working, restoring and experiencing the world at its most expansive. It is designed for owners who wish to host friends and family in an environment that is genuinely extraordinary without being ostentatious. Quiet luxury at its most considered and most complete.

The spatial organisation achieves the widest possible engagement with the panoramic landscape while maintaining a clear hierarchy of private, semi-private and social spaces that allows the villa to function simultaneously as an intimate family home and as a generous, memorable entertaining environment. The full 360-degree panoramic exposure of the flagship plot is the primary architectural asset — every principal space in Villa Horizonte has a defined and deliberate relationship with a specific aspect of the view: the Mediterranean to the south, Gibraltar and the African coastline to the southwest, the natural mountain landscape of the Serranía de Ronda to the north.

Spatial Programme — 950 m² useful interior: Main living, dining and entertaining 90 m² full southern frontage with floor-to-ceiling glazed facade opening to main infinity pool terrace and panoramic view. Secondary living and library 35 m² with mountain views to the north. Kitchen 30 m² independent with lateral sea view window and full catering capability. Cocktail bar, wine cellar and tasting room 25 m². Master suite 55 m² with dressing room, en-suite bathroom 22 m², private terrace with 180-degree sea view and private plunge pool. Bedroom 2 with en-suite and private terrace 35 m². Bedroom 3 with en-suite and private terrace 32 m². Bedroom 4 with en-suite 28 m². Guest suite independent with private garden access and en-suite 38 m². Home spa — sauna, cold plunge, hammam, flotation, treatment rooms 45 m². Home gym and movement studio 30 m². Yoga and meditation pavilion 20 m². Home cinema and screening room 25 m². Home office and coworking studio 25 m². Staff quarters 20 m². Laundry, storage and technical spaces 45 m². Circulation and wardrobes 50 m².

Exterior non-computable: main south-facing infinity pool terrace with 180-degree sea view. Secondary pool or reflecting pool at garden level. Private plunge pool at master suite terrace. Full perimeter landscaping on all sides — olive grove, native Mediterranean garden, natural rock features, water channels. North-facing mountain garden. Outdoor dining and entertaining terrace with shade canopy. Rear garden with full service access, staff parking and technical plant.

Ceiling height: 3.20 metres throughout all interior spaces. Double height in main living and entrance hall: 6.40 metres. Energy standard: Passive House throughout. Orientation: full 360-degree panoramic exposure — south, southwest, north and east aspects all engaged.

5.5 FINISHES AND MATERIALS — ALL TYPOLOGIES

The material language of Monte Mayor Villas is defined by three principles: natural origin, honest expression and long-term character. Materials are selected not for their immediate visual impact but for how they age, how they perform across the Mediterranean climate cycle and how they contribute to the biophilic sensory environment of each villa.

Floors and walls: large-format natural stone — limestone, travertine and slate selected per typology and per spatial zone. Exterior terraces in brushed natural stone continuous with interior flooring, eliminating the visual threshold between inside and outside. Living walls of native Mediterranean species in all courtyard and garden-facing spaces.

Joinery and cabinetry: solid timber in natural finish — oak, walnut and olive wood selected per typology. No painted or lacquered surfaces in principal spaces. Timber ages and develops patina as an architectural intention.

Kitchen: chef kitchen in natural stone and solid timber. Integrated professional-grade appliances. Bespoke joinery by SANCTU4RY specification. External extraction. Lateral natural light.

Bathrooms and spa: natural stone throughout. Freestanding bathtubs in stone or cast iron. Rainfall showers with thermal stone surround. Cold plunge pools in polished concrete and natural stone. Hammam in traditional zellige and stone.

Glazing and facades: thermally broken aluminium framing with triple glazing and low- emissivity coatings. Full-width sliding systems in all principal living spaces. Brise-soleil in natural timber or stone fins integrated into facade design per orientation.

Pools: infinity pools in dark natural stone or polished concrete, flush with terrace level. Pool edge at 1.70 metres. Heating and filtration fully integrated into building management system.

Landscaping: drought-resistant native Mediterranean species throughout. Olive trees, carob, lavender, rosemary, cistus and native grasses. Natural rock features integrated into garden design where site topography provides them. Irrigation by grey water recycling system. No artificial lawn.

5.6 COMMON AMENITIES — RESIDENTS ONLY

The Monte Mayor Villas common amenity programme is conceived as an extension of the biophilic longevity retreat concept into the shared spaces of the community. All amenities are exclusively for the use of the 18 villa owners and their registered guests. No external access. No short-stay or hotel-style operation.

Longevity Fitness Pavilion: fully equipped movement and fitness facility with glazed openings oriented toward the natural landscape. Outdoor training terrace. Cold water immersion facility. Direct access to estate walking trails.

Biophilic Coworking Pavilion: dedicated coworking and creative workspace with high-speed connectivity, private meeting rooms and a glazed garden terrace. Designed for the owner who works from home — not as an afterthought but as a principal space of the programme.

Community Garden and Meditation Space: shared biophilic garden with water features, shade canopy, meditation pavilion and productive kitchen garden available to all residents. Maintained by estate management.

Estate Management and Concierge: professional estate management service covering villa maintenance coordination, security, communal area upkeep, concierge and guest services. Available to all 18 villa owners throughout the year.

5.7 ENERGY PERFORMANCE AND SUSTAINABILITY

Monte Mayor Villas will be designed and executed to Passive House energy efficiency standard across all 18 villa units and all common amenity structures, materially exceeding CTE DB-HE minimum requirements.

Key Environmental Performance Indicators: Energy demand for heating: 15 kWh/m2/year versus CTE minimum approximately 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 degrees C year-round without active heating or cooling in standard conditions. Estimated CO2 reduction versus conventional construction: 70-80%. Indoor air quality: CO2 maintained below 1.000 ppm in all occupied spaces via MVHR.

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. Triple-glazed thermally broken aluminium framing with low-emissivity coatings. Photovoltaic installation covering 100% of common area energy demand and pre- installation per villa for full energy autonomy. Solar thermal domestic hot water pre- installation per villa. Smart building management system integrating climate, lighting, blinds, security and energy monitoring.

5.8 STRUCTURAL AND ENGINEERING SYSTEMS

The structural system utilises MODUL4R’s hybrid industrialised methodology across all three villa typologies. Each villa adopts a configuration determined by its individual plot topography, with basement level excavated into the hillside where site conditions support it.

Foundation design confirmed upon geotechnical survey completion immediately following title transfer. The hillside character of the Monte Mayor site is a known and well- documented condition — MODUL4R’s hybrid methodology is specifically suited to sloped terrain construction, with factory-manufactured structural components eliminating the principal risks associated with conventional hillside construction.

MEP Engineering Systems: individual villa electrical metering with PV connection and EV pre-installation at all garage spaces. 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. Full CTE DB-SUA accessibility compliance with lift access between all levels in Villa Tierra and Villa Horizonte.

5.9 TECHNICAL SUMMARY — KEY FIGURES

Total urban plot area: 114.000 m² Land classification: Urban Residential — PGOU Benahavís 2018 Plan Parcial: Monte Mayor estate — in force Buildability: 12% confirmed Urbanisation: fully executed and maintained by Monte Mayor community management

Total villa GFA above grade: 13.640 m² Average plot per villa: approximately 6.333 m² Construction cost: €3.500/m² fixed-price MODUL4R Energy standard: Passive House throughout Ceiling height: 3.20 metres throughout all typologies / 6.40 metres double height Villa Horizonte

Block 6Construction And Modul4R Strategy

Reference: IT-DR-2026-Block6-ProjectE | Date: June 2026

6.1 CONSTRUCTION METHODOLOGY

Monte Mayor Villas 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 development plot is treated as clear for programme purposes following excision of the existing structure to a separate patrimonial vehicle prior to construction commencement. All urbanisation works are fully executed and infrastructure services are confirmed available throughout the Monte Mayor estate and at the plot boundary. Construction commences directly upon licence grant, without any preparatory clearance or infrastructure phase.

The Monte Mayor site presents specific characteristics that MODUL4R’s hybrid methodology is particularly suited to address. The elevated hillside terrain, the individual plot configuration of each villa, the premium specification requirements of the SANCTU4RY design brief and the residents-only community governance framework of the estate all require a construction approach that combines dimensional precision, supply chain control and site management discipline that conventional on-site construction models cannot consistently deliver at this specification level.

MODUL4R eliminates the principal risks of ultra-luxury hillside villa construction: dimensional inconsistency between design intent and executed structure, supply chain dependency on specialist subcontractors, timeline vulnerability to weather and site access conditions, and quality variability between individual units within the same programme. Factory manufacture of structural components under controlled conditions resolves all four simultaneously.

6.2 MODUL4R DELIVERY ADVANTAGES — PROJECT E SPECIFIC

Specification Consistency: factory manufacture of structural components ensures that the SANCTU4RY design intent — dimensional precision, material alignment, installation quality — is achieved consistently across all 18 villas. Villa 18 is delivered to the same specification standard as Villa 1. This consistency is a commercial argument as well as a quality argument: buyers purchasing off-plan have documented confidence that their specific villa will be delivered as designed.

Individual Villa Customisation: the MODUL4R hybrid methodology accommodates owner- instructed customisation within defined parameters at the point of purchase, without affecting the fixed-price contract or the programme timeline. Each buyer of Villa Origen, Villa Tierra or Villa Horizonte can personalise their villa’s interior specification — material selections, kitchen configuration, spa equipment, home technology — within the SANCTU4RY design framework. This customisation capability is a direct sales tool that supports pre-construction sales velocity and premium pricing.

Supply Chain Control: MODUL4R maintains direct relationships with principal material and component suppliers across all specification categories relevant to the Monte Mayor Villas programme — natural stone, structural timber, high-performance glazing, spa and wellness equipment, home automation and building management systems. No dependency on local specialist subcontractor availability.

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 across all 18 villas and all common amenity structures.

6.3 CONSTRUCTION PROGRAMME

Month 0: Licence grant. MODUL4R contract execution. Site mobilisation across first villa tranche — Villa Origen and Villa Tierra plots simultaneously. Pre-sales programme already active from Month 2.

Month 0-3: Excavation and foundation works across first tranche villa plots. Basement and below-grade structure where applicable per individual plot topography. Geotechnical conditions confirmed per plot.

Month 3-10: Above-grade structural frame first tranche villas. Factory component delivery and installation. Core and shell completion across active plots.

Month 10-18: Building envelope. Facade installation. Roofing. MEP first fix. Internal partitions. Pool structure and terracing across first tranche.

Month 18-24: Internal fit-out first tranche villas. MEP second fix. Kitchen, bathroom and spa installation. Flooring and finishes throughout. Home automation and building management system commissioning.

Month 20-24: Common amenity structures — longevity fitness pavilion, biophilic coworking pavilion, community garden. Estate management infrastructure.

Month 24: First tranche practical completion — Villa Origen units 1-6 and Villa Tierra units 1- 4. Self-financing threshold achieved. Institutional fund commitment no longer required.

Month 24-30: Second tranche construction — Villa Tierra units 5-8 and Villa Horizonte units 1-4. Funded from first tranche completion proceeds and ongoing pre-sales deposits.

Month 30: Second tranche practical completion — Villa Tierra units 5-8 and Villa Horizonte units 1-4. Full programme complete.

Total construction duration: 24-30 months from licence grant.

6.4 PHASED DELIVERY STRATEGY

The phased delivery strategy for Monte Mayor Villas is designed to achieve three simultaneous objectives: early self-financing threshold confirmation, progressive release of the highest-value product at the optimal moment in the sales programme, and protection of pricing discipline across all three typologies.

First Tranche — Month 24: Villa Origen units 1-6 and Villa Tierra units 1-4. Ten villas. Revenue generation commences from Month 2 pre-sales deposits. Practical completion proceeds trigger self-financing threshold. Institutional fund commitment concluded.

Second Tranche — Month 30: Villa Tierra units 5-8 and Villa Horizonte units 1-4. Eight villas. Delivered and sold from project cash flow. Villa Horizonte — the flagship typology — released last, when the completed first tranche provides the physical context and the sales evidence to support full flagship pricing at Base Case €7.500.000 and above.

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 with an IRR of approximately 8% post-tax — confirming that the Monte Mayor Villas investment thesis is robust under extreme scenario conditions.

Block 7Financial Model

Reference: IT-DR-2026-Block7-ProjectE | Date: June 2026

7.1 PROJECT FINANCIAL SUMMARY

Total Development Cost All-In

7.2 UNIT PRICING AND GDV BREAKDOWN

Break-even weighted average per villa: €3.810.911

7.3 VAT AND TAX IMPLEMENTATION — FULL ANALYSIS

Stage 1 — Land Acquisition Tax The subject plot is acquired from a private vendor in a resale transaction. The applicable tax is ITP Impuesto sobre Transmisiones Patrimoniales at the Andalucía flat rate of 7% confirmed under the 2021 regional reform.

Stage 2 — Construction Phase VAT Construction expenditure by the SPV as developer incurs IVA at the standard rate of 21% on contractor invoices. The SPV as a VAT-registered entity recovers all input IVA on construction costs through the regular quarterly AEAT return cycle.

Stage 3 — Villa Sales VAT New build villas sold by developer subject to IVA reducido at 10% charged to end buyer at notarial completion. AJD Actos Jurídicos Documentados at 1.2% in Andalucía paid by buyer. Both taxes borne by buyer, not SPV.

Stage 4 — Corporate Income Tax at SPV Level Standard corporate income tax rate Spain 2026: 25%. Newly formed SPV constituted at LOI stage benefits from reduced rate of 15% for first two profitable fiscal years.

Stage 6 — Withholding Tax on Investor Returns Investor capital enters SPV via documented intercompany loan. Interest payments directed to investor’s designated treaty jurisdiction. Capital returned as loan repayment — zero Spanish withholding tax on principal under any scenario.

Interest withholding tax rates: Singapore: 0% withholding on interest — Spain-Singapore double taxation treaty. UAE: reduced rate under Spain-UAE double taxation treaty subject to genuine economic substance requirements. EU jurisdictions Netherlands Luxembourg: full exemption under EU Parent-Subsidiary Directive. Other jurisdictions: rate confirmed against applicable bilateral treaty at mandate stage.

7.4 MONTHLY CASH FLOW MODEL — BASE CASE

Phase 6 — Distribution — Months 31-42 Final accounts settled. Corporate tax provisioned. Profit distribution. Programme complete.

7.5 INVESTOR RETURN BY STRUCTURE

7.7 SENSITIVITY ANALYSIS

Break-even average unit price €3.810.911 is 15.3% below Bear Case weighted average.

7.8 FUNDING MODEL — PHASED INSTITUTIONAL COMMITMENT

Total institutional fund requirement: approximately €20.000.000.

Phase 1 commitment Months 1-5: €10.820.000 — land acquisition and pre-licence fees. Secured by first-ranking mortgage Day 1.

Phase 2 commitment Months 5-18: up to €9.180.000 additional — first construction phase drawdowns above pre-sales deposit accumulation. Self-financing threshold Month 18-20: no further fund drawdown required. Repayment Month 24: first tranche completion proceeds repay institutional fund in full plus agreed return. Second tranche Months 24-30: funded entirely from first tranche proceeds and pre-sales cash. Distribution Months 36-42: net profit distributed per waterfall. Programme complete.

Maximum LTV against Bear Case GDV: 24.7% — extraordinary capital protection.

7.9 INVESTOR DISTRIBUTION WATERFALL

Structure B — Development Equity Tier 1: Institutional fund repayment in full — Month 24 — Priority Tier 2: Investor capital return €10.820.000 — from Month 24 completion proceeds Tier 3: Investor preferred return — rate confirmed at mandate Tier 4: Residual profit split — terms confirmed at mandate

Structure C — Revolving Facility Capital returned Month 24 and immediately redeployed. Combined portfolio IRR 45-55%. Multiple 3.0x+.

7.10 BEAR CASE ADVISORY NOTE

Block 8Capital Structure And Funding

Reference: IT-DR-2026-Block8-ProjectE | Date: June 2026

8.1 OVERVIEW OF CAPITAL STRUCTURE

The capital structure of Monte Mayor Villas is designed to achieve three simultaneous objectives: maximum protection of investor capital from the moment of deployment, progressive de-risking of the institutional commitment as the pre-sales programme advances, and full alignment of interests between the investing partner and the sponsor group across a 36-42 month programme.

The structure departs materially from the conventional Spanish crédito promotor model. Monte Mayor Villas is an ultra-luxury villa programme with an average Base Case ticket of €5.588.889, a buyer profile that purchases on the basis of product quality and community character, and a pre-sales dynamic that generates significant cash ahead of construction expenditure.

The structure is built around two principles. First, the institutional fund covers land acquisition and early-stage costs, secured by first-ranking mortgage from Day 1. Second, pre-sales deposits progressively reduce fund dependency until the self-financing threshold is reached at Month 15-18.

8.2 CAPITAL STACK

Total development cost all-in: €68.596.400

Layer 2 — Pre-Sales Deposits and Completion Proceeds: approximately €56.238.400 across programme. Self-financing threshold Month 15-18.

Layer 3 — Second Tranche Construction: from first tranche proceeds and pre-sales. Institutional fund exposure zero.

8.3 PHASED COMMITMENT MECHANICS

Total expected drawn: approximately €15.100.000. Self-financing confirmation issued to investing partner when projected inflows cover remaining outflows without further drawdown.

8.4 PRE-SALES STRATEGY AND ESCROW

Phase 1 Months 1-6: 7 villas at pre-construction pricing (5-8% below Base Case). Phase 2 Months 7-12: 5 villas at construction phase pricing.

Phase 3 Months 13-18: Villa Horizonte — pre-qualified buyers only. All deposits individual notarised escrow per Spanish Law 57/1968. Protected by individual bank guarantee or insurance policy. AML and KYC per Spanish Law 10/2010.

8.5 TAX STRUCTURE AND CAPITAL REPATRIATION

IVA construction 21% on contractor invoices — fully recoverable quarterly. IVA sales 10% IVA reducido charged to buyer. AJD 1.2% charged to buyer.

Corporate Tax: newly formed SPV benefits from 15% IS first two profitable fiscal years. Standard rate 25% thereafter. All cost lines fully deductible.

Three-Layer Corporate Structure: Construction SL — execution vehicle / Patrimonial SL — asset holding, existing structure excised here / Holding SL — consolidates net proceeds, no distribution during operational cycle, recycled into subsequent SPVs.

Investor capital via documented intercompany loan. Capital returned as loan repayment — zero Spanish withholding tax on principal. Interest withholding: Singapore 0% / UAE reduced / EU Parent-Subsidiary 0% / Other per bilateral treaty.

Factual summary of applicable Spanish tax rules as at June 2026. Full structuring confirmed at mandate stage by bilateral written confirmation from both advisory teams.

8.6 EQUITY STRUCTURE AND SPV

Spanish Sociedad Limitada, Málaga jurisdiction, sole purpose. Under Structure A: SPV wholly owned by Integra Trust, investor holds first-ranking mortgage. Under Structure B and C: shareholding confirmed at mandate.

Excision of existing structure executed before licence submission. No effect on development plot, classification, buildability or investor mortgage security.

8.7 FUNDING TIMELINE

Block 9Sales And Marketing Strategy

Reference: IT-DR-2026-Block9-ProjectE | Date: June 2026

9.1 SALES STRATEGY OVERVIEW

The sales strategy for Monte Mayor Villas operates on a fundamentally different model from a conventional Spanish coastal development programme. There is no mass market. There are 18 villas and a finite universe of buyers who are capable of purchasing them and who will recognise immediately what this product represents. Three governing principles: curation over volume, sequencing over speed, community over transaction. Sales and marketing costs: €2.012.000 (2% GDV Base Case).

9.2 TARGET BUYER PROFILE

9.4 PRICING STRATEGY AND RELEASE SEQUENCING

Phase 4 Months 24-30 — Completion Premium: VT-07 and VT-08 at 3-5% above Base Case.

9.5 MARKETING CHANNELS AND BUDGET — €2.012.000

9.6 PRE-SALES PROGRAMME AND MONITORING

Pre-sales launch: Day 1. Reservation €50.000 non-refundable. Full 10% within 30 days. Exchange within 60 days. Individual notarised escrow Spanish Law 57/1968. AML and KYC Spanish Law 10/2010.

Block 10Risk Matrix

Reference: IT-DR-2026-Block10-ProjectE | Date: June 2026

10.1 RISK FRAMEWORK

10.2 RISK MATRIX SUMMARY

ACQUISITION AND LEGAL AL-01 Title Defect: Very Low / High / Residual Very Low. Nota simple registral non- negotiable. Full due diligence. Title insurance available.

AL-02 Excision of Existing Structure: Low / Medium / Residual Low. Specialist legal counsel. No effect on plot or investor security.

AL-03 Encumbrances: Low / High / Residual Very Low. Comprehensive search. First- ranking mortgage senior to any post-closing charges.

AL-04 Community Pre-emption Right: Low / Medium / Residual Low. Governance documentation reviewed Phase One.

PLANNING AND URBAN PU-01 Licence Delay: Low / Medium / Residual Low. Simultaneous project preparation. Monte Mayor established approval history. Liquidated damages in MODUL4R contract.

PU-02 Adverse PGOU Amendment: Very Low / Medium / Residual Very Low. PGOU definitively approved November 2018. Monte Mayor’s established status provides political protection. PU-03 Architectural Review Non-Compliance: Low / Medium / Residual Low. SANCTU4RY biophilic design inherently aligned with Monte Mayor character. Pre- submission dialogue with community management.

PU-04 Net Buildability Below Model: Low / Low / Residual Very Low. Adopted 13.640 m² conservative. Formal planning query before capital commitment.

CONSTRUCTION CR-01 Construction Cost Overrun: Very Low / Low / Residual Very Low. Fixed-price €3.500/m². Cost overrun contractually assumed by MODUL4R. 3% contingency provides additional buffer.

CR-02 Programme Delay: Low / Medium / Residual Low. Liquidated damages. MODUL4R methodology reduces weather, access and subcontractor risks.

CR-03 Specification Delivery Risk: Low / High / Residual Low. Factory manufacture eliminates on-site variability. SANCTU4RY design oversight throughout. OCT independent inspection. Show villa Month 18 as physical specification reference.

CR-04 Ground Conditions: Medium / Medium / Residual Low-Medium. Comprehensive geotechnical survey before MODUL4R contract execution. Foundation design per individual villa plot. 3% contingency. Residual: Low-Medium pending survey.

CR-05 Site Access: Low / Low / Residual Very Low. Formal access agreement with Monte Mayor community management before mobilisation.

MS-02 Sales Velocity Below Model: Low-Medium / Medium / Residual Low-Medium. At 1.0 villa/month self-financing threshold still achieved within timeline. Portfolio sale exit available from Month 24.

MS-03 Villa Horizonte Pricing Risk: Low / Medium / Residual Low. Released at Month 18 when completed community context supports pricing. Bear Case minimum still positive overall. MS-04 Concept Risk: Low / Medium / Residual Low. Documented growing demand from millennial ultra-wealthy for biophilic wellness-integrated residential.

MS-05 Single Asset Concentration: Low / Medium / Residual Low. Phased delivery. Estate security and 24-hour management.

FUNDING AND FINANCING FF-01 Fund Commitment Withdrawal: Very Low / High / Residual Low. LOI with closed clauses. Phased drawdown. Mortgage security. Pre-sales reduce net exposure.

FF-02 IVA Cash Flow Float: Low / Low / Residual Very Low. Quarterly recovery cycle. Float in working capital provision.

FF-03 Currency Risk: Medium / Low-Medium / Residual Low. Structure A limits to 5- month window. Hedging available at mandate.

COMMUNITY AND GOVERNANCE CG-01 Community Management Conflict: Very Low / Medium / Residual Very Low. Proactive engagement from Day 1. SANCTU4RY approach inherently the most community-compatible proposition available.

CG-02 Comunidad de Propietarios: Very Low / Low / Residual Very Low. Governance framework prepared at project stage.

CG-03 Neighbouring Plot Development: Low / Low / Residual Very Low. Plan Parcial buildability limits density structurally.

ENVIRONMENTAL EN-01 Protected Land Boundary: Very Low / Medium / Residual Very Low. Plot within estate boundary. 54% green belt is a permanent guarantee not a risk.

EN-02 Wildfire Risk: Low / High / Residual Low. SANCTU4RY native landscaping reduces fuel load. Passive House non-combustible facade. Wildfire prevention plan at licence stage.

EN-03 Water Supply: Very Low / Low / Residual Very Low. ACOSOL confirmed at plot boundary. Grey water recycling.

CONCEPT AND BRAND CB-01 SANCTU4RY Brand Establishment: Low / Medium / Residual Low. Integra Trust platform credibility supports launch. Show villa Month 18 physical demonstration. CB-02 Narrative Authenticity: Very Low / High / Residual Very Low. Philosophy specified in full in architectural project. OCT monitored throughout construction. Show villa demonstrates.

GEOTECHNICAL GE-01 Slope Stability: Low / High / Residual Low. Comprehensive geotechnical survey full footprint. Foundation design per individual villa. 3% contingency.

GE-02 Underground Water: Low / Medium / Residual Low. Topographic and geotechnical survey. SANCTU4RY terracing adapted to hillside drainage management.

EXECUTION XR-01 Key Person Risk: Low / Medium / Residual Low. Two-principal structure. Documented systems provide programme continuity.

XR-02 Multi-Villa Simultaneous Management: Low / Medium / Residual Low. MODUL4R factory methodology specifically designed for multi-villa delivery. BIM coordination budget €300.000. Phased delivery.

XR-03 Regulatory Change During Programme: Very Low / Medium / Residual Very Low. Building licence locks applicable regulatory framework.

10.3 RISK SUMMARY

Very Low residual: AL-01 AL-03 PU-02 CR-01 CR-05 FF-02 CG-01 CG-02 CG-03 EN-01 EN- 03 CB-02 XR-03 Low residual: AL-02 AL-04 PU-01 PU-03 PU-04 CR-02 CR-03 FF-01 FF- 03 EN-02 CB-01 GE-01 GE-02 XR-01 XR-02 Low-Medium residual: CR-04 MS-02 Medium residual: MS-01 No High residual risks identified.

Overall risk profile: Low to Medium. The single Medium risk (MS-01) is fully acknowledged, actively managed through private client programme and show villa strategy, and is not a capital impairment risk given first-ranking mortgage security and Bear Case positive margin of €13.703.600.

10.4 THE INFLECTION POINT — MONTH 18

Month 18 is the single most critical moment in the programme. Convergence of four programme-defining events: show villa completion, self-financing threshold confirmed, first Villa Horizonte release, and transition from institutional fund dependency to self-funded delivery.

Before Month 18 the programme is a concept and a construction site. After Month 18 it is a completed community — physically real, experientially demonstrable, financially independent. Every risk rated above Very Low converges toward resolution at Month 18. That is where this project turns from a development into a destination.

Block 11Esg And Sustainability

Reference: IT-DR-2026-Block11-ProjectE | Date: June 2026

11.1 ESG FRAMEWORK

The ESG profile of Monte Mayor Villas is not a compliance obligation. It is the programme itself. The biophilic longevity retreat concept governing every architectural decision in Villa Origen, Villa Tierra and Villa Horizonte is, in its entirety, an environmental, social and governance proposition expressed through built form. Remove the biophilic design, Passive House specification, native landscaping, residents-only wellness community and governance transparency — and there is no product.

11.2 ENVIRONMENTAL

Passive House Certification: all 18 villa units and all common amenity structures. OCT independent verification from project commencement. Certification on measured physical performance — not design compliance alone.

EU Taxonomy and SFDR: programme substantially contributing to Climate Change Mitigation — Passive House exceeds NZEB standard under EU Taxonomy Regulation 2020/852. Consistent with Article 8 SFDR minimum and potentially Article 9 depending on investor fund mandate.

11.3 SOCIAL

Accessibility: full CTE DB-SUA compliance. Lift access between all levels in Villa Tierra and Villa Horizonte. Programme anticipates evolving mobility requirements over 20-30 year ownership.

Local Economy: direct and indirect employment across 24-30 month construction programme in Benahavís and Málaga province. MODUL4R local supplier preference policy. Programme contributes to Monte Mayor community charge base supporting long-term estate management sustainability.

11.4 GOVERNANCE

SPV Structure: single-purpose vehicle, clean asset separation, no cross-collateralisation. Existing structure excised to separate patrimonial vehicle before development commencement.

Institutional Reporting: monthly package within 5 business days. Construction progress certified by site architect and OCT. Full audit trail throughout. Secure investor portal 24/7 access.

ESG Reporting Framework: quarterly during construction covering construction waste, local employment, energy and water monitoring, Passive House compliance per villa per OCT inspection, landscaping progress. Post-completion annual covering operational energy performance per villa via smart BMS data, resident satisfaction, community amenity performance, carbon performance versus design assumptions.

Passive House Certification: OCT engaged from project commencement. Certification per completed villa upon blower door air tightness test, thermal bridge inspection and MVHR commissioning verification — measured physical performance only. AML, KYC and Buyer Integrity: full compliance with Spanish Law 10/2010. All buyers individually screened, documented and cleared before any contractual commitment.

11.5 ESG PERFORMANCE TABLE

Energy demand heating: 15 kWh/m²/yr / Market standard Benahavís: 40-60 kWh / CTE minimum: 50 kWh CO2 operational reduction: 70-80% / Market standard: no specific target / Regulatory: no mandatory target Air quality: CO2 below 1.000 ppm MVHR / Market: conventional AC only / Regulatory: no standard Water: grey water recycling + native zero- irrigation / Market: conventional irrigated garden Community: residents-only biophilic wellness community / Market: no shared amenity typically Reporting: monthly construction + annual post-completion / Market: none Certification: Passive House per unit OCT-verified / Market: none typically SFDR alignment: Article 8 minimum, potentially Article 9 / Market: not assessed typically

11.6 ESG AND THE INVESTMENT THESIS

The Passive House specification is a commercial argument — it makes the villa a better home and commands a pricing premium. The biophilic design is a commercial argument — it addresses documented growing demand. The residents-only community is a commercial argument — it creates scarcity of community membership supporting pricing discipline. The governance transparency is a commercial argument — it enables access to institutional capital requiring ESG documentation. Every ESG element earns its cost. None of it is decoration.

Block 12Asset Management And Reporting

Reference: IT-DR-2026-Block12-ProjectE | Date: June 2026

12.1 ASSET MANAGEMENT FRAMEWORK

Integra Trust operates a fully integrated asset management framework providing the investing partner with complete visibility over every material variable throughout the development lifecycle. Calibrated to the specific characteristics of an ultra-luxury villa programme: longer sales cycles, higher individual transaction values, relationship-intensive buyer pool, phased funding model with defined self-financing threshold, and a product concept whose commercial success depends on narrative consistency and specification integrity across 36-42 months.

Asset management direct responsibility of Integra Trust. MODUL4R provides monthly construction progress reports certified by site architect. SANCTU4RY provides monthly sales performance reports. All inputs consolidated into single monthly institutional reporting package within 5 business days of month end.

12.2 MONTHLY INSTITUTIONAL REPORTING PACKAGE

Executive Summary: project status, traffic light across all dimensions, actual versus budgeted, narrative commentary on any deviation with mitigation actions.

Financial Performance Report: budget versus actual all cost lines. Monthly and cumulative cash flow. Fund drawdown status — amount drawn, remaining committed, projected final drawn. Pre-sales deposit escrow balance and release schedule. Revenue recognition by villa and phase. Updated IRR projection Bear/Base/Bull pre and post tax. Corporate tax position. IVA recovery quarterly confirmation.

Construction Progress Report: certified progress by villa tranche and individual unit. Photograph record. MODUL4R monthly valuation and drawdown request with architect certification. Programme risks and mitigation. H&S summary. OCT status and Passive House compliance per villa. Community management compliance.

Sales Performance Report: villas reserved, contracted and completed by sub-typology. Pipeline by segment and origin country. Average achieved price versus Base Case per sub- typology. Conversion rate 80%+ target. Sales velocity versus 1.5 villas/month target. Show villa programme status. Villa Horizonte pre-qualified buyer pipeline from Month 12. Unsold inventory and pricing strategy. Self-financing threshold progress.

ESG Report — Quarterly: construction waste versus benchmark. Local employment headcount. Energy and water monitoring. Passive House compliance per completed tranche. Landscaping progress.

Legal and Compliance Update: material legal developments. Regulatory compliance. AML and KYC status. Excision completion confirmation. Community management compliance.

12.3 KPI DASHBOARD

12.4 INVESTOR COMMUNICATIONS PROTOCOL

Standard: monthly package within 5 business days. Quarterly 45-minute review call. Annual comprehensive review.

Event-driven within 24 hours: material development exceeding 5% Base Case margin impact. Licence grant. Self-financing threshold confirmation — most important milestone communication. Structure A capital return. Practical completion notifications per villa. Show villa completion. Villa Horizonte first release. Any geotechnical finding requiring design adjustment. Any community management protocol issue.

All communications in English. Spanish on request. Secure investor portal 24/7 access established at mandate stage.

12.5 OPERATIONAL PERIODS

Pre-Construction Months 1-5: title transfer, mortgage, excision, SPV operational, AML/KYC, SANCTU4RY concept development, licence application submitted, private client programme activated.

Construction and Pre-Sales Months 5-24: first tranche construction. Active pre-sales. Self- financing tracking. Show villa preparation from Month 12. Villa Horizonte pipeline from Month 12.

Second Tranche and Completion Months 24-36: fund repaid. Community real. VH in market. Second tranche delivery. Villa handover. Comunidad de Propietarios establishment.

Post-Completion and Distribution Months 36-42: all titles transferred. Final accounts. Tax provisioned. Distribution per waterfall. Programme complete.

12.6 POST-COMPLETION ASSET MANAGEMENT

Comunidad de Propietarios: established upon first villa handover. Community management contract covering longevity fitness pavilion, coworking pavilion, community garden, estate management, concierge. Community charge confirmed in each buyer’s purchase contract. Decennial Insurance: 10-year structural policy covering all 18 villas and common amenity structures. Issued upon final OCT report without outstanding reservations.

Defects Liability: 12 months from each tranche practical completion. MODUL4R retention and performance bond maintained throughout. Systematic snagging inspection before each buyer handover.

Passive House Post-Occupancy Monitoring: first-year operational energy performance monitoring per completed villa. BMS dashboard data provided to residents. Annual ESG report to investing partner.

Block 13Exit Strategy

Reference: IT-DR-2026-Block13-ProjectE | Date: June 2026

13.1 EXIT STRATEGY FRAMEWORK

The exit strategy for Monte Mayor Villas is structured around four principles: maximising achieved returns through individual unit sales as the primary mechanism, maintaining optionality across multiple exit routes throughout the programme, aligning exit timing with product readiness rather than funding pressure, and ensuring that every exit route delivers full capital recovery and a positive return.

The programme’s self-financing structure — achieving financial independence at Month 15- 18 — fundamentally changes the exit dynamic. Exit decisions are made on the basis of market optimisation rather than financial necessity. Villa Horizonte is released at Month 18 because that is when the completed community context supports its pricing. Not because the programme needs the cash.

13.2 PRIMARY EXIT — INDIVIDUAL VILLA SALES

Release programme: Phase 1 Months 1-6: VO-01/02/03/04/05 plus VT-03/VT-04 at pre- construction pricing. Target 7 reservations. Phase 2 Months 7-12: VT-01/02/06 Prime, VT- 05 Select, VO-06 Entry. Target 5 reservations. Total presold: 12.

Phase 3 Month 18 onwards: VH-01/02 Flagship, VH-04 Prime, VH-03 Select. Restricted release — pre-qualified buyers only. All 4 units targeted by Month 24. Phase 4 Months 24-30: VT-07/VT-08 at completion premium 3-5% above Base Case.

13.3 SECONDARY EXIT — PORTFOLIO SALE

The Monte Mayor Villas portfolio sale proposition is materially stronger than a typical residential development for three specific reasons. First, the residents-only gated community format is precisely the format that institutional residential investors seek for long-term hold strategies. Second, the Passive House ESG profile is directly aligned with Article 8 and Article 9 SFDR fund requirements. Third, the SANCTU4RY brand has commercial value independent of the underlying real estate.

Portfolio sale mandate from Month 24. Target completion Month 28-32.

13.4 TERTIARY EXIT — FORWARD PURCHASE AND FORWARD FUNDING

Considered at mandate stage for investors with contracted exit preference. Trade-off: certainty of exit at reduced return versus maximum return with market-dependent exit timing.

13.5 BRANDED RESIDENCE PARTNERSHIP — STRATEGIC UPSIDE

Not included in Base Case model. Evaluated actively during pre-construction and construction phases. Presented to investing partner for approval before any commitment. Investor retains full approval rights.

Potential partners: Six Senses, Aman, Clinique La Prairie, SHA Wellness, leading international architectural brands, five-star hospitality groups seeking Costa del Sol gated community presence.

13.6 SPONSOR EXIT — HOLDING SL SALE

Five projects, two geographies, three product types, one management team. Converts Holding SL sale from a real estate transaction into a platform acquisition. The acquirer buys not five completed developments but a vertically integrated platform with proprietary construction system, differentiated design brand and proven institutional governance framework.

13.7 EXIT COMPARISON SUMMARY

Recommended: individual villa sales primary. Portfolio sale mandate from Month 24. Forward options at mandate stage. Branded residence evaluated as strategic upside. Holding SL sale as long-term platform exit.

Block 14Due Diligence Vault

Reference: IT-DR-2026-Block14-ProjectE | Date: June 2026 14.1 DUE DILIGENCE VAULT OVERVIEW The Due Diligence Vault consolidates all primary source documentation supporting the investment thesis presented in this Data Room. Single vendor, single plot, single cadastral reference.

ACCESS CONDITION: Full Data Room access conditional upon execution of a signed LOI with closed clauses. NDA execution alone does not activate Data Room access.

14.2 SEVEN-PHASE DUE DILIGENCE ROADMAP

Phase 1 — Land Registry — Week 1: nota simple registral from Registro de la Propiedad de Marbella. Confirms registered ownership, full title chain, absence of all charges and encumbrances, existing structure registration, any community pre-emption rights or transfer restrictions. Non-negotiable before any capital commitment.

Phase 2 — Monte Mayor Community Governance — Week 1: community charge obligations, architectural review requirements and compliance process, any pre- emption right on plot sale, construction access and logistics protocols, any outstanding disputes, any planned changes. Non-negotiable before capital commitment.

Phase 3 — Formal Planning Query — Week 1-2: Article 175 LOUA — Ayuntamiento de Benahavís. Confirms net buildability coefficient, maximum building height, site coverage and setback requirements, parking requirements, any road servitude or infrastructure easement, urbanisation reception status. Written response required before capital commitment.

Phase 5 — Technical Due Diligence — Week 2-4: topographic survey full 114.000 m². Geotechnical survey full development footprint — bearing capacity, groundwater, slope stability, rock outcrop, foundation recommendations per villa zone. Pre- development site inspection. Environmental boundary confirmation. Road access assessment within Monte Mayor protocols.

Phase 6 — PGOU and Planning Document Review — Week 2-3: PGOU Benahavís November 2018 applicable provisions for Monte Mayor sector. No adverse conditions. VPO exemption confirmed.

14.4 DUE DILIGENCE PROCESS TIMELINE

Week 1-2: Land Registry nota simple. Community governance reviewed. Article 175 LOUA query submitted. PGOU downloaded and analysed. Environmental boundary initiated. Option contract drafted. Week 2-4: Technical due diligence. Excision legal opinion. Planning query response. Community compliance confirmed. Investing partner legal counsel reviews documentation. Week 3: Option contract executed. €200.000 refundable. 90-day exercise period. Week 4-6: Full legal due diligence opinion issued. Tax structuring bilateral confirmation. Week 6-8: Investment committee presentation. Full Q&A. Final terms negotiation. Week 8-10: LOI with closed clauses executed. SPV constituted. Notarial closing. First-ranking mortgage Day 1. Capital deployed. Programme commences. Total due diligence to capital deployment: 8-10 weeks from NDA execution.

Block 15Investment Committee Pack

Reference: IT-DR-2026-Block15-ProjectE | Date: June 2026

15.1 INVESTMENT COMMITTEE MEMORANDUM

TO: Investment Committee FROM: Integra Trust DATE: June 2026 RE: Project E — Monte Mayor Villas — Investment Approval Request REFERENCE: IT-DR-2026-ProjectE

15.2 TRANSACTION SUMMARY

Integra Trust presents for Investment Committee approval an ultra-luxury residential villa development opportunity within the gated estate of Monte Mayor, Benahavís, on the Costa del Sol, Málaga, Andalusia, Spain. 18 bespoke villas across three SANCTU4RY-designed typologies and 10 sub-typologies. MODUL4R fixed-price construction at €3.500/m². Biophilic longevity retreat concept with no direct equivalent in the current Benahavís market.

ACCESS CONDITIONAL UPON EXECUTION OF A SIGNED LOI WITH CLOSED CLAUSES. NDA alone does not activate Data Room access.

15.3 INVESTMENT THESIS — FIVE PILLARS

Pillar 1 — Permanent Locational Scarcity: Monte Mayor 330-hectare gated estate, 54% protected green belt, residents-only, 24-hour security. 114.000 m² one of the largest single developable landholdings in the estate. La Zagaleta full. El Madroñal full. This plot will not be replicated.

Pillar 2 — Planning Certainty: urban residential classification PGOU Benahavís 2018. 12% buildability legally established. Zero reclassification risk. No additional planning instrument required. Infrastructure confirmed. First-ranking mortgage Day 1.

Pillar 3 — Product Differentiation: SANCTU4RY biophilic longevity retreat concept addresses a documented and growing demand segment that no competing development in Benahavís currently serves. Millennial ultra-wealthy — 28% of global UHNWI wealth — demonstrably favour biophilic design and wellness-integrated spaces. No directly competing development at this specification in Monte Mayor June 2026.

Pillar 4 — Execution Certainty: fixed-price €3.500/m², no cost overrun exposure, 30- 40% timeline compression, fully integrated group structure — single management, single accountability across Integra Trust, MODUL4R and SANCTU4RY.

Pillar 5 — Capital Protection: first-ranking mortgage Day 1. Peak net LTV 10.2% Bear Case GDV. Monte Carlo 98.7% capital recovery probability. Self-financing threshold Month 15-18. Bear Case positive margin €13.703.600. Combined stress test IRR approximately 9% post-tax with full capital recovery.

15.4 MARKET CONTEXT — JUNE 2026

510.810 UHNWI worldwide controlling nearly $60 trillion. Super-prime home

Monte Mayor Villas is positioned at the intersection of all these forces at the right moment.

15.5 FINANCIAL SUMMARY — CONFIRMED PARAMETERS

15.6 PROGRAMME TIMELINE

Month 1: LOI. SPV. Mortgage Day 1. Equity deployed. Pre-sales launch. Excision initiated. Month 2-4: Architectural project. Target 6 reservations. Month 5: Licence grant. MODUL4R contract. Construction commences. Month 6-14: Construction. Pre-sales 1.5 villas/month. Fund exposure declining monthly. Month 15-18: Self-financing threshold confirmed. No further fund drawdown. Month 18: Show villa complete. Villa Horizonte first release — pre- qualified buyers only. Month 24: First tranche 10 villas complete. €38.238.400 receipts. Fund repaid in full. Months 25-30: Second tranche from project cash flow. Month 30: Second tranche 8 villas complete. Villa Horizonte completions at flagship pricing. Months 31-35: Final accounts. Tax provisioned. Months 36-42: Investor distribution per waterfall. Programme complete. Total: 36-42 months from LOI.

15.7 CAPITAL STRUCTURE RECOMMENDATION

Structure C — Revolving Facility: capital recycled at Month 24 and redeployed immediately. Combined portfolio IRR 45-55%. Multiple 3.0x+. No idle capital. For: strategic platform investor, multi-project mandate, institutional investor seeking full portfolio exposure to Integra Trust platform.

15.8 CONDITIONS PRECEDENT

CP-00: LOI with closed clauses — gateway condition. NDA alone does not activate Data Room. CP-01: Legal due diligence satisfaction — title, encumbrances, community obligations, cadastral alignment. CP-02: Article 175 LOUA planning query response confirming buildability, height, coverage and setback. CP-03: Monte Mayor community governance confirmed — charges, architectural review, pre-emption rights. CP-04: Excision legal opinion — optimal structure and fiscal treatment confirmed. CP-05: Geotechnical and topographic survey — no material adverse condition identified. CP-06: PGOU Benahavís 2018 provisions confirmed non-adverse to development programme. CP-07: SPV constituted — Spanish S.L. CP-08: First-ranking mortgage registered Day 1. CP-09: MODUL4R construction contract executed. CP-10: Legal and tax opinion bilateral written confirmation from both advisory teams. CP-11: AML and KYC clearance for all investing entities.

15.9 DUE DILIGENCE TIMELINE

Week 1-2: Land Registry. Community governance. Planning query submitted. PGOU analysed. Environmental boundary. Option contract drafted. Week 2-4: Technical due diligence. Excision opinion. Planning query response. Community compliance confirmed. Legal counsel reviews all documentation. Week 3: Option contract executed. €200.000 refundable. 90-day exercise period. Week 4-6: Full legal due diligence opinion issued. Tax structuring bilateral confirmation. Week 6-8: Investment committee presentation. Full Q&A. Final terms negotiation. Outstanding items resolved. Week 8-10: LOI executed. SPV constituted. Notarial closing. First-ranking mortgage Day 1. Capital deployed. Programme commences. Total: 8-10 weeks from NDA to capital deployment.

15.10 INVESTMENT COMMITTEE RECOMMENDATION

Integra Trust recommends Investment Committee approval of the Monte Mayor Villas investment on the following basis.

The asset presents urban residential classification confirmed under PGOU Benahavís 2018 — the highest available planning security for this asset class in the Benahavís gated community market. Buildability at 12% legally established. Infrastructure fully executed and maintained. Development SPV holds a clean, fully serviced, fully entitled urban residential plot from Day 1.

Construction is fully contracted at a fixed price of €3.500/m² with no cost overrun exposure for the investor or the SPV. The capital structure delivers extraordinary investor protection: first-ranking mortgage from Day 1, peak net LTV of 10.2% against Bear Case GDV, self- financing threshold at Month 15-18, Monte Carlo capital recovery probability of 98.7%.

The product — Villa Origen, Villa Tierra and Villa Horizonte across ten sub-typologies — addresses a documented and growing demand segment that the established Benahavís ultra-luxury market does not currently serve. An architectural philosophy, not a marketing overlay. Cannot be replicated by any existing studio or development operating in Monte Mayor as at June 2026.

The Base Case delivers a pre-tax IRR of approximately 33% and a post-tax IRR of approximately 29%. The Bear Case delivers approximately 19% pre-tax with full capital recovery. The combined stress test delivers approximately 9% post-tax under simultaneous adverse conditions across all principal risk variables.

The PERE analysis confirms that Monte Mayor Villas presents Opportunistic-level returns with Core-level capital protection mechanics — a combination that has no direct equivalent in the current European private real estate opportunity set.

Monte Mayor is for buyers who have already arrived. Villa Origen, Villa Tierra and Villa Horizonte are for buyers who know exactly what they want and have not yet found it. Integra Trust and SANCTU4RY have built it. The LOI with closed clauses is the next step.

INTEGRA TRUST RECOMMENDS APPROVAL.

This Investment Committee Pack is a summary document. Full supporting analysis, primary source documentation, PERE model and legal opinions are contained in Blocks 1-14, the PERE Model, and the Management, Scalability and Conclusions sections of the Monte Mayor Villas 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.

Status: Draft — subject to due diligence completion and licence grant

PART II — VALUATION

DOCUMENT 2 — VALUATION REPORT Reference: IT-VR-2026-ProjectE | Date: June 2026

1. Identification Of The Property

Cadastral Reference: 44XXXXXXUF1442SXXXXUK Surface area: 114.000 m² — Class: Urban — Use: Residential Location: Monte Mayor, Benahavís, Costa del Sol, Málaga, Andalusia, Spain Plot type: single urban unit without horizontal division Current state: urban residential plot with existing structure subject to excision to separate patrimonial vehicle prior to development commencement. Development plot treated as clear for all programme purposes. Owner: Integra Trust SPV — pending constitution at LOI

2. Documentation Provided

3. Location And Environment

Elevated hillside at approximately 350 metres above sea level. Unobstructed panoramic views across Mediterranean, Gibraltar and Africa. Monte Mayor 330-hectare gated estate — residents only — 54% protected green belt — 24-hour security. Málaga Airport 60 minutes. Marbella 15 minutes. Puerto Banús 15 minutes.

4. Urban And Planning Status

Urban residential under PGOU Benahavís definitively approved 14 November 2018. Highest security planning classification. Buildability legally established. Urbanisation charges fully discharged. Infrastructure confirmed.

5. Description Of The Property And The Project

Total: 18 villas / 13.640 m² GFA / all with private pool Common amenities: residents-only longevity fitness pavilion, biophilic coworking pavilion, community garden, estate management Construction: MODUL4R fixed-price €3.500/m². Passive House throughout.

6. Valuation Methodology

Cost Method (Método del Coste): land, construction, professional fees and developer margin at market rates June 2026. Comparison Method (Método de Comparación): market value by reference to comparable transactions and active listings in Monte Mayor, Benahavís and wider Costa del Sol ultra-prime market.

7. Market Analysis And Comparable Evidence

Spain: national residential price growth approximately 12.5% in 2025. CBRE forecasts €19- 21 billion Spanish real estate investment 2026.

8. Valuation

Valuation Date: June 2026

9. Conditions And Warnings

CON-01: Conditional upon building licence grant by Ayuntamiento de Benahavís. CON-02: Conditional upon formal completion of land acquisition and registration of title. CON-03: Conditional upon completion of full legal due diligence. Documentation available upon LOI with closed clauses. CON-04: Conditional upon confirmation of excision of existing structure to separate patrimonial vehicle. CON-05: Professional fees estimated at June 2026 market rates. All lines to be fixed by contract prior to capital deployment. CON-06: GFA of 13.640 m² provisional pending formal Article 175 LOUA planning query. CON-07: Monte Mayor architectural review compliance to be formally confirmed at Phase Two project stage. CON-08: Geotechnical survey to be commissioned upon title transfer. Foundation design confirmed per individual villa plot.

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. WAR-05: Branded residence partnership potential upside not included in any adopted valuation scenario. WAR-06: Access conditional upon LOI with closed clauses. NDA alone does not activate access.

10. Conclusion And Adopted Value

Monte Mayor Villas — 18 villas across three SANCTU4RY typologies and ten sub-typologies. Passive House standard. Residents-only longevity community. Zero planning risk. Infrastructure fully executed. Fixed-price construction at €3.500/m². First-ranking mortgage Day 1. Peak net LTV 10.2% Bear Case GDV. No directly competing new build villa programme at equivalent specification in Monte Mayor June 2026.

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

VALUATION TABLES — DOCUMENT 2 SUPPLEMENT Reference: IT-VR-2026-ProjectE- Tables | Date: June 2026 Methodology: Order ECO/805/2003 | Status: 0.00% works executed

STATE OF WORKS: 0.00% executed. Valuation under H.E.T. methodology per Article 40 ECO/805/2003.

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

TOTAL VALUATION SUMMARY — TABLE 1

TOTAL 18 units: ADOPTED TOTAL H.E.T. VALUATION: €100.600.000

TABLE 2 — MORTGAGE VALUE (VALOR HIPOTECARIO)

Methodology: Order ECO/805/2003 and Royal Decree 716/2009. Coefficient 0.90 applied to H.E.T. Works executed: 0.00%.

TABLE 3 — GROSS REPLACEMENT VALUE (VRB)

Methodology: Article 20 of Order ECO/805/2003.

VRB ANALYSIS CONCLUSIONS: Market premium of 41.5% above replacement cost confirms permanent locational scarcity value, biophilic design premium and community governance quality all contributing value beyond construction cost. Villa Horizonte Flagship at the lowest VRB/HET ratio of 62.5% confirms the most significant market premium is driven entirely by panoramic exposure and locational permanence — the hallmark of a resilient and defensible valuation.

VILLA CONFIGURATION Each of the 18 villas is individually sited within the 114.000 m² plot on the Monte Mayor hillside, maximising privacy between units and respecting the natural topography of the site. No two villas share a boundary wall. Average plot per villa approximately 6.333 m². Individual plot allocation confirmed upon geotechnical and topographic survey completion.

All villas south-oriented as primary aspect. Hillside stepped configuration ensures unobstructed Mediterranean-Gibraltar-Africa views from all typologies. All exterior terraces, pools and gardens are non-computable and in addition to stated useful interior areas.

Sub-typology differentiation reflects view corridor and plot position within the hillside. All units within each typology share identical interior specification. Pricing differential reflects orientation and panoramic exposure quality only.

VILLA ORIGEN PRIME — Units VO-01 and VO-02 / South/Sea / Unobstructed direct Mediterranean frontage / Optimal position within typology

VILLA ORIGEN STANDARD — Units VO-03 VO-04 VO-05 / South and South/Southwest / Direct sea views with Gibraltar corridor

VILLA ORIGEN ENTRY — Unit VO-06 / Southeast / Lateral sea views / Entry point within typology

Villa Origen Total: 6 units / 3.600 m² GFA

Interior specification: central biophilic courtyard garden with living walls, water feature, shade canopy. Living, dining and library 55 m² opening fully to courtyard and south-facing covered terrace. Kitchen 20 m². Master suite 35 m² with dressing room and en-suite 15 m². Bedrooms 2 and 3 with en-suites 25 m² and 22 m². Guest suite independent 30 m². Home spa: sauna, cold plunge, treatment room 25 m². Home gym 20 m². Meditation room 15 m².

VILLA TIERRA PRIME — Units VT-01 VT-02 VT-06 / South/Sea/Gibraltar and South/Sea/Africa / Complete panoramic trifecta / Optimal position within typology

VILLA TIERRA STANDARD — Units VT-03 VT-04 VT-07 / South/Sea / Full Mediterranean frontal exposure

VILLA TIERRA ENTRY — Unit VT-08 / Southeast / Lateral sea views / Entry point within typology

Villa Tierra Total: 8 units / 6.240 m² GFA

Interior specification: south-facing axis from protected private core through main living to infinity pool terrace. Living, dining and entertaining 70 m² full southern frontage. Kitchen 25 m² with sea view window. Cocktail bar and wine cellar 15 m². Master suite 40 m² with dressing room, en-suite 18 m² and private terrace. Bedrooms 2 and 3 with en-suites 28 m² and 25 m². Guest suite independent 32 m². Home spa: sauna, cold plunge, hammam, treatment room 35 m². Home gym and movement studio 25 m². Home office and coworking space 20 m². Meditation and breathwork room 15 m².

VILLA HORIZONTE FLAGSHIP — Units VH-01 VH-02 / South/Sea/Gibraltar/Africa/Mountain / Complete 360-degree trifecta plus mountain aspect / Defining flagship position of the entire programme

VILLA HORIZONTE SELECT — Unit VH-03 / South/Sea/Southwest/Mountain / Strong panoramic position

Villa Horizonte Total: 4 units / 3.800 m² GFA

Interior specification: main living, dining and entertaining 90 m² full southern frontage opening to main infinity pool terrace with 180-degree sea view. Secondary living and library 35 m² with mountain views to north. Kitchen 30 m² with full catering capability. Cocktail bar, wine cellar and tasting room 25 m². Master suite 55 m² with dressing room, en-suite 22 m², private terrace with 180-degree sea view and private plunge pool. Bedrooms 2, 3 and 4 with en-suites and private terraces. Guest suite independent with en-suite 38 m². Home spa: sauna, cold plunge, hammam, flotation, treatment rooms 45 m². Home gym and movement studio 30 m². Yoga and meditation pavilion 20 m². Home cinema 25 m². Home office and coworking studio 25 m². Staff quarters 20 m². Double height entrance hall and main living 6.40 metres. 360-degree perimeter terrace approximately 150 m². Full perimeter landscaping. Outdoor dining and entertaining terrace.

BASEMENT AND PARKING Each villa includes a private garage of minimum 2 spaces, EV charging pre-installation, direct internal access via lift and stair. Not computed within buildable GFA above grade.

COMMON AMENITIES — RESIDENTS ONLY

Longevity Fitness Pavilion: approximately 250 m². Professional fitness and movement. Outdoor training terrace. Cold water immersion. Direct access to Monte Mayor estate walking trails. Biophilic Coworking Pavilion: approximately 180 m². Coworking and creative workspace. Private meeting rooms. Glazed garden terrace. High-speed connectivity. Community Garden and Meditation Space: approximately 400 m². Shared biophilic garden. Water features. Meditation pavilion. Productive kitchen garden. Maintained by estate management. Estate Management: on-site presence for villa maintenance, security, communal areas, concierge and guest services year-round.

All common amenity structures Passive House standard. PV installation covering 100% common area energy demand.

RELEASE SEQUENCING Phase 1 Months 1-6: VO-01/02 Prime + VO-03/04/05 Standard + VT-03/VT-04 Standard — pre-construction pricing — target 7 reservations — self-financing trajectory target.

Phase 2 Months 7-12: VT-01/02/06 Prime + VT-05 Select + VO-06 Entry — construction phase pricing — target 5 reservations — total presold: 12.

Phase 3 Month 18 onwards: VH-01/02 Flagship + VH-04 Prime + VH-03 Select — restricted release — pre-qualified buyers only — when completed first tranche provides community context supporting flagship pricing. Phase 4 Months 24-30: VT- 07/VT-08 remaining inventory at completion premium 3-5% above Base Case.

First Tranche delivery Month 24: VO-01 to VO-06 and VT-01 to VT-04 — 10 villas. Second Tranche delivery Month 30: VT-05 to VT-08 and VH-01 to VH-04 — 8 villas.

PART IV — CONCLUSIONS AND FAQ

CONCLUSIONS, INVESTMENT JUSTIFICATION AND INVESTOR FAQ

INTEGRA TRUST · CONFIDENTIAL · DATA ROOM Reference: IT-DR-2026-ProjectE- Conclusions | Date: June 2026

SECTION A — MACRO INVESTMENT CONTEXT

The global capital allocation environment of June 2026 is defined by three convergent forces that are particularly relevant to Monte Mayor Villas.

The first is the structural expansion of ultra-high-net-worth wealth. There are now approximately 510,810 ultra-high-net-worth individuals worldwide, each with a net worth above $30 million, collectively controlling nearly $60 trillion — roughly double the United States’ annual GDP. Super-prime home sales above USD 10 million jumped approximately 33% globally in 2025. The capital base supporting the ultra-luxury residential market is both deep and growing, and it is increasingly seeking EU-jurisdicted tangible assets that combine lifestyle utility with capital preservation in a stable rule-of-law environment.

The second is the documented shift in UHNWI residential preferences. Millennial ultra- wealthy individuals now represent approximately 28% of global UHNWI wealth. This cohort demonstrates distinctly different preferences from prior generations: experiential living environments, biophilic design, wellness-integrated spaces and strong environmental performance credentials are not aspirational features for this buyer profile — they are the definition of what a home is supposed to do. The SANCTU4RY biophilic longevity retreat concept is a direct, deliberate response to this documented and accelerating shift.

The third is the reallocation of Gulf and Asian sovereign and private wealth toward European lifestyle assets. In the first half of 2025 alone, Middle Eastern 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 was committed to domestic megaproject construction across the Gulf region is being reallocated. Spain — with its EU jurisdictional security, its Mediterranean lifestyle premium, its documented absorption capacity for ultra- luxury residential capital and its first-ranking land registry mortgage system — is at the front of the queue for this reallocation.

Monte Mayor Villas is positioned at the intersection of all three forces.

SECTION B — WHY MONTE MAYOR VILLAS NOW

The timing of this investment reflects a specific convergence of five structural factors.

Factor 1 — Permanent Locational Scarcity Monte Mayor is a 330-hectare gated estate with 54% designated protected green belt. Residents and registered guests only. No commercial activity. No through traffic. The subject plot of 114.000 m² is one of the largest single developable landholdings currently available within the estate boundary. This scarcity is not cyclical. It is structural and permanent. The investor who moves first on this specific plot defines the SANCTU4RY proposition within the Monte Mayor community for a generation.

Factor 2 — Architectural Market Evolution The established ultra-luxury architectural studios of the Costa del Sol have built with great skill for over a decade. They have also created a recognisable category. There is now a documented and growing buyer segment for whom that category is no longer sufficient. These buyers have owned the canonical luxury villa. They have found it beautiful. They have not found it resonant. SANCTU4RY addresses this buyer with a product that is genuinely different — not different as a marketing position but different as an architectural philosophy. The window to establish this position in the Monte Mayor market is open now. It will not remain open once the first SANCTU4RY villa is completed and the product is physically demonstrable.

Factor 3 — Documented Price Momentum The Costa del Sol ultra-prime segment has recorded price appreciation of 18-22% since 2023. New build luxury villa product in Benahavís consistently appreciates above €5.000/m² for premium specification. Monte Mayor Villas Bear Case pricing is fully supported by current market evidence. Base Case pricing is within the established range for premium new build product in this specific community.

Factor 4 — Phased Funding Reduces Exposure The institutional fund commitment reaches self-financing threshold at Month 18-20 — before the second tranche construction commences and before Villa Horizonte is fully released. By the time the highest-value product enters the market, the institutional capital has been returned and the programme is self-funded. The investor’s maximum exposure period is 18-20 months against a Bear Case GDV of €81.000.000 — a maximum LTV of 24.7% that represents extraordinary capital protection by any standard.

Factor 5 — The Show Villa as Proof The show villa at Month 18 is not a sales tool in the conventional sense. It is the physical proof of concept. It converts the narrative — the biophilic philosophy, the longevity retreat concept, the SANCTU4RY design language — into a lived experience. A buyer who walks through a completed Villa Tierra at Month 18, stands on the infinity pool terrace with the Mediterranean ahead and the mountain behind, and sits in the biophilic garden courtyard where the air is clean and the light is exactly as the design intended, understands immediately what Villa Horizonte at €7.500.000 represents. The product sells itself.

SECTION C — INVESTOR FAQ

Under Structure A Direct Lending, your capital of €10.820.000 is returned in full upon confirmation of the self-financing threshold at Month 5, within approximately 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 is returned progressively from Month 24 as individual villa completions generate sale proceeds. Repayment sequence: institutional fund repaid first from Month 24 completions, then investor capital returned in full, then preferred return paid, then profit participation distributed. All capital returned and profit distributed by Month 42.

Under Structure C Revolving Facility, your capital is returned at Month 24 upon first tranche completions and immediately redeployed into the next active project in the Integra Trust portfolio. Q2. What happens if the programme takes longer than 42 months?

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

Under Structure B, a 6-month programme 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 1.0 villa per month plus 15% corporate tax — the project returns all investor capital with a positive return of approximately 8% post-tax IRR.

Four specific protections apply. First, the pre-sales programme targets 6 villas reserved before construction commences, front-loading revenue certainty from Day 1. Second, the self-financing threshold at Month 18-20 marks the end of institutional fund dependency — from that point the programme funds itself regardless of sales velocity on remaining units. Third, at 1.0 villa per month absorption the project still generates a positive return with full capital recovery. Fourth, the portfolio sale secondary exit option available from Month 24 provides a clean exit route if individual sales velocity falls materially below the absorption model.

These distress scenarios assume a forced sale in the most adverse conditions and represent a floor, not an expectation. The Monte Mayor location, the estate governance, the planning certainty and the documented demand for developable land within this community make a distressed disposal at these levels a theoretical rather than a realistic scenario.

The strategy is not to generate volume. It is to identify and engage the specific buyers in the world for whom Villa Origen, Villa Tierra or Villa Horizonte is the right home at the right moment — and to do so through the most credible channels available: private banking relationships, family office advisors, wealth managers and luxury lifestyle intermediaries who already have the trust of the target buyer.

The show villa at Month 18 is the single most important sales tool in the programme. It converts everything that is difficult to communicate in advance into a physical reality that requires no communication at all.

The acquisition perimeter covers the single 114.000 m² urban residential plot that forms the Monte Mayor Villas development programme. Any strategic land holdings adjacent to the development boundary within the Integra Trust platform remain under long-term management and do not form part of the investment structure presented in this Data Room. They do not affect the investor’s position in any way.

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.

The newly formed SPV benefits from Spain’s 15% corporate income tax rate for its first two profitable fiscal years. All cost lines are fully deductible against the SPV taxable base.

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 the subject plot within the Monte Mayor estate, MODUL4R and SANCTU4RY team briefing, review of active Monte Mayor comparable developments, meeting with local market experts and legal counsel, and a tour of the Monte Mayor estate community to understand the governance framework and residential character first-hand.

The branded residence partnership is a strategic upside option — it is not part of the current Base Case financial model and it is not a condition of the investment. It represents the possibility of introducing a globally recognised wellness brand, longevity institute, hospitality group or architectural brand as a commercial partner that elevates the product positioning and pricing ceiling above the Base Case scenario. Branded residence premiums of 15-30% above unbranded comparable pricing are documented across the global ultra- luxury market. If a partnership of appropriate quality and commercial terms is identified during the programme, it will be presented to the investing partner for approval before any commitment is made. The investing partner retains full visibility and approval rights over any such development.

SECTION D — THE COSTA DEL SOL ULTRA-LUXURY THESIS: WHY THIS MARKET, WHY NOW

The Costa del Sol is not a real estate market. It is a gravitational field. It has been attracting private capital, lifestyle relocations and legacy asset purchases from across Europe, the Middle East, the Americas and increasingly Asia for over forty years. Every economic cycle, every geopolitical disruption and every shift in global wealth patterns has sent capital toward this specific stretch of Mediterranean coastline and the municipalities — Marbella, Benahavís, Estepona — that define the premium end of it.

In 2026 there are three specific dynamics reinforcing that gravitational pull with unusual strength.

The first is the documented reallocation of Gulf capital. Saudi Arabia’s NEOM budget for 2026-2030 includes approximately $16 billion in anticipated payments to contractors to terminate long-term construction agreements. The value of construction contracts awarded by Saudi authorities fell by 72% year-on-year in the second quarter of 2025. Similar dynamics are underway across the wider Gulf region as megaproject ambitions are recalibrated against fiscal reality and geopolitical risk. The capital that was committed to these programmes is being reallocated. In the first half of 2025 alone, Middle Eastern sovereign wealth funds invested $12.85 billion in European deals. Spain — with its EU jurisdictional security, its Mediterranean lifestyle premium and its first-ranking land registry mortgage system — is at the front of the queue for this reallocation.

The second is the growing American presence. Direct Málaga-New York connectivity, dollar strength and the documented trend of American private wealth seeking European residential exposure are bringing a new and significant buyer profile into the Benahavís ultra-luxury market. This buyer is often making their first significant European property purchase. They are making it in a jurisdiction they understand — EU-regulated, rule-of-law, historically stable — and they are making it in a product they recognise: wellness-oriented, biophilic, architecturally distinctive. The SANCTU4RY proposition speaks directly to the values of the American luxury wellness consumer in a way that the conventional Marbella villa aesthetic does not.

The third is the Benahavís supply constraint. La Zagaleta has no new developable land. El Madroñal has no new developable land. The tier-one gated communities that define the ultra-prime Benahavís market are full. Monte Mayor has this plot. It will not have another one of this scale. The investor who funds Monte Mayor Villas is not buying into a development. They are buying into a scarcity that only becomes more pronounced over time.

This is what the capital reallocation looks for: EU jurisdiction. Land Registry security. Tangible asset with permanent locational advantage. Institutional governance and monthly reporting. Short to medium-term return profile with identified exit. Mediterranean lifestyle utility. A product that is genuinely different.

Monte Mayor Villas offers all of them. This is not the beginning of a conversation. This 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. Monte Mayor Villas is that deployment. Villa Origen, Villa Tierra and Villa Horizonte are the product. The LOI with closed clauses is the next step.

All market data sourced from publicly available reports including CBRE Real Estate Market Outlook 2026, Knight Frank Wealth Report 2026, Pure Living Properties Costa del Sol Market Report 2025-2026, SpainCap H1 2025, Arabian Business June 2026, Gulf International Forum May 2026, Wealth-X UHNWI data 2025, and Idealista/Drumelia/Roccabox Monte Mayor 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.

PART V — PERE MODEL

PERE MODEL — PROJECT E — MONTE MAYOR VILLAS

PRIVATE EQUITY REAL ESTATE INSTITUTIONAL ANALYSIS Reference: IT-PERE-2026-ProjectE | Date: June 2026 Prepared by: Integra Trust | For authorised recipients only

Section 1 — Executive Summary Pere

INVESTMENT THESIS Monte Mayor Villas presents an institutional-grade private equity real estate opportunity combining the highest available planning security in the Spanish framework, permanent locational scarcity within one of Europe’s most exclusive gated communities, a differentiated product concept with no direct competitor in the current market, and a capital structure delivering extraordinary investor protection at every stage of the programme.

KEY METRICS TABLE Project Reference: IT-DR-2026-ProjectE Asset Class: Ultra-Luxury Residential Development Location: Monte Mayor, Benahavís, Costa del Sol, Málaga, Spain Community: Gated estate — residents only — 330 ha — 54% protected green belt Plot Area: 114.000 m² urban residential GFA: 13.640 m² / 18 villas / 3 typologies / 10 sub-typologies Planning Security: Urban Residential — PGOU Benahavís 2018 — Plan Parcial Monte Mayor Construction: MODUL4R fixed-price turnkey €3.500/m² Energy Standard: Passive House throughout Programme: 36-42 months from LOI

Break-even: €3.810.911 weighted average per villa — 16.6% below Bear Case Self-financing threshold: Month 15-18 Show villa: Month 18 First tranche completion: Month 24 Second tranche completion: Month 30 Distribution: Months 36-42

Section 2 — Investment Parameters

2.1 CAPITAL STACK COMPLETE

Total sources materially exceed total uses as programme is self-financing from Month 15- 18. Surplus represents pre-tax development margin before waterfall distribution.

2.2 TICKET SIZES AND DEPLOYMENT SCHEDULE

Structure C — Revolving Facility: Minimum ticket: €10.820.000 Operation: capital deployed, returned Month 24, redeployed immediately into next active project Combined portfolio IRR: 45-55% Capital multiple over programme A-E: 3.0x+ Maximum capital efficiency: no idle capital between project completions

2.3 RETURN PARAMETERS BY STRUCTURE

Structure C — Risk/Return Profile: Risk level: Low — same mortgage security per project as Structure A but longer overall programme Capital exposure: continuous across portfolio A-E Combined portfolio IRR: 45-55% / Multiple: 3.0x+ Suitable for: strategic platform investor, family office with multi-project mandate

Section 3 — Cash Flow Model Detailed

3.1 ASSUMPTIONS

3.2 MONTHLY CASH FLOW TABLE — BASE CASE

3.3 KEY CASH FLOW MILESTONES

3.4 PEAK FUND EXPOSURE ANALYSIS

Peak net LTV of 10.2% against Bear Case GDV confirms extraordinary capital protection — materially below any standard crédito promotor or institutional real estate lending parameter globally.

Section 4 — Irr Analysis

4.2 IRR BY INVESTOR STRUCTURE

Structure B — Bear Case: Pre-tax margin €13.703.600 covers capital return and preferred return substantially. Capital fully recovered. Preferred return substantially covered. Marginal profit participation. IRR approximately 8%.

Structure C — Revolving Facility: Capital deployed: €10.820.000 per cycle / 5 cycles across A-E Combined portfolio IRR: 45-55% / Combined MOIC: 3.0x+

4.3 J-CURVE PROFILE

J-curve notably compressed versus typical PE real estate fund: self-financing at Month 15- 18 and first major completion at Month 24 mean the negative phase is both shallower and shorter than comparable programmes. 4.4 PAYBACK PERIOD Structure A: Month 5. Full capital and return within 150 days of deployment. Structure B: Capital Month 24. Preferred return Month 28-30. Full profit distribution Month 42. Structure C: per-cycle equivalent of Structure B. Continuous redeployment eliminates idle capital.

Section 5 — Sensitivity Matrix

5.1 PRICE vs COST MATRIX — PRE-TAX MARGIN (€)

Construction overrun across columns / GDV scenarios down rows:

5.2 PRICE vs ABSORPTION RATE MATRIX — IRR PRE-TAX

Minimum IRR across all scenarios: approximately 7% (Bear pricing + 0.5 villas/month). Capital recovery: full in all scenarios.

5.3 PRICE vs TIMELINE MATRIX — IRR PRE-TAX

Every 6-month extension reduces IRR approximately 3-4 percentage points. Capital recovery unaffected by any timeline extension.

5.4 VILLA HORIZONTE PRICING SENSITIVITY

Even if all four Villa Horizonte units achieve only Bear Case pricing, the programme remains strongly positive with IRR approximately 28%.

5.5 COMBINED STRESS TEST — FULL DETAIL

Section 6 — Monte Carlo Stress Test

6.1 METHODOLOGY

10.000 simulated scenarios with simultaneous random variation across four independent variables:

6.2 MONTE CARLO RESULTS

6.3 TAIL RISK ANALYSIS

6.4 STRESS TEST SCENARIOS

6.5 CAPITAL PRESERVATION CONCLUSION

Monte Carlo confirms 98.7% probability of full capital recovery under simultaneous variation of all variables. First-ranking mortgage provides additional recovery floor in the 1.3% of adverse scenarios. Combination of contractual capital protection (mortgage) and statistical capital protection (98.7%) places Monte Mayor Villas in the top decile of capital preservation characteristics among comparable private equity real estate programmes.

Section 7 — Debt And Ltv Analysis

7.1 CAPITAL STRUCTURE

Monte Mayor Villas does not use a conventional Spanish crédito promotor bank facility. Programme financed through phased institutional fund commitment to self-financing threshold. Produces materially lower leverage and materially superior capital protection than conventional bank-financed development.

7.2 LTV EVOLUTION MONTHLY

7.3 PEAK LTV ANALYSIS

Coverage at peak: investor’s capital is deployed against an asset base providing approximately 9.8x coverage of net fund exposure at peak, before any construction value is considered.

7.4 COVERAGE RATIO ANALYSIS

7.5 SELF-FINANCING THRESHOLD ANALYSIS

Threshold definition: point at which projected inflows exceed remaining outflows without further institutional fund drawdown.

At 1.5 villas/month + Base Case pricing: threshold Month 15-18 At 1.0 villa/month stress: threshold Month 20-22 — still within programme timeline At 2.0 villas/month upside: threshold Month 10-12

Self-financing threshold is the single most important financial milestone in the programme. Marks end of institutional fund exposure. Beginning of self-funded development.

Section 8 — Waterfall Analysis

8.2 WATERFALL CALCULATION — BASE CASE

8.3 WATERFALL SENSITIVITY TO GDV

8.4 CARRIED INTEREST COMPARISON

Section 9 — Comparable Transactions

9.1 PERE BENCHMARKS — SPAIN ULTRA-LUXURY RESIDENTIAL 2023-2026

9.2 MARKET IRR BENCHMARKS — SPAIN PE REAL ESTATE 2025-2026

Monte Mayor Villas Base Case pre-tax IRR approximately 33% positions the opportunity in the Opportunistic category. Return premium fully justified by product differentiation argument — SANCTU4RY in Monte Mayor is entering a new category, not competing within an existing one.

9.3 GLOBAL ULTRA-LUXURY DEVELOPMENT BENCHMARKS

Monte Mayor Villas Base Case at approximately 33% pre-tax IRR is at the upper end of branded residence programmes and materially above the independent ultra-luxury category.

9.4 TRANSACTION MULTIPLES COMPARISON

Monte Mayor Villas Structure B Base: approximately 2.83x / 36-42 months / Ultra-luxury villa Comparable Marbella JV 2024: approximately 2.1x / 36 months Comparable Sotogrande PE 2023: approximately 1.9x / 42 months European PE Real Estate avg 2024: approximately 1.7-2.1x / 48-60 months Monte Mayor Villas Structure C portfolio: approximately 3.0x+ / 48 months

Monte Mayor Villas delivers superior MOIC across shorter timeline driven by differentiated pricing, fixed-price construction certainty and phased self-financing structure eliminating carry costs after Month 15-18.

Section 10 — Risk-Adjusted Return

10.1 RISK-ADJUSTED RETURN FRAMEWORK

Risk-free rate: Spanish 10-year government bond June 2026: approximately 3.20%.

10.2 RISK PREMIUM ANALYSIS BY STRUCTURE

10.3 COMPARISON VS ALTERNATIVE ASSET CLASSES

10.4 RISK-ADJUSTED RETURN CONCLUSION

Monte Mayor Villas presents one of the most compelling risk-adjusted return profiles available in the European private real estate market in June 2026 for three specific reasons.

First, the capital protection mechanics are institutional grade and superior to market standard: first-ranking mortgage, 10.2% peak net LTV against Bear Case GDV, 98.7% Monte Carlo capital recovery probability, self-financing structure eliminating fund exposure by Month 15-18. These characteristics are more typically associated with Core or Core Plus strategies, not with programmes generating Opportunistic-level returns.

Second, the return premium is driven by genuine product differentiation and locational scarcity rather than by financial leverage. Monte Mayor Villas carries approximately 10% effective leverage at peak versus 60-70% in comparable bank-financed programmes. The high return is earned through product quality and market positioning, not through leverage risk.

Third, the correlation with broader market risk is structurally low. The buyers of Villa Origen, Villa Tierra and Villa Horizonte are UHNWI individuals whose purchasing decisions are driven by lifestyle, values and long-term capital allocation rather than by financing conditions or short-term market sentiment. This produces a demand curve materially less correlated with macro risk factors than the demand curve of conventional residential development.

The combination of Opportunistic-level returns with Core-level capital protection mechanics and low market correlation places Monte Mayor Villas in a category of its own within the current European private real estate opportunity set.

PART VI — BUSINESS PLAN SUPPLEMENTS

MANAGEMENT Reference: IT-DR-2026-ProjectE-Management | Date: June 2026

MANAGEMENT TEAM AND ORGANISATIONAL STRUCTURE Integra Trust operates under a two-principal management structure with direct and undivided accountability across all three group entities — Integra Trust, MODUL4R and SANCTU4RY. There is no management committee, no advisory board layer and no committee approval process between decision and execution. The principals are the operators. The operators are the principals. This is the governance model that eliminates the institutional fragmentation risk that characterises conventional developer structures.

The two principals bring direct professional involvement across more than 25 residential, mixed-use and hospitality development projects on the Costa del Sol and Costa Tropical since 2012, with aggregate GDV exposure in excess of €175M across the full professional career. Between them, the management team covers investment origination, investor relations, capital structuring, legal and urban planning coordination, institutional reporting, construction programme management, supply chain coordination, technical oversight and delivery execution. All functions that determine project outcome are under direct principal accountability.

INTEGRATED GROUP STRUCTURE

Integra Trust — fiduciary coordination, SPV structuring, investor reporting, legal and urban planning. MODUL4R — hybrid industrialised construction, fixed-price delivery, supply chain management, quality control. SANCTU4RY — architectural direction, interior design language, product positioning, sales strategy, buyer relationship management.

All three entities operate under the two-principal management structure. No external CEO, CFO or COO layer. Single point of accountability for every function that determines project outcome.

EXTERNAL PROFESSIONAL NETWORK The two-principal structure is supported by a permanent external professional network engaged on a project-specific basis across all disciplines:

Legal counsel: specialist Spanish real estate and urban planning lawyers across Granada and Málaga jurisdictions.

Tax counsel: specialist Spanish corporate tax and cross-border structuring advisors. Engaged at mandate stage for each investment to confirm SPV structure, ITP treatment, withholding positions and transfer pricing framework.

Technical team: independent architects for project execution, structural engineers, MEP engineers, OCT Organismo Control Técnico, health and safety coordinators, BIM coordinators.

Banking relationships: CaixaBank, Banco Sabadell, BBVA, Unicaja and Ibercaja. Active relationships across all five institutions. Sales network: Savills, Knight Frank, Drumelia and Lucas Fox for international buyer reach. Engaged on per-introduction basis only.

GOVERNANCE FRAMEWORK Investment decision: unanimous agreement of both principals required for any new project commitment or material variation.

SPV governance: each project SPV operates with defined authority limits, approved budgets and monthly reporting obligations. Any expenditure above defined thresholds requires both principal sign-off.

Investor reporting: monthly institutional reporting package prepared and reviewed by both principals before delivery. No single point of failure in the reporting chain.

Risk management: formal risk register maintained per project. Material risk events notified to investing partner within 24 hours.

Conflict of interest: Integra Trust operates as fiduciary coordinator. Waterfall structure explicitly prioritises full investor capital return and preferred return before any sponsor participation. No management fee charged at project level. Sponsor return earned exclusively through 30% residual profit participation after full investor recovery.

MANAGEMENT CAPACITY AND SCALABILITY The two-principal model is designed for the current five-project portfolio. The integrated group structure means management overhead does not scale linearly with portfolio size. The institutional reporting framework, SPV governance structures and project management systems established for Projects A and B are applied without modification to Projects C, D and E.

As the portfolio scales beyond the current programme, Integra Trust will strengthen the management structure through selective senior appointments in financial control, construction management and sales management. These appointments are anticipated at the point of commitment to a second portfolio cycle and will be funded from the platform’s retained earnings within the Holding SL structure.

SCALABILITY Reference: IT-DR-2026-ProjectE-Scalability | Date: June 2026

PLATFORM SCALABILITY THESIS Monte Mayor Villas is Project E of Integra Trust’s inaugural proprietary portfolio. It is not the destination of the platform. It is the proof of concept that enables the next phase. The scalability thesis of the Integra Trust platform rests on three structural pillars: the replicability of the SANCTU4RY product concept across multiple geographies and market segments, the modularity of the MODUL4R construction system across different typologies and scales, and the institutional governance framework that can absorb increasing capital deployment without proportional management overhead growth.

PILLAR 1 — SANCTU4RY REPLICABILITY

The SANCTU4RY biophilic longevity retreat concept is not site-specific. The governing principles — rootedness, biophilic integration, graduated privacy, longevity by design — are an architectural philosophy that translates across geographies, climates and buyer profiles. Villa Origen, Villa Tierra and Villa Horizonte are the first expression of this philosophy in the Monte Mayor context. The same philosophy applied to a different site — a beachfront plot in the Algarve, a hillside position in Ibiza, an urban infill site in Lisbon — produces a different physical expression but an identical brand proposition and an identical target buyer profile.

The SANCTU4RY brand, once established through the Monte Mayor Villas programme — with completed product, satisfied owners, published press coverage and documented pricing evidence — becomes a commercially deployable asset that commands a premium over unbranded ultra-luxury residential development in any market it enters. Branded residence premiums of 15-30% are documented globally. SANCTU4RY’s first programme establishes the brand. Subsequent programmes monetise it.

PILLAR 2 — MODUL4R MODULARITY

The MODUL4R hybrid industrialised system is designed for replication across multiple simultaneous projects. The factory manufacturing component — structural frames, floor cassettes, facade elements — is not site-specific. The same factory production cycle that delivers Villa Tierra at Monte Mayor can simultaneously deliver apartments at Project B La Herradura and villas at a future project. Supply chain relationships, quality control protocols and installation teams are reused across programmes, reducing per-project cost and timeline with each successive deployment.

PILLAR 3 — INSTITUTIONAL GOVERNANCE SCALABILITY

The institutional reporting framework, SPV governance structures and investor communication protocols established across Projects A-E are designed for institutional- grade deployment at significantly larger scale. The monthly reporting package, the investor portal, the risk register system and the waterfall documentation are not bespoke to any individual project — they are standardised platform infrastructure that can absorb ten or twenty simultaneous projects without fundamental redesign.

The Holding SL structure — consolidating net proceeds across all portfolio projects without distribution during the operational cycle — creates a compounding capital base that funds the equity requirement of successive projects from internal resources, reducing external capital dependency with each completed programme cycle.

SECOND PORTFOLIO CYCLE — PIPELINE

Upon completion of the current five-project inaugural portfolio, Integra Trust anticipates launching a second portfolio cycle with the following characteristics:

The second cycle represents a step change from platform to institution. The track record established across Projects A-E — 25+ projects, €175M+ professional GDV history, first proprietary portfolio of five projects delivered to institutional governance standards — provides the foundation for institutional capital raising at fund scale.

STRATEGIC PARTNERSHIPS Distribution partnerships: Costa Dreams and equivalent international residential sales networks providing buyer introduction capability across Northern European, Middle Eastern and North American origin markets without the overhead of a global sales team.

Construction partnerships: MODUL4R factory capacity expansion through strategic manufacturing partnerships in Andalucía and Portugal, enabling simultaneous delivery across multiple geographies without proportional capital investment in owned production infrastructure.

Brand partnerships: the branded residence partnership option identified for Monte Mayor Villas — and applicable to future SANCTU4RY programmes — provides access to globally recognised brand distribution networks and the pricing premium associated with established luxury brand credentials.

CONCLUSIONS — BUSINESS PLAN Reference: IT-DR-2026-ProjectE-PlanConclusions | Date: June 2026

THE CASE IN THREE SENTENCES Monte Mayor Villas is the right product in the right location at the right moment. It is an architectural proposition that does not exist anywhere else in the current Monte Mayor market — and cannot be replicated by any competing studio or developer once SANCTU4RY has established it. And it is structured to protect investor capital with a first-ranking mortgage at 10.2% net LTV of Bear Case GDV while delivering Base Case returns of approximately 33% pre-tax IRR.

Everything that follows is evidence for those three sentences.

THE PRODUCT ARGUMENT The established ultra-luxury residential architecture of the Costa del Sol has built with great skill for over a decade. It has also built the same villa four thousand times. There is now a documented and growing segment of buyers — representing the most financially significant buyer cohort in the global residential market, the millennial ultra-wealthy who now control 28% of global UHNWI wealth — for whom the canonical luxury villa is no longer sufficient.

These buyers want a home that is not just beautiful. They want a home that is resonant. That reflects their values, their relationship with the natural world, their commitment to health and longevity. A home designed from the ground up to support the life they want to live, not simply to display the success they have already achieved.

Villa Origen, Villa Tierra and Villa Horizonte are that home. The SANCTU4RY biophilic longevity retreat concept addresses this buyer at the architectural level — through spatial organisation, material selection, environmental performance and community design — not through branding. The product delivers the promise. That is why it works.

THE LOCATION ARGUMENT Monte Mayor is not a real estate location. It is a permanent condition. 330 hectares of gated estate with 54% protected green belt, residents-only access, 24-hour security and a community of owner-occupiers who chose this specific place for its natural character, its privacy and its unhurried relationship with the landscape. These characteristics cannot be manufactured. They cannot be replicated. They cannot be competed away.

La Zagaleta is full. El Madroñal is full. Monte Mayor has this plot. It will not have another one of this scale. The investor who funds Monte Mayor Villas is not buying into a development opportunity. They are buying into a permanent scarcity that only becomes more pronounced over time. THE FINANCIAL ARGUMENT The numbers are not the investment thesis. They are the evidence that the investment thesis is sound.

Break-even €3.810.911 per villa — 16.6% below Bear Case weighted average. Peak net LTV 10.2% of Bear Case GDV. Monte Carlo capital recovery probability 98.7%. Self-financing threshold Month 15-18. First-ranking mortgage Day 1.

These numbers describe a programme that returns investor capital under almost any realistic scenario, delivers Base Case returns placing it in the top quartile of available private equity real estate programmes globally, and reaches self-financing capacity before the most valuable product in the programme enters the market.

THE PLATFORM ARGUMENT Project E is the fifth and final project of Integra Trust’s inaugural proprietary portfolio. It is the proof that the platform works across both market segments — the premium apartment market of the Costa Tropical and the ultra-luxury villa market of the Costa del Sol — with the same governance framework, the same construction methodology and the same architectural philosophy.

The completion of this portfolio — five projects, two geographies, three product types, one management team, one accountability framework — establishes Integra Trust as a credible institutional operator with a verified track record, a proprietary construction platform in MODUL4R, and a differentiated design brand in SANCTU4RY that is entering the most valuable residential market on the Spanish Mediterranean coast at the most receptive moment in the current cycle.

Project E is the conclusion of the first chapter. The second chapter starts at LOI.

Status: Draft — subject to due diligence completion and licence grant

DATA ROOM COMPLETE — PROJECT E — MONTE MAYOR VILLAS

PART I — Data Room Blocks 1-15 — COMPLETE

PART II — Valuation Report + Valuation Tables HET / Mortgage Value / VRB — COMPLETE

PART III — Unit Schedule 18 villas / 3 typologies / 10 sub-typologies — COMPLETE

PART IV — Conclusions + FAQ + Global Capital Context — COMPLETE

PART V — PERE Model Sections 1-10 — COMPLETE

PART VI — Business Plan Supplements Management / Scalability / Conclusions — COMPLETE

INTEGRA TRUST · IT-DR-2026-ProjectE-MASTER · JUNE 2026 CONFIDENTIAL — FOR CLAUSES