MERLIN Properties Annual Report 2022

| 57 MERLIN shares closed on 31 st December 2022 at € 8.78, a decrease of -8.3% versus 31 st December 2021 closing price (€ 9.57). (1) Adjusted for any equity dilutive transactions MERLIN SHARE PRICE PERFORMANCE (1) VS REFERENCE INDICES From 1 st January 2022 to 31 st December 2022, Rebased to 100 Source: Bloomberg MM Shares MERLIN Properties Volume MERLIN Properties EPRA Europe (incl. UK) Stoxx 600 IBEX 35 2.00 0.00 4.00 6.00 8.00 40 60 80 100 120 140 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 (8.3%) (38.2%) (13.3%) (5.6%) 28.0 2017 28.7 2018 23.1 2019 Average daily trading volume during the period has been € 20.3 million 2020 26.2 2021 15.8 Stock exchange evolution AVERAGE DAILY TRADING VALUE (€ M) 2022 20.3