MERLIN Properties Annual Report 2018 / English

ı 16 ı Positioning #1 Offices #1 Shopping Centers #1 Logistics #1 High Street retail • Flexibility to offer multitenant or headquarter buildings • Capacity to adapt to the needs of the tenant • Mainly urban footprint in high GDP/ capita areas in Spain • Critical mass with retail brands • “One-stop-shop” solution for logistics operators wishing to operate across Spain • Big footprint to match the rapid development of 3PL activity • Excellent conditions of BBVA lease agreement triple net lease with 1.5x HICP annual uplift • Optimization of retail space in office buildings 140 ASSETS 1,272K SQM € 5,513M GAV € 226M GRI 18 ASSETS 549K SQM € 2,265M GAV € 116M GRI Full Consolidation (1) Equity method (2) 760 ASSETS 396K SQM € 2,220M GAV € 95M GRI Zal Port 48.5% 50 ASSETS 469K SQM (+251K SQM WIP) € 32M GRI (4) 46 ASSETS 1,101K SQM € 830M GAV € 51M GRI WIP 8 PROJECTS 493K SQM € 267M GAV (3) € 21M GRI (3) Existing Existing Tres Aguas 50% 1 ASSET 67K SQM € 9M GRI (1) Not including other and non-core land (2) Data for minority stakes are reported for 100% of the subsidiary (3) Total expected investment and gross rent (4) Gross annual rent as of 31/12/18, deducting ground lease expenses