MERLIN Properties Annual Report 2017 / English

ı 53 ı Annual Report 2017 SHAREHOLDERS RETURN The Shareholder Return for a given year is equivalent to the sum of (a) the change in the EPRA NAV per share of the Company during such year; and (b) the total dividends per share (or any other form of remuneration or distribution to the Shareholders) that are paid in such year (the “Shareholder Return”). The Shareholder Return Rate is defined as the Shareholder Return for a given year divided by the EPRA NAV of the Company as of 31 December of the immediately preceding year (the “Shareholder Return Rate”). In accordance with these definitions, the Shareholder Return in 2017 amounts to € 2.42 per share (or € 1,137,918 thousand of value created in absolute terms) and the Shareholder Return Rate amounts to 21.6%. Per share (€) € thousand EPRA NAV 31/12/2016 11.23 5,274,730 NAV growth in 2017 2.02 950,011 EPRA NAV 31/12/2017 13.25 6,224,741 DPS 0.40 187,907 NAV growth + DPS (Shareholder Return) 2.42 1,137,918 Shareholder Return Rate 21.6%