MERLIN Properties Annual Report 2020 / English

| 57 Treasury shares As of 31/12/2020 the Company owned 4,836,503 treasury shares. During 2020, the following events have occurred in relation to the treasury stock: • In accordance with the delivery conditions of the 2016 long term incentive plan, 1,578,623 shares have been delivered to the beneficiaries in March. • 112,393 shares were delivered to the employees as part of the “flexible remuneration program”. • 20,089 shares have been sold for a total amount of €225,000 (average price of €11.20 per share). The Company has acquired a total of 26,177 shares in 2020. Below we show a breakdown of the variations during the year of the balance of treasury shares: Acquisitions Disposals Total 31/12/2019 Balance 5,077,369 1Q20 24,846 (18,118) 6,728 2Q20 1,120 (111,356) (110,236) 3Q20 112 (13,027) (12,915) 4Q20 99 (124,542) (124,443) 31/12/2020 Balance 4,836,503 % total shares 1.03%