Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Nov 9, 2023

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 18 de octubre de 2023 con número de registro 24934, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al tercer trimestre de 2023, que se celebrará hoy jueves día 9 de noviembre de 2023 a las 18:30 horas (CET) a través de un webcast.

La presentación podrá seguirse en tiempo real, vía webcast a través del siguiente enlace:

https://onlinexperiences.com/Launch/QReg/ShowUUID=A3EDB3B1-9757-4D17-A08F-0687503876AF

Asimismo, se adjunta a continuación el enlace al registro online para la presentación vía audioconferencia (dial-in):

https://emportal.ink/45MWEVZ

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

En Madrid, a 9 de noviembre de 2023.

Third Quarter 2023

November 9th, 2023

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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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

Agenda

• 01 Highlights Pere Viñolas, CEO
• 02 Financial performance Carmina Ganyet, CCO
• 03 Portfolio and Pipeline Carlos Krohmer, CCDO
• 04 Future Growth & Conclusion Pere Viñolas, CEO

Pere Viñolas Chief Executive Officer

Carmina Ganyet Chief Corporate Officer

Carlos Krohmer Chief Corporate Development Officer

01 Highlights Our Performance

1

2

3

4

Strong Growth in NRI, EBITDA & EPS

▪ +11% Net Rental income like for like, leading the sector

• +13% Recurring EBITDA growth reaching €233m (vs €207m in 09/2022)
• +8% growth of recurring EPS reaching €23.8cts per share

Strong Letting Volume & Outstanding Occupancy

Rental Growth & Pricing Power

Disciplined Capital

Structure

• More than 113,000 sq m signed YTD equivalent to €49m annualized rents
• Outstanding Group occupancy at 97%, with Paris fully let at 100%
• Professional services firms and luxury brands leading tenant demand
• Contracts signed in 3Q with +11% ERV Growth¹ (Paris offices +12%)
• Acceleration of rental growth and solid capture of indexation
• Colonial's low carbon assets attracting high quality tenants at maximum rents
• Disposals of €100m in 3Q23 (2) with 12% premium to GAV
• Capital recycling through disposals: €574m sold YTD at appraisal value
• Liquidity of €2,733m, +€593m vs.09/22
• Hedging strategy ensuring interest rates below 2.5% in the long term

(1) Rents signed in 3Q 2023 vs 12/22 ERV

(2) Includes disposals signed in October

01 Highlights

Solid tenant trends in prime European offices

Colonial's strategy is focused on prime CBD assets outperforming the market

Sources: CBRE, JLL and CW 3Q23 reports for Europe France and Spiain (1) Rents signed in 3Q 2023 vs 12/22 ERV

The Best Office Product delivers outperformance on occupancy levels

• 1. Colonial has one of the highest occupancy ratios in the sector thanks to its prime positioning
• 1. Colonial's prime assets are fully benefitting from the polarization trend and scarcity of grade A product in the market

PARIS

MADRID (Inside M-30)

01 Highlights

The Best Office Product delivers outperformance on rental growth

• 1. Colonial's portfolio is achieving outstanding rental growth, setting the benchmark for prime rents
• 1. High quality clients signing the maximum rents to secure low carbon destinations in the City Centre

(1) Offices rents signed in Q3 2023 vs 12/22 ERV (2) Signed in October 2023

02 Financial performance – Strong Cash Flow & Resilient Values

The Best Office Product delivering outperformance 02 Financial Performance – Strong Cash Flow & Resilient Values

1) Adjusted for the impact of asset disposals

2) Standard & Poors has confirmed its BBB+ Stable outlook credit rating for Colonial after its annual review in the 3Q 2023

3) ERV Growth vs 12/22

Strong Cash Flow

Strong Operations

Solid Balance Sheet

STRONG INCREASE IN NET RENTAL INCOME DRIVING SOLID EPS GROWTH

Full year EPS guidance revised upwards 02 Financial Performance – Strong Cash Flow & Resilient Values

• 1. Recurring EPS +8% vs previous year
• 1. Recurring EPS of continued operations increased by +19%¹

RECURRING PROFIT - €m

• (1) Adjusted for the impact of asset disposals
• (2) Includes the minorities of SFL

Strong Revenue with a multi-layer cash flow growth 02 Financial Performance – Strong Cash Flow & Resilient Values

• 1. Core Portfolio contributes +7% to revenue growth on the back of a strong like for like
• 1. Projects & Acquisitions contributed +11% to Gross Rental Income Growth

GROSS RENTAL INCOME - €m

• (1) Core Portfolio like-for-like
• (2) Includes Project Pipeline and Washington Plaza & Cézanne Saint-Honoré from Renovation Program
• (3) Impact from asset disposals, entries into refurbishment & other non like-for-like impacts

Deliveries

Strong Gross Rental Income increases throughout the portfolio 02 Financial Performance – Strong Cash Flow & Resilient Values

• 1. Gross Rental Income increases by +7% driven by Paris portfolio with a +13% growth
• 1. Outstanding like-for-like increase of +8%, one of the highest growth rates in the sector
• 1. Like-for-like growth driven by combination of indexation, rental price growth and high occupancy levels

GROSS RENTAL INCOME - €m

Net Rental Income growth of +11% like-for-like 02 Financial Performance – Strong Cash Flow & Resilient Values

ACCELERATION IN LIKE-FOR-LIKE RENTAL GROWTH

Net Rental Income Like-for-Like¹ growth

Colonial has successfully divested more than €570m in line with appraisal values 02 Financial Performance – Strong Cash Flow & Resilient Values

• 1. In a narrow investment market Colonial is successfully divesting a large volume of non-core assets (>€570m)
• 1. Divestments achieved at attractive pricing levels, in line with appraisals, confirming the fundamental value of the portfolio

ENHANCEMENT OF DISPOSAL PROGRAM DISPOSAL OF CEDRO, PUERTO SOMPORT 10-18 & RAMÍREZ ARELLANO 15

Financial Cost under control with 100% at fixed rate 02 Financial Performance – Strong Cash Flow & Resilient Values

• 1. Colonial has 100% of the debt at fixed cost maintaining financial costs under control at 1.7%¹& future cost at <2.5%
• 1. Standard & Poor's BBB+ stable outlook credit rating with stable Outlook confirmed in the third quarter of 2023

¹Spot Cost of Debt as of 30/09/23 excluding formalization costs & including hedges from IRS ² Fixed /Hedged Cost debt = Debt at fixed or hedged cost / Net debt as of 30/09/23

Derivative value €312m

Nominal hedge €2.4bn

Colonial has achieved financing at attractive conditions 02 Financial Performance – Strong Cash Flow & Resilient Values

• 1. 5-year €835 million sustainability-linked syndicated revolving credit facility, including three ESG performance indicators
• 1. Group's liquidity increased up to €2.7bn after disposals and new undrawn debt

Colonial signs a new Revolving Credit Facility of €835m

• Singing of a new sustainable €835m revolving credit facility for 5+1+1 years

• High-quality banking pool comprising 10 leading international banks

• Sustainable loan with ambitious ESG KPIs, confirming Colonial's commitment on

decarbonization

Additional liquidity secured of +€260m improving Colonial's capital structure

Reduction of CO² emissions

03 Portfolio & Pipeline – Outperformance of Prime Product

Our Prime buildings set the market reference in rental growth

Colonial delivers strong letting performance 03 Portfolio and Pipeline – Outperformance of Prime Product

STRONG LETTING ACTIVITY & HIGH TENANT LOYALTY

Galerie Champs Élysées

€49m Contracts Signed 9 Years WALT signed¹ 48% of contracts with Luxury Industry Tech & Media Professional Services

• Colonial's assets are capturing high rental growth 03 Portfolio and Pipeline – Outperformance of Prime Product
  • 1. Our buildings have delivered strong rental growth in 3Q 2023 with double digit increases in Paris
  • 1. Rental growth remains solid throughout the year with further acceleration in the third quarter

(1) Signed rents vs previous contracts (renewals)

(2) Signed rents vs 12/22 ERV (new lettings & renewals)

03 Portfolio and Pipeline – Outperformance of Prime Product

Colonial has one of the highest occupancy ratios in the sector thanks to its prime positioning

• 1. Solid Group Occupancy above 97%, with sustained improvement year to date
• 1. Paris portfolio occupancy continues at 100%, reflecting the scarcity of prime properties

Colonial has a healthy level of 2.8% availability of top-quality product 03 Portfolio and Pipeline – Outperformance of Prime Product

• Scarce availability of high-quality space in the CBD of Madrid and Barcelona

• Remaining availability mainly due to entry into operation of the Barcelona renovation program

GROUP EPRA VACANCY - OFFICES

Colonial's Prime Factory Approach delivers additional Cash Flow & Value Creation 03 Portfolio and Pipeline – Outperformance of Prime Product

Colonial is successfully delivering the project pipeline with one of the highest yield on costs in the sector

Méndez Álvaro Campus - Madrid CBD South

Colonial consolidates its ESG leadership with outstanding GRESB Rating 03 Portfolio and Pipeline – Outperformance of Prime Product

04 Future Growth & Conclusion

Colonial a Prime Platform with a multi-layer Cash flow Growth

Strong portfolio driving EPS guidance upgrade growth in 2023

¹Adjusted by the impact of asset disposals ²⁶

04 Future Growth & Conclusion

Strategy – Colonial's Prime Portfolio outperforming the market on rental growth

¹ Peer Group LFL Gross Rental Income growth, based on last reported figures of 11 companies in the Euro area

² As a percentage of total Group last reported Gav 30/06/2023

CLOSE TO €600m DIVESTED YTD – 12 ASSETS CAPITAL RECYCLING WITH FLIGHT TO QUALITY

• Close to € 600m divested at appraisal value
• Disposal of non- core/ secondary assets with weak
  • cash Flow Profile
• Investment market activity in Spain mainly driven
  • by Colonial disposals

Spanish Office investment volumes since 2018 – YTD 23

Sagasta 27, Madrid

Le Vaisseau, Paris

Alcalá, 506 Madrid

J Valcárcel, 24 Madrid

04 Future Growth & Conclusion Strategy - Prime assets, experience destinations, financial discipline

Colonial's letting performance continues at historical high volumes

• Scarcity of Grade A stock & race to quality accelerate bifurcation in Europe
• Central locations benefiting from short commuting time, key factor for office usage
• Experience & cultural benefits of central prime offices on wellbeing here to stay

Colonial's Assets capture above average market rental growth

• Rents are rising with accelerating momentum & double digit ERV growth in Paris
• Colonial's NRI Growth LFL among the highest in Europe
• EPS Guidance revised up to levels around €31cts/sh.

Creation of the top products deliver extra value & cash flow

• Colonial transforming urban centers with amenity led space e.g. Louvre, Madnum
• Strong track record of urban transformation with outstanding capital value gains
• Developing low carbon destinations that outperform the market in occupancy and rental levels

Financial strength and discipline with low cost of debt

• More than €570m divestments with pricing levels at appraisal value
• Debt 100% hedged in the next 2 years and above 92% for years 3 & 4
• Spot cost of debt at 1.7% with levels below market in the long term Rives de Seine | Paris City Centre

THANK YOU

https://www.inmocolonial.com/en/shareholders-and-investors

Solid profitability with enhanced quality APPENDICES

PROFIT & LOSS ACCOUNT

Results analysis - €m	09 2023	09 2022
Gross Rents	279	262	€m
Recurring EBITDA	233	207
Recurring financial result	(71)	(58)
Income expense & others - recurring tax	(8)	(9)
Minority interests - recurring	(26)	(21)
Recurring Earnings	129	119
Change in fair value of & provisions assets	(525)	315
Non-recurring financial result & MTM	(1)	(3)
Income & others - non-recurring tax	10	2
Minority interests - non-recurring	89	(35)
Profit attributable the Group to	(299)	398	€m
Recurring Earnings - €m	129	119
Nosh (mm)	539.6	539.6
EPS recurring - Cts€/share	23.8	22.1
EPS cont. operations - Cts€/share	23.8	20.0

9/ 22 9/ 23

EARNINGS PER SHARE (EPS² )

1. Adjusted by the impact of asset disposals

1. Recurring EPS

Colonial delivers strong letting performance APPENDICES

Colonial has signed more than 113,000 sqm year to date, reducing vacancy and locking in long-term contract maturities

APPENDICES

Colonial's Prime Positioning allows to fully capture additional cash flows from indexation

Colonial Group has captured +5% of revenue growth through indexation (+6% France and 3% Spain)

GROUP PARIS MADRID & BARCELONA Indexation captured YTD 09/23 - Annualized GRI impact-Cumulative Impact of 2023 Indexation in YTD P/L +5% +6% +4% +2% +3% +2% +3% +2% +1% Secured Indexation to crystalize further in 2023 P/L

2023 YTD INDEXATION FULLY PASSED THROUGH

APPENDICES

Colonial's Prime Factory Approach delivers solid Value Creation

• 1. Colonial is successfully delivering the project pipeline with one of the highest yield on costs in the sector
• 1. High levels of secured rents as solid source for additional revenue growth in 2023

PROJECT PIPELINE - DELIVERING & RELOADING Value creation potential - €bn

Project	City	GLA (sqm)	Let
Diagonal 525	Barcelona CBD	5,706	100%
83 Marceau	CBD Paris	9,600	100%
Velazquez 86D	Madrid CBD	16,318	100%
Miguel Angel 23	Madrid CBD	8,155	100%
Biome	City Center Paris	24,500	100%
1 Plaza Europa 34	Barcelona	13,735	100%
SaintHonoré Louvre	CBD Paris	16,000	100%
DELIVERED PROJECTS		94,014
Méndez Alvaro Campus	Madrid CBD South	89,871	Delivery 1H 2024
TOTAL PIPELINE	183,885

¹ Plaza Europa is a Joint Venture where Colonial's stake is 50%.

² GAV 12/20 + Pending Capex as of 12/20

³ GAV 12/21 + Pending Capex as of 12/21

⁴ GAV 12/22 + Pending Capex as of 12/22

⁵ GAV 6/23 (last appraisal) + Pending Capex as of 6/23

⁶ Stabilized rent capitalized at estimated exit yield

Pending Capex as of 09/2023	€m
2023	30 - 35
2024	21 - 26
Total Pending Capex	51 - 61

Colonial has a strong track record on value creation through capital recycling

Colonial continues with its successful flight to quality strategy through active portfolio asset allocation

ONGOING FLIGHT TO QUALITY THROUGH ACTIVE CAPITAL ALLOCATION

Note (2): Acquisition of Danone Headquarters in Spain (Dec-21) and Pasteur in Paris (Mar -2022)

Note (3): Disposals settled in 2022, and 2023 YTD

Note (4): Includes settlement of logistics disposal

APPENDICES

Office Rental Markets | Paris & Madrid

Office markets have a scarce supply of Grade A product in CBD that is favouring Prime rental growth

Source: CBRE; BNP; C&W 37

APPENDICES

Vacancy at very healthy levels in every segment

EPRA¹ VACANCY

(1) EPRA Vacancy office portfolio

(2) EPRA Vacancy including all uses

ESG Leadership with clear priorities APPENDICES

APPENDICES Direct Investment Market

Colonial
----------

	Asset	Area	Price	GLA	Cap. Value
S RI A P	19 François 1er (1Q 2023)	CBD	€150m	2,600 sqm	€57,692/sqm
	62 Champs Elysées (1Q 2023)	CBD	€100m	2,300 sqm	€43,478/sqm
	35 Montaigne (1Q 2023)	CBD	€200m	5,100 sqm	€39,216/sqm
	11 Hoche (1Q 2023)	CBD	€115m	3,300 sqm	€34,849/sqm
	101, Champs-Élysées (2Q 2023)	CBD	€146m	4,300 sqm	€34,000/sqm
	53, Quai d'Orsay (3Q 2023) Transaction not yet completed Sale price as of publishing date (2Q 2023)	CBD	€250m	9,574 sqm	€26,112/sqm

APPENDICES Direct Investment Market

Asset	Area	Price	GLA	Cap. Value
Almagro 9, José Abascal 56 & Miguel Ángel 11 (1Q 2023)	CBD	€315m	33,731 sqm	€9,338/sqm
Maria de Molina 39 (4Q 2023)	CBD	€30.4m	4,000 sqm	€7,500/sqm
Fray Luis de León 13 (4Q 2022)	City Center	€32m	4,300 sqm	€7,442/sqm
Francisco Silvela 106 (1Q 2023)	City Center	€46m	6,300 sqm	€7,337/sqm
Alberto Aguilera 37 (3Q 2023)	City Center	€40m	7,000 sqm	€5,714/sqm

MADRID

APPENDICES Direct Investment Market

	Asset	Area	Price	GLA	Cap. Value
A N O L E C R A B	Portal de l'Àngel 40 (4Q 2022) Includes Office & Retail Units	City Center	€105m	4,400 sqm	€23,863/sqm
	Diagonal 662 Transaction not yet completed Sale price as of publishing date (1Q 2023)	CBD	€240m	27,300 sqm	€8,791/sqm
	Mile22@ (3Q 2022)	22@	€250m	35,000 sqm	€7,142/sqm
	Pamplona 101 (2Q 2023)	22@	€31m	4,500 sqm	€6,889/sqm

© Colonial