MERLIN Properties Annual Report 2021

| 33 (1) Bps based on exit yield YTD MERLIN portfolio has been appraised by CBRE, Savills and JLL, for a total GAV of € 13,041m. GAV breakdown is the following: GAV (€ m) LfL Growth Gross yield Yield expansion/(compression) (1) Offices 6,416 +0.5% 4.0% (3) Logistics 1,324 +14.5% 4.9% (50) Shopping centers 2,200 (1.6%) 5.2% - Net leases 1,775 +2.3% 4.4% +2 WIP & land 311 n.a. n.a. - Other 410 (1.7%) 3.4% +1 Equity method 604 9.6% n.a. - Total 13,041 +2.0% 4.4% (6) Portfolio valuation