Crystallizing Value Creation & Market Overview

Spain Considerations as Market for European Entry: Strong GDP growth, sizable addressable market, low financing costs GROWING ECONOMY: Spain GDP growth is expected to outperform the Euro Area 4.6% 6.1% 7.5% 3Q21 4Q21 1Q22 € 3,000 LARGE ADDRESSABLE MARKET suggests deep pipeline of future expansion opportunity € 2,000 Source: (1) Barclays Economics. (2) CBRE Research. € 1,000 EXPECTED REAL GDP GROWTH(1) (year/year) 6.4% 2Q22 ■Spain Euro Area 3.9% 3.1% 3Q22 TOTAL RETAIL REAL ESTATE INVESTMENT VOLUME (2) (in millions) Pipeline 4Q22 € 0 2019 2020 2021E 59

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