Investor Presentaiton

Inflation coming down quickly on lower energy prices 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Evolution of prices in Madrid and Spain General and Undelying inflation Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Source: INE Underlying Spain General Spain Underlying CM General CM 10.0 Contribution to inflation by components 12.0 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 May-20 Jun-20 Jul20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Mar-21 Apr-21 May-21 Jun-21 Jul21 Aug-21 Source: Own elaboration from INE Data Sep-21 Jun-22 Aug-22 Sep-22 Oct-22 Dec-22 Jan-23 Mar-23 Apr-23 May-23 Jun-23 Jul23 Aug-23 Sep-23 Oct-23 Unprocessed food Energy products BINE Underlying Services ✓ Negative CPI 2020 ✓ General Inflation: SPAIN: 3.5% in Oct-2023, same level than previous month, but a decrease of almost 3.8p.p. YoY ✓ CM 3.2% in October, with stability compared to the previous month (-3 p.p. vs. Oct-22). ✓ Underlying inflation SPAIN > 4% since Dec21; above headline since Dec22 ✓ SPAIN 6.4% Oct-22 vs. 5.2% Oct-23. ✓ CM core inflation, the third lowest of all Autonomous Communities. ✓ CM 5.2% Oct22, vs. 4.8% Oct23. Processed food General 16

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