MERLIN Properties Annual Report 2019 / English

| 47 MERLIN’s net financial debt as of 31 December is € 5,182,491 thousand. This implies a Loan To Value of 40.6%, which represents a reduction of 7 bps since 31/12/2018 (40.7%). The breakdown of MERLIN’s debt is the following: MERLIN’S debt has an average maturity period of 6.4 years. The chart with debt maturity is the following: % Gross financial debt 17.3% 15.3% 67.4% 100.0% Average cost (%) 2.60% 1.65% 2.07% 2.09% % interest rate hedged 98.6% 98.6% 100.0% 99.5% 5,567 385 (€ million) (€ million) Secured bank loans Non-mortage debt Bonds 965 852 3,750 5,182 Cash Unsecured bonds Secured bank loans Unsecured loans 2 13 15 2020 14 22 14 2021 700 16 716 2022 850 16 866 2023 600 176 776 2025 889 800 89 2026 22 2027 2028 23 300 2029 1,057 557 500 +2030 850 867 2024 17 23 23 323 Total Gross Debt Total Net Debt