MERLIN Properties Annual Report 2018 / English

ı 51 ı Annual Report 20 18 Per share (€) € thousand EPRA NAV 31/12/2017 13.25 6,224,741 NAV growth in 2018 1.56 731,126 EPRA NAV 31/12/2018 14.81 6,955,867 DPS 0.46 216,095 NAV growth + DPS (Shareholder Return) 2.02 947,221 Shareholder Return Rate 15.2% 15.2% 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 2018 amounts to € 2.02 per share (or € 947 million of value created in absolute terms) and the Shareholder Return Rate amounts to 15.2%.