MERLIN Properties Annual Report 2019 / English

| 37 Best II (as from 31/12/19) Best III (as from 31/12/19) BEST II & III PLANS (LOGISTICS) MERLIN continues expanding its logistics footprint trough the developments / WIP program in logistics. As of 31 December 2019, main assets under Best II & Best III Plans are the following: (1) Delivered and reclassified as part of the existing stock (2) 8,787 sqm already delivered and let to Amazon GLA (sqm) ERV (€m) Investment (€m) ERV YoC Delivered Guadalajara-Cabanillas III (1) 21,879 0.9 11.8 7.8% Madrid-Pinto II B 29,473 1.2 13.7 8.6% In progress Madrid-San Fernando II 34,224 1.9 21.7 8.9% Guadalajara-Azuqueca II 98,757 4.4 54.7 8.1% Guadalajara-Azuqueca III 51,000 2.3 30.1 7.7% Guadalajara-Cabanillas Park I F 20,723 0.9 10.8 7.9% Guadalajara-Cabanillas Park II 210,678 9.2 114.2 8.1% Toledo-Seseña 28,731 1.2 15.5 7.7% Guadalajara-Cabanillas Park I Extension 92,994 3.8 56.0 6.8% Total 588,459 25.9 328.4 7.9% GLA (sqm) ERV (€m) Investment (€m) ERV YoC Delivered Valencia-Ribarroja 34,992 1.9 26.3 7.2% In progress Zaragoza-Plaza II 11,421 0.5 7.1 7.2% Madrid San Fernando III 98,942 5.1 54.9 9.3% Sevilla ZAL WIP (2) 42,632 2.0 24.4 8.4% Lisbon Park 224,864 10.5 147.6 7.1% Valencia 96,572 4.4 56.2 7.8% Total 509,423 24.5 316.5 7.7%