MRM - 2018 Registration document

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Information on M.R.M.’s activities

Presentation of the Company

1.4.4 M.R.M.’s asset portfolio as of 31 December 2018

As of 31 December 2018, the Group had almost completed its office-property disposal programme launched in 2013 and owned only one unoccupied office building under sale agreement (1) . The value of M.R.M.’s property portfolio, of which 97% comprises retail assets, was €164.7 million at 31 December 2018, compared with €162.4 million at 31 December 2017 on a like-for-like basis. This limited growth of 1.5% year-on-year stems from the increase in capitalisation rates and the decline in market rental values, retained by the appraisers for certain assets, which partially offset the solid progress made in the retail-property value-enhancement plans during the year. The total surface area of the property portfolio at the end of 2018 was 94,397m 2 , including 86,427m 2 in retail assets and 7,970m 2 in office assets, corresponding to the Urban building in Montreuil (1) . After the takeover of M.R.M. by Dynamique Bureaux and its conversion into a listed real estate investment company in the second half of 2007, the Group’s asset portfolio was built up in three phases: A merger contribution by Dynamique Bureaux appraised at €162 million excluding transfer taxes as of 31 August 2007. The portfolio then contained nine office property assets representing a total area of 53,650m 2 . The transaction was approved by M.R.M.’s Combined General Meeting of 12 December 2007, retroactive to 1 September 2007. • Contribution of Commerces Rendement to M.R.M. A contribution by Commerces Rendement appraised at €143 million excluding transfer taxes as of 31 August 2007. There were 19 retail property assets in the portfolio for a total area of 75,582m 2 . The transaction was approved by M.R.M.’s Combined General Meeting of 12 December 2007. • Acquisitions carried out by M.R.M. Acquisitions from 1 September to 31 December 2007: office buildings in September and October for €65.5 million, retail properties in September for €3.8 million and mixed office and retail space in November and December for €80.4 million (all excluding transfer taxes). Phase 1. Portfolio composition • Dynamique Bureaux/M.R.M. merger

Acquisitions in 2008: an office building in April for €6 million and retail properties (two garden centres and five restaurants) in May and July for €11.3 million (all excluding transfer taxes). Acquisitions in 2010: a 1,000m 2 retail unit. Phase 2. Disposals as part of an adjustment plan Over the 2009-2012 period, as part of an adjustment plan including a major asset disposal programme, M.R.M. made the following disposals: In 2009, three retail properties were sold for a total of €22.7 million excluding transfer taxes. In 2010, the premises of four Pizza Hut restaurants in the Paris region, two retail assets (one in Brétigny-sur-Orge and the other in Angoulême), three office properties (located in Nanterre, Clichy-la-Garenne and Levallois-Perret) and the Marques Avenue A6 outlet centre in Corbeil-Essonnes were sold for a total of €151 million excluding transfer taxes. In 2011, five retail assets (in Barjouville, Moulin-les-Metz, Vineuil and two in Chambray-les-Tours) and three office properties (in Boulogne-Billancourt, Rueil-Malmaison and Puteaux) were sold for a total of €55.3 million excluding transfer taxes. In 2012, five retail properties (in Claye-Souilly, Coignières, Créteil, Montigny-lès-Cormeilles and Pierrelaye), an office property (on rue Niepce in Paris in the 14 th arrondissement ) and a residential space (in a retail property in Tours) were sold for a total of €22.5 million excluding transfer taxes. As part of its strategy of refocusing on retail property, begun in mid-2013 following the taking of control by SCOR SE, M.R.M. has since sold the following office properties and acquired the following retail assets. In 2013, an office property on rue de la Bourse, Paris (2 nd arrondissement ) was sold for €10.4 million excluding transfer taxes. In 2014, two office buildings on rue Cadet in Paris (9 th arrondissement ) and Rungis were sold for €22.5 million excluding transfer taxes. In 2015, an office property on rue de la Brèche-aux-Loups, Paris (12 th arrondissement ) was sold for €16.8 million excluding transfer taxes. In 2016, three office properties located in Rueil-Malmaison, Les Ulis and Cergy-Pontoise were sold for a total amount of €38.4 million excluding transfer taxes. Phase 3. Strategic refocusing on retail properties

(1) The Urban office property in Montreuil, sold in January 2019.

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M.R.M. 2018 REGISTRATION DOCUMENT