MERLIN Properties Annual Report 2019 / English

| 25 TENANTS MERLIN enjoys a high quality tenant base, broadly diversified. Top 10 tenants represent a 17.3% of the gross annualized rents (plus an additional 15.3% from BBVA), while top 20 tenants represent a 25.7% of gross annualized rents (excluding BBVA) Tenant Years as tenant BBVA 11 Endesa 17 Inditex 29 Técnicas Reunidas 14 PWC 10 Hotusa 19 Caprabo 28 Indra 18 Fnac 23 Dachser 7 T o p - 2 0 t e n a n t s GRI 25.7 % GRI 15.3 % GRI 17.3 %