MERLIN Properties Annual Report 2022

| 35 (1) Bps based on passing rent MERLIN portfolio has been appraised by CBRE, Savills and JLL, for a total GAV of € 11,317m. GAV breakdown is the following: GAV (€ m) LfL Growth Gross yield Yield expansion/(compression) (1) Offices 6,387 (1.9%) 4.4% +39 Logistics 1,400 0.6% 5.2% +29 Shopping centers 2,135 (3.5%) 5.8% +65 WIP & land 358 n.a. n.a. - Other 405 (0.6%) 3.9% +54 Equity method 632 5.9% n.a. - Total 11,317 (1.5%) 4.7% +44 Portfolio valuation