Fairness opinion to

Covadonga Iberian Fund

in relation to

Bassa & Artiaga, S.A.

Restructuring Opportunity

2012 Spain

Business Services, Travel & Leisure

Covadonga Iberian Fund / Bassa & Artiaga, S.A.

Contact Person

José Alvarez Riera

Closa Investment Bankers

E-mail jar@closa.com