MRM - 2020 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

The debt maturing within a year comprises the contractual repayments to be made over the next twelve months. The entire credit line intended for the partial fnancing of investments in the existing retail portfolio has been drawn down, so there is no longer any residual credit available as of 31 December 2020. Net Asset Value and Balance Sheet Net Asset Value (“NAV”) is an indicator that measures the asset value of a real estate company. NAV measures changes in the valuation of M.R.M. through changes in its shareholders ‘equity. In October 2019, the European Public Real Estate Association (EPRA) published new recommendations that now include changes to the calculation of NAV as of fnancial years opened as of 1 January 2020. The measurement of NAV has been reviewed in order to be more relevant depending on the fair value of the assets and liabilities.

Three methods of calculation have been recommended: • a liquidation NAV that reflects the share of the net asset for the shareholder upon disposal – EPRA Net Disposal Value (NDV); • an NAV that reflects the real estate asset rotation (acquisitions/disposals of assets) – EPRA Net Tangible Assets (NTA); • a replacement NAV which includes the portfolio transfer taxes - EPRA Net Reinstatement Value (NRV). As of 31 December 2020, the Group EPRA NDV reached €93.1 million (€2.13 per share), down compared to 31 December 2019 (-€7.3 million or -7.2%) mainly due to the drop in the value of the portfolio. The Group EPRA NTA reached €93.9 million (€2.15 per share). It tracks changes to the valuation of M.R.M., excluding the effects of changes in the fair value of the fnancial instruments. Lastly, the Group EPRA NRV reached €104.5 million (€2.39 per share).

The Net Asset Value in euros per share changed as follows over the past two years:

NAV Data

12/31/2020

12/31/2019

Consolidated equity - Group share

€93.9 m

€101.1 m

EPRA NDV EPRA NTA EPRA NRV

€2.13 €2.15 €2.39

€2.30 €2.32 €2.57

3 3 EPRA NDV

3 3 EPRA NRV

€2.30

€2.13

€2.57

€2.39

€100.3 m

€93.1 m

€112.2 m

€104.5 m

12/31/2020

12/31/2019

12/31/2019

12/31/2020

M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT

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