MRM - 2018 Registration document

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INFORMATION ON M.R.M.’S ACTIVITIES

General presentation of the Company

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first half of the year. In addition, M.R.M. continued to deploy its investment plan dedicated to existing retail properties, while continuing to market its available spaces. M.R.M. is a joint-stock company whose shares are admitted to trading on the Euronext Paris regulated market, compartment C (ISIN: FR0000060196 - Bloomberg code: M.R.M. FP - Reuters code: M.R.M. PA). It implements an active value- enhancement and asset management strategy, combining yield and capital appreciation.

A listed real estate company and a SIIC (real estate investment trust) since 1 January 2008, M.R.M. holds a property asset portfolio valued at €164.7 million excluding transfer taxes, as of 31 December 2018, essentially made up of retail properties in several regions of France. Since 29 May 2013, M.R.M.’s main shareholder has been SCOR SE which owns 59.9% of the share capital. Since then, M.R.M.’s strategy has been to refocus its business on holding and managing retail properties with plans to gradually dispose of its office properties. In 2018, the Group completed its refocusing strategy with the disposal of Nova, its last office property in operation, in the

Key figures

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1.2.1 The Group’s asset profile

Data as of 31 December 2018 As of 31 December 2018, the M.R.M.’s asset portfolio consisted solely of retail assets and one unoccupied office building under a sale agreement (1) .

Property asset portfolio

31/12/2018

Portfolio (1) value excluding transfer taxes recognised in the consolidated financial statements

€164.7m 94,400m 2

Total area

Value breakdown

97% retail/3% office properties

Disposals carried out in 2018

€37.2m

(1) Based on appraisals by Jones Lang LaSalle as of 31 December 2018. The asset portfolio increased by 1.5% compared with 31 December 2017 on a like-for-like basis. The changes in the asset portfolio, as recorded in the consolidated financial statements at 31 December 2018 (see Section 3.7 of this Registration Document), stem mainly from the increase in capitalisation rates and the decrease in market rental values, retained by the appraisers, which more than offset the solid progress made in the retail-property value- enhancement plans during the year.

The Group values its property assets twice a year. In order to comply with the SIIC Code of professional conduct, the Group put in place a rotation system for its appraisers in 2013; this rotation ended as of 31 December 2015. The Group’s entire asset portfolio was appraised by Jones Lang LaSalle as of 31 December 2018. This firm is independent: it has no links and no conflict of interest with the Company.

The valuations were carried out using recognised methods which are consistent over time in accordance with French and international valuation standards, namely the Charte de l’expertise en évaluation immobilière (French property valuation charter) applied by all French property valuation associations and the RICS principles (“Appraisal and Valuation Manual” published by the Royal Institution of Chartered Surveyors). The previous valuations were carried out in June 2018.

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

M.R.M. 2018 REGISTRATION DOCUMENT

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