Inmobiliaria Colonial Socimi S.A.

Investor Presentation • May 15, 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 10 de mayo de 2023 con número de registro 22507, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al primer trimestre de 2023, que se celebrará hoy lunes día 15 de mayo de 2023 a las 18:30 horas (CET) a través de un webcast.

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

https://onlinexperiences.com/Launch/Event/ShowKey=230483

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

En Madrid, a 15 de mayo de 2023.

First Quarter Results 2023

May 15th, 2023

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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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

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 Solid Cash Flow Growth 02_
• Operations Ongoing strong momentum 03
• Outperformance on the back of polarization 04
• Conclusion 05

PRESENTING MANAGEMENT TEAM

Pere Viñolas Chief Executive Officer

Carmina Ganyet Chief Corporate Officer

Carlos Krohmer Chief Corporate Development Officer

Delivery of profitable Growth on the back of polarization

01 Highlights

Solid Balance Sheet

The Best Office Product delivering outperformance

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 April-23

3) ERV Growth vs 12/22 corresponding to office contracts

1. Colonial delivers strong cash flow growth with full pricing power

3. Inflation hedge: Colonial captures the cash flow growth coming from indexation

1. Colonial's prime portfolio outperforms the market improving occupancy 4

2. We have the highest occupancy among our peers

5

1

3

1. Colonial's strong hedging profile keeps financial costs under control

1. Colonial's €500m disposal program completed in line with Net Total Assets

Strong Cash Flow Growth

Pricing Power & Project Delivery

Strong Revenues Increase

Double digit Like for like growth

High Occupancy

Solid improvement Quarter-on-Quarter

Financial Cost under Control

Cost of debt stable Quarter-on-Quarter at low levels

Strong top-line results driving profitable growth

STRONG INCREASE IN NET RENTAL INCOME DRIVING SOLID EPS GROWTH

Financials – Solid Cash Flow Growth 02

Recurring EPS with +14% growth on continued operations

• 1. Recurring EPS of continued operations increases by +14%¹
• 1. Recurring EPS post revenue decrease of disposals +5% vs previous year

RECURRING PROFIT - €m

• Financials – Solid Cash Flow Growth Gross Rental Income increases by +11% 02
  • 1. The Core Portfolio contributes with +9% growth in revenues on the back of superior pricing power
  • 1. The Projects contribute with +3% growth in revenues
  • 1. The acquisition of the Pasteur asset in Paris contributes with +5% growth in revenues

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 & other non like-for-like impacts

02 Financials – Solid Cash Flow Growth Double digit rental growth with +10% like for like increase

• 1. The Gross Rental Income increases by +11% driven by the Paris portfolio with a +17% growth
• 1. The outstanding like for like growth of +10% highlights the outperformance of Colonial's Prime portfolio
• 1. The like for like growth is driven by a combination of indexation, rental price growth and increases in occupancy

GROSS RENTAL INCOME - €m

Financial Cost under control with 100% at fixed rate 02 Financials – Solid Cash Flow Growth

• 1. Standard & Poor's BBB+ credit rating with stable Outlook confirmed in April-23
• 1. Colonial has 100% of the debt at fixed cost maintaining financial costs under control at 1.67%¹
• 1. Disposal program decreasing net debt and reducing LTV⁴down to 36.8%

Financial Cost under control¹– 100% at Fixed Cost

Long term maturity profile with strong pre-hedging profile

38.7% 36.8% LTV 12/22 LTV 03/23 (189 bps) 4

Loan to Value significantly improved

€m

¹Spot Cost of Debt as of 31/03/2023 excluding formalization costs & including hedges from IRS

² Fixed /Hedged Cost debt = Debt at fixed or hedged cost / Net debt as of 03/23

³ Excluding ECPs

⁴ LTV including the impact of the disposal of Hanovre asset in Paris during April-23 and formalized disposals commitments

03 Operations – Ongoing strong momentum

03 Operations – Ongoing strong momentum Colonial delivers strong letting performance

Colonial has signed more than 45,000 sqm in a quarter, reducing vacancy and locking in long-term contract maturities

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

Operations – Ongoing strong momentum Colonial has one of the highest occupancy ratios in the sector thanks to its prime positioning 03

• 1. The Colonial Group increases it occupancy up to 97% due to strong quarterly letting performance
• 1. The Paris portfolio hast the strongest occupancy profile being continuously fully let

Operations – Ongoing strong momentum 3.3% of available high-quality space with solid letting prospects 03

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

• The remaining availability results mainly from entry into operation of the 22@ renovation program

EPRA VACANCY - Offices

The Colonial Portfolio captures strong rental growth 03 Operations – Ongoing strong momentum

• 1. Colonial continues delivering a strong release spread, highlighting Paris with +10%
• 1. Strong Growth on Office ERVs in a quarter with +3% vs 12/22, Madrid outstanding with +8%

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

(2) Signed rents vs previous contracts (renewals)

Pricing Power & Alpha driving superior revenue growth

04 Outperformance on the back of polarization

Colonial's Prime Portfolio delivers the highest like for like growth

• 1. Colonial has delivered on Gross Rental Income & Net rental Income the highest like for like growth in the last 5 years
• 1. Colonial's like for like rental growth is among the highest in its peer group

¹ Peer Group LFL Gross Rental Income growth, based on last reported figures of 8 companies in the Euro area

Outperformance on the back of polarization Colonial has one of the highest occupancy ratios in the sector thank to its prime positioning 04

Colonial's strong occupancy profile delivers stable cash flows with solid growth EPRA Occupancy 1Q 23 Colonial vs Peers

¹ Peer Group EPRA Occupancy, based on last reported figures of 6 companies in the Euro area

04 Colonial's Prime Positioning allows to fully capture additional cash flows from indexation Outperformance on the back of polarization

1. Colonial has captured 6% of revenue growth through indexation securing additional revenues for 2023 P/L

MACRO CONTEXT

1. Released indexation references for contracts in 2Q 2023 will further increase Colonial's rental revenues

COLONIAL PORTFOLIO FULLY CAPTURING INDEXATION

Colonial's Prime Factory Approach delivers additional Cash Flow & Value Creation 04 Outperformance on the back of polarization

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

€m

1. High levels of secured rents as solid source for additional revenue growth in 2023

1 2 3 4 5 6 7 Project City Delivery GLA (sqm) Let Total Cost Diagonal 525 Barcelona CBD ✓ 5,706 100% 41 ≈ 5% 83 Marceau Paris CBD ✓ 9,600 100% 154 ≈ 6% Velazquez 86D Madrid CBD ✓ 16,318 86% 116 > 6% Miguel Angel 23 Madrid CBD ✓ 8,155 100% 66 > 5% Biome Paris City Center ✓ 24,500 100% 283 ≈ 5% Plaza Europa 34 Barcelona ✓ 13,735 100% 42 ≈ 7% DELIVERED PROJECTS 78,014 702 ~6% Louvre SaintHonoré Paris CBD 2H 23 16,000 100% 215 7- 8% 1

8 Méndez Alvaro Campus Madrid CBD South 1H 24 89,871 On track
ONGOING PROJECTS 105,871

TOTAL PIPELINE 183,884 1,241

2 GRI P&L 1Q 2023 - Annualized Full Potential

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

² Annualized 03/23 GRI

PROJECT PIPELINE

Colonial's Prime Factory Approach delivers additional Cash Flow & Value Creation 04 Outperformance on the back of polarization

ONGOING PROJECTS

04 Outperformance on the back of polarization

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, YTD 2023 and agreements reached 2023

Note (4): Includes settlement of logistics disposal

Colonial well positioned

05 Conclusion Colonial well positioned

COLONIAL DELIVERS STRONG CASH FLOWS WITH FULL PRICING POWER

• 1. Recurring EPS with +14% growth on continued operations
• 1. Double digit rental growth with +11% like for like increase on Net Rental Income 2
• 1. Colonial's prime portfolio with 97% occupancy and solid Q-o-Q improvement 3
• 1. Colonial captures strong rental growth & additional cash flow coming from indexation
• 1. Pipeline delivery almost completed with significant future cash flow to come 5
• 1. Outstanding financial hedging securing low interest rate

EPS GUIDANCE ON TRACK

1

4

6

Colonial's prime portfolio well positioned to navigate the market

Solid Growth on continued operations

• EPS 23 growth guidance cont. operations¹ : +4%-10%
• EPS recurring 2023: 28-30 €Cts/sh
• DPS proposal² fully in cash 25 €Cts/sh +4% YoY

¹ EPS recurring continued operations 2022: EPS 2022 of 29.8 €cts/share adjusted with EBITDA of disposed assets = €27Cts/sh

² DPS proposal subject to AGM approval

Appendices

Solid profitability with enhanced quality APPENDICES

PROFIT & LOSS ACCOUNT

Profit & Loss Account
Results analysis - €m	1Q 2023	1Q 2022
Gross Rents	90	82
Recurring EBITDA	71	64
Recurring financial result	(23)	(18)
Income expense & others - recurring tax	(3)	(4)
Minority interests - recurring	(8)	(6)
Recurring Earnings	38	36
Change in fair value of & provisions assets	(0)	(0)
Non-recurring financial result & MTM	(1)	(0)
Income & others - non-recurring tax	(9)	(7)
Minority interests - non-recurring	0	0
Profit attributable the Group to	28	28
Recurring Earnings - €m	37.8	35.9
Nosh (mm)	539.6	539.6
EPS recurring - Cts€/share	7.0	6.7
EPS cont. operations - Cts€/share	6.9	6.1

€m

RECURRING NET PROFIT 35.9 37.8 +5% +14% Continued Operations

03/22 03/23

RECURRING EPS

Net Rental Income growth of +12% (+11% like for like) APPENDICES

NRI= Net Rental Income

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

Solid Capital Structure with strong Hedging Profile APPENDICES

¹ Fixed /Hedged Cost debt = Debt at fixed or hedged cost / Net debt . Post disposals

²Strike rate for the interest rate pre-hedging instruments

³Since bonds maturity

Extension of Debt Maturities A Solid Financial Structure

Maturity profile of debt facilities - €m

Green Bonds Col Green Bonds SFL ECPs Green loans Undrawn balances

	31/12/2022 aaaa	31/03/2023 aaaa
Net Debt	€5,355m	€5,046m
LTV	38.7%	36.8%1
Drawn Facilities	€100m	€0m
Unutilized Facilities	€2,240m	€2,340m
Total Facilities	€2,340m	€2,340m
Cash	€160m	€133m
Liquidity	€2,400m	€2,473m
Debt Maturity Group	4.6 years	4.6 years
Non-Mortgage debt	99%	100%
Cost of Debt Group	1.71%	1.67% 2

(1) Including the sale of an asset in France signed in April 2023 and the sales commitments already formalized

(2) Excluding formalization costs accrued over the life of debt. . Including them, the financial cost amounted to 1.89%

>2026

(3) Excluding ECPs

APPENDICES Office markets are driven by strong demand for prime

Strong polarization for central locations both in rental and investment office markets

transacted volume

APPENDICES

EPRA¹ VACANCY

Vacancy at very healthy levels in every segment

(2) EPRA Vacancy including all uses

APPENDICES

Colonial's Prime Factory Approach delivers additional Cash Flow & Value Creation

DELIVERING & RELOADING

PROJECT PIPELINE							Project pipeline Topped-Up GRI 03/23
Project	City	Delivery	GLA (sqm)	Let	Total Cost 1 €m	Yield on Cost	In €m
1 Diagonal 525	CBD Barcelona	✓	5,706	100%	41	≈ 5%			€82m
2 83 Marceau	Paris CBD	✓	9,600	100%	154	≈ 6%
3 Velazquez 86D	Madrid CBD	✓	16,318	86%	116	> 6%
4 Miguel Angel 23	Madrid CBD	✓	8,155	100%	66	> 5%		€34m	€55m	67%
5 Biome	Paris City Center	✓	24,500	100%	283	≈ 5%				Secured YTD
6 2 Plaza Europa 34	Barcelona	✓	13,735	100%	42	≈ 7%	€16m
PROJECTS DELIVERED			78,014		702	~6%
7 Louvre SaintHonoré	Paris CBD	2H 23	16,000	100%	215	8% 7-	3 P&L FY2022	GRI P&L 1Q 2023 - 4 Annualized	Full Potential
8 Méndez Campus Alvaro	Madrid CBD South	1H 24	89,871	On track	323	7- 8%	Pending Capex	as of 1Q 2023	€m
ONGOING PROJECTS			105,871		539	7- 8%	2023		81 -	86
							2024		21 -	26
							Total Pending Capex		102 - 112

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

³ 12/22 GRI (12 months cumulative)

⁴ Annualized 03/23 GRI

² Plaza Europa is a Joint Venture where colonial stake is 50%.

APPENDICES Investment markets for prime product remain active

	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
	150, Champs-Élysées (3Q 2022)	CBD	€600m	18,000 sqm	€33,333/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

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