Inmobiliaria Colonial Socimi S.A.

Investor Presentation • May 13, 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 6 de mayo de 2020 con número de registro 2056, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al primer trimestre de 2020, que se celebrará hoy miércoles día 13 de mayo de 2020 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 28665655# Desde Holanda: +31207095119 + Pin Code 28665655# Desde el Reino Unido: +442071943759 + Pin Code 28665655# Desde USA: +1 6467224916 + Pin Code 28665655#

La presentación online será visible a través del siguiente link:

https://event.on24.com/wcc/r/2329700-1/AC73714145D7B4E19B1993E64499AA60?partnerref=rss-events

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

En Madrid, a 13 de mayo de 2020.

First Quarter Results 2020

May 2020

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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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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.

• Highlights 01
• Covid-19 First impacts & Colonial's response 02_
• Market Update 03
• Operational performance 04
• Financial performance 05
• Prime Positioning enhances Resilience 06
• Conclusion 07

PRESENTING MANAGEMENT TEAM

Pere Viñolas Chief Executive Officer

Carmina Ganyet Corporate Managing Director

Carlos Krohmer Chief Corporate Development Officer

A good start into the year 2020 pre-covid

Highlights 01

A good start into the year 2020 pre-covid

COVID19 – COLONIAL'S REPSONSE & IMPACTS

• Employees and Clients safety in management focus

• All office buildings fully operational and available

• April cash recollection with no relevant default

• Client negotiations ongoing: P/L impact currently below 2% of 2020 GRI

• Potential max P/L impact of 6% on 2020 GRI

• Project Pipeline Capex postponed, €75 pending for 2020

• Liquidity at focus: more than 2 €bn including recent new syndicated loan

• LTV at 36% with ratings of BBB+ and Baa2 confirmed in mid April 20

STRONG PRE-COVID FIRST QUARTER RESULTS

• Gross Rental Income of €86m, +6% like-for-like

• Recurring earnings of €36m, +10% YoY

• Recurring EPS of €7.2cts. per share, +10%

• Group Net Profit of €32m, +39%

SOLID FUNDAMENTALS - RESILIENT PRIME POSITIONING

• Occupancy of 98%

• Letting activity ongoing with good terms

• Positive Release Spreads and Rental Growth

• Project Pipeline with 25% pre-lets & ongoing negotiations

• Disposal of non-core asset €8.4m with +22% premium on 12/19 GAV

DIVIDEND PROPOSAL TO AGM

Highlights 01

A good start into the year 2020 – A strengthened position to navigate the crisis

• Solid top line & bottom line growth

• GRI Like for Like at +6%

• EPRA Vacancy at 2%, rents signed at high levels

Profit & Loss - €m	03/20	YoY Var
Net Profit	€32m	+39%
Recurring Net Profit	€36m	+10%
Recurring EPS	7.2 €Cts/share	+10%

Solid Fundamentals	03/20
EPRA Vacancy	2%
Volume of sq m signed	13,539
Maturity4 signed in Spain	6 years
Maturity4 signed in France	9 years

Outstanding GRI like for like	03/20
Group like-for-like3	€86m	+6%
Madrid like-for-like3		+14%
Barcelona like-for-like3		+10%
Paris like-for-like3		+2%

YoY Var	Capturing Rental Price Increases	03/20
+6%	Double-digit release Spread1	+21%
+14%	Barcelona	+50%
+10%	Madrid	+15%
+2%	Paris	na
	Strong rental growth2	+6%
	Barcelona	+7%
	Madrid	+5%
	Paris	+7%

(2) Rental prices signed vs ERV 12/19

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

(4) Maturity until expiry of the contract

Highlights 01

Prime Positioning enhances Resilience

Limited Covid-19 impact YTD

• COVID-19 02 Covid-19 – First impacts & Colonial's response

  • Coronavirus epidemic significantly affecting our domestic and global markets

  • Colonial ready to deal and manage the situation

  • Proactive management in key areas of the company

Planned and considered measures for COVID-19

• The Coronavirus epidemic is significantly affecting our domestic and global markets

• Its impact on Colonial's real estate activity as well as in the economy in general terms continues to be uncertain and difficult to predict

• However, Colonial's portfolio and its current liquidity and solvency position allows the Colonial Group to responsibly deal and manage the situation

• The company is handling the situation proactively and has executed serval actions in the following areas:

  • I. Employees
  • II. Clients and Assets
  • III. Project pipeline & Acquisitions
  • IV. Financial Structure

COVID-19 02 Covid-19 – First impacts & Colonial's response

Responsible commitment during the COVID-19 outbreak

• Constant coordination and communication with employees, suppliers and clients

• Successful implementation of a preventive, containment and crisis stages in all our assets

Our employees	> Flexible working hours and working remotely > Preserve health of employees and facilitating operations and activity
Our clients	> To date very limited spread of Coronavirus among our clients > Communication of Colonial protocol to guarantee a safe environment > Constant coordination in case of a potential risk is detected
Our buildings	> Limited exposure to most affected sector (retail) > All our assets have been operating since the beginning of the outbreak > Implementation of Covid19 Protocol in full portfolio > Preventive and corrective measures executed
Utopicus	> Establishment of action and prevention measures for all coworking centers > Access to coworking centers only through access card > Enlarged offer of virtual events & additional digital services and contents

COVID-19 02 Covid-19 – First impacts & Colonial's response

Proactive management of the crisis in key areas of the company

• Management of Project Pipeline, postponing part of the Capex

• Colonial's financial profile remains strong with more than €2Bn¹ of liquidity and LTV at 36%

Our project pipeline and acquisitions	> Impact on developments although works have continued > Certain delays are expected, however no relevant penalties are foreseen > Delay of capex program in €60m, in particular in Mendez-Alvaro in Madrid > Revisited Investment criteria and policies according to a more prudent context
Financial Structure	> Colonial's financial profile has been strengthened > After €1.4Bn of disposals LTV and "Covenant LTV2 " stands at very healthy levels of 36% and 32% > Liquidity has been increased in €200m to 2.1€Bn > Long-term financing profile with 77% of debt maturing beyond 2023 > Credit Agencies S&P and Moody's have confirmed its credit ratings at BBB+ and Baa2
Financial Impacts	> Our activities and profile of our assets remain particularly resilient > Most of our tenants are large multinationals with 80% of our top tenants being investment grade > Negotiating deferrals or allowances for the payment of rents for SMEs and certain tenants

• COVID-19 02 Covid-19 – First impacts & Colonial's response

  • In April 2020 most of the rental invoices have been collected

  • Negotiations with clients ongoing

  • P/L impact currently below 2% of 2020 GRI (estimated max impact of 6% on 2020 GRI)

IMPACTS ESTIMATE AS OF MAY 13, 2020

In April 2020 most of the rental invoices have been collected

• In Spain 2€m of rents have not been collected. Thereof 0.6€m correspond to discounts and the rest mainly agreed deferrals

• France with 100% rent collection on offices, on other uses mainly agreeing deferrals with tenants

• Defaults YTD represent only 100.000€ less than 1% of Gross Rental Income

• Evolution in coming months subject to evolution of the crisis

Negotiations with clients ongoing

• P/L impact currently below 2% of 2020 GRI

• Potential max P/L impact of 6% on 2020 GRI

Scarcity in Prime Product

Market Rental Markets 03

Market CBD Rental Market 03

• In the three markets, 1Q 2020 rental prices continued in line with prior quarter

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

Market Investment Markets 03

• Office transactions in Spain amounted a volume of €875m, increasing a +6% YoY

• Paris transaction volume amounted €4.5bn, increasing a + 114% YoY

¹ Transaction announced in 2019, agreement signed in March 2020

Source: JLL, Savills, Cushman & Wakefield

Prime CBD offices with solid operations

Operational performance 04

Solid delivery on lettings signed in very good terms

(1) Annualized figures of signed contracts

(2) Rental prices signed vs ERV 12/19

(3) Maturity until expiry of the contract

(4) Financial vacancy calculated according to EPRA methodology

Operational performance Solid delivery on lettings in Q1 2020 04

• 1Q 2020 with strong price increases in every segment

• Solid rental growth vs 12/19 ERV

• High release spreads

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)

Operational performance Solid delivery on lettings in Q1 2020 04

GROWTH ON SIGNED RENTS¹

Francisco Silvela 42

Torre Marenostrum

Diagonal 409

RELEASE SPREAD²

Diagonal 682

Francisco Silvela 42

Diagonal 609

Sant Cugat

Francisca Delgado 11

Operational performance Solid delivery on lettings in Q1 2020 04

• Clients signing solid maturities with long term commitment

• Strong diversification across sectors good quality mix

• Balanced mix of renewals & new letting ups

LETTING ACTIVITY 1Q 2020

SOLID MIX IN LETTING ACTIVITY

Operational performance 04

Strong YoY letting-up in Madrid reaching levels around 2% in every city

• More than 700 bp Madrid vacancy reduction YoY

• Group vacancy from 4.3% down to 2.4%

• High quality available space

EPRA VACANCY

Operational performance 04

Vacancy at very healthy levels in every segment

• Group vacancy at a healthy 2.4%, with Office Portfolio at 2.1%

• Barcelona vacancy at 2.2% and Paris vacancy at 1.8%

• Madrid vacancy at 2.5%

EPRA VACANCY

05 Financial performance

A good start into the year 2020 with solid financials

Financial performance Top line growth in Q1 2020 05

• Group GRI with +6% like for like growth

• Madrid & Barcelona with double digit LFL

• Paris LFL of +2%

GROSS RENTAL INCOME - €M

(2) Includes refurbishments

Financial performance 05

Like-for-like rental growth at +6%

• Like-for-like growth double digit in Spain

• Madrid growth driven by a combination of price and volume

• Barcelona with strongest price effect

GROSS RENTAL INCOME - €M

STRONG EPRA LIKE-FOR-LIKE GROWTH

Financial performance 05

NRI like for like growth at +7%

• Net Rental Income like-for-like increase at +7%

• Madrid with outstanding +21% like-for-like in Net Rental Income

• Like-for-like growth in 1Q20 accelerating by 480 pp YoY

LIKE-FOR-LIKE VARIANCE¹ – NRI

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

Disposal of secondary assets 05 Financial performance

Disposal of secondary assets post COVID-19 outbreak:

• Disposal of Hotel Mojácar with +22% premium on GAV

• Disposal of a residential unit in Madrid with +23% premium on GAV

HOTEL MOJACAR (SOUTH SPAIN)

• Disposal of the last Hotel in Colonial Portfolio

• Secondary asset located in South Spain

• Closing date: 21/03 post COVID-19 outbreak

Price of 8.4€m +22% Premium on GAV

APPARTMENT O'DONELL (MADRID)

• Disposal of a residential unit in Madrid

• Asset of 311 sqm of surface

• Closing date: 4/20 post COVID-19 outbreak

Financial performance 05

A good start into the year 2020 with solid financial results

• Net profit of €32m, +39%

• Double digit recurring EPS growth

• Non-Core Disposals enhancing the quality of returns

Financial performance 05

A good start into the year 2020 with a strong credit profile

• A stronger Balance Sheet with LTV reduction to 36%

• Confirmation of investment grade rating by credit agencies

• Access to liquidity adding €200m to the €1.900m of cash and credit lines available

A diversified Core CBD Portfolio with a strong balance sheet

06 Prime Positioning enhances Resilience

RESILIENCE THROUGH PRIME POSITIONING

✓ AAA Clients with strong solvency

✓ A defensive Project Pipeline

5

✓ A strong balance sheet

Prime Positioning enhances Resilience A A Super Core CBD Portfolio 06 1

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

• Strong market share in CBD

• Prime positioning enhances resilience

A HIGHLY DEFESIVE CLIENT BASE WITH STRONG SOLVENCY PROFILE

¹ Office buildings including 6% of Prime Retail in the ground floor of the office buildings

• Reversion as solid cash flow "buffer"

• Contract Portfolio under-rented

• Delivery of high release spreads YTD

Renovation programs as rental growth accelerator

CONTRACT PORTFOLIO 2020 MATURITIES – DELIVERY YTD ON TRACK

• 100% City Centre Exposure

• Significant Pre-let level with AAA tenants

• High development margin buffer

					GRI2 – Project Pipeline
		Delivered	87% Pre-let 100% Pre-let		€85m 25% Pre-let	Pre-let 25%
					8% Under	33% 34% High Secured
					negotiation	visibility Under Neg. HoT 8% 9%
					12/19
						Paris
						45%
			100% Pre-let		100 % City
					Centre

Madrid

06 Prime Positioning enhances Resilience 3 A defensive project pipeline

• No project deliveries in 2020

• The capex program has been delayed with €75m pending for the rest of 2020

• Additional Pre-letting conversations ongoing

			Project Pipeline – A defensive approach
		Delivered	> No project deliveries in 2020
			> The capex program has been delayed
			▪ In particular in Mendez-Alvaro
			▪ €75m pending for 2020
			▪ No penalties or liabilities attached foreseen
			> Additional Pre-letting conversations
			ongoing

No project deliveries in 2020 > The capex program has been delayed ▪ In particular in Mendez-Alvaro ▪ €75m pending for 2020 ▪ No penalties or liabilities attached foreseen

Solid Project Capex Coverage

Prime Positioning enhances Resilience A strong balance sheet 06 4

• €2.1bn¹ of liquidity as of 4/2020, covering more than 4x(2) debt maturities in 20/21

• Covenant LTV and ICR well above required levels

• Colonial is one of the few European real estate companies that has maintain its rating post COVID-19

Cash	€0.5bn
Undrawn Balances	€1.6bn
Liquidity	€2.1bn
Debt Coverage 20/211	4.2x
Debt Maturity	4,5 years
Non-Mortgage debt	94%
Cost of debt	1.66%
Rating confirmed post COVID-19 crisis
	BBB+ stable
	Baa2 stable

MAIN DEBT KPIs A STRONG BALANCE SHEET

(1) Debt coverage ratio of debt maturing in 20/21 considering liquidity net of ECP program

(2) Liquidity (available credit lines and cash) of €1,900m at 3/20 + €200m in a syndicate loan formalized in April

(3) LTV according to covenant definition = Group Net Debt / (GAV Spain + Subsidiaries x Ownership % x NAV + Treasury shares x NNNAV )

(4) ICR according to covenant definition = (Ebitda Spain + Dividend SFL + Maintenance capex) / Interests paid

Prime Positioning enhances Resilience 06

Flight to quality through active asset management 5

• 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

COVID19 – COLONIAL'S REPSONSE & IMPACTS

• Employees and Clients safety in management focus

• All office buildings fully operational and available

• April cash recollection with no relevant default

• Client negotiations ongoing: P/L impact currently below 2% of 2020 GRI

• Potential max P/L impact of 6% on 2020 GRI

• Project Pipeline Capex postponed, €75 pending for 2020

• Liquidity at focus: more than 2 €bn including recent new syndicated loan

• LTV at 36% with ratings of BBB+ and Baa2 confirmed in mid April 20

STRONG PRE-COVID FIRST QUARTER RESULTS

• Gross Rental Income of €86m, +6% like-for-like

• Recurring earnings of €36m, +10% YoY

• Recurring EPS of €7.2cts. per share, +10%

• Group Net Profit of €32m, +39%

SOLID FUNDAMENTALS - RESILIENT PRIME POSITIONING

• Occupancy of 98%,

• Letting activity ongoing with good terms

• Positive Release Spreads and Rental Growth

• Project Pipeline with 25% pre-lets & ongoing negotiations

• Disposal of non-core asset €8.4m with +22% premium on 12/19 GAV

DIVIDEND PROPOSAL TO AGM

• Large Headroom on All debt Covenants

• Bonds issued in Spain require Unsecured debt < Unencumbered assets

• Covenants of Credit lines require LTV to be below 55% and ICR above 2.0x

AMOUNT		COVENTANT	REQUIRED LEVEL	12/19 LEVEL
Bonds	Unsecured debt €2,600m		Unsecured debt < Unencumbered assets	Unsecured debt: €4.6m Unencumbered assets: €11.3m
	€675m (undrawn)	LTV1	< 55%	32%
		ICR	> 2x	3.5x
Credit Risk Facilites		Secured debt Ratio	15% - 25%	1.5%
		Consolidated Assets	>€4.5Bn	€12.5Bn

APPENDICES Solid Q1 2020 results pre-covid

• Net profit of €32m, +39%

• Double digit recurring EPS growth

• Non-Core Disposals enhancing the quality of returns

RECURRING EPS

Cts€/share

STRONG EPS GROWTH PROFIT & LOSS ACCOUNT

	1Q 2020		1Q 2019
				+6% LFL
				+
				+
Recurring Earnings - €m		36	33	+10%
Nosh (mm)		508	508	-
EPS recurring - Cts€/share		7.2	6.5	+10%

LETTING PERFORMANCE

(2) Signed rents vs previous contracts (renewals) ⁴⁷

APPENDICES

Vacancy profile

• Strong vacancy reduction YoY

• Colonial with healthy vacancy levels in every city

• Colonial well positioned vs market average

EPRA VACANCY(1)

PARIS MADRID BARCELONA COLONIAL GROUP1 Diagonal 682 Travessera 47-49 Francisca Delgado 11 Ribera de Loira 28 Le Vaisseau Castellana 163 LFL Colonial Portfolio Axiare (187bp) YoY

VACANCY (2) COLONIAL2 VS. MARKET

AAA TOP TENANTS WITH STRONG SOLVENCY

Tenant	City	Sector	income	% total Maturity (years)	Loyalty (years)	Credit Rating
1 FONDATION CARTIER	Paris	Fondation	4%	20.0		Strong
2 GRDF	Paris	Industry	3%	5.0	155	AA
3 NATIXIS IMMO EXPLOITATION	Paris	Finance	3%	1.0	16	A+
4 LA MONDIALE	Paris	Finance	3%	0.0	12	A-
5 INTERNATIONAL BUSINES MACHINES	Madrid	Information Technology	3%	4.0	8	A+
6 EXANE	Paris	Finance	2%	5.3	4	AAA
7 H&M	Paris	Fashion	2%	2.2	10
8 ZARA FRANCE	Paris	Fashion	2%	1.6	10	AA+
9 FRESHFIELDS BRUCKHAUS DERINGER	Paris	Law firm	2%	0.9	16	Strong
10 GRUPO CAIXA	Barcelona / Madrid	Financial	2%	1.2	8	BBB+
11 PROPARCO	Paris	Finance	2%	4.3	5	AA
12 FACEBOOK FRANCE	Paris	Diqital	2%	3.9	4	AAA
13 CUATRECASAS GONÇALVES PEREIRA	Madrid	Law firm	1%	1.0	8	Strong
14 KLEPIERRE	Paris	Real estate	1%	3.7	රි	AA
15 TV5 MONDE	Paris	Media	1%	7.0	5
16 M&L L'OCCITANE	Paris	Other	1%	3.6	2
17 GRUPO COMUNIDAD DE MADRID	Madrid	Government Bodies	1%	2.0	15	AA
18 NATURGY ENERGY GROUP	Barcelona	Consumer Goods & Industry	1%	0.9	14	BBB
19 WERKHAUS	Barcelona / Madrid	Retail	1%	8.1	15
20 GRUPO SCHIBSTED	Barcelona	Promotion services	1%	3.9	17
21 IBERIA, LINEAS AEREAS DE ESPANA	Madrid	Consumer Goods & Industry	1%	2.8	7	BBB-
22 SELLBYTEL GROUP	Barcelona	Telecoms	1%	1.3	5	BBB-
23 LOTERIAS Y APUESTAS DEL ESTADO	Madrid	Government Bodies	1%	0.7	2	AA
24 INGENIERIA Y ECON.TRANSPORTE	Madrid	Engineering	1%	1.9	ნ
25 T-SYSTEMS ITC IBERIA	Barcelona	Consulting	1%	3.0	16	BBB+
26 AJUNTAMENT DE BARCELONA	Barcelona	Government Bodies	1%	1.0	13	A
Main Tenants			44%	4.5	19

TOP TENANTS 12/19 TOP TENANTS BREAKDOWN 12/19

APPENDICES A solid capital structure

• 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 FINANCIAL STRUCTURE

Capital Structure	31/12/2019	31/03/2020
Net Debt	€4,609m	€5,117m
Group LTV	36%	36%
Liquidity Liquidity Proforma (1)	€2,082m	€1,900m €2,100m1
Maturity Spain Maturity Group	5.6 years 4.9 years	5.1 years 4.5 years
Cost of Debt Group	1.63%	1.66%

(1) Cash and undrawn balances (available credit lines and cash) of €1,900m at 3/20 + €200m in a syndicate loan finalized as at 4/20

50

APPENDICES Update on CoWorking – UtopicUs

• Utopicus with consolidated leadership in Spain

• Strong brand recognition with well positioning in key locations

• Quick expansion with 13 centers and c.40,000 sqm under operation

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

© Colonial