MRM - 2019 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

1.4.6 Recent events

Status of the 3,300 m ² retail space in Aria Parc Following Conforama’s decision to wind up the Maison Dépôt business due to the group’s financial difficulties, the lease covering an area of 3,300 m² in the Aria Parc retail park in Allonnes was subject to an early amicable cancellation in January 2020. M.R.M. received a cancellation penalty to redress the harm caused. Press release of 30 March 2020 On 30 March 2020, M.R.M., announced the measures implemented within the context of the COVID-19 epidemic. In accordance with current regulations in France regarding retail trading aiming at stopping the virus from spreading, only retailers selling first necessity products remain open to the public within M.R.M.’s portfolio. In line with Conseil National des Centres Commerciaux recommendations and in order to support tenants that have had to close their stores pursuant to the ministerial decrees of 14 and 15 March 2020 concerning various measures aiming at stopping the spread of the COVID-19 epidemic, M.R.M. has suspended collection of April 2020 rents and service charges and informed them of the option of paying their rents and service charges for the second quarter of 2020 on a monthly basis. These measures aim to help retailers and independent shops facing a difficult cash position in the current circumstances. For tenants that have kept trading but had their business severely impacted by the crisis, their situation will be considered on a case-by-case basis. Health crisis linked to the COVID-19 epidemic reschedule its bank maturities, M.R.M.’s strategy has been to refocus its activities on retail properties. At the beginning of 2019, M.R.M. completed its withdrawal from the office property sector with the sale of the Urban office building in Montreuil. With a sound financial structure, M.R.M. also committed to an investment plan in 2016 designed to take advantage of the potential value-enhancement of its retail assets. This includes seven value-enhancement programmes for a total projected investment of €35.5 million. M.R.M. expects to complete the plan in 2020.

Furthermore, while maintaining the necessary means to ensure people’s safety and assets protection, M.R.M. has taken steps to reduce its property expenses during this period. With these measures, M.R.M. intends to play its part in the efforts asked to everyone to limit the duration and the impact of the COVID-19 crisis. Valentin shopping centre extension works have been stopped and the Company will revise its completion schedule once the situation is back to normal. The Company is monitoring how this unprecedented situation develops on a daily basis and, if required, will take further appropriate measures. Press release of 3 April 2020 Given the difficulties of holding annual shareholders’ meetings in the current context of the COVID-19 pandemic, at the request of the Chairman, the Board of directors of M.R.M. decided at its meeting of 2 April 2020 to postpone the holding of the Company Annual Shareholders’ Meeting to 26 June 2020. This Annual Meeting was initially set for 26 May 2020. Owing to the current situation, the Board of directors reserves the possibility to revise the indications given on 28 February 2020 related to the shareholders’ distribution for 2019. A press release will be issued at a later date to inform shareholders of the arrangements regarding the holding of the company’s Annual Shareholders’ Meeting, as well as of the availability of the preparatory documents, including the resolution related to the distribution for 2019 that will be submitted to shareholders’ approval.

1.4.7 Strategy and outlook

Since the Company’s recapitalisation on 29 May 2013, which enabled it to strengthen its financial position, reduce its debt and

Of the seven programmes included in the plan, five were completed in previous financial years. The refurbishment of Galerie du Palais in Tours, which will be renamed Le Passage du Palais, was completed in the first half of 2019. The partial redevelopment and extension of the Valentin shopping centre, the last ongoing project and the largest project in the investment plan, should have been completed at the end of the first half of 2020, has been stopped in March 2020 due to the health crisis linked to the COVID-19 epidemic. As mentioned in Section 1.4.6 “Recent events” of this Universal Registration Document, M.R.M. will revise its completion schedule once the situation is back to normal; more generally, it is monitoring

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M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT