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    February 21, 2006

    Renta Corporación’s net consolidated profit up 63% reaching 32.5 million euros

    Renta Corporación’s net consolidated profit up 63% reaching 32.5 million euros

    . Total Revenues increased to 324.1 million euros

    . Annual Investments accounted for 330.6 million euros

    Barcelona, 21st February 2006.

    In financial year 2005 Renta Corporación increased its net consolidated profit by 63%, bringing it up to 32.5 million euros from 19.9 million in 2004(1). In 2005 Renta Corporación invested 330.6 million euros. Total revenues grew 45% amounting 324,1 million euros, out of which 320,8 was due to revenues generated by the disposal of assets. The company’s total equity at 31st December 2005 reached 85 million euros and the ROE for the year was 46.5%. EBITDA grew by 70% from 31.7 million in 2004 to 54 million euros in 2005. All the figures above correspond to the consolidated audited results of the company, according to the International Financial Reporting Standards (IFRS) which apply to stock exchange listed companies.

    (1) Data for 2004 and 2005 according to the International Financial Reporting Standards (IFRS) which apply to stock exchange listed companies.

    Residential Refurbishment accounts for 53% of the Revenues

    Renta Corporación is active in three business areas -Residential Refurbishing, Office Transformation and Land Transformation-. Of the revenues of 320.8 million euros, Residential Refurbishing represents the largest part with 53% or 171.1 million euros. Office Transformation contributed 103.1 million euros and Land Transformation 46.6 million euros. The strong growth experienced by Land Development, up from 4% of revenues in 2004 to 15% in financial year 2005, is noteworthy.
    75% of Renta Corporación’s investment is focused in the Spanish market

    During financial year 2005, Renta Corporación’s investment totalled 330.6 million euros, of which 75% was in Spain, primarily in Barcelona and Madrid. Although Renta Corporación is strongly focussed in Spain, the company has international presence in France and Great Britain and, since 2006, also in Germany. In those markets, Renta Corporación replicates the business model applied in Spain investing in the urban centres of the sizeable and highly liquid markets of the largest European cities. In 2005, Paris and London accounted for 25% of the company’s total investment.
    Renta Corporación prepares for Stock Exchange Listing

    At the General Shareholders Meeting held on the 9th of February, the shareholders of Renta Corporación resolved to apply for listing of the company’s entire share capital on the Madrid and Barcelona Stock Exchanges, and for its inclusion in the Spanish Stock Exchange Interconnection System (ISBE or Continuous Market). The company plans to structure the operation by means of an Initial Public Offering (IPO) of shares and a simultaneous Public Offer for Subscription of new shares to be issued as part of a capital increase.
    Renta Corporación’s main financial figures

    This document is a press release and not a prospectus. Investors should not therefore acquire or apply for any shares or other securities mentioned herein without having previously consulted the information contained within the official prospectus relating to the flotation of company shares on the Madrid and Barcelona stock exchanges, which will be published by the company in due course. Copies of the prospectus will be available at the registered offices of the Company once they have been published.

    This document should in no way be construed as an offer or invitation to treat, nor does it represent an offer to buy or subscribe to shares in the Company. Likewise, the contents of this document and the fact that it has been distributed must not be used as, or form the basis for, any kind of contract or decision to invest and do not constitute any recommendation as regards the securities of the Company.

    This communication is intended solely for people living outside the United Kingdom and may not be used by anybody living within that country.

    The Offer is not subject to registration in any other country other than Spain. This is without prejudice to the standard international documents used to make qualifying investors living outside Spain aware of the Offer. In particular, it is hereby stated that the shares contemplated by this Offer have not been and will not be registered under the United States Securities Act 1933 (the U.S. Securities Act), nor have they been approved or rejected by either the Securities and Exchange Commission or any other competent authority of the United States of America. As a result, the shares may not be offered or sold in the United States unless they are registered beforehand under the U.S. Securities Act or fall within one of the Act’s exemptions.

    Finally, neither this document nor any copy thereof may be taken or transmitted to the United States of America, Canada, Australia or Japan or be distributed, either directly or indirectly, in the United States of America, Canada, Australia or Japan or given to residents of any of these countries.

    María Cura / Violant Flores. Telf +34 93 217 22 17