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Merlin Integrates Metrovacesa Larger MERLIN INTEGRATES METROVACESA LARGER BROADER STRONGER SEPTEMBER 2016 DISCLAIMER This presentation has been prepared by MERLÍN Properties, by the Company’s auditors, whereas the information on exceptions, may not be offered or sold within Canada or SOCIMI, S.A. (the Company) for informational use only. Metrovacesa S.A. and on certain competitors contained Japan or to or for the benefit of any national, resident or herein is based on publicly available information which has The information contained in this presentation does citizen of Canada or Japan. not been verified by the Company. Accordingly, recipients not purport to be comprehensive or to contain all the should not place undue reliance on this information. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM information that a prospective purchaser of securities of the PART OF ANY OFFER FOR SALE OR SOLICITATION OF Company may desire or require in deciding whether or not This information is provided to the recipients for ANY OFFER TO BUY ANY SECURITIES IN THE UNITED to purchase such securities, and has not been verified by the informational purposes only and recipients must undertake STATES OR IN ANY OTHER JURISDICTION, NOR SHALL Company or any other person. The information contained in their own investigation of the Company. The information IT OR ANY PART OF IT FORM THE BASIS OF OR BE this document is subject to change without notice. Neither providing herein is not to be relied upon in substitution for RELIED ON IN CONNECTION WITH ANY CONTRACT OR the Company nor any of affiliates, advisors or agents makes the recipient’s own exercise of independent judgment with COMMITMENT TO SELL OR PURCHASE SHARES. ANY any representation or warranty, express or implied, as to the regard to the operations, financial condition and prospects DECISION TO SELL OR PURCHASE SHARES IN ANY accuracy or completeness of any information contained or of the Company. OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF referred to in this document. Each of the Company and its Neither this presentation nor any copy of it shall be taken, employees, officers, directors, advisors, agents or affiliates PUBLICLY AVAILABLE INFORMATION. transmitted into, disclosed, diffused, send, published expressly disclaims any and all liabilities whatsoever (in or distributed in the United States, Canada, Australia This presentation may include forward-looking statements. negligence or otherwise, whether direct or indirect, in or Japan. The distribution of this presentation in other These forward-looking statements involve known and contract, tort or otherwise) for any loss howsoever arising jurisdictions may also be restricted by law and persons into unknown risks, uncertainties and other factors, which may from any use of this presentation, the information contained whose possession this presentation comes should inform cause such actual results, performance or achievements, or referred to therein, any errors therein or omissions themselves about and observe any such restrictions. In or industry results, to be materially different from those therefrom or otherwise arising in connection with this particular, any offer that might result from the transaction expressed or implied by these forward-looking statements. presentation. Neither the Company, nor any of its affiliates, herein escribed will not be made, directly or indirectly, in These forward-looking statements are based on numerous advisors or agents undertakes any obligation to provide the United States of America, or by use of mails, or by any assumptions regarding the present and future business the recipients with access to additional information or to means or instrumentality (including, without limitation, strategies of the Company and the environment in which update this document or to correct any inaccuracies in the facsimile transmission, telephone and internet) of interstate they expect to operate in the future. Forward-looking information contained or referred to therein. or foreign commerce of, or any facilities of any national statements speak only as of the date of this presentation Certain statements in this document regarding the market securities exchange of, the United States, Canada, Australia and the Company expressly disclaim any obligation or and competitive position data may be based on the internal or Japan. The securities of the Company have not been and, undertaking to release any update of, or revisions to, any analyses of the Company, which involve certain assumptions should there be an offering, will not be registered under forward-looking statements in this presentation, any change and estimates. These internal analyses may have not been the U.S. Securities Act of 1933, as amended (the Securities in their expectations or any change in events, conditions or verified by any independent sources and there can be no Act) and, subject to certain exceptions, may not be offered circumstances on which these forward-looking statements assurance that the assumptions or estimates are accurate. or sold in the United States. The securities of the Company are based. Additionally, certain information in this presentation may have not been and, should there be an offering, will not be be based on management accounts and estimates of the registered under the applicable securities laws of any state In reviewing this presentation, the recipient is agreeing to, Company and may have not been audited or reviewed or jurisdiction of Canada or Japan and, subject to certain and accepting, the foregoing restrictions and limitations. ı 2 ı MERLIN INTEGRATES METROVACESA July 2016 Transaction highlights 4 Metrovacesa overview 8 Transaction rationale 13 Structure and terms 23 Collateral value: creation of a leading 29 Spanish rented residential player Timetable and conclusions 32 Appendix 35 TRANSACTION HIGHLIGHTS Transaction highlights INTEGRATION OF METROVACESA: COMPELLING STRATEGIC RATIONALE • Consolidation of the #1 office portfolio in Spain, increasing exposure to Madrid and Barcelona CBD Unparalleled footprint • Dramatic scale-up in shopping centers, becoming the #2 player in Spain with presence in the regions with the highest GDP per capita Leadership • Undisputed Spanish leader across all asset categories providing the best opportunity to benefit and European from the Spanish property market recovery scale • Creation of one of the largest diversified commercial REITs in Continental Europe • Company poised for compelling short-to-medium term value and FFO growth: • Occupancy improvement Tangible • Rent reversion embedded upside • Repositioning capex • Additional revenue and cost synergies • Management commitment to tighten overheads cap and adjust stock plan • Collaterally, the transaction creates a leading Spanish rented residential platform, Enhanced while deconsolidating it from MERLIN options for • Enhances the attractiveness and liquidity of the hotel division which becomes the #1 net non-core lease hotel operator in Spain assets • NOL carry forwards of MVC to mitigate impact of non-core divestments ı 5 ı Transaction highlights STRUCTURE, TERMS AND TIMING • Spin-off of MVC into 3 business lines: • (a) commercial property (GAV €3,190 m / NAV €1,673 m / GRI €152 m) • (b) rented residential (GAV €692 m / NAV €442 m / GRI €22 m); and Transaction • (c) land bank structure • Acquisition of MVC’s commercial property in exchange for 146.7 m MERLIN shares and key terms • Resulting ownership: MERLIN shareholders 68.76%; MVC shareholders 31.24%(1) • Simultaneous merger of MVC’s rented residential platform into MERLIN’s platform • Resulting ownership: MVC shareholders 65.8%(2); MERLIN 34.2% (deconsolidation) • Land bank retained by MVC shareholders • Enlargement of MERLIN BoD to reflect new shareholding structure: 15 members • 3 Santander, 1 BBVA, 2 executives and 9 independents from MERLIN and Testa • Non-executive chairman: Mr. Rodrigo Echenique Governance • Executive vice-chairman and CEO: Mr. Ismael Clemente and • MERLIN management team to remain unchanged Management • New proposal to reduce participation levels of the MSP in Total Shareholder Return(3) • JV Residential Company: internally managed by the Testa Residencial management team under the supervision of MERLIN, through a Service Level Agreement • Transaction subject to approval of MERLIN and MVC shareholders (September 2016) Approvals • Transaction subject to antitrust approval and timing • Expected closing: Q4 2016 (1) Santander 21.95%; BBVA 6.41%; Popular 2.86%; Minorities 0.02% (2) Santander 46.21%; BBVA 13.49%; Popular 6.01%; Minorities 0.05% (3) Subject to AGM approval ı 6 ı Transaction highlights APPEALING TRANSACTION FROM A FINANCIAL PERSPECTIVE • Stock for stock transaction: MERLIN new shares issued at €11.40 per share NAV • 15.8% premium to NAV(1); 22.6% to unaffected share price(2) and 16.9% to L3M VWAP(3) accretive • Overall 5.7% accretive in NAV p.s.(1): combined company pro-forma NAV of €10.41 p.s • MERLIN’s residential portfolio contributed at a 30.1% premium to NAV (4). Highly • Very attractive acquisition capital values vs. comparable market transactions attractive • Office: €3,192/sqm(5) vs. €4,900-7,500/sqm in CBD and €2,500-4,400/sqm in non-CBD acquisition • Shopping centers: €2,735/sqm(5) vs. €2,400-4,600/sqm capital values • Hotels: €115k/room(5) vs. €132k-186k/room • Transaction FFO accretive from day 1 FFO accretive • Assumes MVC’s post-transaction overhead expenses fulfill MERLIN’s current overhead policy since year 1 • Reconfirmed commitment to distribution policy of 80% of FFO •
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