Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Jul 29, 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 27 de julio de 2020 con número de registro 3635, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al primer semestre de 2020, que se celebrará hoy miércoles día 29 de julio de 2020 a las 19:30 horas (CET) a través de un webcast.

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

Desde España: +34911140101 + Pin Code 52982832# Desde Francia: +33 185654601 + Pin Code: 52982832# Desde Holanda: +31207095119 + Pin Code 52982832# Desde el Reino Unido: +442071943759 + Pin Code 52982832# Desde USA: +1 6467224916 + Pin Code 52982832#

La presentación online será visible a través del siguiente link:

https://onlinexperiences.com/Launch/QReg/ShowUUID=912B12CE-1398-4EF4-89B6-344BD91774B1

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

En Madrid, a 29 de julio de 2020.

First Half Results 2020

July 2020

By attending this presentation and receiving this document, you are agreeing to be bound by the following limitations. Any failure to comply with these restrictions may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal liabilities.

This document is strictly confidential and is being furnished to you solely for your information. It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.

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 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.

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 contains 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 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.

01	Highlights

• Covid-19 Client Management 02_
• Market Update 03
• Operational performance 04
• Financial performance 05
• Non Financial Highlights ESG 06
• Prime Positioning enhances Resilience 07
• Conclusion 08

Solid results with resilient Q2

Highlights Solid results with resilient Q2 01

SOLID FIRST HALF RESULTS

• Total Shareholder Return 2019 of +8.4% YoY

• EPRA NAV of €11.21€ per share: +7% YoY

• Gross Asset Value of €12.2bn, +4% like-for-like YoY

• Gross Rental Income of €177m, +1% like-for-like

• Net Rental Income of €165m, +4% like-for-like

• Recurring earnings of €83m, +20% YoY

• Recurring EPS of €16.24cts. per share, +20%

• Group Net Profit of €(26)m

SOLID FUNDAMENTALS - RESILIENT PRIME POSITIONING

• Occupancy of 96%

• Letting activity ongoing with good terms

• Positive Release Spreads and Rental Growth

• Project Pipeline with 33% pre-lets

• Disposal of non-core assets on track

Financial Results remain solid in Q2 – Defensive prime positioning

• Total Annual Shareholder Return of +8.4%, flat in 1H 20

• Net Asset Value of 11.21€/share +6.5%

• Recurring EPS of 16.24€Cts/ share, +20%

Total Annual Return - € per share	1H 20	6M	YoY
TOTAL SHAREHOLDER RETURN		(0.5%)	+8.4%
EPRA NAV - €/share growth	11.21	(2.2%)	+6.5%

Profit & Loss - €m	1H 20	YoY Var
Gross Rental Income	€177m	+2% LFL
Net Rental Income	€165m	+5% LFL
Recurring Net Profit	€83m	+20%
Recurring EPS	€16.24cts/share	+20%

Strong Capital Value Growth (GAV)	1H 20	6M	YoY
Group like-for-like	€12,164m	(0.2%)	+4%
Madrid like-for-like		(2%)	+1%
Barcelona like-for-like		(2%)	+5%
Paris like-for-like		+1%	+6%

Balance sheet - €m	1H 20	YoY Var
GAV Group	€12,164m	+4 LFL
EPRA NAV	€5,697m	+6.5%

A solid capital structure	06/20
LTV	36.6%
Liquidity	€2,488m
Rating S&P	BBB+ Stable

Highlights 01

Solid fundamentals driving top line growth

• Outstanding NRI Like for Like growth of +4%

• Double digit Release Spread & Superior Rental Growth

• Strong CBD positioning with high Paris exposure

Solid Fundamentals		1H 20
EPRA Vacancy		4%
Volume of sq m signed		42,247
# transactions signed		32
Outstanding GRI like for like	1H 20	YoY Var
Group like-for-like3	€177m	+1%
Offices Like-for-Like3 & 5	€172m	+3%
Madrid like-for-like3		+7%
Barcelona like-for-like3		+9%
Paris like-for-like3		(0.8%)

Outstanding NRI like for like	1H 20	YoY Var
Group like-for-like3	€165m	+4%
Offices Like-for-Like3 & 5	€161m	+5%
Madrid like-for-like3		+16%
Barcelona like-for-like3		+14%
Paris like-for-like3		(1%)

(1) Rental prices signed vs previous rents

(2) Rental prices signed vs ERV 12/19

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

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

(5) Office portfolio + Prime retail of Galeries Champs Elysées and DAU Pedralbes

Madrid Paris

+6% +10%

02 Covid-19 – Client Management

Proactive management in key areas of the company

COVID-19 – Agreements & discounts 02 Covid-19 – Client Management

• Conversations with circa 41% of clients

• Agreements almost finalized Spain with agreements on all files

• Discounts in very limited cases: 2% impact YTD on annual GRI

10

COVID-19 – Agreements & deferrals 02 Covid-19 – Client Management

• Agreements almost finalized Spain with agreements on all files

• Deferrals in exchange of longer-term maturities

• Secured future GRI of €40m YTD through longer maturities

11

Scarcity in Prime Product

Market Rental Markets 03

Market CBD Rental Market 03

• In the three markets, 2Q 2020 rental prices continued in line with prior quarter for prime location assets

• CBD rental transactions decreased due to COVID-19 crisis and the scarcity of grade A product

A N O L	Diagonal 609 Prime CBD	28 €/sqm/month	1,245 sqm	Diagonal 616 Prime CBD	26 €/sqm/month	1,063 sqm
E C R A B	Diagonal 409 Prime CBD	25 €/sqm/month	510 sqm	Diagonal 682 Prime CBD	25 €/sqm/month	322 sqm
D RI D	Velázquez 34 Prime CBD	37 €/sqm/month	968 sqm	Serrano 47 Prime CBD	41.5 €/sqm/month	329 sqm
A M	Hermosilla 11 Prime CBD	37 €/sqm/month	196 sqm	Torre Picasso Prime CBD	35 €/sqm/month	330 sqm
S	83 Marceau Prime CBD	+++ €/sqm/year	6,500 sqm	16 Matignon Prime CBD	860 €/sqm/year	1,500 sqm
RI A P	39 Tour Mabourg Prime CBD	820 €/sqm/year	1,700 sqm	36 La Fayette Prime CBD	760 €/sqm/year	5,400 sqm

Market 03

Investment Markets – prime remains resilient

(1) Market consultants in Spain report gross yields and in France they report net yields 10 year Bond as of 31 December 2019

Source: JLL, CBRE & Bloomberg

Unparalleled exposure to CBD

Letting activity remains solid in Q2 2020 – Contracts signed in good terms

(2) Rental prices signed vs ERV 12/19

(3) Maturity until expiry of the contract

(4) Financial vacancy calculated according to EPRA methodology

(5) Rental prices signed vs previous rents

Letting activity remains solid in Q2 2020

• More than 28,000 sqm signed in Q2 2020

• Covid19 months 2on quarter letting activity higher than 1st quarter (PreCovid)

• Solid rental levels with healthy maturities

Rental Price levels remain solid in 2Q 2020

• Price levels remain solid in every segment

• Releases Spreads double digit in Spain & France

• Rental Prices +11% vs ERV 12/19

SOLID INCREASE IN RENTAL PRICES

(1) Signed rents vs previous contracts (renewals)

(2) Signed rents vs 12/18 ERV (new lettings & renewals)

(3) Signed rents vs 12/19 ERV (new lettings & renewals)

GROWTH ON SIGNED RENTS¹

Diagonal 609

Sant Cugat

Castellana 163

Marceau

Torre BCN

Washington Plaza

RELEASE SPREAD²

Via Augusta

Diagonal 609-615

Washington Plaza

Letting activity remains solid in April & May 2020

• Unique asset in Paris Prime location

• Project design with the highest environmental standards

• Pre-let of more than 6,000 sqm with AAA tenants

PRIME ASSET IN PRIME POSITION

RESILIENT PRODUCT ATTRACTING TOP TENANTS

Top Tenants

• More than 6,000 pre-let with Goldman Sachs for its Paris HQ

• 12 years lease with 9 years with mandatory compliance
• Remarkable transaction with very satisfactory terms
• Unique/ flexible product to attract and retain talent

• Just 1,400 sqm left available, project delivery in 2H 2021

The Best Product

• Unique location, at 150 meter from Place de l'Étoile.

• Fully redesigned by French talented Dominique Perrault's architect.

• Six-storey property features an interior courtyard and terraces offering outstanding views of the Arc de Triomphe.

• Hybrid building offering meeting areas and high-quality services

• Best environmental standards with highest technical performances.

Vacancy at very healthy levels in every segment

• Group & Office portfolio vacancy at a healthy 4%

• Paris at 2% excluding 103 Grenelle entry into operation

• Group at 3% vacancy excluding 103 Grenelle entry into operation

EPRA VACANCY

Vacancy at very healthy levels in every segment

• Group & Office portfolio vacancy at 4%

• 1% of new vacancy due to entry in operation of Renovation Program asset Grenelle

• Available space in Madrid and Barcelona, mainly in secondary locations

EPRA VACANCY

Logistics disposal – Execution of Call Option confirmed

• Settlement of Call Option signed in 2019

• €100m cash proceeds in July

• €64m cash proceeds in Q4 2020

LOGISTICS PORTFOLIO DISPOSAL LOGISTICS PORTFOLIO DISPOSAL – SECOND PHASE

In August 2019 Colonial signed the disposal of its logistics portfolio which included a call option for part of them

In July 2020, the call option has been executed:

• It includes 7 assets with 159,000 sqm in the first and second ring of Madrid

• The assets include more than 150 decks, cross docking warehouses and more than 1,000 parking units

• The 7 assets have Bream or Lead energy efficiency certificates

• €100m cash proceeds in July 2020

• €64m cash proceeds in Q4 2020

A good start into the year 2020 with solid financials

Financial performance Strong top line growth 05

• Gross Rental Income +2% and +1% like for like

• Office portfolio GRI +7% and +3% like for like

• Madrid and Barcelona outstanding GRI growth

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
• 4) Including indemnities

Like-for-like rental growth price driven

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

• Barcelona fully price driven

• Madrid growth driven by a combination of price and volume

GROSS RENTAL INCOME - €M

STRONG EPRA LIKE-FOR-LIKE GROWTH

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

NRI like for like growth at +5% like for like

• Net Rental Income like-for-like increase at +4%, +5% like for like

• Barcelona and Madrid with outstanding NRI growth

• Like-for-like growth in 1H20 accelerating by 95 bp YoY

LIKE-FOR-LIKE VARIANCE¹ – NRI

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

Strong underlying growth in Asset Values

• Gross Asset Value of €12,164m (€12,773m including transfer costs)

• +4% like for like YoY growth, flat in 6 months

• Paris outstanding with +6% like for like YoY (+1% in 6 months)

Financial performance Strong underlying growth in Asset Values 05

• (0.2%) like for like Capital Value Growth in 1H 2020

• Positioning in Paris CBD offsetting slight decline in Spain

• Strong Alpha component of +1.2% (Project Delivery)

Profitable growth with enhanced quality

• High double digit recurring EPS growth

• NRI growth the main profit driver

• Non-Core Disposals enhancing the quality of returns

(1) Recurring EPS

Profitable growth with enhanced quality

• Recurring Earnings is high double digits

• Stabel dividend based on strong cash flow generator

• Net profit at €(26)m driven by asset revaluation

PROFIT & LOSS ACCOUNT

1H 2020
	+6% LFL
	+
	+

Recurring Earnings - €m	83	69	+20%
Nosh (mm)	508	508	-
EPS recurring - Cts€/share	16.24	13.51	+20%

STRONG DPS GROWTH

DIVIDEND PER SHARE

Cts€/share

Ongoing access to debt markets and liquidity

• Investment Grade Rating confirmed

• €200m of ESG loan signed in Spain and €150m in France

• €500m successful bond issuance in France

	Investment Grade Rating Confirmed	New loans signed	Bond issuance in France
Credit Rating confirmed		New ESG loan in Spain – €200m	Successful issuance in bond market
		✓ Top tier international banks	✓ €500m
✓	S&P maintains rating at BBB+		✓ 1.5% fixed coupon
✓	Moody's maintains rating at Baa2	✓ All in cost of 137 bp	✓ 7 years maturity
		✓ Linked to GRESB rating	✓ 4x oversubscription
			✓ 60% allocation in France
	BBB+ ✓		By country By investor type
	stable	Revolving Credit Facility in France - €150m	Rest of Banks Europe 2% 11% Official Instit
	Baa2 ✓ stable	✓ Increased amount with €150m	14% Benelux 7% Germany Insurance Asset France 8% 16% Manag 60% ers
		✓ Extension of maturity until 2025	68% UK 14%

✓ Unsecured debt

• A solid capital structure

• An unparalleled high-quality collateral diversified in three cities

• A solid financial structure with competitive financing costs

• A strong credit profile

FIRST CLASS COLATERAL

More than €12bn of high quality assets

• 1. Strong CBD exposure with prime product
• 1. Highest sustainability standards
• 1. Adequate diversification

Strong credit profile with solid investment grade rating

Rating Standard & Poor's BBB+ Stable Outlook

Rating Moody's Baa2 Stable Outlook

A SOLID CAPITAL STRUCTURE

	31/12/2019	30/06/2020
GAV	€12,164m	€12,196m
Cash	€217m	€773m
Net Debt	€4,609m	€4,644m
Group LTV	36.1%	36.6%
Debt Maturity	Group	4.8 years
Debt Maturities 2020-21 - €m
		(1) €352m
Non-Mortgage	debt	95%
Cost of Debt	Group	1.69%
Cash		€773m
Undrawn	Balances	€1,715m
Liquidity		€2,488m

(1) Excluding ECP Program

Solid Total Shareholder Return

• +8.4% Total Annual Shareholder Return YoY, flat in 6 months

• EPRA NAV of 11.21 €/share, +6.5% YoY

• EPRA NAV per dividend of 11.41€/share, flat vs 12/19

"Alpha" approach providing resilience in downturns

• Total Return (NAV pre dividend) almost flat vs 12/19 and +8,4% YoY

• Project Delivery providing asset value growth +5% YoY and +1% vs 12/19

• Recurring EPS providing cash flow base for dividend

Strong Commitment on ESG & Decarbonization

Maximum Energy Efficiency Standard 06 Non Financial Highlights - ESG

Non Financial Highlights - ESG Strong Commitment to ESG & Decarbonization 06

COLONIAL ALIGNED WITH PARIS AGREEMENT

• Objective of carbon neutral portfolio in 2050

• Objective of a 75% carbon reduction until 2030¹

CARBON EMISSIONS – PORTFOLIO LIKE FOR LIKE

2015 – 2019 (KgCo2e/sqm)

2018 – 2019
(KgCo2e/sqm)

SIGNIFICANT REDUCTION OF THE CARBON FOOTPRINT

SCOPE 1, 2 & 3 – ABSOLUTE FIGURES- (tCO2e)

SCOPE 1 & 2 – FIGURES LIKE FOR LIKE

Portfolio like for like

Office portfolio in operation

Non Financial Highlights - ESG Building the 1st Wood Office Building in Spain 06

Opportunity to build the 1st Wood Office Building in Spain

• Small premise of 2,500sqm above ground

• Good location in the 22@ area of Barcelona

• JV partnering with Family Office of Barcelona, current owner of the land & project

ESG Investment – "Decarbonization Laboratory"

• A building of wood has significant advantages in reducing the carbon footprint

• Circa 50% in carbon emissions during construction
• Waste reduction modular property with many prefabricated parts
• Significant carbon storage (through wood structure)
• Reduced mass to be heated / cooled

• Trade-off Decarbonization vs. Economics

• A wood building seems to have higher construction costs
• However, construction should be faster
• Clear economic trade-off

06 Non Financial Highlights - ESG Located in 22@, one of the fastest-growing business districts in Spain

WittyWood - Barcelona 22@

• First office building built entirely of wood in Spain

• Located in 22@, Barcelona's burgeoning technological district, home to over 8,800 firms

• Plot is situated in one of Barcelona's 22@ most dynamic areas: Poblenou's Rambla

• Surrounded by multinational companies (e.g. Glovo, General Electric) and flex Buildings

• Excellent public transport services and amenities in the vicinity

A diversified Core CBD Portfolio with a strong balance sheet

07 Defensive Prime Positioning

RESILIENCE THROUGH PRIME POSITIONING

✓ A super Core CBD Portfolio

✓ AAA Clients with strong solvency

✓ A defensive Project Pipeline

✓ Flight to quality

Defensive Prime Positioning A A Super Core CBD Portfolio 07 1

• Colonial as largest office owner in the City Center of Madrid, Barcelona and Paris

• Strong market share in CBD

• Prime positioning enhances resilience

Defensive Prime Positioning A A Super Core CBD Portfolio in Paris 07 1

• Strong footprint in Paris through SFL

• Unparalleled CBD exposure, far beyond any other peer

• Strong fundamentals in the city centre of Paris with significant lack of supply

WITH UNPARRALLELED CBD EXPOSURE … STRONG FOOTPRINT IN PARIS … BENEFITTING FROM STRONG

• €7,2Bn exposure to super prime

• 98,5% of portfolio inside Paris city centre

SFL portfolio Peers Assets in CBD > 15,000 sqm 10 1 0 0 COL Peer 1 Peer 2 Peer 3

FUNDAMENTALS

• Paris CBD market with 1.6% vacancy

• Less than 150.000 sqm of high quality supply in the City Center

• Long term take-up well above current supply

Defensive Prime Positioning 07

A A Super Core CBD Portfolio with solid valuationn levels 1

• Prime Yields at very attractive spreads compared to reference rates

• Colonial portfolio at prudent valuation levels

• Prime product with defensive metrics

VALUATION YIELDS (1)

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

07 Defensive Prime Positioning

1A A Super Core CBD Portfolio – Investment transactions since Covid-19 crisis

• Investment market for CBD Offices remains active

• Markets continues with solid transaction prices YTD

CONTRACT PORTFOLIO 2020 MATURITIES – DELIVERY YTD ON TRACK

50

Defensive Prime Positioning AAA Clients with strong solvency 07 2

• Reversion as solid cash flow "buffer"

• Contract Portfolio under-rented

• Delivery of high release spreads YTD

07 Defensive Prime Positioning 3 A defensive project pipeline

Close to €30m of pre-let secured

• Significant Pre-let level with AAA tenants

• Top Product in unique locations

							GRI –	Project Pipeline
						87% Pre-let			12/2019	Current
						100% Pre-let
						80% Pre-let		peline Total	25% Pre-let	33% Pre-let
								Pi
								mitted peline	40%	52%
								m Pi Co	Pre-let	Pre-let
						100% Pre-let

GRI Pre-Let €m

07 Defensive Prime Positioning

3 A defensive project pipeline

Yield on cost confirmed and enhanced

• Significant Pre-let level with AAA tenants

• Top Product in unique locations

								GRI – Path to reversion
					87% Pre-let
					100% Pre-let						55 57	436 449
					80% Pre-let
									28	381 392
								353 364
					100% Pre-let			Group GRI Group GRI 12/19 6/201	Secured project Pipeline	Proforma I	Rest of pipeline	Full project reversion

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

Yield On Cost – Project Pipeline

Defensive Prime Positioning 07

Flight to quality through active asset management 4

• Ongoing flight to quality through disciplined capital allocation

• Disposal of non-core asset for €1.4bn

• Increasing the prime exposure and defensive profile of our portfolio

INVESTMENTS & DIPOSALS SINCE 2015 - €m

SOLID FIRST HALF RESULTS

• Total Shareholder Return 2019 of +9% YoY

• Net Asset Value €11.21/share (€11.41/share pre-dividend)

• A prime CBD portfolio with defensive value

• ✓ Total Group: (0.2%) like-for-like in 6 months
• ✓ Paris +1% like-for-like in 6 months

• Solid growth in Income

• ✓ GRI of €177m, +2% & 1% like-for-like
• ✓ Solid growth in NRI, +5%, +4% like-for-like

• Recurring earnings of €83m, +20% YoY

• Recurring EPS of €16.24cts. per share, +20%

SOLID FUNDAMENTALS - RESILIENT PRIME POSITIONING

• Scarce supply of high quality product

• Q2 2020 Letting activity in good terms

• ✓ Rents signed +11% vs ERV 12/19
• ✓ +32% Release Spread
• ✓ Occupancy at healthy 96%

• Project Pipeline with 33% pre-lets

• Investment markets for prime product remain active

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

APPENDICES

A solid platform to capture future growth

• Solid intrinsic growth profile of CBD portfolio

• Colonial well-positioned to capture reversion

• Significant future value creation through CBD Project pipeline

Current Uplift Potential Passing GRI ¹ – (€m) PRIME POSITIONING ⁴

1 Topped-up passing GRI

2 Logistics portfolio available for sell

3 Renovation program & GLI under repositioning

4 Breakdown based on GAV 6/20

APPENDICES

A solid capital structure

• An unparalleled high-quality collateral diversified in three cities

• A solid financial structure with competitive financing costs

• A strong credit profile

FIRST CLASS COLATERAL

More than €12bn of high quality assets

• 1. Strong CBD exposure with prime product
• 1. Highest sustainability standards
• 1. Adequate diversification

Strong credit profile with solid investment grade rating

Rating Standard & Poor's BBB+ Stable Outlook

Rating Moody's

Baa2 Stable Outlook

Capital Structure	31/12/2019	30/06/2020
Net Debt	€4,609m	€4,644m
Group LTV	36%	36.6%
Liquidity	€2,082m	€2,488m
Maturity Spain Maturity Group	5.6 years 4.9 years	5.1 years 4.9 years
Cost of Debt Group	1.63%	1.69%

A SOLID FINANCIAL STRUCTURE

APPENDICES Creation of Hybrid products – Fix, Flexible & Additional Services

• Delivery of two new hybrid office buildings within Colonial's portfolio during 1H

• Enhancement of user experience through the combination of flexible product and new contents

• Prime locations and customer centric contents allows for talent attraction

NEW CENTERS IN Q120

Castellana 163 - Madrid

• Prime location in the CBD of Madrid

• 3,600 sqm of flexible space within a Colonial building

• New Hybrid product: combination of traditional and flexible offices in

the financial area of Madrid

Torre Marenostrum - Barcelona

• Prime location in the 22@ of Barcelona

• 3,850 sqm of flexible space in front of the sea

• New Hybrid product in the Barceloneta, a highly sought after neighbourhood for international companies and digital start-ups

traditional flex

© Colonial