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Merlin Properties SOCIMI SA (MRL.MC)

MRL.MC on Madrid SE C.A.T.S.

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Summary

Name Age Since Current Position

Francisco Javier Garcia-Carranza Benjumea

2017 Chairman of the Board

Ismael Clemente Orrego

2016 Chief Executive Officer, Vice Chairman of the Board

Fernando Lacadena Azpeitia

Finance Director

Miguel Ollero Barrera

2016 Chief Operating Officer, Executive Director

David Brush

Chief Investment Officer

Francisco Rivas Gonzalez

Director of Business Development

Fernando Ramirez Baeza

Director of Investor Relations

Ines Arellan

Investor Relations Manager

Manuel Garcia Casas

Director of Asset Management

Enrique Gracia

Director of Asset Management

Luis Lazaro

Director of Asset Management

Javier Zarrabeitia

Director of Asset Management

Monica Martin de Vidales

Non-Member Secretary

George Donald Johnston

2016 Lead Director, Independent Director

Jose Ferris Monera

2017 Director, Representative of Banco Bilbao Vizcaya Argentaria, S.A.

Francisca Ortega Hernandez-Ager

2016 Director

Juan Maria Aguirre Gonzalo

55 2016 Independent Director

Pilar Cavero Mestre

2016 Independent Director

Ana de Pro Gonzalo

2015 Independent Director

Alfredo Fernandez Agras

2014 Independent Director

Ana Garcia Fau

48 2014 Independent Director

John Gomez-Hall

2015 Independent Director

Maria Luisa Jorda Castro

2014 Independent Director

Fernando Javier Ortiz Vaamonde

2014 Independent Director

Biographies

Name Description

Francisco Javier Garcia-Carranza Benjumea

Mr. Francisco Javier Garcia-Carranza Benjumea serves as Chairman of the Board of MERLIN Properties SOCIMI, S.A. since February 27, 2017. Before joining Banco Santander in February 2016, he worked at Morgan Stanley in London as Co-Head of the Real Estate investment banking business in EMEA (Europe, Middle East and Africa). At Morgan Stanley, he advised clients on M&A matters and equity and debt financing transactions in excess of $100 billion. The most significant transactions included the IPOs of Fadesa, and Emaar Maals Debt and Equity, the Aldar-Sorouh merger, the acquisition of Gecina by Metrovacesa, the acquisition of Urbis by Reyal, the restructuring and IPO of Inmobiliaria Colonial, and the acquisition of Testa by Merlin Properties, among others. He holds a degree in Business Administration from Universidad Carlos III de Madrid.

Ismael Clemente Orrego

Mr. Ismael Clemente Orrego serves as Chief Executive Officer, Vice Chairman of the Board of MERLIN Properties SOCIMI, S.A. since October 20, 2016. He holds a degree in Law and Administration, both from Universidad Pontificia Comillas ICAI - ICADE.

Fernando Lacadena Azpeitia

Mr. Fernando Lacadena Azpeitia serves as Finance Director of MERLIN Properties SOCIMI, S.A. He has over 35 years experience in the field of financing, very oriented towards the management and performance of the business. In the latter stage of his career, He specialized in the financial area in large multinational corporations, with solid experience in designing, negotiating and structuring financing operations. From 2007 to 2014, he was CFO of Sacyr Group and he was appointed CEO of Testa Inmuebles en Renta, S.A. in December 2014. Mr. Lacadena previously worked at ACS-Dragados Group for 13 years, holding similar positions. He began his career in the audit company Arthur Andersen, where he worked for 10 years.

Miguel Ollero Barrera

Mr. Miguel Ollero Barrera serves as Chief Operating Officer, Executive Director of MERLIN Properties SOCIMI, S.A. since October 20, 2016. He holds a degree in Law and Business Administration, both from Universidad Pontificia Comillas ICAI - ICADE.

David Brush

Mr. David Michael Brush serves as Chief Investment Officer of MERLIN Properties SOCIMI, S.A. He has over 30 years’ experience as a real estate professional. He started his career at Philadelphia National Bank in 1983 and moved to Bankers Trust (now part of Deutsche Bank) as a Vice President in 1987. During his 20-year tenure at Bankers Trust/Deutsche Bank Real Estate, Mr. Brush founded the Real Estate Opportunistic investing division, where he was a Global Head and CIO of the business for 13 years. During that time, he supervised the completion of over 150 transactions consisting of real estate acquisitions, equity investments, corporate recapitalizations and distressed loan portfolio acquisitions with an enterprise value in excess of $50.0 billion.

Francisco Rivas Gonzalez

Mr. Francisco Rivas Gonzalez serves as Director of Business Development of Merlin Properties SOCIMI S.A. He has experience as a professional real estate in more than 12 years. He has worked in Baker & McKenzie, GE Capital Real Estate and RREEF, as Vice President, participating in Value Added and investment Opportunity in Spain, Portugal and Morocco with an aggregate value of 4,000 million euros in all type of real estate assets. He holds a degree in Law and Economics and Business Administration, both from Universidad Pontificia Comillas ICAI - ICADE.

Fernando Ramirez Baeza

Mr. Fernando Ramirez Baeza serves as Director of Investor Relations of MERLIN Properties SOCIMI, S.A. He has over 8 years’ experience as a real estate professional. He has worked at KPMG, Ahorro Corporación Desarrollo, and RREEF as Vicepresident. During his tenure at RREEF, he has participated in a variety of transactions, such as the private placement and sale of the Hotel Arts complex in Barcelona, the repositioning of Penha Longa in Lisbon, and the investment in, public tender offer over, restructuring and sale to ING Real Estate of the Spanish listed shopping centre operator Filo, S.A.

Ines Arellan

Ms. Ines Arellan serves as Investor Relations Manager of MERLIN Properties SOCIMI, S.A. She has over 11 years experience as a real estate professional having worked at Morgan Stanley Investment Banking and Real Estate Private Equity as Executive Director. During her tenure at Morgan Stanley Ines has participated in IPOs, M&A and in Value Added and Opportunistic real estate investments in Spain, Portugal, France and Morocco across all property sectors.

Manuel Garcia Casas

Mr. Manuel Garcia Casas serves as Director of Asset Management of MERLIN Properties SOCIMI, S.A. He has over 14 years’ experience as a real estate professional. He has worked at GE Real Estate, taking responsibility over the underwriting, risk management and asset management departments as risk manager of the portfolio, asset manager and responsible for acquisitions underwriting. He was involved in relevant acquisitions such as Landscape, Cortefiel, El Arbol and as Managing Director for Tree Inversiones, being in charge of the day to day management of the rented portfolio to BBVA since 2010.

Enrique Gracia

Mr. Enrique Gracia serves as Director of Asset Management of MERLIN Properties SOCIMI, S.A. He has over 16 years’ experience as a real estate professional. He has worked as CFO at Bami, as CFO at Metrovacesa, the Spanish listed company focused on commercial real estate, with €4.5 billion of assets under management and 150 employees, as head of business development at Gecina, the French listed company, with €11.0 million of assets under management, and as CEO of Silcoge, a private Portuguese company, with €400 million of assets under management.

Luis Lazaro

Mr. Luis Lazaro serves as Director of Asset Management of MERLIN Properties SOCIMI, S.A. He has over 16 years’ experience as a real estate professional. He has worked at General Electric, ING Real Estate and RREEF, as Director with financial and management responsibilities. Prior to MERLIN Properties, he was in charge of Core/ Core + real estate investments in Spain and Portugal on behalf of the German Open Ended and Special Funds, managing a portfolio with an aggregate value in excess of €600 million, including shopping centers, office buildings, hotels and logistics warehouses. He holds a degree in Economics and Business Administration from Universidad Complutense de Madrid.

Javier Zarrabeitia

Mr. Javier Zarrabeitia serves as Director of Asset Management of MERLIN Properties SOCIMI, S.A. He has over 30 years’ experience as a real estate professional. He held the position of Real Estate Manager in Prima Inmobiliaria. He was responsible for feasibility studies, acquisitions as well as the management and development of different assets of the Company. He also was Executive Director at Trema Gestión, Chief Operating Officer at Pierre 1er España and Deputy General Director of Foreign Affairs for Acciona Group, living in Maghreb for 8 years. He holds a Masters of Business Administration degree from Instituto de Estudios Superiores de la Empresa (IESE).

Monica Martin de Vidales

Ms. Monica Martin de Vidales serves as Non-Member Secretary of MERLIN Properties SOCIMI, S.A. She has also served as Partner of the law firm Garrigues since 1997 and Co-Director of the commercial Department of the firm from July 2013. Garrigues has been the firm where she has developed her professional career after her time at Arthur Andersen legal advisers and tax and a period between 2001 and 2004 as General Secretariat and of the Board of Telefonica Media, S.A. specializes in commercial law, with more than 25 years of experience, mainly on issues related to commercial contracts in general and corporate law and corporate both of private companies as listed companies. She is member of the Colegio de Abogados of Madrid, holds a degree in Law and a diploma in Business Administration from the Universidad Pontificia de Comillas (ICADE). She is an associate professor at the Universidad Pontificia de Comillas (ICADE) from 2011.

George Donald Johnston

Mr. George Donald Johnston serves as Lead Director, Independent Director of MERLIN Properties SOCIMI, S.A. since October 20, 2016. He was CEO of the European Mergers and Acquisitions Group at Deutsche Bank from 1999 to 2005 and Chairman from 2005 to 2010. Member of the European Management Committee and Global Banking Operating Committee for Deutsche Bank’s Global Corporate Finance Division. He joined Deutsche Bank on the acquisition of Bankers Trust in 1999. He was a board member at Bankers Trust International and a member of the Global Management Committee. He joined Bankers Trust as head of European M&A in 1992 and subsequently became co-head of Investment Banking in Europe while continuing to run BT Wolfensohn. He worked for Salomon Brothers for 11 years where he was head of the investment banking division for Spain, Austria, Italy and Portugal. He holds a degree in Political Science from Middlebury College and a Masters degree in International Economics from John Hopkins School for Advanced International Studies.

Jose Ferris Monera

Francisca Ortega Hernandez-Ager

Ms. Francisca Ortega Hernandez-Ager serves as Director of MERLIN Properties SOCIMI, S.A. since October 20, 2016. She began her professional career at Caja Naval de Crédito as head of the Risk and Investment Department. In 1990 she took on the financial management of PBI Gestión Agencia de Valores, a subsidiary of Bearbull Internacional, with responsibility for managing funds of foreign companies in Spain. She joined Banco Central Hispano in 1996 as corporate banking risk manager, before subsequently becoming, as part of Banco Santander, head of the acquisitions finance division and head of the structured finance management and control division. She has been head of the large clients department within the corporate holdings and restructurings division since 2009, taking on sales of corporate single names and projects for conversion of debt into equity 2013. She is currently a director of Metrovacesa S.A., Metrovacesa Patrimonio S.A., Sareb and PBI Gestión Agencia de Valores.

Juan Maria Aguirre Gonzalo

Mr. Juan Maria Aguirre Gonzalo serves as Independent Director of MERLIN Properties SOCIMI, S.A. since October 20, 2016. He has a professional experience in the field of finance, having held positions of responsibility in the Department of Risk, Administration and Planning at Banco de Progreso, S.A. (1985/1988), and later as Financial Director of the finance and leasing entity of Mercedes-Benz (1989/1990). He joined Torreal, S.A. in 1990 as a director and General Manager. During his time at Torreal and before leaving the company in 2005, he was head of financial investment of the Torreal Group and a member of the Board of Directors of Torreal investees. He holds a degree in Economics and Business from Universidad Pontificia Comillas ICAI - ICADE and Master's degree in Financial Management from the IE Business School in Madrid.

Pilar Cavero Mestre

Ms. Pilar Cavero Mestre serves as Independent Director of MERLIN Properties SOCIMI, S.A. since October 20, 2016. She has a long professional career as a lawyer. Between 1980 and 1986 she was legal counsel at Asociación de Cajas de Ahorros para Relaciones Laborales. From 1986 to 1990 she worked as a labor lawyer at international law firm Fabregat y Bermejo, generating business for the firm as a whole. In 1990 she joined Cuatrecasas as founding partner and director of the labor practice, and co-founding partner of Cuatrecasas Madrid. Between 1999 and 2008 she was a member of the Board of Directors of Cuatrecasas and of the firms’ different organizational and management committees. She holds a degree in Law from Universidad Complutense de Madrid.

Ana de Pro Gonzalo

Ms. Ana de Pro Gonzalo serves as Independent Director of MERLIN Properties SOCIMI, S.A. Previous to her appointment in Amadeus, she was Corporate General Manager at Sacyr Vallehermoso from 2002. She was responsible for the areas of corporate development, investor relations, marketing, e-business and communication. Prior to this position, she worked for eight years at Metrovacesa as Deputy General Manager & Finance Director and her duties included accounting and administration, treasury, management control, institutional relations and strategic planning. Between 1990 and 1994, she was Senior Auditor at Arthur Andersen, working for companies from various sectors including telecommunications, engineering and construction. She holds a Bachelor of Science degree in Business Studies, specializing in Auditing, from Universidad Complutense de Madrid, and completed IESE Business School’s PDG executive program.

Alfredo Fernandez Agras

Mr. Alfredo Fernandez Agras serves as Independent Director of MERLIN Properties SOCIMI, S.A. since June 6, 2014. He has worked over the last 19 years in investment banking as Managing Director and co-head at 360 Corporate (a corporate finance advisory firm), and Managing Director at UBS Investment Bank. He previously worked at Merrill Lynch and Morgan Stanley in London. He has multiple M&A and equity transactions experience in Southern Europe. He previously worked at Arthur Andersen as a corporate and tax lawyer. He has served as Director of NH Hotel Group S.A. He holds a degree in Law and Business Administration, both from Universidad Pontificia Comillas ICAI - ICADE.

Ana Garcia Fau

Ms. Ana Maria Garcia Fau serves as Independent Director of MERLIN Properties SOCIMI, S.A. since June 6, 2014. She has worked over the last 20 years at McKinsey & Company, Goldman Sachs, Wolff Olins, Telefónica Group and hibü (formerly Yell Group). Throughout her professional career in Telefónica Group, she held several positions at TPI-Páginas Amarillas, such as CFO and Managing Director of Corporate Development. At the same time, she was member of the Board of Directors of Publiguías-Chile, TPI Peru, TPI Internacional, Telinver-Argentina and Adquira, among others. In Yell-hibu, she served as CEO for Spain and Latin America for 7 years, as a member of its International Executive Committee and as International Chief Strategy and Business Development Officer. She holds a degree in Law from Universidad Pontificia Comillas ICAI - ICADE and a Masters degree in Business Administration from Massachusetts Institute of Technology.

John Gomez-Hall

Mr. John Gomez-Hall serves as Independent Director of MERLIN Properties SOCIMI, S.A. since August 31, 2015. He has over 48 years of experience in the Spanish real estate market, holding management positions in several of the main real estate companies in Spain. Mr. Gomez-Hall has formerly been CEO for Hines Spain, the Spanish subsidiary of Hines. Prior to that, Mr. Gomez-Hall was the founder and CEO of Prima Inmobiliaria, a public real estate company listed in 1998. The company developed and acquired above 300, 000 sqm GLA across different asset categories, predominantly office. The company was sold to Vallehermoso in 2001 and was renamed Testa Inmuebles en Renta, S.A. He holds a degree in Architecture from London Metropolitan University.

Maria Luisa Jorda Castro

Ms. Maria Luisa Jorda Castro serves as Independent Director of MERLIN Properties SOCIMI, S.A. since June 10, 2014. She has held various executive positions during her 30 years of professional career as a member of different Management, Investment and Audit Committees. She worked as Chief Economic and Financial Officer of the Deoleo Group until February 2015. She served as Chief of Internal auditing and Corporate Governance of SOS Corporación Alimentaria (currently Deoleo, SA), Chief Financial and Economic Officer at Metrovacesa, Finance and Investment Director of Corporación Empresarial ONCE, Economic and Financial Director of Grupo Alimentos y Aceites, S.A., Economic and Financial Director of Testa (formerly Prima Inmobiliaria) and Grupo Ayco (formerly Inmobiliaria Alcázar). She has a bachelor in Business Administration from Complutense University in Madrid and she is a member of the Official Register of Auditors (ROAC). She holds a degree in Business Science and a Masters degree in Business Management, both from Instituto de Empresa.

Fernando Javier Ortiz Vaamonde

Mr. Fernando Javier Ortiz Vaamonde serves as Independent Director of MERLIN Properties SOCIMI, S.A. since June 6, 2014. He is founder and Managing Partner at ProA Capital de Inversiones, SGECR, S.A., one of the largest private equity firms in Spain with over €300 million under management. He was a Partner at N+1 and was a member of the Executive Committee. Over the course of his tenure in N+1, which he joined in 2001, his primary responsibility was transaction origination, execution and the monitoring of portfolio company investments through to divestment. Mr. Fernando Ortiz had prior private equity and venture capital experience as a Director of Private Equity New Technologies at BBVA. Prior to BBVA, he was a Corporate Finance Director at ING Barings. Mr. Fernando Ortiz started his professional career at Arthur Andersen Legal and Tax Advisors, currently Garrigues, where he dedicated five years principally in tax and legal advisory work. He holds a degree in Law from Universidad Pontificia Comillas ICAI - ICADE.