The question is

at a glance

Global

Specialization

Clients

Human Capital & Culture

Corporate Governance

Highlights 2015/2016

2015 Annual Report

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The question isALANTRA“It appears to me that in Ethics, as in all other philosophical studies, the difficulties and disagreements, of which its history is full, are mainly due to a very simple cause: namely to the attempt to answer questions, without first discovering precisely what question it is which you desire to answer”G.E.Moore, Principia Ethica

By institution we do not only mean an independent organisation which services its clients, investors, shareholders, partners and professionals but also a firm which strives to endure beyond its founders and become a lasting endeavour for the generations to come. The path we have walked so far is nothing compared to the path before us; our project is only starting out. That is one of its charms. Transformation requires input from all. It requires all of us to take stock of the fact that if we truly advance, it will be a source of pride to have laid the foundations for an institution.

¹Goncharov, I.: "Likhaia bolest' " (A cruel affliction). 1938

In business, as in philosophy, we tend to turn simple matters into laboured and complex issues; most of these situations could indeed be resolved, as Moore suggests, by analysing what is the question you really want to answer. After years of frenetic activity, suffering what Goncharov termed a 'cruel affliction' ¹ (that human and unstoppable passion or tendency to let things happen without pausing from time to time to reflect on why they should necessarily happen), it is time to ask ourselves what kind of company we want to be. We, the partners of N+1, C.W. Downer, N+1 Swiss Capital, N+1 Daruma, N+1 Landmark, N+1 Singer and other companies in the group aspire to become a global financial services institution specialised in the mid-market segment. Let's pause for a moment to think about the items which define or characterise this "company" we strive to become:

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If we want to accompany our clients we have to be a global company; we can only help companies expand their businesses abroad by being global ourselves. A company is not global by virtue of building a presence in many countries (we are already established and have teams on the ground in 19 countries across four continents) but by having a global mentality.

Our 'target' clients operate in the mid-market, whether they be companies, investment institutions or family offices. After nearly three decades working with these clients, we know them well. We can offer them more value added. We have built very long-term relationships with them. And we look at the world through the same prism as they do; we progress at the same pace as they do. It is impossible to ring-fence the mid-market with statistics; it requires a qualitative approach as it encompasses a myriad of economic agents. It is also impossible to penetrate the mid-market without sharing the same mindset. It is a space in which one has to fight to survive; there are no crutches or guarantees; and mistakes come at a high price. But it is also a space for growth, for new ambitions, for creative and innovative spirits.

To be what we want to be, we have decided to change our name to ALANTRA. This is the best way to express our will to enter in a new era for all of us. To have a unified name means, first of all, to become a unified group. It also means founding a new project between the partners of the 19 countries and different business areas in which we operate. Business is about decisions, and the most difficult ones are those that require a short term sacrifice to create value in the future. The companies rebranding as ALANTRA have a long reputation in the international financial markets. C.W. Downer, N+1 Swiss Capital or Dinamia have been in business between 15 and 40 years, and to replace them with ALANTRA has been painful, but our 74 partners have collectively agreed that this step was needed in order for the group to become stronger and truly global. ALANTRA is being founded by all of us, and we, as a partnership, will build it together. To travel this long, winding and, above all, enthralling road that is currently our raison d'être as an organisation, we boast three competitive advantages which we must reinforce.

We conduct our business in the context of the financial services sector. In our case, providing advice to companies, family offices and institutions with respect to their financial strategies and the execution of related transactions; providing investment strategy advice to funds, institutional investors and families and managing the related assets. We believe in the virtue of having exposure, as we do, to the investment banking and asset management businesses, while investing in our products. This generates highly complementary flows of income and greater income stability throughout cyclical ups and downs.

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Human capital articulated around leadership and an entrepreneurial spirit. Nearly all of our partners have 'created' or significantly shaped their respective business areas and manage their own P&Ls and teams. Our firm has made significant progress in terms of the quality of our professionals and diversity. We are 345 professionals of 22 different nationalities.

Our hiring and talent retention system is based on three pillars. The first is what we call the autonomy/full responsibility binomial. Our partners value the opportunity to work in a decentralised and bureaucracy-free organisation governed by the principle of autonomous decision-making and resource management in exchange for assuming full ultimate responsibility, i.e., we are entrepreneurs within a corporate structure. The second is participation by the individual in the construction of a group endeavour. Each employee enjoys the pride and satisfaction of creating versus working for something already created. And the third is the remuneration system, which can be characterised as objective and merit-based; it is not beholden to internal politics and interests are aligned. The 74 partners comprising our group earn market salaries, a bonus determined by a stable percentage of the operating profit generated in the business area they lead (a pool which they then allocate among their team members) and shares in the group or its respective subsidiaries (which can be exchanged for shares in the listed parent, implying upside and the scope for monetising these instruments). The group's executive partners hold 41.75% of the parent's equity and in some cases a stake of its subsidiaries. That alignment of interests, along with the bonus system, is a guarantee for our clients and shareholders, and also for our partners on a relative basis. During the last six years the group has added 41 new partners (via integration, hiring or promotion), while 6 professionals have given up their partnership. A position of financial strength and a profit-oriented culture. At year-end 2015, we had equity of €180.1mn and net cash and investments of €136.1mn. At the heart of our business strategy lies our goal of putting, slowly but surely, this surplus capital to work by expanding our investment banking and asset management businesses and by investing directly in the products we manage. We are in favour of maintaining a high payout for our shareholders (at the 2015 AGM our shareholders approved a dividend of €16.6mn in respect of consolidated net profit of €18.1mn, implying a payout of 92% and a dividend yield of over 6%) and minimising dilution. We approach the company's value from a long-term perspective.

A solid starting point, having earned goodwill and built credibility in the financial markets for more than 30 years. This team of 345 professionals (67% at companies in which we have a majority interest and 33% at companies over which we exercise joint control) generated aggregate revenues of €138.4mn

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in 2015; executed 126 transactions for our clients (between mergers and acquisitions, asset and portfolio sales, debt and equity raises, refinancing and restructuring transactions and equity investments); and has the responsibility to manage more than €3.2 billion between investments in unlisted companies (18), listed companies (15) and real estate assets. Our revenue is increasingly diversified in terms of generation by country, sector and asset management product.

Our biggest challenge is both cultural and organisational in nature. We have grown tremendously and expanded internationally. Now we must implement management initiatives and systems to prevent our culture from being diluted and to help it to evolve; to encourage our professionals to cooperate and produce; for the benefit of our clients, economies of scale, overcoming physical distance to do so; and ensure we all prioritise over our personal ambitions, work largely of aligning the two.

In one of his most controversial statements, the great Scottish thinker David Hume said that reason is and ought only to be the slave of the passions². Our passion, as partners and professionals at ALANTRA, is to build a global institution that satisfies our aspirations so that in so doing we have the courage, conviction and exigency to satisfy those of our clients. Our management strategy, principles, systems and our corporate culture are shaped by reasoning and deliberation; however, they are also fueled by a passion that never dies no matter how tough the reality might be. So both the question and the answer are ALANTRA.

² Hume, D.: "A Treatise of Human Nature", Oxford University Press, 2000

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Alantra ata glance

What is Alantra?

ALANTRA is a firm being built by all its partners and professionals, a collective aspiration which aims to become an enduring institution for the generations to come.

Project

ALANTRA is a global mid-market firm with 25 offices in 19 countries and 345 professionals across Europe, US, Asia and Latin America.

Global

ALANTRA is an open firm articulated around basic principles: entrepreneurship, partnership, innovation, flexibility.

Open

ALANTRA operates in the mid-market. A space for growth, for new ambitions and for creative and innovative spirits.

Mid-Market

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07

Alantra’s key figures

19 Countries

345 Professionals across Europe, US, Asia and Latam

74 Partners

368 Closed deals in Investment Banking since 2013

€3,200 Million in Assetsunder Management*

€71.0 Million of consolidated revenues*

€18.1 Million of ordinary net profit*

€180.1 Million of shareholder’sequity*

*Full year 2015 results.

Over 60% of the M&A transactions we have advised in the last 18 months were cross border

Global advisory capabilities

1.Global

19 Countries

25 Offices

Boston

São Paulo

Buenos Aires

São Paulo

Buenos AiresSantiago de Chile

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Bogotá

More than 50% of the revenues of the private equity portfolio companies are originated outside of Spain

An international portfolio of investments

29 investments in European companies carried out by our active funds across 9 countries in the last 5 years

345Professionals

22Nationalities

Beijing

Mumbai Shanghai

Lisbon Madrid

Barcelona

Dublin

London

Paris FrankfurtZurich

Stockholm

Milan

Istanbul Athens

Amsterdam

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Depth of expertise across 12 niche sectors:

2.1 Investment Banking

2. Specialization

Sector specialization

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23 deals advised 50 deals advised 24 deals advised

16 deals advised 15 deals advised 20 deals advised

41 deals advised 26 deals advised 59 deals advised

32 deals advised 56 deals advised 27 deals advised

Automotive & Truck IndustrialsIndustrial Automation

Consumer & RetailFood & BeveragesBuilding Materials

Healthcare Business Support ServicesChemicals

Real Estate TechnologyFIG

Full range service offering for the mid-market:

Product specialization

19546

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Debt advisory transactions with an associated debt of more than €20 billion since 2013

Alantra ranked as the 18th M&A financial advisor globally by transaction value and 15th in Europe in the first half of 2016

Completed M&A transactions since 2013

Our Alantra’s debt advisory solutions include not only a very well established financing and refinancing practice but also alternative fund-raising from various institutional sources: insurers, pension funds and asset managers, as well as the provision of advice on the optimal structure of financing transactions

Capital Markets Transactions since 2013

Alantra offers a global financial service from the sourcing of capital markets opportunities, analysis of strategic alternatives, market pre-sounding and investor identification to the execution and aftermarket of ABBs, ABOs, IPOs, right issues, bought deals in the ECM space and also bond issue, senior and subordinated debt, high-yield, convertible issue and private placements in the DCM area

23 Portfolio advisory transactions with an associated value of more than €15 billion since 2014

Leveraging on its experience in Spain, where Alantra has been a reference key advisor in the banking clean-up process, Alantra is now advising on different mandates in Portugal, Italy, Greece and Cyprus

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308 Our best-in-class research team follows the coverage of 308 companies in the UK and Iberia. Differentiated by high local knowledge, we offer our clients skilled and independent ideas

Listed UK and Iberian companies covered by Alantra’s equities unit

Innovative solutions for highly complex transactions

Dual track processes

Carve Outs

Advisor, coordinator and bookrunner to Pikolin in the private placement of a 7 and 10 years bond of €30 million for Pikolin Group

Advisor in the divestment process of Banif by means of the segregation of its non-core assets in a separate vehicle (Oitante) and the sale of the entity itself to Santander Totta (€150 million)

Privatizations

Alantra initiated, structured and executed together with two entrepreneurs a platform transaction of six German companies active in the digital and e-commerce sector consolidating business activities under a new holding group (DIVAE). The new group was financially backed by German EMERAM Capital Partners

Advisor to Aena on its debt refinancing (€11.4 billion) in order to make its indebtness compatible with its privatization process via IPO, where ALANTRA also served as co-financial advisor

Build Ups

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Advisor to Charles Vögele on the sale of its German business within the scope of the public takeover by Sempione Retail, a company owned by a bidder consortium led by Italian fashion retail group OVS

Advisor to listed Looser Holding on its announced combination with AFG. The combined entity is expected to reach a market capitalization of approximately CHF 1 billion

Public M&A

2.2 Asset ManagementSix highly specialized asset classes characterized by a hands-on approach and an exclusive focus on the mid-market

Private Debt

Wealth Management Project Phoenix

Alantra has raised the largest private equity fund in the Spanish mid-market since 2008(400 million in the first closing)

Million of AuM

Private Equity

Million of AuM

Alantra’s private debt fund has been the most active in Spain over the last 12 months

Million of AuM

Project Phoenix is a financial restructuring and management outsourcing project, carried out by a joint venture of Alantra and McKinsey, targeted at Spanish overly-indebted companies

Project Phoenix

€123

€1,200

€1,400Active Funds

EQMC has obtained 36.6% return in 2015 and has been ranked #1 globally by Barclay Hedge in the Event Driven category

Million of AuM

€480

Alantra has invested €922 million in real estate in Spain, Germany and the UK

Million invested

Real Estate

35 Investments

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3 Investments

The team holds a relevant position among Spain’s independent private banking firms leveraging on its average annual increase of Assets under Management of €200 million in the last five years

3. Clients3.1 Corporates and funds

Corporates

ALANTRA advised more than 350clients in the last 12 months in its investment banking division

ALANTRA actively covers and works with more

300 International Funds

Funds

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More than 84% of our assets aremanaged on behalf of 80 institutional investors

We work with 450 family groups in our wealth management business

Breakdownby geography 5%

US

62%Rest ofEurope

5%Latam

28%Spain

3.2 Investors

Breakdown by type of investor

15

Family offices & individuals

Insurance companies

Pension funds

Public bodies

Private banking

Financial institutions

Funds of funds43%

13%

12%

5%

5%

12%

16%

4.1 Human Capital

4. Human Capital & Culture

345 professionals based in Europe, US, Asia and Latin America

74 partners whith an average experience of 22 years in the financial services industry

More than 1,100 hours of specialized training for all professionals taught by tier one firms last year

Young and dynamic team with an average age of 37years

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4.2 Culture Highly flexible and dynamic partnership having incorporated 15 teams in different countries and new businesses in the last 6 years

Quoted partnership model based on a full autonomy and full accountability principle with decentralized business decisions

Entrepreneurial spirit executing and launching 16 joint ventures in the last 6 years and incorporating 49 new partners

42%* of the quoted entity owned by the executive partners guaranteeing a strong alignment of interests with other shareholders

Co-investment alongside investors in the group’s asset management products in order to guarantee full alignment of interests

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*Fully-diluted shareholder structure

Alantra is a listed company structured as a partnershipAs a quoted company Alantra has strong corporate governance instruments: a governing body responsible for the management of the group, a common business strategy and a constant monitoring of the business. At the same time, Alantra is managed as a partnership, therefore ensuring its partners carry out their management autonomously, while taking full responsibility for their decisions.

5. CorporateGovernance

5.1 Company Structure

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Board of Directors

Investment Banking

Asset Management

Board CommitteesExecutiveChairman

Holding and Corporate Services

Legal

Corporate Services

Corporate Development

Audit and Risk Committee

Appointment and Remuneration Committee

*The shares of Nmás1 Dinamia, S.A. are admitted for trading on stock Exchanges in Madrid and Barcelona, and are traded via the Automat Quotation system (Mercado Continuo). It is expected that Nmás1 Dinamia, S.A. will amend its corporate name to “Alantra Partners, S.A.” in November – December 2016.

5.2 Board of DirectorsSantiago Eguidazu holds a degree in Economics and Business Administration and a Master’s in Philosophy. He is a State Economist. He is a Founding Partner and Executive Chairman of Alantra Group. Mr. Eguidazu is the author of the book “Value Creation and Corporate Governance” and editor at Avarigani Editores, which specialises in texts on philosophy.

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Santiago Bergareche holds a degree in Economic Sciences and Law from Deusto Commercial University. He is currently the Vice Chairman of Ferrovial, S.A. He joined the Ferrovial group as Chairman of Agromán and, in 1999, he was appointed CEO of Ferrovial, a post he held until January 2002. Mr. Bergareche is

also the Chairman of Vocento, Director of Maxam and Deusto Business School and Trustee of Fundación Casa Ducal de Medinaceli. Formerly he has been Chairman of Metrovacesa and Cepsa and Director of BBVA.

José Javier Carretero is an Industrial Engineer from Universidad Pontificia de Comillas and holds a Master’s in Economics and Management from IESE. He has an extensive experience in the industrial sector and, among other positions, has been CEO for Latam and Iberia for the Italian multinational

group Ferroli, member of the Board of Metaliberica, High Tech Hoteles and Dinamia and General Manager of the Spanish Chamber of Commerce. He is currently member of the Board of Isolux Corsán.

Luis Carlos Croissier holds a degree in Economics from Universidad Complutense of Madrid and a postgraduate qualification from the Université de Paris-Sorbonne. He is part of the Spanish General Technical Corps of the State Civil Service and held different administrative positions including Chairman

of the National Institute of Industry (INI), Minister of Industry and Energy and Chairman of the National Securities Market Commission (CNMV). Since 1996 Mr. Croissier has worked as an international consultant. He has been a Director of Adolfo Domínguez and he currently acts as independent Director at Repsol and Adveo.

Alfred M. Vinton received his undergraduate degree from Harvard University. He has developed his professional career at JP Morgan, exercising, among other positions, the post as head of JP Morgan´s banking business in the UK, Scandinavia and Ireland; in NM Rothschild & Sons as COO, and at the Bemberg

Group as CEO. Most recently he has been Chairman of Electra Partners. He also sits on the Boards of GP Investments Limited and other fund management companies.

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Rafael Jiménez holds a degree in Economics and Business Administration from the University of Barcelona. Mr. Jiménez sits on the Boards of several companies, including Carmavent, Ánpora Patrimonio, Mune Investments PTE Ltd, Mune Dos PTE Ltd and Taiko.

Jorge Mataix has a degree in law and economics from Universidad Pontificia de Comillas (ICADE). Mr. Mataix has worked at JP Morgan Chase (New York), in the corporate banking division, and at Acciona, as supervisor of corporate development. In 1992 he joined the AB Asesores Group as Head

of Private Equity and, from 2000 to 2015 he has been Deputy Chairman of ALANTRA.

María Garaña holds a bachelor's degree in Business Administration and Law by the Universidad San Pablo CEU (Madrid), an International Trade Diploma by the University of California at Berkeley and a Master's degree in Business Administration (MBA) from Harvard Business School. Since 1992,

Mrs. Garaña has developed her career in different sectors, such as sales, marketing, distribution and business development and in different countries. She is Vicepresident EMEA Microsoft Business Solutions, board member of the European Institute of Innovation and Technology (EIT), member of the board of Liberbank and member of the supervisory board of Euler-Hermes (Allianz Group).

José Antonio Abad holds a degree in Economic Sciences and Management by the Universidad Autónoma of Madrid. Mr. Abad began his career at Arthur Andersen and has been Director of Corporate Finance and member of the Management Committee of AB Asesores and Morgan Stanley Dean Witter. He has served

on the Boards of Grupo Hagemeyer España and DHL España and he has sat on the Board of the Spanish Association of Finance Executives. He is one of the founding partners of Alantra and Deputy Chairman from 2000 to 2015.

6. Highlights2015/2016

6.2 Investment Banking

6.1 Group

Opening of new office in the Nordic region

08/1

6

Ranked among the Top 20 Global M&A advisors in the first half of 2016 by the Mergermarket Group

07/1

6

Incorporation of Alantra Greece & France

01/1

6

Alantra enters Latin America through the acquisition of a strategic stake in Landmark Capital 05

/16

Opening of new offices in Lisbon & Beijing05/1

6

Alantra makes a key strategic step towards becoming a global mid-market firm through its merger with US basedC.W. Downer & Co.

11/1

5Alantra becomes a quoted partnership through its reverse merger with Dinamia. The group is well capitalized with more than €160 million of shareholders equity and no financial debt

07/1

5

Alantra opens an office in Benelux incorporating Mark Pensaert as CEO of the Investment Banking division12

/15

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Alantra buys back Banque Syz’s stake in the Group’s wealth management business.

6.3 Asset Managementand Wealth Management

2016

€400 million raised for the Alantra Private Equity Fund III, the largest private equity fund raised in Spain since 2008.

€212 million raised for the EQMC strategy (active funds).

05/1

6

400

212

128 27 19 786

Private Equity Active Funds Wealth Management Private Debt Real Estate Total

C. €800 Mn raised in 1H 2016 from third party investors in the different asset classes

Breakdown by asset class (€Mn)

C. €800 million raised in 1H 2016 from third party investors reinforcing Alantra’s AM business and contributing to increasing the Group’s recurrent business.

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Annual Report

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Independent auditor’s report on consolidated financial statements to the Shareholders of Nmás1 Dinamia, S.A. (formerly Dinamia Capital Privado, Sociedad de Capital Riesgo, S.A.),

Report on the Consolidated Financial StatementsWe have audited the accompanying consolidated financial statements of Nmás1 Dinamia, S.A. (formerly Dinamia Capital Privado, Sociedad de Capital Riesgo, S.A.) (“the Company” or “the Parent”) and companies composing, together with the Company, the N+1 Group (“the Group”), which comprise the consolidated balance sheet as at 31 December 2015, and the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in total equity, consolidated statement of cash flows and notes to the consolidated financial statements for the year then ended.

Directors’ Responsibility for the Consolidated Financial StatementsThe Parent’s directors are responsible for preparing the accompanying consolidated financial statements so that they present fairly the consolidated equity, consolidated financial position and consolidated results of Nmás1 Dinamia, S.A. (formerly Dinamia Capital Privado, Sociedad de Capital Riesgo, S.A.) and companies composing the N+1 Group in accordance with the regulatory financial reporting framework applicable to the Group in Spain (identified in Note 2.1 to the accompanying consolidated financial statements) and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the audit regulations in force in Spain. Those regulations require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation by the Parent’s directors of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

Independent auditor’s report on 2015 consolidated financial statements

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated equity and consolidated financial position of Nmás1 Dinamia, S.A. (formerly Dinamia Capital Privado, Sociedad de Capital Riesgo, S.A.) and companies composing the N+1 Group as at 31 December 2015, and their consolidated results and their consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union and the other provisions of the regulatory financial reporting framework applicable to the Group in Spain.

Emphasis of MatterWe draw attention to Note 1 to the accompanying consolidated financial statements, which indicates that on 29 April 2015 the Annual General Meetings of the Company and of N Más Uno IBG, S.A. approved the Common Draft Terms for the merger of the two companies, which has been effective since July 2015. To the extent that the transaction met the requirements to be classified as a reverse merger takeover for accounting and economic purposes, the absorbing company was N Más Uno IBG, S.A. and the absorbed company was the Company. Accordingly, as indicated in Note 2.1.1 to the accompanying consolidated financial statements, the transaction resulted in a group of investment services companies whose parent’s shares are admitted to trading on a securities market and, therefore, it became obligatory, for the first time, to apply International Financial Reporting Standards as adopted by the European Union (EU-IFRSs) in the preparation of the consolidated financial statements. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory RequirementsThe accompanying consolidated directors’ report for 2015 contains the explanations which the Parent’s directors consider appropriate about the situation of Nmás1 Dinamia, S.A. (formerly Dinamia Capital Privado, Sociedad de Capital Riesgo, S.A.) and companies composing the N+1 Group, the evolution of their business and other matters, but is not an integral part of the consolidated financial statements. We have checked that the accounting information in the consolidated directors’ report is consistent with that contained in the consolidated financial statements for 2015. Our work as auditors was confined to checking the consolidated directors’ report with the aforementioned scope, and did not include a review of any information other than that drawn from the accounting records of Nmás1 Dinamia, S.A. (formerly Dinamia Capital Privado, Sociedad de Capital Riesgo, S.A.) and companies composing the N+1 Group.DELOITTE, S.L.Registered in ROAC under no. S0692

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(*) Presented solely and exclusively for comparison purposes (see Note 2.7)

The accompanying Notes 1 to 30 and the Appendix are an integral part of the consolidated balance sheet at 31 December 2015

Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group in Spain (see Notes 2 and 30). In the event of a discrepancy, the Spanish-language version prevails.

NON-CURRENT ASSETS 65.791 24.070 19.429

INTANGIBLE ASSETS

Goodwill 6 3.634 3.493 3.532Other intangible assets 6 57 65 96

PROPERTY AND EQUIPMENT 7 1.764 1.641 1.902

INVESTMENT PROPERTY - - -

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 8 12.403 13.132 8.650

NON-CURRENT FINANCIAL ASSETS 9 47.887 5.690 5.155

DEFERRED TAX ASSETS 17 46 49 94

OTHER NON-CURRENT ASSETS - - -

CURRENT ASSETS 147.249 48.492 31.103

NON-CURRENT ASSETS HELD FOR SALE - - -

TRADE AND OTHER RECEIVABLESTrade receivables 10 20.472 20.369 10.050Other receivables 10 1.755 143 6.021Current tax assets 18 7.102 1.226 -

OTHER CURRENT FINANCIAL ASSETS 11 3.810 60 251

OTHER CURRENT ASSETS 12 765 1.259 558

CASH AND CASH EQUIVALENTS 13 113.345 25.435 14.223

31/12/15 31/12/2014(*) 01/01/2014(*)ASSETS Note

TOTAL ASSETS 213.040 72.562 50.532

NMÁS1 DINAMIA, S.A. (FORMERLY DINAMIA CAPITAL PRIVADO, SOCIEDAD DE CAPITAL RIESGO, S.A.) AND COMPANIES COMPRISING THE N+1 GROUP CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2015 AND 2014 AND AT 1 JANUARY 2014 (NOTES 1 TO 4) (Thousands of euros).

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EQUITY 183.912 46.569 39.320

OWN FUNDS 175.667 39.427 35.305

CAPITALIssued capital

14 101.011 2.471 2.406Less: Uncalled capital

SHARE PREMIUM 14 105.492 28.129 24.139Reserves 14 (93.207) 746 800

LESS: TREASURY SHARES AND OWN 14 (460) (40) (346)

Retained earnings (prior-year losses) - - -

Other owner contributions - - -

PROFIT (LOSS) FOR THE PERIOD 14 & 22 65.686 14.140 8.338

Less: interim dividend 14 (2.855) (5.987) -

OTHER EQUITY INSTRUMENTS 14 - (32) (32)

CUMULATIVE OTHER COMPREHENSIVE INCOME: 3.428 889 45

ITEMS THAT WILL NOT BE SUBSEQUENTLY RECLASSIFIEDTO PROFIT AND LOSS FOR THE PERIOD

ITEMS THAT CAN BE SUBSEQUENTLY RECLASSIFIED TOPROFIT AND LOSS FOR THE PERIOD

Available-for-sale financial assets 9 2.567 312 33Hedging transactions - - - Translation differences 8 861 577 12Others -

EQUITY ATTRIBUTED TO THE PARENT 179.095 40.316 35.350

NON-CONTROLLING INTERESTS 15 4.817 6.253 3.970

NON-CURRENT LIABILITIES 3.021 669 777

NON-CURRENT PROVISIONS 16 1.451 - -

NON-CURRENT FINANCIAL LIABILITIESDeferred tax liabilities 18 1.568 669 777

OTHER NON-CURRENT LIABILITIES 2 - -

CURRENT LIABILITIES 26.107 25.324 10.435

LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETSHELD FOR SALE - - -

CURRENT FINANCIAL LIABILITIES - - -

TRADE AND OTHER PAYABLESSuppliers 17 3.163 2.942 1.135Other payables 17 21.157 18.917 8.525Current tax liabilities 18 1.113 3.295 448

OTHER CURRENT LIABILITIES 12 674 170 327

Note 31/12/15 31/12/2014(*) 01/01/2014(*)LIABILITIES AND EQUITY

TOTAL EQUITY AND LIABILITIES

EQUITY INSTRUMENTS

ATTRIBUTABLE TO THE PARENT

213.040 72.562 50.532

CURRENT PROVISIONS - - -

REVENUE67.458 66.808(2.165) (1.741)

9 32

24 (33.969) (30.007)25 (17.097) (13.527)

6 & 7 (366) (431)- -

6 & 7 2 (141)

67.433 20.993

2.485 7- (14)

9 (335) -

EXCHANGE DIFFERENCES

1.929 498

71.404 24.294

18 (4.166) (5.824)

67.238 18.470

- -

65.686 14.140

15 1.552 4.330

4 2,40 0,674 2,44 0,71

NMÁS1 DINAMIA, S.A. (FORMERLY DINAMIA CAPITAL PRIVADO, SOCIEDAD DE CAPITAL RIESGO, S.A.) AND COMPANIES COMPRISING THE N+1 GROUPCONSOLIDATED INCOME STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2015 AND 2014 (NOTES 1 TO 4) (Thousands of euros).

(*) Presented solely and exclusively for comparison purposesThe accompanying Notes 1 to 30 and the Appendix form an integral part of the consolidated income statement for the year ended 31 December 2015

OPERATING PROFIT (LOSS)

NET FINANCE INCOME (EXPENSE)

PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS

CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD

PROFIT (LOSS) BEFORE TAX

FINANCE INCOME 9, 11 & 13

EARNINGS PER SHARE (euros)

Note 2015 2014 (*)

3 - t 159 (21)

22 2.042 2.803

67.238 18.470

1 53.561 -

Income from provision of services23 65.293 65.067

Transfers to third parties for joint execution

OTHER OPERATING INCOME

PERSONNEL EXPENSESOTHER OPERATING EXPENSESDEPRECIATION AND AMORTISATIONNON-FINANCIAL AND OTHER CAPITAL GRANTS

Impairment losses and gains (losses) On disposal of non-current assets

OTHER INCOME (EXPENSE)

Changes in fair value of financial instrumentsFINANCE COSTS

SHARE OF PROFIT (LOSS) OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD

INCOME TAX

PROFIT (LOSS) AFTER TAX FOR THE PERIOD FROM DISCONTINUED OPERATIONS

PROFIT (LOSS) ATTRIBUTABLE TO THE PARENT

PROFIT (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

BasicDiluted

Impairment losses and gains (losses) 2.13, 8, 9 & 10 (380) 526On disposal of financial instruments

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