INDEPENDENT AUDITOR'S REPORT

To the shareholders of Inmobiliaria Don Antonio, S.A. and Subsidiaries

Report on the financial statements

I have audited the accompanying financial statements of Inmobiliaria Don Antonio, S.A. and
Subsidiaries, which comprise the statement of financial position as of December 31, 2022, the
statements of income, changes in equity, and cash flows for the year then ended, and a summary
of significant accounting policies and other explanatory notes.

Management's responsibility for the financial statements

The management of Inmobiliaria Don Antonio, S.A. and Subsidiaries is responsible for the
preparation and fair presentation of these financial statements in accordance with generally
accepted accounting principles. This responsibility includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of the financial
statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

My responsibility is to express an opinion on these financial statements based on my audit. I

conducted my audit in accordance with generally accepted auditing standards. Those standards
require that I comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material
misstatement.

Scope of the audit

My audit included examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. It also included evaluating the accounting principles used and significant
estimates made by management, as well as assessing the overall presentation of the financial
statements. I believe that the audit evidence I have obtained is sufficient and appropriate to
provide a reasonable basis for my audit opinion.

Auditor's opinion

In my opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of Inmobiliaria Don Antonio, S.A. and Subsidiaries as of December 31, 2022,
and the results of their operations, changes in equity, and cash flows for the year then ended in
accordance with generally accepted accounting principles.

Other matters

I conducted my audit in accordance with generally accepted auditing standards. These standards
require that I plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement, whether due to fraud or error.
My responsibility as an auditor is to express an opinion on the financial statements based on my
audit. I do not provide any assurance on the entity's internal controls.

This audit report is provided solely to the shareholders of Inmobiliaria Don Antonio, S.A. and
Subsidiaries, as a body, in accordance with our contractual obligations. I assume no responsibility
to third parties for the content of this report.

Jorge Joaquín Castillo Gomez 202002988

16/06/2023
Real Estate Don Antonio, S.A. and Subsidiaries

(100% subsidiary of Empresas Rey, S.A.)

Consolidated Statement of Financial Position December 31, 2022

(In balboas)

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Notes December 31, September 30,

2022 2022

Assets

Current Assets

Cash 6 5,246,097 6,303,381

Trade and other receivables 8 17,210,263 11,747,886

Inventories, net 9 97,226,962 93,282,143

Income tax assets 21 3,509,019 3,509,019

Other assets 5,16 11,045,316 8,453,173

Total current assets 134,237,657 123,295,602

Non-Current Assets

Property, plant, and equipment, net 10 354,144,683 339,173,280

Investment properties, net 11 4,437,647 4,441,958

Right-of-use assets, net 30 92,474,164 91,467,867

Goodwill 12 42,024,017 42,024,017

Intangible assets, net 13 1,895,674 2,258,848

Investment in associates 15 9,218,224 4,419,066

Deferred income taxes 21 3,266,514 3,227,857

Recoverable taxes 16 2,622,027 2,394,877

Other assets 5,16 11,475,144 11,579,471

Total non-current assets 521,558,094 500,987,241

Total assets 655,795,751 624,282,843

Liabilities and Equity

Current Liabilities

Loans 31 10,800,000 -

Corporate bonds 18 7,382,926 7,317,423

Lease liabilities 30 13,722,344 15,178,315

Trade and other payables 17 102,626,692 87,294,402

Payables to related companies 5 45,846,536 36,701,636

Income taxes payable 8,507 35,950

Employee benefits 20 5,444,312 6,012,695

Contract liabilities 29 709,687 379,332

Total current liabilities 86,541,004 152,919,753

Non-Current Liabilities

Corporate bonds 18 2,049,808 123,830,249

Subordinated bonds 5, 19 69,879,533 68,183,053

Lease liabilities 30 67,299,135 66,481,063

Contract liabilities 29 1,546,628 1,542,626

Employee benefits 20 6,865,594 6,748,960

Deferred income taxes 21 14,658,200 14,607,676

Provision for contingencies 22 3,028,871 3,411,371

Total non-current liabilities 28 5,327,769 284,804,998

Total liabilities 471,868,773 437,724,751

Equity

Common stock 23 15,824,230 15,824,230

Additional paid-in capital 23 203,404,977 203,404,977

Accumulated deficit (35,302,229) (32,671,115)

Total equity: 183,926,978 186,558,092

Total liabilities and equity: 655,795,751 624,282,843

Inmobiliaria Don Antonio, S.A. and Subsidiaries

(100% subsidiary of Rey, S.A.)

Consolidated Statement of Cash FlowsFor the three months ended December 31, 2022

(In balboas)

________________________________________________________________________________

December 31, December 31,

Notes 2022 2021

Operating Activities:

Net loss for the period (2,631,114) (265,354)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Current income tax - 836

Deferred income tax 11,867 579,187

Provision for obsolescence 1,539,851 1,270,262

Share of losses in associates 810,609 19,492

Depreciation of properties, machinery, and equipment 3,298,279 3,089,689

Loss on sales and disposals of properties, machinery, equipment, and intangibles 252,120 2,186

Depreciation of investment properties 4,311 2,559

Depreciation of right-of-use assets 2,955,282 3,567,957

Amortization of intangibles 363,174 358,216

Finance costs 5,471,764 3,743,309

Increase in provision for employee benefits 282,479 277,994

Provision for contingencies (382,500) (314,550)

Customer loyalty program expense 391,632 331,038

Net cash provided by operating activities 12,367,754 12,662,821

Changes in operating assets and liabilities:

Trade and other receivables (5,462,377) 1,569,933

Trade receivables from related parties - (493,710)

Recoverable income tax (227,150) (393,863)

Inventories (5,484,670) (13,058,721)

Other assets (2,487,816) (3,469,902)

Trade and other payables 15,332,290 12,536,141

Payables to related parties 9,144,900 3,466,502

Employee benefits payable (568,383) (2,383,456)

Contract liabilities (57,275) (364,651)

Net cash provided by operations 22,557,273 10,071,094

Income tax paid (27,443) (68,622)

Employee benefits paid (165,845) (312,843)

Interest paid (3,819,914) (3,802,591)

Net cash provided by operating activities 18,544,071 5,887,038

Investing Activities:

Additions of properties, machinery, and equipment (21,674,310) (15,959,401)

Proceeds from sales of properties, machinery, and equipment 9,001 134,253

Investment in associates (5,609,767) -

Interest received 79,692 74,502

Net cash used in investing activities (27,195,384) (15,750,646)

Financing Activities:

Acquisition of loans 10,800,000 -

Lease liabilities (1,455,971) (1,779,567)

Additional paid-in capital - 23,999,992

Repayment of corporate bonds (1,750,000) (1,750,000)

Net cash provided by financing activities 7,594,029 20,470,425

Net (decrease) increase in cash and cash equivalents (1,057,284) 10,606,817

Cash at beginning of the year 6,303,381 11,343,805

Cash at end of the period 5,246,097 21,950,622