We work tirelessly to improve the rating that, in the long term, helps offset the expected increase in base rates with lower spreads. All financial ratios, without exception, have improved relative to 2016, most notably, the progressive reduction in leveraging (we closed 2017 at 43.6%) and protection against interest rate fluctuations, with more than 99% coverage and an average rate of 2.23%, including the cost of derivatives, for the next six years. After years of working with surgical precision, our balance sheet looks very good, with the bulk of the work concluded during a boom in rates and only pending a couple of small adjustments that we expect to wrap up this year, the goal of which is to lengthen maturities without affecting average costs. Finally, it is important to say a few words about the current strength of the MERLIN Properties project that we embarked upon (with you aboard) in 2014 and how well prepared the Company is to face the exogenous eventualities that threaten SpainвЂ™s excellent macroeconomic situation, turbulence in financial markets, or changes in the real estate cycle. So we innovate, make plans and adjust them according to market circumstances, and thanks to this team, we execute them in a timely manner.

But we donвЂ™t rest on our laurels, we always ask more of ourselves, itвЂ™s part of this CompanyвЂ™s DNA. I 10 Д± more avant-garde, and better suited to the needs of clients.

Merlin project predictions 2017