MERLIN Properties Annual Report 2019 / English

| 63 As of 31/12/2019 the Company owned 5,077,369 treasury shares. During 2019, the following events have occurred in relation to the treasury stock: • In accordance with the delivery conditions of the 2016 long term incentive plan, 1,072,502 shares have been delivered to the beneficiaries in March • 52,905 shares were delivered to the employees as part of the “flexible remuneration program” • The Company has acquired a total of 52,776 shares in 2019 Below we show a breakdown of the variations during the year of the balance of treasury shares Acquisitions Disposals Total 31/12/2018 Balance 6,150,000 March 2019 (1,125,278) (1,125,278) April 2019 52,776 52,776 June 2019 (33) 52,743 July 2019 (32) (32) September 2019 (64) (64) 31/12/2019 Balance 5,077,369 % Total shares 1.1% Treasury shares