Inmobiliaria Colonial Socimi S.A.

Earnings Release • Jul 29, 2021

De conformidad con lo establecido en el artículo 227 del texto refundido de la Ley del Mercado de Valores aprobado por el Real Decreto Legislativo 4/2015, de 23 de octubre, Inmobiliaria Colonial, SOCIMI, S.A. ("Colonial" o la "Sociedad") comunica la siguiente

OTRA INFORMACIÓN RELEVANTE

Como continuación a la comunicación de información relevante publicada con fecha 26 de julio de 2021 con número de registro 10808, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al primer semestre de 2021, que se celebrará hoy jueves día 29 de julio de 2021 a las 18:30 horas (CET) a través de un webcast.

Los datos de conexión a la conferencia se detallan a continuación:

Desde España: +34911140101 + Pin Code 56014772# Desde Francia: +33170710159 + Pin Code: 56014772# Desde Holanda: +31207095119 + Pin Code 56014772# Desde el Reino Unido: +442071943759 + Pin Code 56014772# Desde USA: +1 6467224916 + Pin Code 56014772#

La presentación online será visible a través del siguiente link:

https://onlinexperiences.com/Launch/QReg/ShowUUID=182A3C4E-6EC6-43AB-9E12-36C209C6084E

Adicionalmente, la presentación de resultados estará disponible en la página web de la Sociedad.

En Madrid, a 29 de julio de 2021.

First Half Results 2021

July 29th, 2021

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This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by the Company and the Company's publicly available information. The information and opinions in this presentation are provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects.

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Certain statements in this Presentation are forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The market and industry data and forecasts included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation.

NEITHER THIS DOCUMENT NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES.

• Highlights 01
• Market Update 02_
• Operational performance 03
• Financial performance 04
• ESG Performance Decarbonization 05
• Reloading Growth & Value Creation 06
• Conclusion & Outlook 07

PRESENTING MANAGEMENT TEAM

Pere Viñolas Chief Executive Officer

Carmina Ganyet Corporate Managing Director

Carlos Krohmer Chief Corporate Development Officer

Return to solid growth through Prime Positioning

Highlights 01

Return to solid growth through Prime Positioning

STRONG FIRST HALF 2021 RESULTS

• Net Tangible Assets (EPRA NTA) up to 11.36 €/share (€5,774m)

• Net Reinstatement Value of 12.33 €/share

• NTA growth with +3% Total Return in 6 months

• Group Net Profit of €162m, +€188m vs. previous year

• Gross Asset Value of €12.0bn, +3% like-for-like (Paris+5%)

• Net Rental Income of €143m, +2% like-for-like (Paris +5% like for like)

• Recurring EPS of €11.14cts, below the previous year due to Disposals & Renovation Program acceleration

• Recurring EPS like for like of €16.37cts in line with the previous year

SOLID OPERATIONAL PERFORMANCE

• Significant increase in letting volume, +42% vs the previous year

• Office occupancy at healthy 95%

• Strong rental Growth

• +14% release spread (+25% in Barcelona)
• • 6% vs ERV 12/20 (+8% in Paris)

CAPITAL RECYCLING WITH FLIGHT TO QUALITY

• Completion of the disposal program with double digit premium on GAV

• Increased exposure of €1bn in Prime Paris through Alpha VI

• Improved debt profile through successful liability management

• €625m of new debt issuance at historical low coupon

• Strong Balance Sheet with LTV of 34.6% and €2,438m of liquidity

Highlights 01

Solid results – back to growth through prime positioning

• Recurring EPS of €11.14cts/share, lower than the previous year

• Solid Capital Value Growth (GAV), thereof +5% like-for-like in Paris

Total Annual Return - € per share	06/21	6M	YoY
TOTAL SHAREHOLDER RETURN		+2.8%	+3.4%
Net Tangible Assets (NAV) - €/share growth	11.36	+0.8%	+1.5%

Profit & Loss - €m	06/21	YoY
Gross Rental Income	€155m	+2% LFL
Net Rental Income	€143m	+2% LFL
Group Net Profit	€162m	+€188m
Recurring EPS	€11.14Cts/share	(31%)

Strong Capital Value Growth (GAV)	06/21	6M	YoY
Group like-for-like	€12,017m	+2%	+3%
Paris like-for-like		+2%	+5%
Barcelona like-for-like		+4%	+2%
Madrid like-for-like		+3%	+2%

Balance sheet - €m	06/21	YoY
GAV Group	€12,017m	+3% LFL
EPRA NTA (NAV)	€5,774m	+1.5%

€16.37Cts/share

Comparable Recurring EPS

A solid capital structure	06/21
LTV	34.6%
Liquidity	€2,438m
Rating S&P	BBB+ Stable
Moody's	Baa2 Stable Outlook

+0.8%

Highlights 01

Solid fundamentals driving top line

• Solid NRI Like for Like growth of +2%

• Double digit Release Spread & Superior Rental Growth

• Strong CBD positioning with solid Paris exposure

Solid Fundamentals		06/21
Volume of sq m signed		59,784
YoY Variance		+42%
EPRA Vacancy		5.0%
Office Collection Rate H1 21		100%
Total Collection Rate H1 21		98%
Outstanding GRI like for like	06/21	YoY
Group like-for-like3	€155m	+2%
Paris like-for-like3		+3%
Madrid like-for-like3		+0.4%
Barcelona like-for-like3		(0.6%)

Outstanding NRI like for like	06/21	YoY Var
Group like-for-like3	€143m	+2%
Paris like-for-like3		+5%
Madrid like-for-like3		+0.3%
Barcelona like-for-like3		(4.8%)

Capturing Rental Price Increases

Double-digit release Spread1	+14%
Barcelona	+25%
Madrid	+9%
Paris	+1%
Strong rental growth2	+6%
Barcelona	+2%
Madrid	+6%
Paris	+8%

(1) Rental prices signed vs previous rents

(2) Rental prices signed vs ERV 12/20

(3) EPRA like-for-like variance based on EPRA BPR methodology

(4) Office portfolio in operation with Leed & Breeam certificates

Scarcity in Prime Product

02 Market

Rental Markets - Scarcity of High Quality Product in CBD

• Scarcity in Grade A maintains Prime rents stable

• Take-up with recovery on grade A assets

• Secondary markets with correction on rents and incentives

Source: Cushman & Wakefield

Q4 20 Q1 21 Q2 21

Q4 20 Q1 21 Q2 21

10

Market 02

Investment market - Prime Product in the CBD with solid valuationn levels

(1) Market consultants in Spain report gross yields and in France they report net yields 10 year Bond as of 31 December 2020

Source: JLL, C&W, CBRE & Bloomberg

• Record Investment volume 1H YTD with €700m Including deals under negotiation, close to €1bn

• Ongoing momentum of international investors

• 80% of Spanish Office Investments

• Prime yield at 3.60%, with very healthy spread of 319bp vs reference rate

• Limited activity due to lack of good product on the market

• Investor interest with increasing momentum for prime assets in CBD

• Prime yield at 3.35%

Attractive spread of 294 bp vs reference rate Spread of 200 bp above 10-year average

• Total investment volume Pairs of €5.3bn YTD, 63% of transaction in office segment

• Segment with assets above €50-100m with €1.2bn of investment volume, +37% YoY

• Investor interest remains high for CBD assets, but lack of available product

• Prime yield at 2,5%, 240 bp of spread

High quality CBD portfolio with superior performance

Outstanding leasing activity in H1 2021

(3) Maturity until expiry of the contract

(4) Financial vacancy calculated according to EPRA methodology – Office Portfolio

Operational performance Letting activity remains strong in 1H 2021 03

• Colonial with strong letting activity, +42% on previous year (+71% in economic terms)

• Letting activity focused on CBD assets with high Energy Certificates

• Solid mix between renewals and new lets

LETTING ACTIVITY REMAINS SOLID IN 1H 2021

Operational performance Rental growth remains solid 03

• Releases Spreads remain at double digit levels

• Barcelona with +25% and Madrid with +9% release spread

• Signed Prices +6% above ERVs, Paris with outstanding +8% vs ERV

(1) Signed rents vs previous contracts (renewals)

(2) Signed rents vs 12/20 ERV (new lettings & renewals)

(3) GHG Intensity of Scope 1 + 2

Rental Price levels remain solid during

Diagonal 682

Illacuna

Cézanne Saint-Honoré

Castellana, 52

RELEASE SPREAD¹ GROWTH ON SIGNED RENTS²

Génova, 17

Arturo Soria, 336

Puerto de Somport, 8

Cézanne Saint-Honoré

Washington Plaza

(1) Signed rents vs previous contracts (renewals)

(2) Signed rents vs 12/20 ERV (new lettings & renewals)

Vacancy at very healthy levels in every segment

• Office portfolio vacancy at a healthy 4.9% level (3% excluding Grenelle & Ortega y Gasset)

• Temporary increase in Barcelona vacancy offset by Paris improvement

• Paris at 1.9% excluding 103 Grenelle entry into operation

EPRA VACANCY

Occupancy stability in the portfolio

• Total vacancy remains at levels of 5.0%

• 3.0% vacancy due to entries into operation and residual secondary exposure

• Attractive offer in CBD Barcelona & Madrid

EPRA VACANCY

Operational performance Additional reversion through projects & renovation program 03

• Full refurbishment increasing efficiency and reducing carbon footprint

• New AAA tenant signing passing rent doubling the rent before project

• +30% of Capital Value Gain on Total Cost¹

Project Delivery

• Off-market acquisition at good pricing

• Full refurbishment increasing floors lay-out efficiency

• Increased cost efficiency ratio with triple net contracts

• Leed Gold certified, reducing carbon footprint

• Fully let with 10-year mandatory contract with AAA BlueChip Utility

Solid financials underpinned by high quality assets

Top line stable in like for like terms

• Gross Rental Income +2% like for like

• Strong performance in Paris offsetting temporary correction in Barcelona

• Barcelona with temporary volume impact

GROSS RENTAL INCOME - €m

1) Like-for-like calculated following EPRA BPR recommendations

2) Office Portfolio including Retail Prime CBD of Galeries des Champs Elysées and Pedralbes Cente

3) Logistic Portfolio, Axiare Retail Secondary and Hotel Indigo in Paris

Like-for-like rental growth price driven

• Like-for-like growth driven by rental price increases

• Group rental price like for like variance at +1.6%

• Barcelona and Madrid Offices rental price like for like variance at +1.9%

GROSS RENTAL INCOME - €m

SOLID EPRA LIKE-FOR-LIKE VARIANCE

OFFICES GROSS RENTAL INCOME LIKE-FOR-LIKE OF +2%

• Paris with +1.2% like-for-like Rental Price like for like at +1.3% Volume impact due to Business Centers

• Madrid with +0.4% like-for-like Rental Price like for like effect at +1.9%

• Barcelona with (0.6%) like-for-like Rental Price like for like effect at +1.9%

1 Like-for-like variance calculation based on EPRA best practice methodology

² Office portfolio + Prime retail in Champs Elysées and Pedralbes Centre

Net Rental Income at +2% like for like

• Net Rental Income +2% like for like

• Paris with +5% Net Rental Income

• Strong Paris performance offsetting temporary correction in Barcelona

LIKE-FOR-LIKE VARIANCE¹ – NRI

NET RENTAL INCOME – LIKE-FOR-LIKE OF +2%

Paris total portfolio with a significant increase of +5%

like-for-like in Net Rental Income

• Offices at +3% like for like
• Additional positive like for like driven by reopening

of Hotel Indigo

1 Like-for-like variance calculation based on EPRA best practice methodology ² Office portfolio + Prime retail of Galeries Champs Elysées and Dau Pedralbes

Solid Asset Value Growth in every segment

• Solid +3% YoY like for like growth

• Paris with outstanding +5% like for like YoY growth

• Strong 1H momentum of Spanish portfolio: Barcelona +4% lfl & Madrid +3% lfl

Solid Capital Value Performance in every segment

• +2.3% like for like Capital Value Growth in 6 months

• Barcelona and Madrid with accelerating momentum

• Strong Alpha component based on Prime Factory Delivery

GAV 1H 2021 GROWTH – 1H 2021

LIKE FOR LIKE VARIANCE 1H 2021

Solid profitability with enhanced quality

• Group Net Profit of €162m, +€188m

• Recurring Profit impacted by disposals & renovation program acceleration

• Comparable Recurring EPS of 16,3 €cts/share in line with previous year levels

PROFIT & LOSS ACCOUNT

Recurring Earnings - €m	57	83
Nosh (mm)	508	508
EPS recurring - Cts€/share	11.14	16.24

€Cts/share

Financial performance Comparable EPS stable – flight to quality & reloading growth 04

• EPS decrease mainly due to disposals, acceleration of renovation program and indemnities in previous year

• Comparable Recurring EPS of 16,3 €cts/share in line with previous year levels

• Disposals of non-core reloading growth through capital recycling

RECURRING EARNINGS – VARIANCE ANALYSIS

Financial performance Improving Group's debt positioning 04

• Improved debt profile through successful liability management

• Issuance of €625m¹ 8 years bond, 3x oversubscribed by high quality accounts

• Issuance at 0.75% coupon, the lowest coupon in the history of the Colonial Group

LIABILITY MANAGEMENT

• 1. Repurchase of 612m in 2023-2024 maturity bonds

• Buy-back of €306m bonds maturing in 2023 with a coupon of 2.728%

• Buy-back of €306m bonds maturing in 2024 with a coupon of 1.45%

2. Successful €625m¹ issuance in bond market

• Colonial issued €625m¹ of new bond

• 8-year bond, maturing in 2029

• New Bond with an annual 0.75% fixed coupon

• The lowest coupon in the history od the Group
• The lowest coupon in Spain for a REIT

• Strong demand with 3x oversubscription lead by Institutional investors

IMPROVED DEBT PROFILE

Drawn Group Debt in €m

Debt Maturing until 2024

Record Low Coupon²

Average Maturity

¹ Total issuance €625m: €500m bond issuance in June 2021 and bond extended with additional €125m in July 2021

² Coupon of the last €625m bond issuance

04 Financial performance Solid Capital Structure

• Strengthened balance sheet through capital recycling

• Improved debt profile through successful liability management

• Solid capital structure with LTV of 34.6%

STREGNHTHENED BALANCE SHEET

Liquidity Financial Policy
Cash €398m		Investment Grade Rating
Undrawn balances	€2,040m	LTV range	36-40%
Total	€2,438m	ICR	> 2.5x

Strong Ratings confirmed

(1) GAV 12/20 Office portfolio. Barcelona CBD, includes the assets in the 22@ market segment

(2) GAV 12/20 Office portfolio in operation

IMPROVED FUNDING OF THE GROUP

• 1. Strong debt reduction through capital recycling
• 1. Strong liquidity position with €2,438m as of H1 2021
• 1. Improved maturity of Group's debt through Liability management
• 1. Strengthened capital structure with 34.6% LTV below Investment Grade rating range of 36%-40%
• 1. This solid capital structure enables Colonial to remain in the low range of guidance even after dividend payment and Alpha VI program execution

Financial performance Solid Total Shareholder Return 04

• 6/2021 NTA of €5,774m, 11.36 €/share

• EPRA NTA pre-dividend & LM impact with +3.5% growth up to 11,66 €/share

• Total Shareholder Return¹ (including dividend) of +2.8% in 6 months

Acceleration of the decarbonization strategy

ESG Performance - Decarbonization Strong Commitment to ESG & Decarbonization 05

• Carbon footprint reduction (77%) vs 2015 baseline year

• 2030 Group Target achieved ahead of timing

• Acceleration of path towards net zero emissions

ACCELERATION ON DECARBONIZATION

(Carbon Intensity Scope 1&2 -2015-20 like for like office portfolio in operation)

25 21 8 6 -85% -45% 2015 2018 2019 2020 Reduction YTD (77%) Executed YTD Targeted Plan Target 2030 (75%) (KgCo2e/sqm)

COLONIAL FULLY ALIGNED WITH PARIS AGREEMENT

• Target of 2030 Carbon Reduction achieve ahead of timing

• Acceleration of path towards net zero emissions

• Objective of Carbon Neutrality in 2050

• Adherence to the Science Based Target Initiative (SBTi)

• CDP Score at A- confirming decarbonization leadership.

• Scoring well above Europe regional average and Financial services sector

• Strong YoY momentum (increase up to A- coming from C)

Superior growth & returns through prime positioning

STRONG GROWTH POTENTIAL IN RENTS & VALUE

✓ Project Pipeline with solid cash flow & value growth 1

• ✓ Renovation Program with strong reversion
• ✓ Prime Contract Portfolio to capture rental growth 3
• ✓ Capital Recycling & Prime Acquisitions with flight to quality 4

✓ Investment markets with enhanced momentum for Prime

Project pipeline – significant GRI reversion to come 1

• Around €80m of additional rents to flow into the recurring P/L

• YTD more than €27m of secured rents through solid pre-let performance

• Prime Project pipeline delivery on track

		Project	City		% Group Delivery	GLA (sqm)	1 Total Cost €m	Yield on Cost
	1	Diagonal 525	Barcelona CBD	100%	Delivered	5.706	41	≈ 5%
months	2	Miguel Angel 23	Madrid CBD	100%	2H 21	8.204	66	5- 6%
<12	3	83 Marceau	Paris CBD	82%	2H 21	9.600		154 5.5- 6.0%
	4	Velazquez 88	Madrid CBD	100%	2H 21	16.164	116	6- 7%
months	5	Biome	Paris City Center	82%	2H 22	24.500	283	≈ 5%
	6	Plaza Europa 34	Barcelona	50%	2H 22	14.306	42	≈ 7%
	7	Sagasta 27	Madrid CBD	100%	2H 22	4.896	23	6- 7%
>12	8	Mendez Alvaro Campus	Madrid CBD South	100%	2023	89.872	323	7- 8%
	9	Louvré SaintHonoré	Paris CBD	82%	2024	16.000	215	7- 8%
		TOTAL PIPELINE				189.248	1.264	6- 7%
	1	Total Cost Finished Product = Acquisition Cost/ Asset Value pre Project + future Capex

² Pending Capex as of 30/06/21

³Topped-Up passing GRI

⁴Out of the €27m secured YTD, €2m correspond to Diagonal 525, already delivered & in operation, and therefore are already part of the Group passing rents as 06/21

Paris – Prime CBD	Barcelona – Prime CBD	Madrid – Prime CBD	Pending Capex2 - €m
	Av Diagonal	Pº . C as	2021 to go	109 - 114
		te lla	2022	136 - 140
		na	2023	86 - 95
			Total Pending Capex	331 - 349
			Thereof Spain	195 - 205
1 Total Cost Finished Product= Acquisition Cost/Asset Value pre Project + total Capex to be invested			Thereof France	136 - 144

105,000 sqm of GLA & €945m GAV

• Renovation Program with additional rent reversion of more than €30m

• 105,000 sqm of GLA with €945m of GAV with strong value creation upside

• Solid delivery YTD with €5m of annualized rents secured in 6 months beating expected ERVs

RENOVATION PROGRAM

¹ Stabilized Yield = Stabilized GRI post renovation program execution / (GAV 12/20 + Pending Capex) All figures in Group Consolidated terms

Barcelona Madrid Paris 5% 3.60% Prime Yield Market Reference 3.9% 6% 3.35%

SIGNIFICANT GRI REVERSION WITH VALUE CREATION POTENTIAL

Reloading Growth & Value Creation Prime Contract Portfolio to capture rental growth 06 3

• Ongoing delivery of high release spreads

• Contract Portfolio under-rented

• Colonial setting the benchmark for prime rents in every market

4

Capital Recycling & Prime Acquisitions with Flight to Quality

• Acquisition of circa €1bn¹ additional exposure in Prime Assets in Paris at NDV

• Increased exposure to value-accretive Paris Flagship Projects

• Transaction execution on track

ACQUISITION OF PRIME PARIS ASSETS AT 12/12 NDV

ENHANCEMENT OF PARIS PROJECT EXPOSURE

August September Louvre St. H.

TRANSACTION EXECUTION ON TRACK

• ✓ Transaction fully executed by Colonial, SFL, and Predica
• ✓ Filing of the draft offer and the draft offer document
• ✓ Colonial EGM approved (99.99% of the votes) the issuance of new Colonial shares
• ✓ Publication of AMF's statement of compliance and approval of the Offer documents
• ✓ Opening of the offer period (July 22nd)

Next Steps

July

June

• Closing of the Offer period & publication of results

• Settlement and delivery of the Offer

• Admission to trading of the new Colonial shares

• Full transaction impact from September onwards

1. Final amounts subject to final outcome of tender-offer

2. Values at Total Cost = Acquisition price + capex

Capital Recycling & Prime Acquisitions with Flight to Quality 4

• Ongoing flight to quality through active portfolio management

• Disposals of more than €1.8bn of mature and/ or non-core product

• Acquisitions of more than €3.9bn of assets reloading the Prime Exposure & Alpha VI (€1bn)

ONGOING FLIGHT TO QUALITY THROUGH ACTIVE CAPITAL ALLOCATION

A part of the assets of the Alpha V disposal program was notarized at the beginning of the first quarter of 2021.

• Prime Project Pipeline with significant value creation potential

• Renovation Program with important GRI reversion

• Opportunistic acquisitions going forward

Investment markets with enhanced momentum for Prime 5

• Colonial portfolio with additional potential for yield compression

• Prime market yields & scarcity value as driver

• Prime Yields at very attractive spreads compared to reference rates

VALUATION YIELDS (1)
BARCELONA	MADRID	PARIS
Colonial(2)	Colonial(2)	Colonial(2)
Prime CBD Market	Prime CBD Market	Prime CBD Market
Bond ESP	Bond ESP	Bond FR
SPREAD VALUATION YIELDS (1)
BARCELONA	MADRID	PARIS
Colonial(2)	Colonial(2)	Colonial(2)
Prime CBD Market	Prime CBD Market	Prime CBD Market
CAPITAL VALUE - €/sq m
BARCELONA	MADRID	PARIS
Colonial(2)	Colonial(2)	Colonial(2)
Prime Market(3)	Prime Market (3)	Prime Market (3)

(1) Market consultants in Spain report gross yields and in France they report net yields (2) Portfolio in operation (3) According to JLL

Conclusion & Outlook

07 Conclusion & Outlook Colonial Platform well positioned for Growth

STRONG FIRST HALF 2021 RESULTS

• Group Net Profit of €162m, +€188m vs. previous year

• NTA growth with +3% Total Return in 6 months

• Gross Asset Value of €12.0bn, +3% like-for-like (Paris+5%)

• Net Rental Income of €143m, +2% like-for-like (Paris +5% like for like)

• Significant increase in letting volume, +42% vs the previous year

• Rental Growth Double digit release spreads & strong ERV growth

COLONIAL PLATFORM WELL POSITIONED FOR GROWTH

• Project Pipeline with significant additional GRI €79m of rents

• Renovation Program with more than €30m of additional rents

• Prime contract portfolio with passing rents below market levels

• Impact of Alpha VI acquisition to come through

• Further acquisitions through active capital recycling

OUTLOOK & GUIDANCE

• Scarce supply of Grade A product in CBD

• Investment markets with strong momentum for Prime CBD assets

• Confirmed EPS Guidance 2021 & 2022

• Recurring EPS 2021: €22-25Cts per share
• Recurring EPS 2022: €27-30Cts per share

APPENDICES

Project pipeline – solid value creation potential

• Prime Project pipeline delivery on track

• 4 out of 9 projects to be delivered during 2021

• Significant capital value creation potential to be crystalized

		Project	City		% Group Delivery	GLA (sqm)	1 Total Cost €m	Yield on Cost
	1	Diagonal 525	Barcelona CBD	100%	Delivered	5.706	41	≈ 5%
months	2	Miguel Angel 23	Madrid CBD	100%	2H 21	8.204	66	5- 6%
<12	3	83 Marceau	Paris CBD	82%	2H 21	9.600		154 5.5- 6.0%
	4	Velazquez 88	Madrid CBD	100%	2H 21	16.164	116	6- 7%
	5	Biome	Paris City Center	82%	2H 22	24.500	283	≈ 5%
months >12	6	Plaza Europa 34	Barcelona	50%	2H 22	14.306	42	≈ 7%
	7	Sagasta 27	Madrid CBD	100%	2H 22	4.896	23	6- 7%
	8	Mendez Alvaro Campus	Madrid CBD South	100%	2023	89.872	323	7- 8%
	9	Louvré SaintHonoré	Paris CBD	82%	2024	16.000	215	7- 8%
		TOTAL PIPELINE				189.248	1.264	6- 7%
	1	Total Cost Finished Product = Acquisition Cost/ Asset Value pre Project + future Capex

1 Total Cost Finished Product= Acquisition Cost/Asset Value pre Project + total Capex to be invested

2 GAV 12/20 + Pending Capex as of 31/12/20

3 GAV 6/21 + Pending Capex as of 30/06/21

4 Stabilized Rent capitalized at estimated exit yield

• Significant value creation potential

• Delivery well balanced

• 4 Projects during 2021
• 3 Projects in 2022
• 2 Projects in 2023/24

CONTRACT PORTFOLIO 1H 2021 MATURITIES – DELIVERY YTD ON TRACK

Between 5 and 10 years 42%

1H 21 MATURITIES – HIGH LOYALTY CLIENTS 1H 21 MATURITIES MANAGEMENT ON TRACK

1H 21 clients with 9 years of loyalty, half of them in Madrid

% on annualized 06/21 Topped-Up Group GRI¹

<5 years 5%

>10 years 53%

Strong 1H 2021 Collection rates APPENDICES

• 100% Group Offices in Q2 21

• 100% Madrid & Barcelona Offices in Q2 21

• 100% Group Offices in H1 21

COLLECTION RATES DURING COVID-19

Solid Group Net Rental Income APPENDICES

• Net Rental Income +2% like for like

• Paris with +5% Net Rental Income

• Strong Paris performance offsetting temporary correction in Barcelona

June cumulative - €m	2021	2020	Var	LFL
Rental revenues Group	155	177	(13%)	2%
EBITDA rents Group	143	165	(13%)	2%
EBITDA rents Paris	83	86	(4%)	5.3%
EBITDA rents Madrid	38	51	(25%)	0.3%
EBITDA rents Barcelona	20	24		(16%) (4.8%)

NET RENTAL INCOME – LIKE-FOR-LIKE OF +2%

• Paris total portfolio with a significant increase of +5% like-for-like in Net Rental Income

• Offices at +3% like for like
• Additional positive like for like driven by reopening of Hotel Indigo

APPENDICES

Investment markets for prime product remain active

• Paris CBD an attractive target for International Investors

• Pricing above appraisals for Core product in CBD

S RI A P		Théodore (2Q 2021)	CBD	€80m	3,400 sqm	2.48% Yield
		260 Boulevard Saint Germain (2Q 2021)	City center	€34m	1,600 sqm	€21,250/sqm
		17 avenue Hoche (1Q 2021)	CBD	€80m	2,300 sqm 2.75% Yield
		112 Wagram (4Q 2020/1Q 2021)	CBD	€120m	5,500. sqm	2.0x Value creation <2.80% Yield
		9 Av. Percier (1Q 2021)	CBD	€143m	6,300. sqm	1.8x Value creation <2.80% Yield
	Source: public information, press and consultants

APPENDICES

Investment markets for prime product remain active

• Barcelona leading the investment market in Spain specially in the 22@ district

• Investor appetite with increased momentum for Prime in Madrid

APPENDICES A solid capital structure

• Long-term financing profile with extended debt maturities

• €2.4bn of liquidity covering debt maturities until 2025

• A solid financial structure with competitive financing costs

Extension of Debt Maturities							A Solid Financial Structure
Bond issuance Spain: 2023/24 ---> 2029								31/12/2020	30/06/2021	Proforma (1)
								Net Debt	€4,582m	€4,389m	€4,636m
								LTV	36.2%	34.6%	36.5%
		Maturity profile of debt facilities -		€bn
								Drawn Facilities	€0m	€0m	€0m
								Unutilized Facilities	€2,040m	€2,040m	€2,040m
								Total Facilities	€2,040m	€2,040m	€2,040m
								Cash	€269m	€398m	€39m
								Liquidity	€2,309m	€2,438m	€2,079m
								Debt Maturity Group	5.2 years	5.2 years	5.3 years
								Non-Mortgage debt	94%	94%	94%
								Cost of Debt Group	1.70%	1.69%	1.61%
	Debt	dues in	€m		Undrawn	facilities	in €m

© Colonial