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Merlin Properties, Socimi, S.A MERLIN PROPERTIES, SOCIMI, S.A. Consolidated Financial Statements for the period ended 31 December 2016, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Unión, and Directors' Report, together with Independent Auditor's Report Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in forcé in Spain and of financial statements originally issued in Spanish and prepared in accordance with the regulator/ framework applicable to the Group (see Notes 2 and 28). In the event of a discrepa ncy, the Spanish-language versión prevails. WorldReginfo - af4937a5-b6f0-4b3e-ab03-4d50baa5064b Deloitte, S.L Plaza Pablo Ruiz Picasso, 1 Torre Picasso Deloitte 28020 Madrid España Tel:+34915 14 50 00 Fax:+34 915 14 51 80 www.deloitte.es Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in forcé in Spain and of fínancial statements originally issued in Spanish and prepared in accordance with the regulator/ framework applicable to the Group (see Notes 2 and 28). In the event of a discrepancy, the Spanish- language versión prevails. INDEPENDENT AUDITOR'S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS To the Shareholders of MERLIN PROPERTIES SOCIMI, S.A.: Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of MERLIN PROPERTIES SOCIMI, S.A. ("the Parent") and Subsidiarles ("the Group"), which comprise the consolidated statement of fínancial position as at 31 December 2016, and the consolidated income statement, consolidated comprehensive income statement, consolidated statement ofchanges in equity, consolidated statement ofcash flows and notes to the consolidated financial statements forthe period then ended. Directors' Responsibility for the Consolidated Financial Statements The Parenfs Directors are responsible for preparing the accompanying consolidated financial statements so that they present fairly the consolidated equity, consolidated financial position and consolidated results ofMERLIN PROPERTIES SOCIMI, S.A. and Subsidiarles, in accordance with International Financial Reporting Standards as adopted by the European Unión and the other provisions of the regulatory fínancial reporting framework applicable to the Group in Spain and for such ¡nternal control as the Directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinión on these consolidated fínancial statements based on our audit. We conducted our audit in accordance with the audit regulations in forcé in Spain. Those regulations require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated fínancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated fínancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation by the Parenfs Directors of the consolidated financial statements in arder to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinión on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation ofthe consolidated fínancial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinión. DeSoitte, S.L. Inscrita en el Registro Mercantil de Madrid, tomo 13.650, sección 8a, folio 188, hoja M-54414, inscripción 96a, C.I.F.: B-79104469. Domicilio social: Plaza Pablo Ruiz Picasso, 1, Torre Picasso, 28020, Madrid. WorldReginfo - af4937a5-b6f0-4b3e-ab03-4d50baa5064b Opinión In our opinión, the accompanying consolidated fínancial statements present fairly, in all material respects, the consolidated equity and consolidated financial position of MERLIN PROPERTIES SOCIMI, S.A. and Subsidiarles as at 31 December 2016, anct their consolidated results and their consolidated cash flows for the period then ended in accordance with International Financial Reporting Standards as adopted by the European Unión and the other provisions ofthe regulatory financial reporting framework applicable to the Group in Spain. Report on Other Legal and Regulatory Requirements The accompanying consolidated Directorsf report for the period ended 31 December 2016 contains the explanations which the Parenfs Directors consider appropriate about the situation of MERLIN PROPERTIES, SOCIMI, S.A. and Subsidiarles, the evolution of their business and other matters, but is not an integral part of the consolidated fínancial statements. We have checked that the accounting information in the consolidated Directors' report is consistent with that contained in the consolidated financia! statements for the period ended 31 December 2016. Our work as auditors was confined to checking the consolidated Directors' report with the aforementioned scope, and did not include a review ofany information otherthan that drawn from the accounting records of MERLIN PROPERTIES, SOCIMI, S.A. and Subsidiarles. DELOITTE, S.L. Inscrita en el R.O.A.C. NO S0692 Antonio Sánchez-Covisa Martín-González 27 February 2017 - 2 - WorldReginfo - af4937a5-b6f0-4b3e-ab03-4d50baa5064b MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31 DECEMBER 2016 (Thousands of euros) ASSETS Notes 31/12/2016 31/12/2015 EQUITY AND LIABILITIES Notes 31/12/2016 31/12/2015 NON-CURRENT ASSETS EQUITY: Note 16 Goodwill Note 7 9,839 193,039 Subscribed capital 469,771 323,030 Concession projects Note 8 245,744 71,500 Share premium 4,017,485 2,616,003 Other intangible assets 2,386 398 Reserves (143,537) (32,364) Property, plant and equipment 3,569 1,056 Other equity holder contributions 540 540 Investment property Note 9 9,027,184 5,397,091 Valuation adjustments (47,582) (6,106) Investments accounted for using the equity method Note 11 319,697 101,126 Translation differences - 193 Non-current financial assets Note 13 329,427 238,040 Treasury shares (105) - Derivatives 207,182 194,767 Interim dividend Note 3 (59,759) (25,035) Other financial assets 122,245 43,273 Profit for the period attributable to equity holders of the Parent 582,645 49,078 Deferred tax assets Note 20 141,044 23,140 Equity attributable to equity holders of the Parent 4,819,458 2,925,339 Total non-current assets 10,078,890 6,025,390 Non-controlling interests 21,311 1,092 Total equity 4,840,769 2,926,431 NON-CURRENT LIABILITIES: Debt instruments and other marketable securities Note 17 2,327,345 - Non-current bank borrowings Note 17 2,847,237 1,455,477 Other financial liabilities Note 18 104,149 65,465 Deferred tax liabilities Note 18 556,771 223,088 Provisions Note 18 34,092 16,573 Total non-current liabilities 5,869,594 1,760,603 CURRENT LIABILITIES: Liabilities associated with non-current assets held for sale Note 12 - 161,425 CURRENT ASSETS: Provisions Note 18 867 274 Non-current assets held for sale Note 12 - 298,534 Debt instruments and other marketable securities Note 17 25,629 - Inventories 2,938 - Bank borrowings Note 17 36,227 1,710,025 Trade and other receivables Notes 13 y 14 505,894 24,384 Other current financial liabilities Note 18 3,997 2,369 Other current financial assets Note 13 83,364 4,363 Trade and other payables Note 19 113,637 353,189 Other current assets 413 3,027 Current tax liabilities Note 19 27,231 898 Cash and cash equivalents Note 15 247,081 560,740 Other current liabilities Note 18 629 1,224 Total current assets 839,690 891,048 Total current liabilities 208,217 2,229,404 TOTAL ASSETS 10,918,580 6,916,438 TOTAL EQUITY AND LIABILITIES 10,918,580 6,916,438 The accompanying explanatory Notes 1 to 27 and Appendix I are an integral part of the condensed consolidated statement of financial position as of 31 December 2016. 1 WorldReginfo - af4937a5-b6f0-4b3e-ab03-4d50baa5064b MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2016 (Thousands of euros) 2016 2015 Notes Period Period CONTINUING OPERATIONS: Revenue Note 6 351,646 214,429 Other operating income 3,612 2,352 Personal expenses Note 21.c (43,241) (15,710) Other operating expenses Note 21.b (51,665) (39,819) Gains/(losses) on disposals of assets Note 9 8,484 3,986 Depreciation and amortisation (4,779) (107) Provision surpluses 32 476 Impairment of goodwill: (154,428) (302,188) Impairment of goodwill in initial allocation - (231,852) Absorption of the revaluation of investment property Notes 7 y 9 (154,428) (70,336) Change in fair value of investment property Note 9 453,149 314,586 Negative difference on business combinations Note 3 37,573 - PROFIT/(LOSS) FROM ORDINARY ACTIVITIES 600,383 178,005 Change in fair value of financial instruments 5,357 (67,938) Change in fair value of financial instruments - Embedded derivative Note 13 12,415
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