MRM - 2019 Universal Registration Document

1. INFORMATION ON M.R.M.’S ACTIVITIES

General presentation of the Company

1.1

A listed real estate company and a French real estate investment trust ( société d’investissements immobiliers cotée – SIIC) since 1 January 2008, M.R.M. (the “Company”) holds a property asset portfolio valued at €168.1 million excluding transfer taxes, as of 31 December 2019, made up of retail properties in several regions of France. M.R.M. implements an active value-enhancement and asset management strategy, combining yield and capital appreciation. 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 2019, M.R.M. completed its refocusing strategy with the sale of its last office building, Urban, in January. 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).

Key figures

1.2

1.2.1 The Group’s asset profile

General data as of 31 December 2019 As of 31 December 2019, M.R.M’s asset portfolio comprises only retail assets.

Property asset portfolio

12/31/2019

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

€168.1 m 84,900 m 2 100% retail

Total area

Value breakdown

Disposals carried out in 2019

€5.4 m

(*) Based on appraisals by Jones Lang LaSalle as of 31 December 2019. The asset portfolio increased by 5.5% compared with 31 December 2018 on a like-for-like basis. The change in the asset portfolio, as recognised in the consolidated financial statements of 31 December 2019 (see Section 3.7 of this Universal Registration Document), primarily comprises the solid progress made in the retail-property value-enhancement plans during the year.

methods which are consistent over time in accordance with French and international valuation standards, namely the French Property Valuation Charter (Charte de l’Expertise en Évaluation Immobilière), 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 2019.

The Group values its property assets twice a year. In order to comply with the 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 2019. This firm is independent: it has no links and no conflict of interest with the Company. The valuations were carried out using recognised

M.R.M. 2019 UNIVERSAL REGISTRATION DOCUMENT

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