Superior Stability and Dividend Growth

Spain Considerations as Market for European Entry: Strong GDP growth, sizable addressable market, low financing costs EXPECTED REAL GDP GROWTH(1) (year/year) GROWING ECONOMY: Spain GDP growth is expected to outperform the Euro Area 7.5% 6.1% 6.4% € 3,000 LARGE ADDRESSABLE MARKET suggests deep pipeline of future expansion opportunity € 2,000 Source: (1) Barclays Economics. (2) CBRE Research. € 1,000 4Q21 1Q22 2Q22 3.9% 3.1% 3Q22 TOTAL RETAIL REAL ESTATE INVESTMENT VOLUME (2) (in millions) ■Spain Euro Area 4Q22 € 0 2019 2020 55 2021

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