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Diversified

business

model

High quality

portfolio

1. By GAV
2. Excluding minority stakes

91%

OFFICES IN PRIME CBD AND NEW BUSINESS AREAS

90%

E-COMMERCE LOGISTICS

96%

URBAN AND DOMINANT MALLS

ı 4 ı

Stable and predictable cash flow stream

Healthy

debt profile

Only 15% of rents maturing before end of 2021

Covid-19 incentives fully booked in 2020

(€ 66 million estimated, no change from April disclosure)

Securing a minimum of € 101.1 million of rents from retail in 2021(2) through lease extensions

Only 3%-4% of retail tenants deemed "unrecoverable"

40% LTV (covenant 60%)

3.7x ICR (covenant 2.5x)

No debt repayment until May 2022

Maturity profile extended to 6.5 years

BBB stable rating by S&P

(€ per share)

FFO

AFFO

EPS

EPRA NAV

• 0.06 of Covid incentives
• 0.02 of non core disposals

Lfl growth by area

Madrid

Barcelona

Lisbon

1. Office portfolio in operation for 6M20 (€ 113.4m) and for 6M19 (€ 109.0m)

+2.8%

+9.2%

+5.1%

Occupancy by area

New contracts signed(1)

Premium to ERV

Contracts renewed

Renewal rate(2)

Release spread

YoY

Shopping centers

(excl. assets under (41%) (32%) (29%) reform: Porto Pi +

Saler)

YoY

Shopping centers

(excl. assets under(18%) reform: Porto Pi +

Saler)

Madrid

Barcelona

Other

+7.7%

(10.1%)

+3.5%

Madrid

Barcelona

Other

3M206M20

97.2% 97.3%

+8 bps

85.4% 88.7%

+331 bps

99.8% 99.4%

(41 bps)

Stock 624,716

WIP 102,965

Stock incl. WIP 727,681

155,345 sqm delivered in 2020

GRI

€ 13.4m

GAV Like-for-Like evolution(1)(1)

+2.1%

+2.0%

+0.0%0.2%

MERLIN average(1)

(4.7%)

754

743

12

2023

• Full refurbishment of the asset, located in the heart of Azca, the best business area in Madrid Prime CBD
• 12,789 sqm signed post Covid-19 outbreak (+ 1,842 sqm optioned)
• C85 will become the HQ of both a top-tier consulting firm and construction company

• Full refurbishment of the building, located in Duque de Saldanha, one of the most emblematic squares in the city and the core of Lisbon's Prime CBD area
• 10-yearterm lease agreement with BPI comprising 19,425 sqm, to become their main HQ in Lisbon

CONFIDENTIAL

GLA 16,471 sqm(1) Total Capex € 33.0m Yield on cost 8.3% Delivery 1Q21

1. Post refurbishment

GLA 25,385 sqm(1)

Total Capex € 34.8m

Yield on cost 9.4%

Delivery 1Q21

ı 29 ı

Saler

• The refurbishment will consolidate Saler, facing the City of Arts and Sciences, as the leading urban mall in Valencia
• Anchor tenants upsizing and upscaling units

GLA 28,834 sqm (inc. additional GLA) Cost € 36.0m (inc. units acquired) Yield on cost 5.2%

Porto Pi

• Full refurbishment of the shopping center
• The asset will contain outstanding exterior terraces overlooking the Mediterranean sea
• The future additional space (2,400 sqm) is fully let

GLA 32,732 sqm (inc. additional GLA) Cost € 41.8m (inc. units acquired) Yield on cost 4.2%

Sevilla ZAL WIP

• The project, currently under construction, will be delivered by 3Q20
• 67% pre-let to Grupo Damm

• Turn key project in the most dynamic hub of Zaragoza
• 100% let to Dachser upon delivery (September 2020)

• Phased project located in Seville's Port area
• 3 warehouses totalling 27,248 sqm have already been delivered

GLA 42,632 sqm Cost € 2.0m Yield on cost 8.4%

2020

2021

Only 12% of rents mature in 2021

2020 incentives expensed, not straight-lined (no impact on 2021 P&L)

€ 20 million of incremental rents secured by new contracts already signed

Retail occupancy supported by commercial policy(1)

13% reversionary potential in offices as a buffer against market declines

Net leases as a "safe harbour" Logistics to continue its growth pace