MERLIN Properties Annual Report 2021

| 49 MERLIN shares closed on 31 st December 2021 at € 9.57, an increase of 23% versus 31 st December 2020 closing price (€ 7.78) (1) Adjusted for any equity dilutive transactions MERLIN SHARE PRICE PERFORMANCE (1) VS REFERENCE INDICES From 01 st January 2021 to 31 st December 2021, Rebased to 100 Source: Bloomberg MM Shares 80 100 120 140 160 MERLIN Properties Volume MERLIN Properties EPRA Europe (incl. UK) Stoxx 600 IBEX 35 23.5% 15.0% 21.9% 0.00 1.00 2.00 3.00 4.00 5.00 8.0% 01-Jan-21 21-feb-21 14-abr-21 05-jun-21 27-jul-21 17-sep-21 08-nov-21 31-Dec-21 28.0 2017 28.7 2018 23.1 2019 2020 2021 Average daily trading volume during the period has been € 15.8 million 26.2 15.8 Stock exchange evolution AVERAGE DAILY TRADING VALUE (€ M)