MERLIN Properties Annual Report 2019 / English

| 39 (1) Based on exit yield (2) Including DCN and the DCN loan (€ 255.3m) MERLIN portfolio has been appraised by CBRE, Savills and JLL, for a total GAV of € 12,751m. GAV breakdown is the following: GAV LfL Growth Gross yield Yield compresion (1) Offices 6,161 +4.8% 4.1% 27 bps Shopping centers 2,540 (0.1%) 5.1% (9) bps Logistics 939 +9.0% 5.8% 42 bps Net leases 1,873 +0.5% 4.6% 0 bps WIP & land 301 n.a n.a Other 453 +1.1% 4.1% 2 bps Equity method (2) 484 +5.3% n.a Total 12,751 +3.3% 4.5% 14 bps Portfolio valuation