MERLIN Properties Annual Report 2022

| 11 The strategy and operation are characterised by the following: MERLIN’s structure 1 Focus on Core and Core Plus assets in Spain and Portugal. 2 An investment grade capital structure. 4 Being one of the most cost- efficient REITs in Europe. 5 Implementing best practices in Corporate Governance. 3 Distribution, via dividend or share premium, of 80% of AFFO generated in the period. Financial performance 4 Ethics and corporate reponsibility 1 Objectivity and integrity 5 Respect for the environment and balanced urban development 2 Asset protection 6 Respect for human rights 3 MERLIN’s mission is to be the benchmark REIT in the Iberian Peninsula, thanks to our commitment to long-term value creation and the generation of sustainable and growing dividend for shareholders in an environment of transparency, ethics and responsibility in business and society. Mission, vision and values