MERLIN Properties Annual Report 2023

| 11 The Group’s strategy and operation are characterized by: Structure of MERLIN 1 Focusing 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 dividends or premium refunds, of 80% of the AFFO generated in the financial year. 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 stand out as the leading REIT in the Iberian Peninsula. We are committed to creating long-term value and generating sustainable and growing dividends for our shareholders. All this takes place in a context where the values of transparency, ethics and corporate and social responsibility are fundamental. Mission, vision and values