Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Nov 16, 2022

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 9 de noviembre de 2022 con número de registro 19129, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al tercer trimestre de 2022, que se celebrará hoy miércoles día 16 de noviembre de 2022 a las 18:30 horas (CET) a través de un webcast.

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

España: +34911140101 PIN: 14505393#

Francia: +33170710159 PIN: 14505393#

Holanda: +31207095119 PIN: 14505393#

Reino Unido: +442071943759 PIN: 14505393#

USA: +1 6467224916 PIN: 14505393#

La presentación online será visible a través del siguiente link:

https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=AB8E DE80-3D7B-4D8F-B4C9-D6EAD28B2630

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

En Madrid, a 16 de noviembre de 2022.

Third Quarter Results 2022

16th November 2022

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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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

• Highlights 01
• Financials Double digit revenue & profit growth 02_
• Operations Outperformance through polarization 03
• High visibility on further growth 04
• Conclusion 05

PRESENTING MANAGEMENT TEAM

Pere Viñolas Chief Executive Officer

Carmina Ganyet Corporate Managing Director

Carlos Krohmer Chief Corporate Development Officer

Delivery of profitable Growth on the back of polarization

COLONIAL – THE FULL BENEFIT OF POLARIZATION

6

1) CBD & Madrid Inside M-30 & Paris 7eme and 15eme

• 2) CBD includes 22@ in Barcelona
• 3) Portfolio in operation

Highlights 01

Strong Profit Growth Driven by Strong Operations

02 Financials – Double digit profit growth

Top-line driving double digit profit growth

02 Financials – Double digit profit growth Strong profitable growth on all metrics

Significant increase in Earnings

• Profit fully top line driven

• Recurring Net Profit: +30% YoY

• Recurring EPS +23% YoY

Financials – Double digit profit growth +12% Gross Rental Income YoY Increase 02

Revenue Growth excluding impact of disposals³ of +16%

• +10% Revenue increase due to rental growth in Core Portfolio & Acquisitions

• +6% Revenue increase through delivery on projects & renovation program

GROSS RENTAL INCOME - €m

• (1) Core Portfolio Like for Like (including €2.8m of Like for Like rental growth from renovation program)
• (2) Excluding €2.8m of Like for Like rental growth from renovation program
• (3) Impact from asset disposals & other non like-for-like impacts

02 Financials – Double digit profit growth

+7% like for like in Gross Rental Income on the back of polarization

• GRI of €262m +12% year on year, driven by Paris (+17%)

• GRI Like-for-like increase of +7%, one of the highest in the sector

• Like for like growth with strong pricing power component

GROSS RENTAL INCOME - €m

Financials – Double digit profit growth +7% like for like in Gross Rental Income 02

GROUP GRI LIKE-FOR-LIKE GROWTH

Highest like-for-like growth in the last 5 years One of the highest LFL growth rates in the sector

1) Peer Group Office LFL Gross Rental Income growth, based on last reported figures of 9 companies in Eurozone and UK

Financials – Double digit profit growth Profit Growth driven by solid execution of key drivers in 2021 02

Solid increase in Recurring Net Profit: +30% vs Last Year

• Strong growth in revenues with +24% profit impact

• Improvement in financial costs due to liability management

• Additional profit impact through SFL stake acquisition

3Q 22 - Recurring Profit vs. Previous Year - €m

• Flight to quality through selective disposals 02 Financials – Double digit profit growth

• €84m of secondary assets divested as of October 2022 YTD

• Total premium of +9% on last reported GAV

SUCCESSFUL EXECUTION ON DISPOSALS

Solid Capital Structure with strong Hedging Profile 02 Financials – Double digit profit growth

Solid Investment Grade Rating

Competitive cost of debt¹

Solid liquidity & LTV levels

¹ Excluding formalization costs accrued over the life of debt. . Including them, the financial cost amounted to 1.57%.

Without considering the ECP program, the spot financial cost amounts to 1.56% (1.71% including the financing costs) ² Fixed Cost debt = Debt at fixed cost / Net debt

02 Solid Capital Structure with strong Hedging Profile Financials – Double digit profit growth

≥ 2025

Superior pricing power on the back of prime positioning

• Office Markets with strong support for CBD 03 Operations – Outperformance through polarization

• Grade A assets scarce, especially in Paris

• Market Take-up with positive momentum in the 3 cities

• Letting concentrated in Grade A assets in CityCenter locations

(1) Ile de France

Source: Cushman & Wakefield; CBRE; BNP

• 03 Operations – Outperformance through polarization Superior performance on the back of high-quality product

• Colonial with strong letting activity, +16% on previous year

• Letting activity focused on CBD assets with high Sustainability Credentials

• Solid mix between renewals and new lettings

STRONG LETTING WITH STRONG MATURITY PROFILE # contracts 83 80 117,680 136,454 9/21 9/22 +16% sqm 8 Years Maturity Contract Expiry 6 Years Maturity First Exit

TOP TIER CLIENTS – WITH PREFERENCE FOR PRIME ASSETS

1) CBD & Madrid Inside M-30 & Paris 7eme and 15eme 2) CBD includes 22@ in Barcelona

Operations – Outperformance through polarization Benefitting from polarization - Setting the benchmark in Prime 03

Capturing New Tenants & renewing with Top tier Clients

Operations – Outperformance through polarization Benefitting from polarization - Setting the benchmark in Prime 03

PARIS MADRID

(1) Market Share: Colonial Stock as a % of total CBD office stock (sqm)

(2) Share on take up: Colonial new lettings as a % of total office take up (sqm)

Source: Cushman & Wakefield, CBRE; Immostat

Operations – Outperformance through polarization Strong Occupancy Profile of Grade A Portfolio 03

Strong Occupancy levels on the back of strong letting performance & high client loyalty

Operations – Outperformance through polarization Vacancy at healthy 4.2%: availability of top-quality product 03

4.2% of available high-quality space with solid letting prospects

• 1.7% renovation program assets in Madrid, Barcelona & Paris

• 1.5% Grade A CBD premises in Barcelona & Madrid

GROUP EPRA VACANCY - Offices

• Rental growth remains solid 03 Operations – Outperformance through polarization

• Solid Market Rental Growth of +5% driven by Madrid & Paris

• +7% release spread (+8% in Madrid & +6% Paris)

SOLID INCREASE IN RENTAL PRICES

(1) Signed rents vs 12/21 ERV (new lettings & renewals)

(2) Signed rents vs previous contracts (renewals)

Pricing Power & Alpha driving superior revenue growth

04 High visibility on further rental growth

1

Pricing Power – Indexation fully captured securing significant P/L GRI growth

Pricing Power – Strong Rental Growth through Prime Positioning 1 04 High visibility on further rental growth

04 2– Alpha – Prime factory – Project pipeline with immediate impact in P&L High visibility on further rental growth

• 7/8 assets almost fully pre –let

• Yield on Cost Confirmed: 5/8 projects delivered

• Remaining capex of €160m fully financed

Project	City	Surface (sqm)	Let / Pre let	Delivery
1 Diagonal 525	Barcelona CBD	5,706	✓ 100%	✓
2 83 Marceau	Paris CBD	9,600	✓ 100%	✓
3 Velazquez 86D	Madrid CBD	16,318	✓ 86%	✓
4 Miguel Angel 23	Madrid CBD	8,204	✓ 100%	✓ 10/22
5 Biome	Paris City Center	24,500	✓ 100%	✓ 11/22
6 Sagasta 27	Madrid CBD	4,896	Sold ✓	Sold ✓
7 Plaza Europa 34	Barcelona	14,306	High ✓ interest for 100%	1H 23
8 Louvre SaintHonoré	Paris CBD	16,000	✓ 100%	2024
9 Méndez Alvaro Campus	Madrid CBD South	89,871	Marketing start 4Q 22	1H 24
CURRENT PIPELINE		189,401

PROJECT PIPELINE ALMOST DELIVERED… …SIGNIFICANT FUTURE CASH FLOW SECURED

• €54m of Gross Rents secured (67% of €81m full potential)

• Substantial immediate P&L impact to come

• Further Growth to be captured (€27m until full potential)

¹ 09/22 YTD GRI (9 months cumulative)

² Annualized topped-Up passing GRI as of 09/22

04 High visibility on further rental growth

2– Alpha – Prime factory – Project pipeline with immediate impact in P&L

• 7/8 projects pre-let at market's maximum ERVs

• Contracts signed with AAA tenants

04 High visibility on further rental growth 2– Alpha – Prime factory – Renovation program with immediate impact in P&L

RENOVATION PROGRAM ALMOST COMPLETED… …SIGNIFICANT FUTURE CASH FLOW SECURED

• 8 out of 9 projects delivered

• 6 out of 8 delivered assets are almost fully let

• Only 1 project left to start in 2023

• €36m of Gross Rents secured (76% of €47m full potential)

• Substantial immediate P&L impact to come

17

Secured GRI to come

P&L

Further Growth to be captured (€11m until full potential)

^{36 11}

47

76% Secured YTD

Full Potential

Secured/Passing

Project City Surface (sqm) 1 103 Grenelle Paris 7ème 5,631 ✓ 100% 2 Charles de Gaulle Paris Neuilly 6,742 ✓ 100% 2 Washington Plaza Paris CBD 10,611 ✓ 100% 3 Cezanne SH Paris CBD 9,951 ✓ 90% 4 Cedro Madrid North 14,437 ✓ 79% 6 Ortega & Gasset 100 Madrid CBD 7,792 ✓ 72% 7 Diagonal 530 Barcelona CBD 12,876 ✓ Convers. for c.100% 8 Torre Marenostrum Barcelona 22@ 22,394 40% 9 Parc Glories II Barcelona 22@ 17,860 TOTAL RENOVATION PROGRAM 108,294 ✓ 2024 Let / Pre let Delivery ✓ ✓ ✓ Program Start 2023 ✓ ✓ ✓ ✓

04 High visibility on further rental growth

2– Alpha – Prime factory – Renovation program with immediate impact in P&L

• Renovation program almost fully let

• Signed rents well above market ERVs

• Contracts signed with AAA tenants

Superior growth & returns through prime positioning

05 Conclusion Colonial well positioned

STRONG DELIVERY ON CASH FLOW

• Gross Rental Income +12% (+17% Paris)

• Gross Rental Income like-for-like of +7%

• Recurring EPS +23% YoY

• Strong operations securing additional cash flow

COLONIAL WELL POSITIONED TO PLAY THE CYCLE

Colonial platform with solid internal growth drivers in place

• 1. Strong Pricing Power 1

• Indexation fully passed through

• Strong rental growth ongoing

• 1. Alpha Prime Factory 2

• Renovation Program Strong GRI growth

• Project Pipeline Significant GRI growth 23

OUTLOOK

• 2022 recurring EPS beating the upper range of guidance

• PanEuropean Prime CBD assets outperforming the market

Appendices

Q&A

Solid profitability with enhanced quality

• Group Net Profit of €398m, +116% YoY

• Recurring Earnings of €119m, +30% YoY

• EPRA EPS of €22.11/share; +23% YoY

PROFIT & LOSS ACCOUNT

Profit & Loss Account
Results analysis - €m	3Q 22	3Q 21
Gross Rents	262	234
Recurring EBITDA	207	186
Recurring financial result	(58)	(62)
Income expense & others - recurring tax	(9)	(9)
Minority interests - recurring	(21)	(23)
Recurring Earnings	119	92
Change in fair value of & provisions assets	315	146
Non-recurring financial result & MTM	(3)	(30)
Income & others - non-recurring tax	2	(15)
Minority interests - non-recurring	(35)	(9)
Profit attributable to the Group	398	184
Recurring Earnings - €m	119	92
Nosh (mm)	539.6	513.6
EPS recurring - Cts€/share	22.11	17.91

Superior performance on the back of high-quality prime product

(1) Rental prices signed vs previous rents

(2) Signed rents vs 12/21 ERV (new lettings & renewals)

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

Vacancy at very healthy levels in every segment

• Office portfolio vacancy stable at a healthy 4.2% level (2.5% excluding Torre Marenostrum & Ortega y Gasset)

• 1.7% renovation program assets in Madrid, Barcelona & Paris

• Outstanding Paris at 0.2% vacancy in the office portfolio

EPRA¹ VACANCY

Rental growth remains solid APPENDICES

• Solid ERV YTD growth of +5% driven by Madrid & Paris

• +7% release spread YTD (+8% in Madrid & +6% Paris)

GROWTH ON SIGNED RENTS¹ RELEASE SPREAD² 1Q 22 PARIS MADRID BARCELONA 2021 2Q 22 +4% +4% +3% +6% +7% (2.5%)/ +3.3%³ +8% +1% +3% +5% +5% +2% +6% +9% +21% +9% +3% +6% +2% +4% +24% +6% +8% +4% TOTAL 3Q 22 YTD 22 +4% +4% +5% 2021 1Q 22 2Q 22 TOTAL 3Q 22 YTD 22 n.a. +6% +0% TOTAL +5% +4% +6% +4% +5% +7% +9% +6% +3% +7%

SOLID INCREASE IN RENTAL PRICES

(1) Signed rents vs 12/21 ERV (new lettings & renewals)

(2) Signed rents vs previous contracts (renewals)

(3) Excluding the renewal of a tenant a building in the 22@, with a market rent review, extending the maturity of the contract

Project pipeline – GRI reversionary potential going forward

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

• €54m of secured rents through solid pre-let performance

• Project pipeline delivery & pre-letting process on track

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

²Annualized topped-Up passing GRI as of 09/22

³ Pending Capex as of 09/22

Pending Capex3 - €m
2022	42-47
2023	79-84
2024	39-44
Total Pending Capex	160-175
Thereof Spain	128-136
Thereof France	32-39

Project pipeline – significant value creation potential going forward

• €2.5bn of value expected

• Base for significant future NTA growth

• 2022 Delivery on track

		Project	City		% Group Delivery	GLA (sqm)	1 Total Cost €m	Yield on Cost	Value creation potential - €bn
	1	Diagonal 525	Barcelona CBD	100%	Delivered	5,706	41	≈ 5%
	2	83 Marceau	Paris CBD	98%	Delivered	9,600	154	≈ 6%	2.4 – 2.6
	3	Velazquez 86D	Madrid CBD	100%	Delivered	16,318	116	> 6%	2.1 Future 2.0
	4	Miguel Angel 23	Madrid CBD	100%	4Q 22	8,204	66	> 5%	Value 1.7 Creation
2022	5	Biome	Paris City Center	98%	4Q 22	24,500	283	≈ 5%	1.3
	6	Sagasta 27	Madrid CBD	100%	Sold	4,896
	7	Plaza Europa 34	Barcelona	50%	1H 23	14,306	42	≈ 7%
>2022	8	Mendez Alvaro Campus	Madrid CBD South	100%	1H 24	89,871	323	7- 8%
	9	Prime Louvre SaintHonoré Commercial	Paris CBD	98%	2024	16,000	215	7- 8%
		CURRENT PIPELINE				189,401	1,241	6- 7%	1
									Total cost Current value Current value Current value Stabilized 3 2 4 5 12/20 12/21 06/22 Value

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

• 2 GAV 12/20 + Pending Capex as of 12/20
• 3 GAV 12/21 + Pending Capex as of 12/21
• 4 GAV 06/22 (last appraisal) + Pending Capex as of 06/22
• 5 Stabilized rent capitalized at estimated exit yield

Significant value creation potential

▪ 5 Projects already delivered

▪ 3 Projects in 2023/24

Delivery well balanced

Investment markets for prime product remain active

• Paris CBD an attractive target for International Investors

• Pricing above appraisals for Core product in CBD

	Asset	Area	Price	GLA	Cap. Value
S RI A P	150, Champs-Élysées (3Q 2022)	CBD	€600m	18,000 sqm	€33,333/sqm
	2 Place Rio (2Q 2022)	CBD	€282m	8,676 sqm	€32,570/sqm
	Portefeuille Dray (3Q 2022)	CBD	€900m	29,700 sqm	€32,260/sqm
	SKY (1Q 2022)	CBD	€108m	3,500 sqm	€30,928/sqm
	61 rue des belles feuilles (3Q 2022)	CBD	€317m	11,170 sqm	€28,380/sqm
	14 EYLAU (3Q 2022)	CBD	€100m	3,630 sqm	€27,000/sqm

• Barcelona with solid investment activity– specially in the 22@ district

• Investor appetite with increased momentum for Prime in Madrid

	Asset	Area	Price	GLA	Cap. Value
D RI D A M	Castellana 51 (3Q 2022)	CBD	€239m	18,700m	€12,750/sqm
	Goya 36 (1Q 2022)	CBD	€52m	4,500 m	€11,556/sqm
	Ancora 40 (1Q 2022)	CBD	€51	7,215 sqm	€7,069/sqm
A N O L E C R A B	Step Up (2Q 2022)	22@	€35m	4,500 sqm	€7,777/sqm
	Sancho de Ávila 105 (2Q 2022)	22@	€18m	2,500 sqm	€7,200/sqm
	Antic de Valencia (2Q 2022)	22@	€65m	10,010 sqm	€6,493/sqm

APPENDICES A solid capital structure

• Long-term financing profile with extended debt maturities

• LTV of 37.9% with a liquidity of €2,140m

• A solid financial structure with competitive financing costs

Extension of Debt Maturities

Maturity profile of debt facilities - €bn

A Solid Financial Structure Net Debt LTV Drawn Facilities Unutilized Facilities Total Facilities Cash Liquidity 31/12/2021 €4,716m 35.8% €0m €2,140m €2,140m €219m €2,359m Debt Maturity Group Non-Mortgage debt Cost of Debt Group 5.2 years 98% 1.40%¹ 30/09/2022 €5,356m 37.9% €350m €1,940m €2,290m €200m €2,140m 4.7 years 99% 1.42%¹

© Colonial