MERLIN Properties Annual Report 2020 / English

| 45 Per share (€) € million EPRA NTA 31/12/2019 15.39 7,230 NAV growth in 2020 0.07 34 EPRA NTA 31/12/2020 15.46 7,263 DPS 0.15 69 NTA growth + DPS (Shareholder Return) 15.61 7,332 Shareholder Return Rate 1.4% 1.4% SHAREHOLDERS RETURN The Shareholder Return for a given period is equivalent to the sum of (a) the change in the EPRA NTA per share of the Company during such period; and (b) the total dividends per share (or any other form of remuneration or distribution to the Shareholders) that are paid in such period (the “Shareholder Return”). The Shareholder Return Rate is defined as the Shareholder Return for a given period divided by the EPRA NTA per share of the Company at the beginning of period (the “Shareholder Return Rate”). In accordance with these definitions, the Shareholder Return for 2020 amounts to € 0.22 per share (or € 102m of value created in absolute terms) and the Shareholder Return Rate amounts to 1.4%. Figures may not add up due to the rounding.