MERLIN Properties Annual Report 2023

| 65 Treasury shares At 31 December 2023, the Parent held treasury shares amounting to EUR 15,411 thousand. The changes in 2023 were as follows: • At the General Meeting held on 27 April 2023, the authorisation granted to the Board, with powers of substitution, to increase the share capital in accordance with sections 297(1)(b) and 506 of the Consolidated Text of the Corporate Enterprises Act, by means of monetary contributions and with the power to exclude pre-emption rights, up to a maximum nominal amount equal to one half (50%) of the share capital at the time of this authorisation, or twenty per cent (20%) of the share capital at the time of this authorisation in the event that the increase excludes the shareholders’ pre-emption rights, was renewed for a maximum period of five years. • The retirement of treasury shares amounting to EUR 2,445 thousand (average cost of EUR -11.11 per share) partly corresponds to the delivery of EUR 1,338 thousand to employees under the flexible remuneration plan. • The Group has a liquidity agreement for securities listed on the Lisbon Stock Exchange (Euronext Lisbon), having made net sales of -16,840 shares, totalling EUR 418 thousand, in 2023. • At 31 December 2023, the Parent held treasury shares representing 0.298% of its share capital. Number of Shares Thousands of € Balance as of 1 January 2022 2,885,491 32,305 Additions 6,625 122 Disposals (1,355,932) (15,261) Balance as of 31 December 2022 1,536,184 17,166 Additions 83,106 689 Disposals (220,166) 2,445 Balance as of 31 December 2023 1,399,124 15,410