Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Jul 27, 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

OTRA INFORMACIÓN RELEVANTE

Como continuación a la comunicación de información relevante publicada con fecha 20 de julio de 2023 con número de registro 23679, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al primer semestre de 2023, que se celebrará hoy jueves día 27 de julio de 2023 a las 18:30 horas (CET) a través de un webcast.

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

Francia: 0800916834

Alemania: 08007240293

España: 900834776

Reino Unido: 08006522435

Toronto: (+1) 416 764 8658

Estados Unidos: (+1) 888 886 7786

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

https://onlinexperiences.com/Launch/QReg/ShowUUID=5D8D3265-129C-454A-8E9E-EF2EDCFE639C

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

En Madrid, a 27 de julio de 2023.

First Half 2023

July 27th, 2023

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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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

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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.

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

1

2

3

4

5

Double Digit Growth in EBITDA & EPS

Strong Letting Volume &

Outstanding Occupancy

Rental Growth &

Pricing Power

Resilient

Valuation

Disciplined Capital

Structure

• +18% EBITDA growth reaching €152m (vs €129m in 06/2022)
• +14% growth of recurring EPS reaching €cts16 per share
• Close to 100,000 sq m signed YTD equivalent to €43m annualized rents
• Group occupancy at outstanding 97%, Paris fully let at 100%
• International consultancy firms and luxury brands leading tenant demand
• Contracts signed in Q2 with +7% ERV Growth¹ (Paris +11%)
• Acceleration of rental growth and solid capture of indexation
• Colonial's low carbon assets attracting high quality tenants at maximum rents
• Gross Asset Value -3% like-for-like in the last six months
• Value creation through projects & ERV growth partially offsetting rates impact
• 57 bps cumulative yield expansion since June-22 (67 bps in Paris)
• Flight to quality through disposals: €550m divested YTD at appraisal value
• Operating Portfolio Net Debt/ EBITDA with significant improvement YTD
• Hedging strategy ensuring interest rates below 2.5% in the long term

EUROPE AND US: FUNDAMENTAL DIFFERENCES IN THE PERFORMANCE OF EACH REGION

Resiliency of European Office compared to USA 01 Highlights

Solid tenant trends in prime European offices

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

Sources:

<> - JLL, Thursday 6th July 2023

<< McKinsey's Real Estate Practice: Empty spaces and hybrid places >> - McKinsey Global Institute, July 2023

(1) Colonial's Office ERV growth 2Q2023

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 in the market

PARIS

MADRID (Inside M-30)

82%

95%

97%

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

Colonial's Prime Strategy delivers strong cash flow growth and outperformance on valuations

• 1. Colonial's Gross Asset Value is resilient Rental Growth partially offsets yield expansion impact
• 1. Rental Growth and Project Delivery generating +5% growth in GAV in 6 months

02 Financial performance – Strong Cash Flow & Resilient Values

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

1) Adjusted by the impact of asset disposals

2) Includes Cedro & P. Somport 10-18 disposal as of July 2023

3) Appraisal as of 06/23

Solid Balance Sheet

4) Current and future Spot Interest Rate estimate not including additional debt needs

Financial Performance – Strong Cash Flow & Resilient Values Colonial's Prime Strategy delivers double-digit profit growth with resilient valuations 02

STRONG CASH FLOW GROWTH …

²Adjusted by the impact of asset disposals

Recurring EPS with high double-digit growth 02 Financial Performance – Strong Cash Flow & Resilient Values

• 1. Recurring EPS +14% vs previous year
• 1. Recurring EPS of continued operations increased by +25%¹

RECURRING PROFIT - €m

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

• 1. Core Portfolio contributes +8% to revenue growth on the back of a strong like for like
• 1. Projects & Acquisitions contributed with +12% to Gross Rental Income Growth

GROSS RENTAL INCOME - €m

• (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

⁽¹⁾ Core Portfolio like-for-like

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

• 1. Gross Rental Income increases by +8% driven by Paris portfolio with a +14% growth
• 1. Outstanding like-for-like increase of +10%, 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% (+13% 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

Gross Rental Income Like-for-Like¹ growth

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

Colonial is being successful in divesting close to €550m 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 (€548m)
• 1. Divestments achieved at attractive pricing levels, in line with appraisals, confirming the fundamental value of the portfolio

Disposal of CEDRO & final settlement of Puerto Somport 10-18¹ ENHANCEMENT OF DISPOSAL PROGRAM

• 17% vacant asset in Madrid secondary
• Multinational for own use

Program

disposals

1

YTD

Colonial's Prime Strategy delivers resilient asset values in volatile market environments 02 Financial Performance – Strong Cash Flow & Resilient Values

• 1. Higher Cap Rates partially offset by Rental growth & Project Delivery
• 1. The prime positioning of our assets delivers a resilient valuation outperforming the market

¹Portfolio in operation blended Valuation yield, including gross yield in Spain and Net yield in France ²In France, consultants publish net yields

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 1.69%¹& future cost at <2.5%
• 1. Standard & Poor's BBB+ stable outlook credit rating with stable Outlook confirmed in April-23

¹Spot Cost of Debt as of 30/06/23 excluding formalization costs & including hedges from IRS ² Fixed /Hedged Cost debt = Debt at fixed or hedged cost / Net debt as of 30/06/23 ³Net debt assigned to Operating portfolio / Topped Up Net rental income + SG&A

Note: Current and future Spot Interest Rate estimate not including additional debt needs

MTM €262m

Nominal hedge €2,9bn

• Financial Cost under control with 100% at fixed rate 02 Financial Performance – Strong Cash Flow & Resilient Values
  • 1. The Colonial Group has signed a new €835m Sustainable Revolving Credit Facility
  • 1. Group's liquidity increased up to €2.9bn after disposals and new undrawn debt

Increased liquidity following new RCF and disposals

Colonial's Prime Strategy delivers a resilient NTA 02 Financial Performance – Strong Cash Flow & Resilient Values

• 1. Higher Cap Rates partially offset by Rental growth & Project Delivery
• 1. Additional equity value of €347m due to pro-active hedging crystalized in 11.5 €/share Net Disposal Value

(1) Project Value Creation= GAV variance – Capex

(2) Net Disposal Value

03 Portfolio & Pipeline – Outperformance of Prime Product

Our Prime buildings set the market reference in rental growth

Office Markets polarization: Scarcity of Grade A assets in CBD driving ERV growth 03 Portfolio and Pipeline – Outperformance of Prime Product

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

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

STRONG LETTING ACTIVITY & HIGH TENANT LOYALTY

Galerie Champs Élysées

• Colonial delivers strong letting performance capturing rental growth 03 Portfolio and Pipeline – Outperformance of Prime Product
  • 1. Our buildings have delivered strong rental growth in Q2 2023 with doubled digit increases in Paris
  • 1. Rental growth remains solid throughout the year with acceleration during the second 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's Prime Positioning allows to fully capture additional cash flows from indexation

Colonial Group has captured +5.7% of revenue growth through indexation (+6% France and 4% Spain)

2023 YTD INDEXATION FULLY PASSED THROUGH

(2) Signed rents vs previous contracts (renewals) - Offices

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. Colonial has increased the occupancy of its buildings up to 97%
• 1. Our Paris portfolio has reached full occupancy, 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

• The remaining availability results mainly from entry into operation of the Barcelona renovation program

GROUP EPRA VACANCY - Offices

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

Colonial delivers strong value creation through urban transformation projects

PARIS CBD | Place du Palais -Royal

¹Total Cost: Acquisition cost + Capex ²Capital Gain: Value at latest appraisal 06/2023 – (Acquisition Price and/ or Value at start of project & Capex Invested)

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

Colonial invests in urban transformation projects developing the best product & maximizing user experience

LOUVRE SAINT HONORÉ

PARIS CBD

• Historical & Iconic Building in Paris' Prime CBD
• 40 Year contract signed, starting 2H 2023
• More than €16m annualized GRI secured
• Rent indexed yearly by Contract

MÉNDEZ ÁLVARO CAMPUS

MADRID CBD SOUTH

• Urban Mixed Used Working / Living / Amenities
• Next to Madrid's main Transportation Hub Atocha Station
• Increasing demand from Multinational Companies
• Marketing started 4Q 2022

RIVES DE SEINE

PARIS CITY CENTER

• 2nd largest office sector in Paris
• Meeting historically large companies demand, benefiting from increasing medium-size demand
• Next to one of main Transportation Hubs in Paris - Gare de Lyon

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

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

¹Adjusted by the impact of asset disposals

04 Future Growth & Conclusion Strategy – Prime Platform with a Multi-layer Cash flow Growth

Colonial's Portfolio offers a high visibility on further revenue growth

• 1. Annualized Passing Rents of €400 m not yet fully crystalized in 2023 Profit & Loss accounts
• 1. Additional Revenues of more than €40 m from delivery of current pipeline (€18 m secured YTD)
• 1. Asset portfolio with a substantial growth potential through a healthy mix of reversion and refurbishments

3. Remaining Static Price & Volume reversion (excluding additional impacts of future indexation & ERV growth) & other refurbishments across the portfolio

Refurbishments ³

Rents

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

Tenant trends are solid in European City Centres

• Scarcity of Grade A stock & race to quality accelerate bifurcation in Europe
• Low carbon destinations outperforming the market in occupancy and rental levels
• Central locations benefiting from short commuting time, key factor for office usage
• Experience & cultural benefits of central prime offices on wellbeing here to stay

Demand is concentrated on Prime Assets in Central Locations

• Colonial's letting performance reaches again historical high volumes
• Rents are rising with accelerating momentum & double digit ERV growth in Paris
• Top-tier clients of luxury, tech & consulting sectors taking more space in our buildings

We are investing to grow, developing additional experience destinations

• Colonial transforming urban centres with amenity led space: Louvre, Mendez Alvaro Campus
• Strong track record on urban transformation with outstanding capital value gains

We have financial strength and discipline with low cost of debt

• More than €540m divestments with pricing levels at appraisal value
• 100% hedged in the next 2 years and above 92% for years 3 & 4
• Spot cost of debt at 1.69% with levels below market in the long term
• Whilst there are short term reductions in valuation, polarization of assets continues
• Rental Growth & Project Value Creation partially offset yield expansion
• Our Prime buildings are outperforming the market with resilient valuations

THANK YOU

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

Solid profitability with enhanced quality APPENDICES

PROFIT & LOSS ACCOUNT

1H 22 1H 23

1. Adjusted by the impact of asset disposals 1H 22 1H 23

APPENDICES

Colonial's Prime Strategy delivers resilient asset values in volatile market environments

• 1. Higher Cap Rates partially offset by Rental growth & Project Delivery
• 1. The prime positioning of our assets delivers a resilient valuation outperforming the market

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 (1): Disposals settled in September and November 2021

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

Extension of Debt Maturities A Solid Financial Structure Maturity profile of debt facilities - €m 187 500 700 500 925 500 599 599 443 324 17 375 1.390 835 2023 2024 2025 2026 2027 2028 2029 75%¹ of debt maturing >2026

Net Debt LTV Drawn Facilities Unutilized Facilities Total Facilities Cash Liquidity 30/06/2023 aaaa €5,038m 39.2% €0m €2,600m €2,600m €257m €2,857m Debt Maturity Group Non-Mortgage debt Cost of Debt Group 4.7 years 100% 1.69% ² 31/12/2022 aaaa €5,355m 38.7% €100m €2,240m €2,340m €160m €2,400m 4.6 years 99% 1.71%

¹Excluding ECPs ² Excluding formalization costs accrued over the life of debt. Including them, the financial cost amounted to 1.95%

Office Markets show strong support for Prime CBD product APPENDICES

Scarcity of Grade A CBD stock & race to quality vs secondary locations accelerate bifurcation in Europe

Colonial delivers strong letting performance APPENDICES

Colonial has signed more than 97,000 sqm in the first half of the year, reducing vacancy and locking in long-term contract maturities

APPENDICES

Vacancy at very healthy levels in every segment

45

2023 MATURITIES – MIX 2H 2023 MATURITIES BREAKDOWN

% on annualized Group GRI

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	City	GLA (sqm)	Let
Diagonal 525	Barcelona CBD	5.706	100%
83 Marceau	Paris CBD	9.600	100%
Velazquez 86D	Madrid CBD	16.318	93%
Miguel Angel 23	Madrid CBD	8.155	100%
Biome	Paris City Center	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

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

• 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 1H 2023	€m
2023	52 - 57
2024	21 - 26
Total Pending Capex	73 - 83

APPENDICES Investment markets for prime product remain active

	Asset	Area	Price	GLA	Cap. Value
S	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
RI A P	11 Hoche (1Q 2023)	CBD	€115m	3,300 sqm	€34,849/sqm
	101, Champs-Élysées (2Q 2022)	CBD	€146m	4,300 sqm	€34,000/sqm
	Galilée-Vernet (1Q 2023)	CBD	€125m	4,400 sqm	€30,000/sqm

	Asset	Area	Price	GLA	Cap. Value
D RI D A M	Castellana 51 (3Q 2022)	CBD	€239m	18,700 sqm	€12,750/sqm
	Almagro 9, José Abascal 56 & Miguel Ángel 11 (1Q 2023)	CBD	€315m	33,731 sqm	€9,338/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

	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 completed Sale price as of publishing date (1Q 2023)	CBD	€240m	27,300 sqm	€8,791/sqm
	Step Up (2Q 2022)	22@	€35m	4,500 sqm	€7,777/sqm
	Mile22@ (3Q 2022)	22@	€250m	35,000 sqm	€7,142/sqm
	Pamplona 101 (2Q 2023)	22@	€31m	4,500 sqm	€6,889/sqm

APPENDICES ESG performance

	ESG topics analyzed	Score	Colonial Overview
	> CO2 reduction in line with 1.5Cº pathway	1.5º Ambition Targets approved	> Decarbonization Plan scientifically approved > Leading the way by setting science-based targets > Highly-ambitious plan towards achieving 1.5ºC goal
	> CO2 and energy performance > Targets and action plans > Risk management		> Within the 1.5% best companies worldwide across all industries > One of only six real estate companies in Europe > The only property company in Spain
2022	> Environmental targets > Action plans > Performance	Standing Investments: 90/100 Development: 96/100 Five-star	> 3 rd consecutive year with 5-star green rating > Investment portfolio: 90/100 Leader in Western Europe > Development portfolio: 96/100 > Strong momentum in rating +50% in 6 years
	> Environmental strategy > Human capital > Risk management		> Top 3% of the over 4,000 companies worldwide > 3 rd out of 97 in the financial services > Reporting Rate of 94%, far exceeding the 67% sector average > Increased overall score since last year's review
	> Governance > Social responsibility > Human resources	Negligible Risk	> Ranked 31 out of 459 listed real estate companies > Globally positioned in the Top 198 of the 15,617
GREEN BONDS	> CO2 performance > Environmental certificates	100% Green Bonds	> 1 st IBEX35 company with 100% Green Bonds > st Spanish Real Estate with 100% Green Bonds 1 > Well positioned in continental Europe on green financing

© Colonial