AVERAGE PAYMENT PERIOD

The maximum legal payment period applicable to the Company (according to Law 3/2014, 29 December, by which measures are established against late payment in commercial transactions, and pursuant to the temporary provisions established in Law 15/2010, 5 July) is 30 days from the publication of Law 11/2013, 26 July and 30 days from the publication of the aforementioned Law until now (unless the conditions established in it are met, in which case the maximum payment term would be up to 60 days).

Millenium Hotel Real Estate’s average payment period was 19.4 days.