Merlin Properties SOCIMI S A : Presentación Corporativa

COMPANY PRESENTATION

DISCLAIMER

This presentation has been prepared by MERLIN Properties SOCIMI, S.A. (the "Company") for informational use only.

The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities. The information contained in this document is subject to change, verification and completion without notice. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of any information contained or referred to in this document. Each of the Company and its affiliates, advisors or agents expressly disclaims any and all liabilities which may be based on this document, the information contained or referred to therein, any errors therein or omissions therefrom. Neither the Company, nor any of its affiliates, advisors or agents undertakes any obligation to provide the recipients with access to additional information or to update this document

or to correct any inaccuracies in the information contained or referred to therein.

Certain statements in this document regarding the market and competitive position data may be based on the internal analyses of the Company, which involve

certain assumptions and estimates. These internal analyses may have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. Additionally, certain information contained herein may be based on management accounts and estimates of the Company and may have not been audited or reviewed by the Company's auditors. Recipients should not place undue reliance on this information. The financial information included herein may have not been reviewed for accuracy or completeness and, as such, should not be relied upon.

This information is provided to the recipients for informational purposes only and recipients must undertake their own investigation of the Company. The information providing herein is not to be relied upon in substitution for the recipient's own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company.

The distribution of this presentation in some jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. The securities of the Company have not been and, should there be an

offering, will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"). Such securities may not be offered or sold in the United States except on a limited basis, if at all, to Qualified Institutional Buyers (as defined in Rule 144A under the Securities Act) in reliance on Rule 144A or another exemption from, or transaction not subject to, the registration requirements of the Securities Act. The securities of the Company have not been and, should there be an offering, will not be registered under the applicable securities laws of any state or jurisdiction of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to or for the benefit of any national, resident or citizen of Canada or Japan.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES. ANY DECISION TO PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION ON THE COMPANY.

This presentation may include forward- looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the financial position, business strategy, management plans and objectives for future operations of the Company are forward-looking statements. These forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause such actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward- looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which they expect to operate in the future.

Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, any change in their expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations.

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A leading company

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A well-groundedpresent

CONTENTS

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An exciting future

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Appendix

1. LEADING COMPANY

A leading company        |Brief history of the company

2014

2015

2016 2018

2019

2020

2021

20222023

Acquisition of Tree portfolio (888 BBVA branches) (€ 740m)

July 2014

Acquisition of Testa (€ 1.8bn)

June 2015

Acquisition	Sale hotel
of Metrovacesa	portfolio
(€ 1.7bn)	(€ 535m)
June
2016	2016

Sale of
non-core	Launch
and Testa	of value
Residencial	creation
(€ 321m)	program

2018 2018

Acquisition
of 3 assets
in Portugal	Sale of
(€ 112m)	office
and DCN	portfolio
in Madrid	& other
(€ 169m)	(€ 225m)
	Nov.
2019	2019

Contribution of non-core retail assets

Feb.

2020

	Non-core
Launch of	assets
Data Center	disposals
program	(€ 238m)

2021 2021

Sale	Non-core
of Tree	assets
portfolio	disposals
(€ 2.1bn)	(€ 113m)

2022 2022

	Value creation
	program in
Non-core	offices and
assets	shopping
disposals	centers
(€ 39m)	completed
2023	2023

June	May	Dec.	2016-	April	Nov.	Jan.	July	May	2022	2022	2023
2014	& July	2015	2017	2019	2019	2020	2020	2021
	2015

IPO	Capital	Inclusion	4 bond	ESG	Bond	Listing in	Bond	Bond	Green Bond	2023 bond	Banking
	increase	in IBEX 35	issuances	Indexed	issuance	Euronext	issuance	issuance	requalification	refinancing	financing
		Index		financing		Lisbon

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A leading company        |Sound financial structure

FINANCIAL DISCIPLINE: LONG MATURITIES AND HEDGED DEBT

35.0%	2.38%	5.1	90.4%	99.7%	€ 4,050m	€ 1,309m
LTV	Average Interest	Years	Non-mortgage debt	Fixed	Net financial	Liquidity
	Rate (hedged)	Maturity	/ total debt	rate debt	debt	position(1)

	€ 180m	€ 170m	€ 150m		€ 100m
	7-yr mortgage loan	10-yr mortgage loan	10-yr mortgage loan	Tap on the 2.375% note due
872	@110 bps margin	@125 bps margin	@130 bps margin	(2)	September 2029	(3)

(€ million)	Refinanced		72
				727
						711
						2
		602					29			600
		2		502				182
				2
					725
		600		800	500	302
			2					600
					500		187
									17
						300
2								22
2									170
								22
2024		2025	2026	2027	2028	2029	2030	2031	2032	2033	2034

Unsecured loans

Unsecured bonds

Secured bank loans

1. Including cash (€ 461.2m), treasury stock (€ 15.4m) and undrawned credit facilities (€ 832.4m) in FY23
2. Signed in January 2024 and pending disposition
3. Drawn down in February 2024

BBB Positive

Baa2 Positive	6

A leading company        |A snapshot of MERLIN as of FY23

6.2%	3.0%		3.0%	0.1%
16.9%			16.9%
Gross asset	55.8%	Gross rental	53.6%
	value		income
18.1%			26.4%

Offices		Shopping Centers		Logistics		Data Centers		Other

Note: GAV of land under develpoment and NTA of equity method included in its respective category (offices, shopping centers, logistics and data centers)

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A leading company        |Reconvening our strategy

50%50%

Traditional(1)Digital(2)

75%

25%Digital

Traditional

(1) Offices + Shopping centers	8
(2) Data centers + e-commerce related logistics

A leading company        |Shareholder's return
						+8.8%	+1.4%	+7.1%	+4.7%	(1.0%)
					+15.2%	16.11
				+21.6%		15.39	15.46	15.67	15.08
				14.81
+1.8bn
€ p.s		+17.2%	13.25					+1.19
of dividends
distributed	Total	+9.1%	11.23
since IPO	shareholder's	9.85
return
	9.10								As a
									consequence
	NTA								of BBVA
									portfolio disposal	9.2
										Current
					0.50					share price
				0.46
									+0.44(1)
			0.40					0.40
					0.35
						0.30
112.2%	Dividend
accrued	0.19
of value creation
since IPO	2014	2015	2016	2017	2018	2019	2020	2021	2022	FY23

(1) € 0.20 p.s. already paid Dec-23 and € 0.24 p.s. pending BoD proposal to be approved by 2024 AGM

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1. WELL-GROUNDEDPRESENT