Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Feb 25, 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

INFORMACIÓN RELEVANTE

Como continuación a la comunicación de información relevante publicada con fecha 24 de febrero de 2021 con número de registro 7291, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al ejercicio 2020, que se celebrará hoy jueves día 25 de febrero 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 65088593# Desde Francia: + 33170710159 + Pin Code 65088593# Desde Holanda: + 31207095119 + Pin Code 65088593# Desde el Reino Unido: +442071943759 + Pin Code 65088593# Desde USA: +1 6467224916 + Pin Code 65088593#

La presentación online será visible a través del siguiente link:

https://onlinexperiences.com/Launch/QReg/ShowUUID=CC993DA0-A5E2-44B3-8598-9BD088789E6A

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

En Madrid, a 25 de febrero de 2021.

Annual Results 2020

February 2021

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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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

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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
• Covid-19 Impacts 02_
• Market Update 03
• Operational performance 04
• Financial performance 05
• Non Financial Highlights ESG 06
• Strong Resilience through Core CBD 07
• Conclusion 08

PRESENTING MANAGEMENT TEAM

Pere Viñolas Chief Executive Officer

Carmina Ganyet Corporate Managing Director

Carlos Krohmer Chief Corporate Development Officer

Solid results in a pandemic year

Highlights Solid Results in a Pandemic Year 01

RESILIENT FINANCIAL RESULTS

• NTA (Epra NAV) of €11.27 per share, stable incl. dividend paid

• Recurring EPS of €27.1cts (1%), close to previous year levels

Recurring EPS excl. impact of disposals of €28.8cts. +5%

• Disposals of more than 600 €m with +11% premium on GAV

• Gross Asset Value of €12.0bn, +1.2% like-for-like (Paris +4% lfl)

• Gross Rental Income of €340m (1%) like for like

• Net Rental Income of €318m, +2% like-for-like (Offices +3% lfl)

CAPITAL RECYCLING WITH FLIGHT TO QUALITY

• Ongoing Flight to quality offloading non-core

• A strengthened Balance Sheet: LTV post disposals below 35%

• €2bn of new debt issuances (€1bn bonds) & Liability Management

• Strong Investment Grade Rating maintained: BBB+ from S&P

Highlights Resilient Results in a Pandemic Year 01

SOLID FUNDAMENTALS THROUGH PRIME POSITIONING

• Office Collection Rates of 99% (100% in Paris)

• Occupancy of 95% (97% in Madrid)

• Solid Letting activity ongoing with good terms

• Positive Release Spreads and Rental Growth

• Project Pipeline pre-lets with rental terms exceeding target

ACCELERATION ON ESG

• GRESB 2020 Rating at high end 90/100, +17% YoY

• CDP 2020 Score at A- confirming decarbonization leadership

• Vigeo & Sustainalytics 2020 Ratings at high end, strong YoY momentum

• 93% of Office Portfolio with Leed & Breeam certificates

• Decarbonization strategy on track underpinned by strong Governance

Financial Results remain stable in 2020 – Defensive prime positioning

• Recurring EPS of 27.06€Cts/ share, (1%) YoY in line with Pre-Covid

• SolidCapital Value Growth (GAV), thereof +4% like-for-like in Paris

• Non-core disposals of more than €600m with +11% premium on pre-Covid GAV

Total Annual Return - € per share	2020	6M	YoY
TOTAL SHAREHOLDER RETURN		+0.5%	+0.1%
Net Tangible Assets (NAV) - €/share growth	11.27	+0.5%	(1.7%)

Profit & Loss - €m	2020	YoY
Gross Rental Income	€340m	(1%) LFL
Net Rental Income	€318m	+2% LFL
Recurring Net Profit	€138m	(1%)
Recurring EPS	€27.06cts/sh.	(1%)
Recurr. EPS excl. disposals	€28.83cts/sh.	+5%

Strong Capital Value Growth (GAV)	2020	6M	YoY
Group like-for-like	€12,020m	+1.3%	+1.2%
Barcelona like-for-like		(1.0%)	(3.1%)
Madrid like-for-like		(1.3%)	(3.3%)
Paris like-for-like		+3%	+4%

Delivery on Disposals	2020	YoY
Disposals - €m		613
Premium on pre-covid GAV - %		+11%

Balance sheet - €m	2020	YoY
GAV Group	€12,020m	+1.2% LFL
EPRA NTA (NAV)	€5,728m	(1.7%)

A solid capital structure	2020
LTV	36.2%
LTV Proforma (including disposals)	34.8%
Liquidity	€2,309m
Rating S&P	BBB+ Stable
Moody's	Baa2 Stable Outlook

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 high Paris exposure

Solid Fundamentals		2020
EPRA Vacancy		4.8%
Volume of sq m signed		97,363
# transactions signed		77
Stable GRI like for like	2020	YoY
Group like-for-like3	€340m	(1%)
Offices Like-for-Like3 & 5	€332m	+1%
Barcelona like-for-like3		+5%
Madrid like-for-like3		+3%
Paris like-for-like3		(0.7%)

Growth on NRI like for like	2020	YoY Var
Group like-for-like3	€318m	+2%
Offices Like-for-Like3 & 5	€312m	+3%
Barcelona like-for-like3		+9%
like-for-like3 Madrid		+9%
Paris like-for-like3		(0.7%)

(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

Unparalleled Prime Positioning
CBD 77%	Paris 62%	Breeam & Leed 93%4
Capturing Rental Price Increases Double-digit release Spread1		+17%
Barcelona		+45%
Madrid		+15%
Paris		+6%
Strong rental growth2		+6%
Barcelona		+6%
Madrid		+2%
Paris		+9%

02 Covid-19 Impacts

Proactive management in key areas of the company

MARCH	APRIL	MAY	JUNE	JULY	SEPTEMBER	OCT / NOV	DEC / JAN
Implementation of covid-19 protocol within our buildings	Increased liquidity through the signature of 200€m sustainable loan	Rating agencies S&P and Moody's confirm credit rating, BBB+ and Baa2	Pre-letting of Marceau Goldman Sachs	Solid Q2 20 Results	Sale of 2 noncore assets in Barcelona	€500m Bond Issuance Colonial €300m Liability Management	Sales of assets €413m with premium on GAV
Disposal of 2 non-core assets with >20% premium	More than 3,000 sqm signed, +10% vs ERV +50% release spread	500€m of bond issuance, increasing liquidity above €2,500m	st Agreements 1 wave fully reached with clients in Spain	500€m of bond issuance SFL	€161m Liability Management at SFL level	Signing of a new "Credit facility" financing line of €1000m	Solid 2020 Annual Results
Postponement of capex program €60M (Mendez Alvaro)		Release of Q1 results, with vacancy rate at 2%	Stable dividend of 20 €Cts /share approved by AGM	Logistics Disposal Settlement of Call Option signed in 2019		Solid Q3 20 Results

02 Covid-19 Impacts

COVID 19 – Strong Q4 Collection rates

• 99% Group Offices in Q4

• 100% Paris & Barcelona Offices in Q4

• 97% Group Offices in Q2-Q4

COLLECTION RATES DURING COVID-19

COVID 19 – Agreements & discounts 02 Covid-19 Impacts

• 100% of negotiations 1st and 2nd wave in Spain and France finalized

• Discounts in very limited cases: 4.5% impact on annual Topped-Up GRI

• 2020 P/L Impact of Client agreements of €6m

13

Scarcity in Prime Product

03 Market

Rental Markets - Scarcity of High-Quality Product

• The IMF updated its GDP projections per country on January, 2021

• Spain and France with the highest GDP growth for 2021/22 among OCDE countries

• 2021 as good entry point for playing the recovery cycle in Spain and France

GLOBAL GDP IMF ESTIMATES (Janurary estimates)

-9,00% 5,50% 4,10% -12,0% -10,0% -8,0% -6,0% -4,0% -2,0% 0,0% 2,0% 4,0% 6,0% 8,0% 2020 2021 2022

-10,00% 4,50% 5,00% -12,0% -10,0% -8,0% -6,0% -4,0% -2,0% 0,0% 2,0% 4,0% 6,0% 8,0% 2020 2021 2022

Market 03

Rental Markets - Scarcity of High Quality Product in CBD

• Grade A stock in CBD remains very low in every city

• Grade A availability in Paris below 1%

• Grade A availability in Barcelona at 13,000 sqm and in Paris and Madrid at 65,000 sqm each

17

ERV² 760

860

35

ERV¹ 25

ERV¹ 41.5

ERV¹ 26

Market Rental Markets 03

• New virus waves impacting in Q4 economic activity

• Second Half 2020 take-up improving quarter on quarter

• Paris CBD with close to 409.000 sqm of quarterly take-up

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 2020

Unparalleled exposure to CBD

Letting activity remains solid in 2020

(4) Rental prices signed vs previous rents

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

Operational performance Rental Price levels remain solid 04

• Price levels remain solid in every segment during Covid

• Releases Spreads remain at double digit

• Signed Prices above ERVs during the whole year

SOLID INCREASE IN RENTAL PRICES

(4) Excluding a contract with a monotenant client with a release spread of +21%

Rental Price levels remain solid during Covid

GROWTH ON SIGNED RENTS¹

Castellana 163

Lopez de Hoyos

(2) Signed rents vs previous contracts (renewals)

Torre BCN

Washington Plaza

RELEASE SPREAD²

Santa Engracia

Castellana ⁵² Sagasta 31-33 José Abascal 45

Via Augusta Diagonal 609-615

Lopez de Hoyos

Travesera 11

Resilient projects attracting Top tenants

• Marceau Project fully pre-let in pandemic year

• Attractive rental terms, exceeding target

• Strong Pricing confirms resilience of Prime

83 Marceau - Paris Prime CBD

performances.

7,000 9,500 1,100 1,400 RESILIENT PRODUCT ATTRACTING TOP TENANTS Letting Status - 100% pre-let at historical rents Strong Letting momentum – % 1. Q2-20: More than 6,000 pre-let with Goldman Sachs for its Paris HQ - 12 years lease with 9 years with mandatory compliance - Signing of record rent in Paris 2. Q3-20: Additional 1,200 sqm signed on the ground floor 3. Q4-20: Last floor pre-let to Investment Bank firm with 6 years mandatory compliance > Project fully pre-let in despite COVID-19 crisis > Strong Pricing confirm resilience of Prime In sq m Cumulative pre-let 74% 12% 15% 100%

Q2 2020 Q3 2020 Q4 2020 2020

Resilient projects attracting Top tenants

• Castellana 163 project completed ahead of initial timing

• New contracts signed with 100% release spread versus initial contracts

• Capital Value creation of 1.8x times on Total Cost (Acquisition Price + Capex)

The Project			Commercial delivery
>	Delivery ahead of initial Timing	>	Signed rents doubling initial passing
>	New façades increasing natural		rent
	light by 45%	>	AAA tenants from different sectors
>	New entrances design targeting	> Increased cost efficiency ratio with
	high-end customers		triple net contracts
>	Full refurbishment attracting top tenants singing prime rents
> ERV -	High value creation for Colonial shareholders + 100% Release Spread
	€/sqm/month		1.8x Value Creation €/sqm

Acquistion Status New Contracts

Total Cost Current Value

24

Vacancy at very healthy levels in every segment

• Group & Office portfolio vacancy at a healthy 4.8%

• Significant quarter on quarter improvement in Madrid with a vacancy of 3%

• Paris at 3% excluding 103 Grenelle entry into operation

EPRA VACANCY

Vacancy at very healthy levels in every segment

• Strong decrease of Madrid vacancy, standing 3%

• Entry in operation of high-quality product increasing reversion

• Available space in secondary locations inherited from Axiare

EPRA VACANCY

(2) EPRA Vacancy including all uses

Solid financials underpinned by high quality assets

Top line stable with like for like growth in offices

• Gross Rental Income (1.1%) like for like

• Office portfolio GRI +1.1% like for like

• Madrid and Barcelona with 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) Acquisitions, projects & refurbishments & indemnities due to client rotation

Like-for-like rental growth price driven

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

• Barcelona fully price driven & Madrid driven by a combination of price and volume

• Paris with slight correction due of Business Centers & Retail

GROSS RENTAL INCOME - €M

Retail Champs Elysées

SOLID EPRA LIKE-FOR-LIKE VARIANCE

² Office portfolio + Prime retail in Champs Elysées and Pedralbes Centre +0.4% +1.0% (0.6%)

Financial performance NRI offices at +3% like for like 05

• Net Rental Income Offices +3% like for like

• Barcelona and Madrid with significant NRI like for like growth

• Paris (0.7%) NRI like for like due to impact of Business Centers & Retail

LIKE-FOR-LIKE VARIANCE¹ – NRI

OFFICES NET RENTAL INCOME – LIKE-FOR-LIKE OF +3%

• Barcelona with a significant increase of Net Rental Income of +9% like-for-like

• Madrid with an important increase of Net Rental Income of +9% like-for-like

• Paris with (0.7%) like-for-like

Like for like driven by lower activity in business centers & rental price correction on retail in Champs Elysees Like for like on offices excl. retail positive driven by rental price increases

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

2020 Full Year Disposal Program delivered

• More than €617m disposals in 2020 with premium on GAV

• Disposals represent 5% of AUM

• Offloading noncore, secondary & mature product

Value Creation Potential for Colonial Shareholders Offloading Non-Core & Mature product

	€m	Sq m
Disposals Q2 & Q3	204	131 039
Alpha V - Q4	413	127 173
Full Year Disposals	617	258.212

• More than 258,212 sq m disposed

• 258,212 sq m disposed, 64,622 sq m excluding logistics

• 17 assets sold

• Combination of Non-Core with mature product

• +13% premium in offices on GAV² Pre-Covid

• Acceleration of Investor interest in 2H 2020

(1) GAV Pre-Covid 19 as of December 2019 excluding Logistics final settlement

(2) GAV Pre-Covid 19 as of December 2019

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

2020 Full Year Disposal Program delivered

• More than €617m disposals in 2020¹ with premium on GAV

• Disposals represent 5% of AUM

• Offloading noncore, secondary & mature product

Logistics Disposals Phase II

Other Non-Core

Non-Core Secondary Offices Mature Offices

Av. Bruselas 38 112 Wagram

Berlin / Numancia Plaza Europa

9 Av. Percier

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

Stable evolution in Asset Values

• Gross Asset Value of €12,020m (€12,631m including transfer costs)

• +1.2% like for like YoY growth (+1.3% 2H 2020)

• Paris outstanding with +4% like for like YoY (+3% 2H2020)

Stable evolution in Asset Values

• 1.2% like for like Capital Value Growth in 2020, +4.2% in Paris

• Positioning in Paris CBD offsetting slight decline in Spain

• Strong Alpha component of +2.2% (Project Delivery)

Solid profitability with enhanced quality

• Stable recurring EPS at high previous year levels

• Non-Core Disposals enhancing the quality of returns

• EPS excluding the impact of disposals +5% YoY

Solid profitability with enhanced quality

• Stable recurring EPS at high previous year levels

• Recurring EBITDA of €138m, stable YoY despite disposals

• Stable dividend payments based on solid cash flow generation

PROFIT & LOSS ACCOUNT

			(1%) LFL
Recurring Earnings - €m	138	139	(1%)
Nosh (mm)	508	508	-
EPS recurring - Cts€/share	27.06	27.40	(1%)

RESILIENT CASH FLOW

36

Capital recycling with flight to quality

• Strengthened balance sheet LTV post disposals below 35%

• Significant Net debt reduction thanks to cash generation through disposals

• Highest Corporate Rating in Spanish Real Estate

DISPOSASL AT DOUBLE DIGIT PREMIUM TO GAV PRE COVID …

Financial Policy
Investment Grade Rating
LTV range	36-40%
ICR	> 2.5x

Financial Policy
Investment Grade Rating
LTV range	36-40%
ICR	> 2.5x

Liquidity ² Cash €269m Total Undrawn balances €2,309m €2,040m

… ENHANCING THE BALANCE SHEET

Ongoing access to debt markets and liquidity

• Confirmed BBB+ Rating by S&P facilitating good access to debt markets

• €1.000m successful bond issuances in France and Spain

• €1,000m new revolving credit facility

Bond issuance in France	Bond issuance in Spain	New Credit Facility
Successful issuance in bond market	Successful issuance in bond market	Improvement of the financial flexibility
✓	✓	✓
€500m	€500m	New Sustainable €1,000m credit facility
✓	✓	✓
1.5% fixed coupon	1.35% fixed coupon	Structured in 2 tranches:
✓	✓	✓
7 years maturity	8 years maturity	€500m due in 2025
✓	✓	✓
4x oversubscription	Strong support, 3x oversubscription	€500m with flexible maturity until 2027
✓ 60% allocation in France		✓ Club Deal format including national and
		international institutions

France 19%

UK 15%

• ✓ Replacement of previous €875m credit facility maturing in 2022 &2023
• ✓ Interest linked to ESG benchmark

Financial performance A solid capital structure 05

• Long-term financing profile with extended debt maturities

• €2.4Bn of liquidity covering debt maturities until 2024

• A solid financial structure with competitive financing costs

Extension of Debt Maturities

• I. Bond issuance SFL: 2021/22 ---> 2027
• II. Bond issuance Spain: 2023/24 ---> 2028
• III. New Credit Facility: 2022/23 ---> 2025/27

Maturity profile of debt facilities - €Bn

A Solid Financial Structure

	31/12/2019	31/12/2020	Proforma1
Net Debt	€4,609m	€4,582m	€4,300m
LTV	36.1%	36.2%	34.8%

Drawn Facilities	€0m
Unutilized Facilities	€2,040m
Total Facilities	€2,040m
Cash	€269m
Liquidity	€2,309m
Debt Maturity Group	5.2 years
Non-Mortgage debt	96%
Cost of Debt Group	1.70%

(1) Proforma including disposals Alpha V

Maturities excluding ECPs due in 2021 of €235m

Financial performance Solid Total Shareholder Return 05

• Resilient NTA through prime positioning & solid cash flow generation

• EPRA Net Tangible Assets (NAV) of 11.27 €/share

• EPRA Net Tangible Assets (NAV) including dividend paid stands at 11.47€/share

Strong Commitment on ESG & Decarbonization

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)

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 Vigeo 2020 Rating at the High End of the Sector

• 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

Colonial 2020 Sustainalytics Rating at the High End of the Sector

• Colonial among top international peers

• Colonial with strong management of ESG issues

SUSTAINALYTICS RATING 2020 RESULTS

Key Aspects highlighted on Sustainalytics Assesment

a Morningster company	SUSTAINALYTICS		10.5 Updated Jul 30, 2020		Mome
	Low Risk
NFGL	LOW	MFD	HIGH	SFVFRF
$0 - 10$	$10 - 20$	20-30	$30 - 40$	$40+$

"Colonial's success relies on attracting and retaining a workforce with a diverse skillset capable of supporting strategic growth and building trust with both tenants and investors."

"Colonial's Integrated Annual Report 2019 is produced in accordance with the GRI standards which is in line with best practice and signals strong accountability to investors and the public"

Colonial rating vs peers
	Colonial rating vs peers

Colonial MSCI 2020 rating at A

• Colonial continues among the highest ratings internationally among REITs

• Special high rating in Corporate Governance

MSCI 2020 Rating for Colonial

Key Aspects highlighted on MSCI Assessment

• The company falls into the highest scoring range relative to global peers, reflecting governance practices that appear to be generally well aligned with Investor interests.

• 100% of revenues from energy and/or water-intensive properties

• Portfolio features relatively high proportion of greencertified buildings relative to peers

• Relatively high proportion of operations reliant on highly skilled workers

Special focus on Corporate Governance

"Inmobiliaria Colonial, SOCIMI falls into the highest scoring range for all the companies weassess relative to global peers, indicating that the company's corporate governance practices are generally well aligned with shareholder interests"

MSCI Comments on Colonial's Corporate Governance:

• The policies and practices of the board fall within the average scoring range relative to global peers.

• Executive pay practices of the board appear to be generally well aligned with sustainable shareholder interests

• The ownership structure does not include any indicators of likely governance risk, and shareholder rights are generally strong and well-aligned relative to global peers.

06 Non Financial Highlights - ESG First office building built entirely of wood in Spain - located in 22@ in Barcelona

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

Long term sustainable cash flow through prime positioning

07 Strong resilience through Core CBD

RESILIENCE THROUGH PRIME POSITIONING

✓ Efficiency - Prime Product in the CBD

✓ Environment - Excellence on ESG & Decarbonization 2

✓ Flagship Projects in the CBD

✓ Ongoing Flight to Quality

Strong resilience through Core CBD A Efficiency: Prime Product in the CBD 07 1

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

• Strong market share in CBD

• Prime positioning enhances resilience

52

Strong resilience through Core CBD A Efficiency: Prime Product in the CBD with solid valuationn levels 07 1

• Increased polarization between Prime CBD and Secondary values

• Investor interest for Core CBD assets remains very strong

• Colonial's assets with prudent appraisal values

Madrid City Center (inside M30) Barcelona City Center Paris CBD

Transaction - Average	170	11,582
Príncipe de Vergara 108 C	50	7,000
Velázquez 34 (incl. retail)	120	16,438
A Axis (incl. Retail)	100	25,000
	(2) Price	(3) Cap. Value

Latest investment transactions inside M30 Latest investment transactions in city center Latest investment transactions in Paris CBD

Colonial Average (12/20 appraisal)		6,599	Colonial Average (12/20 appraisal)		5,530
Transaction - Average	170	11,582	Transaction - Average	68	6,300
Príncipe de Vergara 108	50	7,000	Gracia C Paseo de 113	18	7,847
Velázquez 34 (incl. retail)	120	16,438	177 Almogavers B	50	5,882
Axis (incl. Retail)	100	25,000	Berlin/Numancia A	Confidential	n.a.
	(2) Price	(3) Cap. Value		(2) Price	Cap. Value

	Colonial Average (12/20 appraisal)		18,466
	Transaction - Average	794	22,448
D	7 Magdebourg	73	28,077
C	4 Septembre	220	17,600
B	Sainte Cecile	178	18,936
A	173-175 Haussmann	323	29,715
		Price	Cap. Value
		(2)	(3)

Source: JLL, C&W and public information (1) Includes retail use (2) €m (3) €/sqm

07 Strong resilience through Core CBD Environment: Excellence on ESG & Decarbonization 2

ESG at the Core of Colonial's Strategy

• Strong Commitment to ESG & Decarbonization

• Significant acceleration on ESG Scorings

STRONG COMMITMENT TO ESG & DECARBONIZATION … … SIGNIFICANT ACCLERATION ON ESG SCORINGS

• 1 Strong Governance for ESG Leadership

• Sustainability Commission at Board Level to accelerate strategic leadership on ESG

• ESG Committee at C-Level to enhance operational ESG Strategy implementation

2 Colonial fully aligned with Paris Agreement

• Objective of carbon neutral portfolio in 2050

• (70%) decrease in carbon emission since 2015¹

• Portfolio Decarbonization Business Plan

• Leader in Energy Efficiency standards 3

• 93% of office portfolio Leead/ Breeam certificates

• 4 €1.2bn of Green financing in 2020

5 Decarbonisation laboratory

1st wood office building in Spain

5 th year EPRA sBPR Gold Award in a row

Rating of 90/100 in the GRESB Index 2020 Strong Momentum, +17% YoY

• Rating of A- from CDP 2020 Strong leadership in decarbonization

• Vigeo A1 Rating at the high end of the sector Strong YoY Momentum

• Sustainalytics: Rating of 10.5 in ESG risk Strong YoY Momentum

• A Rating from MSCI Outstanding Rating on Governance

Attracting AAA clients with strong solvency 07 Strong resilience through Core CBD 3

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

• Clients with high loyalty to Colonial assets

• Defensive contract portfolio only 9.3% of contracts expire in 2021

(1) Renewal dates based on first potential exit of the current contracts

(2) Renewal dates based on the expiry date of the current contracts

• Reversion as solid cash flow "buffer"

• Contract Portfolio under-rented

• Ongoing delivery of high release spreads YTD

REVERSION AS SOLID "BUFFER" RENOVATION PROGRAM

Strong delivery 2020

REVERSION IN PRIME PREMISES

ENHANCED THROUGH

07 Strong resilience through Core CBD 4 Resilient projects attracting Top tenants

• 2 out of 3 French projects are 100% pre-let

• 4 out of 10 projects are delivered and/ or pre-let

• Strong value creation through achievement of projects milestones

Castellana 163 Diagonal 525

Sagasta 27 Plaza Europa 34

Spain Project pipeline France Project pipeline

• 1. Future pole of attraction of large demands in Paris City center
• 1. Starting of commercialization in Q2 2021
• 1. Project delivery in S2 2022

07 Strong resilience through Core CBD A defensive project pipeline 4

• Significant Pre-let level with AAA tenants

• Yield on cost confirmed and enhanced

• Tactical management of calendar

				GRI2 –		Path to reversion
				Passing GRI 12/20	Secured Project	Secured GRI 12/20	Renovation Program	Rest of Project	Reversion Price &	Static Potential
				Post Disposals	Pipeline			Pipeline	Volume

% Prelet on GRI

(1) Total Cost Finished Product= Acquisition Cost/Asset Value pre Project + future Capex (2) Topped-up passing GRI

58

07 Strong resilience through Core CBD

5 Flight to quality through active asset management

• Ongoing flight to quality through disciplined capital allocation

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

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

ONGOING FLIGHT TO QUALITY THROUGH ACTIVE CAPITAL ALLOCATION

07 Strong resilience through Core CBD Solid returns through Prime Factory and Capital Recycling

• Capital Markets recognize superior Capital Value Creation thanks to Alpha

• Significant Capital Value Creation since 2014, +151% (+6.8 €/sh of NAV)

Strong resilience through Core CBD Flight to quality through active asset management 07

• Solid internal growth profile of CBD portfolio

• Colonial well-positioned to capture reversion

• Significant future value creation through CBD Project pipeline

1 Topped-up passing GRI

2 Alpha V Settlement

3 Renovation program & GRI under repositioning

4 Breakdown based on GAV 12/20

08 Conclusion Solid performance through Prime Positioning

SOLID FULL YEAR RESULTS

• NTA (Epra NAV) of €11.27 per share, stable incl. dividend paid

• A prime CBD portfolio with defensive value

• ✓ Total Group GAV +1.2% like-for-like YoY
• ✓ Paris GAV +4% like-for-like YoY

• Solid recurring results with stable dividends

• ✓ Recurring EPS of €27.1cts (1%), close to previous year levels
• ✓ Recurring EPS excl. impact of disposals of €28.8cts. +5%
• ✓ Net Rental Income of €318m, +2% like-for-like (Offices +3% lfl)

• A strengthened Balance Sheet: LTV post disposals below 35%

SOLID FUNDAMENTALS THROUGH PRIME POSITIONING

• Scarce supply of Grade A product in CBD

• 2020 Letting activity in good terms

• ✓ Rents signed +6% vs ERV 12/19
• ✓ +17% Release Spread
• ✓ Occupancy at healthy 95%

• Disposal of €617m non-core assets at premium to GAV

• Disposal prices confirming Colonial fundamental value

• Investment markets for prime product remain active

• Increased polarization between prime & secondary values

€/share				Group LTV
NAV	Dividend	NAV+Div.	NAV Growth	Dividend	Total Return
4,49	$\bf{0}$	4,49		$\sim$		43%
4.77	$\theta$	4.77	6%	$\sim$	6%	43%
6,16	0	6,16	29%	÷	29%	42%
7,25	0,150	7,40	18%	2,4%	20%	41%
8,60	0,165	8,77	19%	2,3%	21%	31%
10,03	0,180	10,21	17%	2,1%	19%	39%
11,46	0,200	11,66	14%	2,0%	16%	36%
11,27	0,200	11,47	$-2%$	1,7%	0,1%	36%
					Return per share

Total Return since 6/14 (NAV per share growth + dividends)
Dividend Return NAV growth	20% 151%
	171.0%
	0%

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

Efficiency: Prime Product in the CBD with solid valuationn levels

• 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

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

Investment markets for prime product remain active

• 2H 2020 starting with high activity across all markets, specially in Paris

• High volume transacted not only in CBD

MADRID

BARCELONA

Investment markets for prime product remain active

2H 2020 with high activity across all markets, specially in Paris

> High volume transacted not only in CBD

Alcala 544/546 - Project (3Q 2020)	Madrid Secondary	n.a.	30,000 sqm	Acquired by Amundi
Velázquez 34 (incl. retail areas) (3Q 2020)	CBD Prime	€120m	7,535 sqm	€15,928/sqm
Manoteras - Project (3Q 2020)	Madrid Secondary	€40m	12,000 sqm	€3,000/sqm
Av Bruselas 38 (4Q 2020)	Madrid Secondary	confidential	11,697 sqm	1.8x Value creation
177 Almogavers (3Q 2020)	22@	€50m	8,500 sqm	€5,880/sqm
Berlin/Numancia (3Q 2020)	Barcelona-BD	confidential	12,800 sqm	1.7x Value creation
Plaza Europa 40 (3Q 2020)	Plaza Europa	confidential	4,800 sqm	1.7x Value creation
Cristobal de Moura (3Q 2020)	22@	na	30,770 sqm	Hines leading the Project

Rental Price levels remain solid

• Price levels remain solid in every segment after Covid

• Releases Spreads remain at double digit

• Signed Prices above ERVs during the whole year

SOLID INCREASE IN RENTAL PRICES

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

APPENDICES 2021 Maturities management on track

2021 MATURITIES

1,9 21 29 Group Signed & No Executed BO Remaining risks 2020 Risk Paris Madrid & Barcelona 13.6% Annualised GRI % on annualized Group GRI 2021 Impact 3.7% Selected Main Files Louvre-Saint-Honoré Poeta Joan Maragall, 53 EGEO Sagasta, 31-33 Paseo Recoletos, 37-41 Sant Cugat Édouard VII Santa Engracia Av. Diagonal, 609-615 Campo de las Naciones CBD CBD CBD CBD Periphery CBD CBD CBD Multitenant Monotenant Multitenant Monotenant Multitenant Multitenant Multitenant Multitenant Multitenant

Disposals of more than €400m in Q4 20 exceeding CMD guidance

• €413m of disposals of mature offices and Non-Core

• Attractive pricing: +13% premium on GAV1

• Value Creation for Colonial Shareholders

Disposals of more than €400m in Q4 20 exceeding CMD guidance

• €413m of disposals of mature offices and Non-Core

• Attractive pricing: +13% premium on GAV¹

• Value Creation for Colonial Shareholders

APPENDICES Madrid Secondary – Avenida de Bruselas 38

• Asset located in a secondary area in the north of Madrid

• Sub-market with structural double-digit vacancy

• Disposal of asset after real estate repositioning

11,697 sq m

Mono tenant Asset

Secondary Location

• The Transaction

• Secondary Asset in the north of Madrid

• Investor looking for a long-term contract

• Quick execution during Q4

• Private investor

Avd. de Bruselas 38. Madrid - Arroyo de la Vega

Strong Pricing

• Optimized price through an off-market transaction

• Disposal Price 1.8x on total cost (acquisition price + project capex)

• Capital gain of +80% on total cost

Real Estate Value Creation

• 1. Asset acquired from Axiare in 2018
• 1. Project redefined by Colonial's asset management team
• 1. Full redevelopment with optimum lay-out and delivery in Q1 2019
• 1. Q2 2019 asset fully let with long term contract at maximum rent
• 1. Disposal of stabilized core asset in secondar location at optimal value

APPENDICES Paris – 9 Av Percier

• Cashing in Value in medium sized building with poor strategic fit in Paris portfolio of major Business Centers

• Asset disposed for €143m with premium on GAV

• High value creation trough renovation of the asset

6300 sq m

Mature Asset

High Liquidity

Transaction Rationale

Small asset and small floor plants with suboptimal performance

Successful execution with strong investor appetite

• Process started in Q3, closing in Q4, final settlement in Q1 21

• Initial phase with 50 investors

• Final bid with 8 institutions

• Asset sold to Deka Immobilien

9 Av Percier. Paris CBD

Strong Pricing

• Asset disposed for €143m

• Capital value of c.€24,000/sqm

• c.+34% vs Average Capital Value of Paris portfolio

• Disposal Price 1.8x on total cost (acquisition price + project capex)

• Capital Gain of +80% on total cost

Real Estate Value Creation

• 1. Asset acquired from Siic de Paris in 2015
• 1. Value creation through progressive refurbishment floor by floor
• 1. Stabilized core asset put on the market
• 1. Disposal price with premium on GAV and implied yield compression

13% ungeared IRR on a 6 years period

APPENDICES Paris – 112 Wagram

• Cashing in Value in medium sized building with poor strategic fit in Paris portfolio of major Business Centers

• Asset disposed for €120.5m with premium on GAV

• Paris Investment market with yield compression on Core CBD

5,500 sq m

Mature Asset

High Liquidity

The Transaction

• Process started in Q3, closing in Q4, final settlement in Q1 21

• Initial phase with 40 investors

• Final bid with 5 institutions

• Asset sold to Aviva Investors

112 Wagram. Paris CBD

• Capital value of c.€22,500/ sqm,

• +26% vs Average Capital Value of Paris portfolio

• Price c.2x vs acquisition price in 2010

• Capital Gain of c.100% on acquisition price

Real Estate Rationale

• 1. Full refurbishment modernizing spaces and maximizing efficiency
• 1. Obtention of maximum energy certificates
• 1. Capturing reversion through rental growth and letting up empty spaces
• 1. Disposal price with premium on GAV and implied yield compression

Other Spain - Les Gavarres APPENDICES

• Non-core Asset (Retail) inherited from Axiare

• C-location in Tarragona (Spain)

• Contract renegotiated in 2H18

12,413 sq m

Mono tenant Asset

The Transaction

• Warehouse in C location of Spain

• Process re-started after COVID outbreak with few investors

• Warehouse C Location

• Settlement in Q1 2021

Les Gavarres. Tarragona – Others Spain

Pricing

Solid pricing for asset with complicated outlook

Real Estate Rationale

• 1. Non-core Asset (Retail) inherited from Axiare
• 1. Contract renegotiated in 2H2018 improving the maturity profile
• 1. Asset with no strategic fit retail/ secondary/ complex outlook
• 1. Disposal of a non-core asset after COVID outbreak

Other Spain – Logistics Portfolio final settlement

• Process closed successfully with Prologis

• €64m of final settlement signed in December 2020

• Enhanced focus on Prime Offices

The Transaction

• Agreement reached with Prologis in August 2019

• Two phases of the transaction executed during 2019 and 2020

• Final settlement of San Fernando project reached in Q4

• Process closed successfully with Prologis

© Colonial