URBANIZACIONES Y TRANSPORTES, S.A. (URBAS) was incorporated on 20th October 1944 before the Notary Public José Pérez Jofre de Villegas of Barcelona with number 879 of his protocol, at which time it started its business and established that it was created for an indefinite term. The corporate objects since its creation have been the acquisition of land and real estate in general, the division thereof into parcels and sale thereof, and all kind of transport, supply and construction business.

The Company started to be listed on the Stock Exchange of Barcelona in 1947 and on the Madrid Stock Exchange in n 1989. On 26th November 1990 the Company's shares were listed on the Continuous Market with the letters UBS.

For the first twenty-five years the Company's activity was mainly centred on running bus lines, and to a lesser extent, real estate development. In 1972, the Company definitively abandoned the unprofitable business that public transport was proving to be, and concentrated on real estate development. Between 1972 and 1988 the Company was engaged exclusively in real estate development, undertaking a total of thirty-four projects, including 1919 residential units, 140 commercial premises and 2138 garage spaces.

Since the beginning of 1988 until the end of 1990, without abandoning the real estate business, it started a process of expansion. After various difficulties suffered by Urbas, its real estate and corporate activity was paralysed until the company Guadahermosa Grupo Inmobiliario, s.l. joined its Board of Directors and acquired a stake in its capital in 2004. This company engaged in real estate development and its parent company, Guadahermosa Proyectos Urbanísticos, s.l., which has a major stake in the capital of Urbas, has decided to make a shift in the management of the company, emphatically promoting the real estate business. As a result of this new approach, in 2005 work commenced on new houses in Pioz (Guadalajara) and the acquisition of new plots of land for the construction of houses has been planned.

In February 2006 a capital increase was carried out that culminated in March with the subscription of all the shares issued. This favourable reception by the market, together with a prior increase by capitalizing credits, has permitted an increase in share capital from 10.4 million euros to 40.2 million euros, as well as the contribution of 181 parcels in Pioz (Guadalajara). This injection of capital heralds the start of a new stage in the life of Urbas, by carrying on its real estate activity, the first milestones of which are the construction of houses in: Pioz (Guadalajara), as mentioned above, calle Mayor de Guadalajara, Tórtola (Guadalajara), Horche ( Estación AVE-Guadalajara), Llanera (Asturias), calle Segovia (Madrid) and industrial plants in San Martín de la Vega (Madrid). Furthermore, the internationalization of the Company has started with the acquisition of two centrally-located plots of land in Tangiers (Morocco) and the award by the Moroccan government of the construction of houses close to Tangiers airport (Morocco).