Lar Espana Real Estate Socimi S.A.

Investor Presentation • May 23, 2022

Q 1 2 0 2 2 B U S I N E S S U P D A T E

19th May 2022

Contents

1

Highlights

Financial information and ESG

2

3

Closing remarks

Highlights

1

2021 was a very intense year in terms of corporate activity

Asset rotation: 22 supermarkets divestment(February 2021)

Revised IMA extension (June 2021)

3

1

2

4

End of the 3rd share buyback program. 5% of share capital amortized (October 2021)

2 green bonds issuance: maturity extension and improvement of cost of debt

€400Mn Bond (July 2021) €300Mn Bond (October 2021)

Maintaining a strong balance sheet & sound cash position

Operating results getting back to pre-pandemic levels

Highlights

And 2022 has begun with great challenges

2021 2022 2023

Source: CaixabankResearch April 2022

Lower GDP(%) Growth projections

High inflation level Energy prices remain high. Electricity price forecasts are not positive

Real GDP, anual % change

Source: Bloomberg based on Axpo data. Eur 2020/MWh

Additionally, economic damage from the conflict in Ukraine could contribute to a slowdown in global growth, and increase both in inflation and energy prices in 2022

Source: WEO April 2022 IMF

Despite all this, the outlook is positive

Inflation is unlikely to remain elevated in the long term

The Spanish economy is already at pre-crisis levels and there is still room for improvement (tourism not fully recovered yet)

The origin of all the problems is the price of oil and the estimate is that it will return to normal levels

Source: Oxford Economics. Survey of professional forecasters

Source: Oxford Economics. HaverAnalytics

Source: Oxford Economics. HaverAnalytics

After a continuous tenant mix enhancing and the close relationships with retailers, all the contracts are linked to CPI and the cost of energy is passed on to tenants

And Lar España has proven to be a resilient company over the years

Q1 2022 Operating performance

With relevant operating performance in Q1 2022

1 Occupancy in sqm. 2 Like for Like (excluding 4 non comparable operations) 3 LfL excluding Lagoh 8

Leasing KPIs

15,172 sqm

11% Annualised rotation rate +6.3 %² Rent uplift

2.8 Mn Negotiated rent

+27.4% vs Q1 19

+7.7%³ vs Q1 19 LfL

+29.2% vs Q1 21 LfL +2.1%

vs Q1 19

-8.5%³

18.4 Million visits

Footfall

vs Q1 19 LfL

+22.8% vs Q1 21LfL

Q1 2022 Operating performance

And a good set of results, financial position and cash generation capability

Attractive dividend:

Maintained despiteCovid-19

Committed to profitability

• Prudent cash position control with a detailed liquidity analysis.
• 3.4% dividend yield on NTA Dec 2021
• 7.0% dividend yield on market cap Dec 2021
• Among the leading Spanish listed companies in terms of direct shareholder remuneration.
• Dividend is slightly recovering from COVID-19 pandemic impact (+16.1% vs 2020)

¹ Dividend: +€25 Mn in extraordinary dividend Market Cap at December 31st

* CAGR stands for Compound Average Growth Rate

Highlights

Financial information & ESG

Operating Results in Q1 2022

Results

€ 24.4 Mn Recurring GRI Q1 2022

€ 17.9 Mn Recurring EBITDA Q1 2022

€ 13.6 Mn Recurring Net Profit Q1 2022

€1,425Mn GAV

€10.50 EPRA NTA p.s.¹

1 Adjusted figures for dividend effect: EPRA NTA: 10.14 €/share 2 Occupancy in sqm

Assets

6.0% EPRA "topped-up" NIY 96%² Occupancy 2.6 years WAULT Outperforming the Spanish and European market 95% Collected rents at 31st March 2022

CorporateResults in Q1 2022

		EPRA Gold Award Financial	Reporting 7 th year in a row
2015	2016	2017	2018	2019	2020	2021
ish EPRA BPR GOLD	Let EPRA BPR GOLD	isl EPRA BPR GOLD	ish EPRA BPR GOLD	ial EPRA BPR GOLD	$\vert \tilde{c} \vert$ EPRA BPR GOLD	P EPRA BPR GOLD
			EPRA Gold Award ESG	Reporting 4 th year in a row
			2019	2020	2021

Corporate

€30.0 Mn Dividend €0.36 p.s. paid dividend 7.0 % Dividend Yield Over market cap¹

€400 Mn Green Bond issuance

1.75% Interest rate

€300 Mn Green Bond issuance Interest rate

1.84%

the next 4 years

Net LTV 39.9%

Closing Q1 22

Average cost of debt1.8%

Financial information & ESG

Financial profile & cash position

Debt evolution

Stable valuations

P&L Q1 2022

	Q1 2022	Q1 2021		Q1 2022	Q1 2021	Q1 2022	Q1 2021
Consolidated Income Statement 1Q 2022 (€ Thousands)	Recurring		Var %	Non Recurring		Total
Rental Income	23,665	23,483		(3,716)1	(3,134)2	19,949	20,349
Other Income	690	572		-	-	690	572
Personnel expenses	(185)	(145)		(164)	-	(349)	(145)
Other expenses	(6,231)	(6,848)		(1,121)	(3,274)	(7,352)	(10,122)
Changes in the Fair Value of investment properties	-	-		-	-	-	-
Results from Divestment	-	-		-	1,073	-	1,073
EBIT	17,939	17,062	+5 1%	(5,001)	(5,335)	12,938	11,727
Financial Result	(4,304)	(5,107)		-	542	(4,304)	(4,565)
Impairment and gains/(losses) on financial instruments investments	-	-		(2,046)	-	(2,046)	-
EBT	13,635	11,955	1% +14	(7,047)	(4,793)	6,588	7,162
Income Tax	-	-		-	-	-	-
Profit/(Loss) for the Period	13,635	11,955	+14 1%	(7,047)	(4,793)	6,588	7,162

Notes: May not foot due to rounding

1 The full amount corresponds to lease incentives

2 22 supermarkets divestment: + €0.6 Mn. Lease incentives: - €3.7 Mn

Financial information & ESG

With the bestin class practices in ESG

Social	6 assets certified The Company has developed an	Governance 100% Recommendations of the CNMV Good Governance Code complied	Environmental	The data automation platform for environmental indicators was put into operation in 2021.The company is currently completing the roll-out of smart meters for sub-metering purposes.
	action plan, identifying relevant issues and their contribution to the SDGs. Software to monitorindoor air quality. It is also optimizes the operational management of the HVAC equipment, thus improving energy efficiency in the buildings.	24th out of 116; General ranking th 5 out of 25; Real Estate ranking EPRA Gold Award Financial Information 2015-2021		Carbon Fooprint Registration 2018-2020 EPRA Gold Award ESG Information 2018-2021
Scorings		BBB	Certifications ISO 14001 & ISO 45001	100% portfolio certified: 3 Excellent 9 VeryGood 2 Good

Monitoring key indicators: 2021 performance

Energy Data automation in shopping malls already launched. Greater periodicity, Electricity greater data homogenization and time savings. It has allow us to have consumption figures for the 1H21 asset´s performance. Non renewable electricity	vs 2019 LfL -7.6% -60.2%	vs 2020 LfL +0.1% -45.5%
Emissions Scope 1 + 2 + 3	vs 2019 LfL -24.1%	vs 2020 LfL -20.5%
Water Water consumption	vs 2019 LfL -3.6%	vs 2020 LfL -0.4%
Social

+16,000 jobs generated.

8.6% of indirect jobs are done by persons with disabilities.

Purchased over €58M in products and services from its suppliers, thereby creating wealth in the communities where it operates.

Closing remarks

3

Closing remarks

In summary: with significant upside potential

www.larespana.com