Informe tercer trimestre del ejercicio 2024

Q3 2024

QUARTERLY REPORT

Meridia III

Meridia Real Estate III, SOCIMI, S.A.

September 2024

2 · Meridia III · Q3 2024 Quarterly Report

3

Q3 2024 QUARTERLY REPORT

Meridia III Meridia Real Estate III, SOCIMI, S.A.

September 2024

4 · Meridia III · Q3 2024 Quarterly Report

Important Notice and Disclaimer

This report ("Report") was prepared by Meridia Capital Partners SGEIC, S.A. ("Meridia") for investor informational purposes only and may not be used for any other purpose.

This Report includes information about the past performance of the Meridia Real Estate III, SOCIMI, S.A (the "Vehicle) investments. Past performance is not necessarily indicative of future results and there can be no assurance that the Vehicle or any of its investments will achieve or continue to achieve results comparable to its past performance. Similarly, there can be no assurance that the Vehicle will be able to implement its investment strategy or achieve its investment objective.

Unless specifically otherwise indicated, all performance information presented herein is calculated on a "gross" basis without giving effect to management fees, carried interest fees, transaction costs and other expenses to be borne by investors, which will reduce returns and in the aggregate may be substantial.

Statements contained in the Report that are not historical facts (such as those relating to current and future market conditions and trends in respect thereof) are based on current expectations, estimates, projections, opinions and/or beliefs of Meridia. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained in this Report constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue," "target" or "believe" or the negatives thereof or other comparable terminology. Due to various risks and uncertainties, actual events or results, including the actual performance of the Vehicle, may differ materially from those expressed or contemplated in such forward- looking statements.

Nothing contained in this Report may be relied upon as a guarantee, promise, forecast or representation as to future events or result and thus no representation is made or assurance given that the above-mentioned statements, views, projections or forecasts are correct or that the objectives of the Vehicle will be achieved. Investors must determine for themselves what reliance (if any) they should place on such statements, views, projections or forecasts and none of the Vehicle, Meridia or any of their respective directors, officers, employees, members, partners, shareholders or affiliates assumes any responsibility for the accuracy or completeness of such information.

This document does not constitute a recommendation, offer to sell or purchase the shares of the Company, nor can it in any way be considered an invitation to enter into any contract or commitment in relation to any share, investment, investment management service or advisory service. Potential investors should carefully consider whether an investment is suitable for them in light of their circumstances, knowledge and financial resources, so they should consult their own professional and independent advisers.

It is expressly pointed out that Meridia's valuations of unrealized investments are based on assumptions that Meridia believes are reasonable under the circumstances and, consequently, the actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the performance data contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from the returns indicated herein.

Certain information contained herein has been obtained from published sources and/or prepared by other parties, which in certain cases has not been updated through the date hereof. While such information is believed to be reliable for the purpose used herein, none of the Vehicle, Meridia or any of their respective directors, officers, employees, members, partners, shareholders or affiliates assumes any responsibility for the accuracy or completeness of such information.

5

Table of contents

I.

Letter from the management

7

Dear Investors,

We hope this letter finds you well.

Please find enclosed Meridia III ("the Vehicle")'s Q3 24 quarterly report.

As of September 30th, 2024, Meridia III's total outstanding investments amounted to €197.4 million. Total equity invested (having deducted distributions) amounted to €75.7 million.

Based on the latest financial statements included in this Quarterly Report, total net NAV (including distributions) stands at €292.2 million and 1.59x net equity multiple (post carried interest estimate), which compares with a total net NAV of €297.7 million and 1.62x net equity multiple showed in Q2 2024.

Meridia continues to work intensively across all existing assets, implementing various asset management initiatives to boost occupancy rates and enhance the tenant mix. Additionally, proactive measures are being taken to safeguard the fund's liquidity.

Disposals

Meridia continues to assess the market whilst evaluating the optimal liquidity window to carry on with its disposals programme.

Portfolio Overview

Equity exposure of the remaining portfolio is divided among office (77.3%), retail (22.5%), and residential (0.1%) sectors.

As of September 30th, 2024, our portfolio comprised 8 properties: 5 office buildings, 1 shopping centre and 2 residential assets.

Asset and Project Management Updates

Main Asset Management highlights are related to Project Beatle:

• Opening of Ilusiona Bowling Alley in August, which has successfully enhanced traffic to the shopping centre.
• New lease agreement signed, covering a total area of 587 sqm with a mandatory four-year term. This addition has increased occupancy by 2%, bringing the overall occupancy of the shopping centre to approximately 90%.
• Completed a lease renewal, sustaining the high occupancy rate across the asset.

On Project Management:

Project Smart: The Pere IV Road Urbanization Project is awaiting budget approval from the Urban Planning Department. We estimate that, with the City's endorsement, the project will likely be delayed until Q4 2025.

Project Beatle: The new bowling alley construction was completed and officially opened in Q3 2024. Additionally, work began in Q3 2024 to expand retail outlets along the circulation corridor.

Project Ice: The License of First Occupation (LPO) for the Siberia building was granted in Q3 2024. The LPO for the Deslite building is expected in Q4 2024, as the handover of the urban project to City Hall has introduced some complexity. Consequently, the sale of these assets is anticipated in the coming months.

As always, we remain at your disposal. Sincerely,

The Meridia Team

II. Executive summary

III.

Vehicle's overview