MERLIN Properties Annual Report 2020 / English

| 51 MERLIN shares closed on 31 December 2020 at € 7.78, a decrease of 39% versus 31 December 2019 closing price (€ 12.79). (1) Adjusted for any equity dilutive transactions. MERLIN SHARE PRICE PERFORMANCE (1) VS REFERENCE INDICES AVERAGE DAILY TRADING VALUE (€ M) From 31 st December 2019 to 31 st December 2020, Rebased to 100 0.0 2.0 4.0 6.0 8.0 10.0 12,0 14.0 16.0 (39.2%) (13.1%) (15.5%) (4.7%) Dec-19 Jan-20 Feb-20 Mar-20 Abr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Source: Bloomberg MM Shares 20 40 60 80 100 120 MERLIN Properties Volume MERLIN Properties EPRA Europe (incl . UK) Stoxx 600 IBEX 35 28.0 2017 28.7 2018 23.1 2019 2020 Stock exchange evolution Average daily trading volume during the period has been € 26.2 million. 26.2