Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Dec 9, 2020

De conformidad con lo establecido en el artículo 228 del texto refundido de la Ley del Mercado de Valores (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 el siguiente

OTRA INFORMACIÓN RELEVANTE

Como continuación a la comunicación de información relevante publicada con fecha 9 de diciembre de 2020 con número de registro 6073, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a su Capital Markets Day, que se celebrará hoy miércoles día 9 de diciembre de 2020 a las 18:00 horas (CET) a través de un webcast.

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

Desde España: +34911140101 + Pin Code 13380907# Desde Francia: +33185654601 + Pin Code 13380907# Desde Holanda: +31207095119 + Pin Code 13380907# Desde el Reino Unido: +442071943759 + Pin Code 13380907# Desde USA: +1 6467224916 + Pin Code 13380907#

La presentación online será visible a través del siguiente link:

https://onlinexperiences.com/Launch/QReg/ShowUUID=0C10F174-1A72-4E8F-B5AE-DDD6D8E17E28

En Madrid, a 9 de diciembre de 2020.

Colonial – Capital Markets Day CORPORATE STRATEGY Mr. Pere Viñolas

2020

Chief Executive Officer Madrid 09/12/20

By accepting this presentation and/or by attending this presentation, you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer. The information contained in this presentation ("Presentation") has been prepared by Inmobiliaria Colonial, SOCIMI S.A. (the "Company") and has not been independently verified and will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation. None of the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the Company's publicly available information and, if applicable, the oral briefing provided by the Company. 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.

This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information.

This Presentation could contain financial information regarding the businesses and assets of the Company. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total.

Certain statements in this Presentation may be 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. Any 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 that may be 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.

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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.

Introduction & Guidance 01

• Introduction & Guidance 01
• A strong Prime Platform 02_
• Conclusion & Guidance 03

GUIDANCE

Profit & Loss 1

• Top Line GRI 2020E €338m

• EPS 2020E €26cts

• 2020/21 transition years to reload growth

• 2022 Onwards double-digit EPS growth

Acceleration on ESG with strong commitment 2

• GREB 2020 Rating at high end, +17% YoY

• Vigeo 2020 Rating at high end with strong YoY momentum

• CDP 2020 Score at A- confirming decarbonization leadership

• 2020 Carbon Footprint decrease ongoing

Capital Recycling - Ongoing Flight to Quality 3

• €240m Disposals YTD delivered

• Guidance on further disposals confirmed circa €300m

• Project Pipeline maintains momentum

• Selective acquisitions in the mid term

A STRONG PRIME PLATFORM

• ✓ Efficiency: Prime Product in the CBD 1
• ✓ Environment: Excellence on ESG & Decarbonization 2
• ✓ Experience: Attracting AAA clients with strong solvency 3

✓ Ongoing Flight to Quality

4

✓ Solid Returns through Prime Factory Approach

Efficiency: Prime Product in the CBD

• Prime location portfolio with CBD exposure of 76%

• Diversified multitenant exposure

• CBD portfolio focused on large assets with efficient floor plates

PORTFOLIO STRATEGY

EFFICIENT LARGE-SCALE PORTFOLIO

A strong Prime Platform A Efficiency: Prime Product in the CBD 02 1

Colonial the largest office owner in the City Centre of Madrid, Barcelona and Paris

• Strong market share in CBD

• Prime positioning enhances resilience

Scarcity Play: Grade A stock in CBD very low in every city

• Grade A availability in Barcelona and Paris below 1%

• Grade A availability in Barcelona at 8,000 sqm and in Paris and Madrid at 60,00 sqm each

02 A strong Prime Platform 1A Efficiency: Prime Product in the CBD

Low rise assets with wide floor plates increases tenant efficiency

80% of the assets have less than 10 floors

1,948 sqm/floor

86% of the assets have floor plates of more than 1,000 sqm

11

Colonial portfolio focused on low rise assets

• Colonial has one of the most efficient portfolio among office peers

• European companies have clear strategy for efficient assets

1A Efficiency: Prime Product in the CBD 02 A strong Prime Platform

Efficient product design enables multitenant assets with high tenant diversification

• More than 334 clients with surface below 5,000 sqm

• Low number of large headquarters in our portfolio

FLEXIBLE MODULAR ASSET DESIGN FAVOURING MULTITENANT STRATEGY

More than 350 clients with an average of 2,462sqm per client

Colonial's Office TOP 50 Clients per occupied space – GLA / Client

Low dependance on big clients

COLONIAL MULTITENANT ASSET STRATEGY

• A typical Colonial Multitenant asset:

• Anchor tenant

• Other multinationals from diversified sectors

• Services and amenities

Hybrid office products (traditional + flex) as complementary tool to adapt to client needs

• Traditional clients gain flexibility

• Combination with flexible space increases occupancy and reduces volatility

THE CASE FOR PARC GLORIES BARCELONA

BENEFITS OF HYBRID PRODUCTS

Flexible Office Proposition as complement

Environment: Excellence on ESG & Decarbonization

• ESG Committee at C-Level ensures momentum on operational ESG Strategy implementation

• Colonial fully aligned with Paris Agreement

  • Objective of carbon neutral portfolio in 2050
  • Objective of a 75% carbon reduction until 2030¹

• Granular Decarbonization Business Plan asset by asset with specific actions on Scope 1, 2 & 3

• PropNet technology developed exclusively by JohnsonControl for Colonial to optimize energy consumption of the portfolio

Significant momentum in carbon reduction YTD

STRONG COMMITMENT ON ESG & DECARBONIZATION CBD POSITIONING ENHANCES LOWER SCOPE-3 CARBON FOOTPRINT

• Implementation of a mobility analysis regarding the carbon footprint of our tenants

• Public transportation consumes 7 times less than private transportation

• Mobility to secondary assets mainly by private transport

CBD assets with its easy access to public transportation enhances sustainable mobility

Case	Lives in		Public Transport		Private Transport
		CBD	Secondary		Secondary
Employee 1	City Center	7	121	51	895
Employee 2	North of Town	131	112	974	830
Employee 3	South of Town	208	262	1.545	1.948
Average - KgCo2e per year		115	165	43% 857	1.225 43%

Leed/ Breeam Certificates

Transformation of assets from "Brown" into "Green Assets" is an essential part of Colonial's Prime Factory Approach

• Refurbishments have much larger impacts on decarbonization than optimization of recurring operative energy consumption

• More than 191,000 sq m (16 assets) transformed in the last years with energy & carbon footprint optimization

• Ongoing improvement of energy efficiency standards through ongoing repositioning

• Overall strong impact on asset value creation

DECARBONIZATION THROUGH PRIME FACTORY APPROACH CONTINUOS IMPROVEMENT OF HIGH END SUISTAINABILTY STANDARDS

Breeam Certificates – Value Leed Certificates – Value

Selected Examples

CDP Score at A- confirming decarbonization leadership

• Scoring of A- : well above Europe regional average and Financial services sector

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

Colonial GRESB Rating at the High End of the Sector

• Scoring of 90 out of 100 GRESB 5 Star Rating well above average & peers

• Strong momentum: +48% in 2 years & +17% YoY (+13 pts)

GRESB SUSTAINABILITY RATING 2020 RESULTS

ESG DIMENSION – REAL ESTATE BENCHMARK

Colonial GRESB Rating at the High End of the Sector

• Scoring of 90 out of 100 GRESB 5 Star Rating well above average & peers

• Strong momentum: +48% in 2 years & +17% YoY (+13 pts)

GRESB SUSTAINABILITY RATING 2020 RESULTS

Colonial outperforming on the Gresb Benchmark on absolute Score & Momemtum

• Colonial obtains an A1 rating Top 5% of all 4835 companies rated by Vigeo (9 th of 86 within the Financial Services)

• Outperforming the sector average on every Risk & Management Performance KPI with strong YoY momentum

VIGEO SUSTAINABILITY RATING 2020 RESULTS

ESG at the Core of Colonial's Strategy

• Strong Commitment to ESG & Decarbonization

• More than €1.2bn of green financing

A STRONG STARTING POINT

1 Aligned with Paris Agreement

• 2050 Carbon Neutral

• (70%) Decrease in carbon emission since 2015¹

2 Decarbonisation laboratory

• 1st wood office building in Spain

• Leader in Energy Efficiency standards 3

  • 93% of portfolio Leead/ Breeam certificates

• 4 €1.2bn of Green financing in 2020
• High scorings in ESG benchmarks with positive momentum 5

2020 ONWARDS POSITIVE MOMENTUM EXPECTED

4 th year EPRA sBPR Gold Award in a row

• High Vigeo 2020 Score with strong YoY Momentum

• Leadership A- 2020 Score on CDP

Accelerating momentum in 2020 and onwards

Experience: Attracting AAA clients with strong solvency

02 A strong Prime Platform 3 Experience: Attracting AAA clients

Future take-up to be driven by factors such as wellbeing and mobility

• Covid-19 has accelerated trends already existing

• Lockdowns have strongly emphasized the social role of offices

5. Cultural factors and Legal framework

interactions humaines et de fait à limiter les échanges intergénérationnels n'est pas un avenir humain

A strong Prime Platform 02 Experience – Paris workplace survey 3

Offices are places were people want to go because they have experiences

• Office should be spaces were innovation and socialization takes place

• Commuting and location, key for enhancing the experience

INNOVATIVE AND CREATIVE SPACES

• People willing to go to offices to socialize

• Working at office improves long-term productivity

COMMUTING MATTERS

• Lower commuting retains talent

• Employees ready to reduce by 5% the salary

LOCATION KEY, PARTICULARY FOR YOUNGS

• Lower commuting retains talent

• Employees ready to reduce by 5% the salary

02 A strong Prime Platform 3 Experience: Attracting AAA clients

Social distancing favoring new trend of de-densification of office spaces

• Take-up on high density markets may benefit from de-densification

• Madrid & Barcelona as the cities with higher density in office

DENSIFICATION TREND TO REVERT

Sqm / WS - Average European Office Sector

High Densification Trend YTD pre Covid

Sqm/ WS reduction of 65% since 1990

COVID-19 will likely reverse the office densification trend

Sqm/WS ratio could increase by 25% in 2025¹ due to social distancing

and health protocols

Source: UBS, Cushman & Wakefield, Brookfield Research 1Brookfied Research 8/ 2020

OFFICE DENSITY PER MARKET

Sqm / WS -

• Take-up on high density markets may benefit from de-densification

• Madrid & Barcelona among cities with higher density in office

02 A strong Prime Platform 3 Experience: Attracting AAA clients – Optimizing Commuting

CBD locations optimize commuting time and enabled lower carbon footprint

• Employees spend 50% more time to reach secondary offices by public transport than CBD offices

• CBD assets reduce carbon footprint thanks to wider use of public transport by employees

MOBILITY ANALYSIS COLONIAL PORTFOLIO COMMUTING TIME CBD VS SECONDARY

Analysis of mobility within Colonial portfolio and the place of

residence of its employees – main conclusions:

1. CBD assets are easily reached by all its employees thanks to

radial network infrastructures of cities

• 1. Employees spent an average of 43' to reach the CBD HQ's
• 1. Employees spent an average of 64' to reach a Secondary office
• 1. Wider use of public transportation to reach CBD office
• 1. Secondary assets need the use of private transportation,

therefore increasing the carbon footprint

CBD Secondary CBD Secondary Employee 1 City Center 15' 57' 7' 24' Employee 2 North of Town 53' 41' 30' 18' Employee 3 South of Town 61' 95' 45' 45' Average - in minutes 43' 64' 50% 27' 29' 7%Lives in Public Transport Commuting Time in minutes Private Transport

MADRID

3 Experience: Attracting AAA clients with strong solvency

Attracting AAA clients with strong solvency through the Best Product & Best Location

• Low number of large headquarters in our portfolio

• More than 334 clients with surface below 5,000 sqm

(1) Topped Up GRI as of 12/19

(2) Loyalty of the main tenants maturity

3 Experience: Attracting AAA clients with strong solvency

Strong solvent tenant base with rated and listed companies along with other multinationals

• Portfolio attracting international clients

• Defensive client sector diversification

3 Experience: Attracting AAA clients – WFH with limited impact on demand

Reversion as solid cash flow "buffer"

• Contract Portfolio under-rented

• Ongoing delivery of high release spreads YTD

Renovation programs as rental growth accelerator

Ongoing Flight to Quality

Ongoing flight to quality through disciplined capital allocation

• Acquisitions of more than €2.9bn of assets reloading the Prime Exposure

• Disposals of more than €1.5bn of mature and/ or non-core product

ONGOING FLIGHT TO QUALITY THROUGH ACTIVE CAPITAL ALLOCATION

2020 Disposal program on track

• Delivery with premium to GAV

• Ongoing flight to quality through disciplined capital allocation

NON CORE – HOTEL & LOGISTIC Hotel Mojacar SECONDARY – OFFICES Logistic Portfolio Berlín Numancia Plaza Europa 42-44 DELIVERY ON DISPOSAL DATE 25 March 20 2 July 20 28 Sep 20 1 Dec 20 Total Disposals Dec 9 YTD sqm 11,519 97,968 18,150 95,622 223,259 ASSET Hotel Mojácar Logistic Portfolio I Secondary Offices BCN Logistic Portfolio II Total Price €m > €240m

Significant Premium on GAV 1.7x Acquisition Price

Solid returns through Prime Factory Approach

Prime Factory Approach enables Outstanding Total Shareholder Return

• +€6.7 per share in 5 years (+150%)

• +€1.34 per share per annum (+20% CAGR)

Alpha (Prime Factory asset transformation) has proved to be a significant driver in value creation

• +€3.5 per share through project delivery since 2014

• Significant Capital Value Creation since 2014, +150% (+6.7 €/sh of NAV)

Value Creation = GAV increase net of capex invested

Prime Factory Approach enables long term superior returns

• Sustained highest investment returns in Spain

• Outperformance on Stock Market

Prime Project Pipeline enabling sustained organic growth

• Significant Pre-let level with AAA tenants (34% of total pipeline)

• Yield on cost confirmed and enhanced

		87% Pre-let
		100% Pre-let
		86% Pre-let
		100% Pre-let

1 Topped-up GRI as of 6/20 excluding logistis & Castellana 163

Yield On Cost – Project Pipeline

Prime Platform enables attractive risk adjusted returns

• 2020/21 transition years to reload growth

• 2022 Onwards double-digit earnings growth (fully top line driven)

338 318 (10) (10) 25 19 54 47 Passing GRI 12/20 Indemnity Client Rotation 2020 Disposals 2020/2021 Adjusted GRI 12/20 Secured Project Pipeline Renovation Program Rest of Project Pipeline Reversion Price & Volume Potential GRI 12/20 CONSOLIDATING FLIGHT TO QUALITY ... 1. Managing Covid Impacts 2020/21 2. Completing the Disposal Program 3. Repositioning Contract Portfolio 4. Optimizing the Capital Allocation & Project Schedule 5. Strengthening the balance sheet 2020/21 – Consolidating Flight to Quality 1. Optimized Product & Contract Portfolio 2. Enhanced client value proposition - flexibility 3. Accelerating Project Cash Flow Delivery 4. Selective opportunistic acquisitions 5. Enhancing Prime Factory Capital Value Creation 6. High double-digit EPS growth from 2022 onwards 2021/22 – Reloading Growth STABILIZATION GROWTH ACCELERATION 1 2 2 2 2 2 +€145m +46% GRI Growth Profile €m 463 3

1 Guidance Full Year 2020 2 Topped-up passing GRI 3 Excluding Castellana 163 GRI post included in GRI 12/2020

… RELOADING GROWTH

A STRONG PRIME PLATFORM

✓ Efficiency: Prime Product in the CBD

✓ Environment: Excellence on ESG & Decarbonization 3

✓ Ongoing Flight to Quality

✓ Solid delivery on sustainable returns

GUIDANCE

Profit & Loss 1

• Top Line GRI 2020E €338m

• EPS 2020E €26cts

• 2020/21 transition years to reload growth

• 2022 Onwards double-digit EPS growth

Acceleration on ESG with strong commitment 2

• GREB 2020 Rating at high end, +17% YoY

• Vigeo 2020 Rating at high end with strong YoY momentum

• CDP 2020 Score at A- confirming decarbonization leadership

• 2020 Carbon Footprint decrease ongoing

Capital Recycling - Ongoing Flight to Quality 3

• €240m Disposals YTD delivered

• Guidance on further disposals confirmed circa €300m

• Project Pipeline maintains momentum

• Selective acquisitions in the mid term

APPENDICES MSCI European Property Investment Award

• Colonial awarded for the 4th year in a row by MSCI as best performing portfolio in Spain

• Colonial outperformed the Benchmark in 2019 and over last 3 and 5 years

• Spanish index benchmark made of 51 portfolios and 490 assets worth €19Bn

MSCI European Property Investment Award – Best Performer Spanish market 2019

Colonial has been awarded as Best Performing

specialist portfolio in the Spanish market in 2019

Colonial outperformed the Benchmark in 2019

and over last 3 and 5 years

Spanish index benchmark made of 51 portfolios and

490 assets worth €19Bn

2020

2019

Total Shareholder Return - Colonial (since june 2014)

Date	€/share			Return per	share
	NAV	Dividend	NAV+ Div	Growth NAV	Dividend	Total Return
06-14	4 49 ,	0	4 49 ,	-	-	-	43%
12-14	4 77 ,	0	4 77 ,	6%	-	6%	43%
12-15	6 16 ,	0	6 16 ,	29%	-	29%	42%
12-16	7 25 ,	0 150 ,	7 40 ,	18%	2 4% ,	20%	41%
12-17	8 60 ,	0 165 ,	8 77 ,	19%	2 3% ,	21%	31%
12-18	10 03 ,	0 180 ,	10 21 ,	17%	2 1% ,	19%	39%
12-19	11 46 ,	0 200 ,	11 66 ,	14%	2 0% ,	16%	36%
06-20	11 21 ,	0 200 ,	11 41 ,	-2%	1 7% ,	0%	37%

Total Return since 6/14 (NAV share growth dividends) per +
Dividend Return	20%
NAV growth	150%

© Colonial