MERLIN Properties Annual Report 2021

| 11 MERLIN Properties Socimi, S.A. (“MERLIN”, “MERLIN Properties” or the “Company”) is a company devoted to delivering sustainable return to shareholders through the acquisition, active management and selective rotation of high quality commercial real estate assets in the “Core” and “Core plus” segments. Strategy Organization and structure Core & Core Plus Spain & Portugal 1 2 3 4 5 Investment grade capital structure Dividend policy: 80% of AFFO One of the world’s most cost efficient REIT’s Best governance practices Net leases • High triple net cash flow • Inflation multiplier 15 % Offices • Breadth of prime space in Madrid, Barcelona and Lisbon 50 % Shopping centers • Urban or dominant • National scale 15 % Logistics • National footprint • “One-stop shop” solution for 3PL 20 %