MRM - 2018 Registration document

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Information on M.R.M.’s activities

Key figures

Equipment and material Appraisal valuations include equipment and facilities normally considered to form part of the property’s fixtures and fittings and which would remain attached to the property if it is sold or let. Equipment and material and their specific foundations and supports, furniture, vehicles, stock and operating tools, as well as tenants’equipment, are excluded from valuations. Properties under construction or redevelopment For properties under construction or redevelopment, the appraiser sets out the stage of the development, expenditure already committed as well as future expenditure on the date of the valuation, according to the information supplied by the Company. Contractual commitments of the parties involved in the construction and any figures for estimated expenditure obtained from the consultants working on the project are taken into account. For recently completed properties, retentions, construction expenses in the process of being settled, fees, or any other expenditure for which a commitment has been made, are not taken into account. Realisation costs In their valuations, appraisers do not take account of transaction costs, any taxes that may be payable if the property is sold or any mortgages or other financial commitments relating to the property. Valuations are exclusive of VAT. Asset valuation methods The conclusions formed by the appraisers refer to the notion of monetary value and the notion of rental value. Market rental value is “the financial compensation likely to be obtained on the market for the use of a property under a lease. It corresponds to the market rent a property must be able to fetch under standard lease terms and conditions for a given type of property in a given area.” (1) The market monetary value of a property is “the price at which a property right could be reasonably sold in a private market at the time of the appraisal provided that the following conditions are met beforehand: • buyer and seller freely engage in the transaction; • negotiations take place in a reasonable time period in view of the nature of the property and market conditions; • the value of the property is more or less stable during this time period; • the entire property is put up for sale under market conditions with the sale suitably advertised; • there are no pre-existing ties between buyer and seller.” (1)

The methodology chosen by the appraiser is based on the combined implementation of different valuation techniques, namely the capitalisation approach and the discounted future cash flow approach.

Appraiser’s details Jones Lang LaSalle Expertises 40-42 rue La Boétie 75008 Paris FRANCE Tel.: +33 (0)1 40 55 15 15

Methodology All appraisal valuations are based on an in-depth visit of the property assets. In addition, the experts consult the legal, administrative, technical and financial documentation relating to each of the property assets. Consultation of the documentation for the properties is a vital first step to any asset valuation. On a case by case basis, depending on the specific attributes of each property, the valuation phase uses the following methods in accordance with the definitions of the French property valuation charter. Ownership and occupancy The appraiser uses information provided by the Company concerning the type of ownership, its scope, the vesting of rights to the property, authorised uses and other information. The appraiser assumes that this information is accurate, up to date and complete and that the properties comply with applicable laws and regulations. Town planning and roads As regards town planning and roads, the information collected verbally from responsible local authorities is assumed to be accurate. No town planning deeds or certificates are requested within the framework of appraisal valuations. The appraiser also checks that there are no town planning or roadway projects planned that could result in a forced sale or directly affect ownership of the properties in question. Areas Areas are generally not measured by the appraiser. The areas stated are those provided by the architects or the property managers and are assumed to be accurate.

(1) Source: Property valuation charter (Fifth edition, March 2017).

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M.R.M. 2018 REGISTRATION DOCUMENT