MERLIN Properties Annual Report 2022

MERLIN Properties | 49 (€ million) EPRA Net Asset Value Metrics EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 6,849.2 6,849.2 6,849.2 Include / Exclude: i) Hybrid instruments - - - Diluted NAV 6,849.2 6,849.2 6,849.2 Include: ii.a) Revaluation of IP (if IAS 40 cost option is used) - - - ii.b) Revaluation of IPUC1 (if IAS 40 cost option is used) - - - ii.c) Revaluation of other non-current investments 50.6 50.6 50.6 iii) Revaluation of tenant leases held as finance leases - - - iv) Revaluation of trading properties - - - Diluted NAV at Fair Value 6,899.8 6,899.8 6,899.8 Exclude: v) Deferred tax in relation to fair value gains of IP 534.8 508.8 - vi) Fair value of financial instruments (44.1) (44.1) - vii) Goodwill as a result of deferred tax - - - viii.a) Goodwill as per the IFRS balance sheet - - viii.b) Intangibles as per the IFRS balance sheet (1.7) Include: ix) Fair value of fixed interest rate debt 532.5 x) Revaluation of intangibles to fair value - xi) Real estate transfer tax 291.6 - - NAV 7,682.2 7,362.9 7,432.3 Fully diluted number of shares 469,770,750 469,770,750 469,770,750 NAV per share 16.35 15.67 15.82 EPRA NRV, NTA AND NDV