MERLIN Properties Annual Report 2021

| 83 EPRA METRICS CALCULATION (€ thousand) Notes Consolidated net profit in accordance with IFRS 512,217 Adjustments to calculate EPRA earnings (252,399) (i) changes in value of investment properties 7 (1) (176,319) (ii) gain/(losses) on disposal of assets Consolidated income statement (4,057) (iii) absorption of revaluation on investment properties - (iv) non recurring taxes n.a. 264 (v) share in equity method investees n.a. (16,450) (vi) difference in business combination - (vii) changes in fair value of financial instruments and cancellation costs n.a. (58,083) (viii) impairment of fiscal credit - (ix) gain/(losses) on disposal of financial instruments Consolidated income statement 1,347 Minority interests in respect of previous adjustments - EPRA net earnings pre-specific adjustments 258,918 EPRA net earnings per share pre-specific adjustments 0.55 Company specific adjustments: 14,110 (i) LTIP provision 18 c 11,498 (ii) Opex non-overheads 18 b and c 2,612 EPRA net earnings post-specific adjustments 273,028 EPRA net earnings per share post-specific adjustments 0.58 EPRA EARNINGS (1) Net revaluation of investment properties + amortizations +/- variation in provisions