MERLIN Properties Annual Report 2019 / English

| 57 MERLIN shares closed on 31 December 2019 at € 12.79, an increase of 18.6% versus 31 December 2018 closing price (€ 10.78). The share has outperformed the IBEX-35 (+11.8%) and slightly underperformed the sectorial EPRA Europe reference index (+24.7%) and Euro Stoxx 600 (+23.2%). MERLIN SHARE PRICE PERFORMANCE VS REFERENCE INDICES AVERAGE DAILY TRADING VALUE (€ M) Average daily trading volume during the period has been € 23.1 million, which represent a 0.4% of the average market capitalization of 2019. From 31st December 2018 to 31st December 2019, Rebased to 100 0,0 1,0 2,0 3,0 4,0 5,0 6,0 90 100 110 120 130 140 150 dec-18 jan-19 feb-19 feb-19 mar-19 mar-19 apr-19 apr-19 may-19 may-19 jun-19 jul-19 jul-19 ago-19 ago-19 sep-19 sep-19 oct-19 oct-19 nov-19 dec-19 dec-19 MERLIN Properties Volume MERLIN Properties EPRA Europe (incl. UK) Stoxx 600 IBEX 35 18.6% 24.7% 23.2% 11.8% 26.9 2016 28.0 2017 28.7 2018 23.1 2019 Stock exchange evolution