MRM - 2018 Registration document

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General information on the issuer and its capital

Consolidated financial statements for the financial year ended 31 December 2018

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Company profile and significant items

1.1 General information M.R.M. (the “Company”) is a société anonyme (public limited company) registered in the Paris Trade and Companies Register. Its head office is located at 5 avenue Kléber, 75016 Paris, France. M.R.M. opted for SIIC (real estate investment trust) status with effect from 1 January 2008. M.R.M., parent company of the consolidated group, is a holding company with subsidiaries dedicated to holding and managing retail and office properties. The consolidated financial statements for the 12-month period ended 31 December 2018 encompass the Company and its subsidiaries (hereinafter referred to as the “Group”). The Company is listed on Eurolist, in Compartment C of Euronext Paris (France). On 21 February 2019, the Board of directors authorised the publication of the Group’s consolidated financial statements as of 31 December 2018. They are denominated in thousands of euros, unless stated otherwise. The functional currency of each Group entity is the euro. The annual reporting period for all Group entities ends on 31 December. 1.2 Highlights of the period In 2018, M.R.M. sold Nova, its last office property in operation. This disposal marks the completion of the disposal plan initiated in June 2013 upon the entry of SCOR into M.R.M.’s share capital and the progressive refocusing of the Company’s business on holding and managing retail properties. In addition, after receiving notices in 2017 on three medium- sized areas from brands which had been experiencing difficulties at the national level, M.R.M. succeeded in reletting these areas and other available areas within these shopping centres. In addition, M.R.M. continued the operating phase of its investment programmes designed to enhance the potential value of its retail properties. For the record, M.R.M. committed to a €35.5 million investment plan covering seven of its nine existing properties. Investment programmes have been launched gradually since 2016 and the last, and largest of these - the partial reconfiguration extension of the Valentin shopping centre near Besançon - was launched in April 2018.

Of this amount, €21 million was spent in 2018, bringing total investments to €34 million as of 31 December 2018.

Rental management and lettings 2018 was marked by a dynamic marketing and rental management momentum with 26 new leases or lease renewals signed representing annual rents of €1.7 million. The average surface area of the property in the Reims city centre (2,800m 2 ), which was vacated by Go Sport at the end of 2017, was re-let to Le Grand Bazar. The new lease, offering a 10% reversion, went into effect at the end of June 2018 and the store opened to the public in October. The medium-sized area of 1,275m 2 which was vacated by La Grande Récré at the end of 2017 in Les Halles du Beffroi in Amiens was re-let to the Basic-Fit brand at the end of March 2018. The Aria Parc retail park in Allonnes saw the arrival of three new stores in 2018: V and B, Maxizoo and Optical Center, covering a total area of 1,800m 2 . In addition, since the 3,300m 2 medium- sized area was delivered to Maison Dépôt, the corresponding lease went into effect as of the fourth quarter of 2018. 40% of the 2,600m 2 extension of the existing 4,000m 2 shopping centre next to the Carrefour hypermarket in Ecole- Valentin north of Besançon was pre-let by the end of 2018. The reconfigured Valentin shopping centre will open its doors to the public at the beginning of 2020. As of 31 December 2018, the physical occupancy rate for retail properties stood at 84%, up 8 percentage points on 31 December 2017. The total net annualised rent as of 1 January 2019 also rose sharply to €8.2 million from the year-earlier level of €7.4 million In total €14.5 million was invested in the property portfolio in 2018. These were primarily: • the segmentation of a unit and the 2,300m 2 extension programme to house the Maison Dépôt homeware store in 3,300m 2 in the Aria Parc retail park in Allonnes; • the launch of the partial reconfiguration and the 2,600m 2 extension of the current 4,000m 2 shopping mall next to the Carrefour shopping centre in Ecole-Valentin north of Besançon. The completion of this programme, the largest of the portfolio, is scheduled for the end of 2019. Investments

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M.R.M. 2018 REGISTRATION DOCUMENT