MERLIN Properties Annual Report 2020 / English

| 43 MERLIN’s net financial debt as of 31 December is € 5,268,483 thousand. This implies a Loan To Value of 39.9% including transfer costs, which represents an increase of 46 bps since 31/12/2019 (39.5%). The breakdown of MERLIN’s debt is the following: MERLIN’S debt has an average maturity period of 6.0 years. The chart showing debt maturity profile is the following: (€ million) Unsecured bonds Secured bank loans Unsecured loans 2020 2021 2022 2023 2025 2026 2027 2028 2029 +2030 2024 10 850 29 548 743 600 800 500 300 600 12 12 12 88 546 21 23 22 19 10 0 560 754 862 619 888 521 22 323 1,175 % Gross financial debt 13.3% 15.3% 71.3% 100.0% Average cost (%) 2.80% 1.70% 2.08% 2.12% % interest rate hedged 100.2% 98.9% 100.0% 99.8% (€ million) Secured bank loans 765 5,268 Total Net Debt (467) Cash Unsecured loans 879 Unsecured bonds 4,091 5,735 Total Gross Debt