Investor Presentaiton

10,0 8,0 6,0 4,0 2,0 0,0 -2,0 Inflation coming down quickly on lower energy prices 12,0 Evolution of prices in Madrid and Spain General and underlying inflation Contribution to inflation by components Community of Madrid 10,0 may.-18 Source: INE nov.-18 may.-19 nov.-19 may.-20 nov.-20 General CM General SPA may.-21 nov.-21 may.-22 nov.-22 may.-23 2,0 8,0 88 69 6,0 4,0 40 0,0 20 -2,0 ང་ sep-20 nav-20 Underlying COM Underlying SP Source: Own elaboration based on INE data. ene-21 mar-21 may-21 jul-21 sep-21 nov-21 Unprocessed food Processed foods Services Underlying ene-22 mar-22 may-22 jul-22 sep-22 nov-22 Energy products BINE General Inflation ene-23 mar-23 may-23 ✓ Negative CPI 2020 ✓ Climbing begins March 21 SPAIN 9,8% mar22, 10,8% jul22, 10,5% aug22, 7,3% oct22, 5,7% dec22, 6,0% feb23, 3,3% Mar23; 4,1% Apr 23, 3,2% May 23 CM 9,0% mar22, 9,6% jul22, 9,3% aug 22, 6,3% oct22, 4,9% dec22, 5,2% feb23, 2,6% mar23, 3,4% Apr 23, 2,4% May 23 Underlying inflation SPAIN > 2% since dec21; above headline since dec22 SPAIN 6,4% aug 22, 6,2% oct22, 7,0% dec22, 7,6% feb23, 7,5% Mar23, 6,6% Apr 23, 6,1% May 23 ✓ Underlying inflation CM, the lowest of all the Autonomous Communities. CM 5,4% auo22, 5,2% oct22, 6,0% dec22, 6,4% feb23, 6,2% Mar23, 5,5% Apr 23, 4,9% May 23 ✓ Leading indicator May23: general inflation 3,2% (-0,9 vs Apr), underlying 6,1% (-0,5). 16

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