MERLIN Properties Annual Report 2023

MERLIN Properties | 51 (€ million) EPRA Net Asset Value Metrics EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 6,539.0 6,539.0 6,539.0 Include / Exclude: i) Hybrid instruments - - - Diluted NAV 6,539.0 6,539.0 6,539.0 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 58.8 58.8 58.8 iii) Revaluation of tenant leases held as finance leases - - - iv) Revaluation of trading properties - - - Diluted NAV at Fair Value 6,597.8 6,597.8 6,597.8 Exclude: v) Deferred tax in relation to fair value gains of IP 535.6 507.8 - vi) Fair value of financial instruments (21.0) (21.0) - 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 (1.6) Include: ix) Fair value of fixed interest rate debt 287.7 x) Revaluation of intangibles to fair value - xi) Real estate transfer tax 299.2 - - NAV 7,411.7 7,083.1 6,885.5 Fully diluted number of shares 469,770,750 469,770,750 469,770,750 NAV per share 15.78 15.08 14.66 EPRA NRV, NTA AND NDV