MERLIN Properties Annual Report 2020 / English

| 37 Shopping centers (8.7%) Shopping centers 24 GAV EVOLUTION GAV has increased by € 60m, raising from a GAV of € 12,751m as of 31 December 2019 to € 12,811m. The like-for-like decrease of GAV from 31 December 2019 is (0.6%). YIELD EXPANSION / (COMPRESSION) Exit yields have compressed by 23 bps since December 2019. GAV BRIDGE (€ millions) 12,751.3 GAV FY19 12,811.1 GAV FY20 (198.2) Disposals FY20 235.7 Capex & WIP FY20 (104.7) Revaluation (1) FY20 127.0 Acquisitions FY20 (1) - € 105m revaluation FY20 = - € 84m P&L revaluation - € 1m equity method revaluation - € 15m Tree derivative - € 4m IFRS 16 adjustment (0.6%) Total Offices 1.0% (0.2) Net leases Logistics 8.0% Logistics (26) (1) Net leases Offices (46) (23 bps) Total