Lar Espana Real Estate Socimi S.A.

Investor Presentation • Dec 14, 2021

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

14th December 2021

Contents

Summary

2

Operating performance Financial information and ESG

3

Closing remarks

Summary

Jon Armentia Corporate Director & CFO of Lar España

Strong corporate performance in 2021

Despite the pandemic, the company remains in very good health

Close relationships with tenants

(1) Like for Like excluding Ànec Blau and Megapark Leisure Area/ (2) Like for Like excluding Lagoh, ÀnecBlau and Megapark Leisure Area

Maintaining a good level of operating and financial results

Prominent positioning in the European Retail Market

Outstanding performance among European peers*

One of the most profitable options for the shareholder in the Spanish market

One of the 3 best dividend yield in the Spanish stock market

	Dividends
2018	€ 75 Mn	10.7% Div. Yield1
2019	€ 55 Mn	8.9% Div. yield1
2020	€ 27.5 Mn	yield1 6.7% Div
Total	€1 57.5 Mn

One of the largest capital reductions in the Spanish stock market

Program	SBB
1st	3.1 Mn shares	3.5% Share Capital 2
2nd	4.7 Mn shares	5.4% Share Capital 2
3rd	3.9 Mn shares	4.5% Share Capital 2
Total	11.7 Mn shares	13.4% Share Capital

With the best in class practices in ESG

Successful Green Bond Issuance.

Lar España successfully issued two unsecured senior green bonds for €700 Million. ISS-ESG has provided a Second Party Opinion on this Framework

Carbon Footprint Registration 2018, 2019 & 2020

The company also submitted its Emissions Reduction Plan to the Ministry as another step towards carbon neutrality.

100% Shopping Centres BREEAM Certified, "Excelent" or "Very Good"

12 certified assets: 3 Excellent

• 8 certifications have been renewed during 2021 7Very Good 2Good
• 1 new certificate

For the seventh consecutive year, Lar España has been awarded the EPRA Gold Award for the quality of financial and ESG information, for the fourth consecutive year

MSCI ESG Rating FTSE Russell Global Index kept Lar España as a constituent on its FTSE4Good index.

For the fourth year running, Lar España has taken part in the 2021 GRESB assessment. Achieving a score of 86 meaning a +25% annual score increase vs 2020 and a +56% vs 2019 score.

Renewal of the Commitment to the UN Global Compact and SDG goals. Furthermore, the company is currently working to develop an overarching Action Plan to bring our entire portfolio in line with our commitment to our priority SDGs in order to align the company's sustainability strategy with UN Agenda 2030.

ISO 14001 & 45001 Environmental certifications.

Since achieving ISO 14001 status for the As Termas and Megapark in 2020, the company has been working to extend this certification to the rest of the portfolio.

th

Ranking

Of 25 +17% vs 2020

Financial and Real Estate sector

Operating performance

2

9M 2021 Operating performance

Footfall and Sales numbers recovery vs 2019

1st state of alarm Total lockdowns 2nd state of alarm Partial lockdowns

Recovering pre COVID levels

Agreements and conversationswith tenants

One-on-one agreements reached c.100 % GLA

Contracts >2024 c.70 %

Collected rents at 30th September 2021

90%

¡

Collected rents at October 31st 2021

91%

9M 2021 Operating performance

From January to October we have collected €8.0 Mn related to amounts invoiced in 2020, which means that a 97% of total 2020 invoiced has been collected

Sales & Footfall

Sales € 617.0 Million

-5.4%¹ vs 9M19 LfL

+24.3%² vs 9M20 LfL

1 Like for Like (excluding Lagoh, Ànec Blau and Megapark Leisure Area assets) 2 Like for Like (excluding Ànec Blau and Megapark Leisure Area assets)

9M 2021 Operating performance

Leasing activity in 9M 2021

Financial information & ESG

Operating Results in 9M 2021

Results

€ 60.4 Mn GRI 9M 2021

€ 50.7 Mn NOI 9M 2021

€ 14.3 Mn Net Profit 9M 2021

€1,413 Mn GAV

€10.27 EPRA NTA p.s.¹ Assets

Outperforming the Spanish and European market

5.9% EPRA "topped-up" NIY

95% Occupancy²30th September 2021

2.7 years

WAULT

90% Collected rents at 30th September 2021

91%

Collected rents at 31st October 2021

1 When analyzing this measure it is important to take into account the dividend paid in Q2 2021 (0.31€/share). 2 Ratio calculated according to EPRA recommendations.

CorporateResults in 9M 2021

		EPRA Gold Award Financial	Reporting 7 th year in a row
2015	2016	2017	2018	2019	2020	2021
ISP EPRA BPR GOLD	$\mathbb{E}$ EPRA BPR GOLD	lai EPRA BPR GOLD	e EPRA BPR GOLD	ial BPR GOLD	$\vert \tilde{\varepsilon} \vert$ EPRA BPR GOLD	ial EPRA BPR GOLD
			EPRA Gold Award ESG	Reporting 4 th year in a row
	2018		2019	2020	2021
	SBPR	isi	$e_{\Gamma}$ SBPR	ish EPRA SBPR	is. SBPR

Corporate

€27.5 Mn Dividend €0.31 p.s. paid dividend 6.7 % Dividend Yield Over market cap¹

€400 Mn Green Bond issuance

€300 Mn Green Bond issuance

1.75% Interest rate

1.84% Interest rate

c.€200Mn² Liquidity

Expenses covered over the next 4 years

Net LTV 41%

Closing 9M 21

Post bonds issuances

Financial information & ESG

Financial profile after the bond issuances

Green unsecured bond Bank debt

Stable valuations

P&L 9M 2021

	9M 2021	9M 2020
Consolidated Income Statement 9M 2021 (€ Thousands)	Total	Total
Rental Income	58,3541	71,3961
Other Income	2,053	1,735
Personnel expenses	(416)	(364)
Other expenses	(24,409)	(19,189)
Changes in the Fair Value of investment properties	(7,564)	(55,877)
Results from Divestment	9	-
EBIT	28,027	(2,299)
Financial Result	(15,332)	(14,908)
Share in profit (loss) for the period of equity-accounted companies	-	(175)
EBT	12,695	(17,382)
Income Tax	1,623	-
Profit/(Loss) for thePeriod	14,318	(17,382)

Closing remarks

Lar España, despite of the Covid-19 pandemic, a strong and resilient leader in the retail segment

www.larespana.com