MRM - 2020 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

On average, over the year as a whole, tenants that remained open represented 83% of M.R.M.’s gross annualised rents:

MRM tenants open In % of gross annualised rental income

Restaurants kept closed

Restaurants and tness facilities closed

100%

100%

93%

2020 average: 83%

86%

53%

Shop openings limited to “basic necessities”

Openings limited to “essential shops” until 27 Nov.

27%

Jan. 20

Feb. 20

March 20

April 20

May 20

June 20

July 20

August 20

Sept. 20

Oct. 20

Nov. 20

Dec. 20

17 MARCH / 11 MAY 1 ST LOCKDOWN

30 OCT. / 15 DEC. 2 ND LOCKDOWN

Impact on asset value The health crisis has also affected the valuation of the Group’s portfolio, with varying effects depending on the type of assets, their rental status and their location. As of 31 December 2020, the value of the portfolio was €161.0 million, down by 4.1% compared to 31 December 2019, having taken into account the investments made over the year. Initiatives to strengthen the Group’s liquidity In May 2020, given the uncertainties related to the duration of the health crisis and its impact on the business, the Board of directors of M.R.M. decided not to propose a dividend to the shareholders for the fnancial year 2019. While M.R.M.’s fnancial position is good, with its debt frmly under control, the Board of directors took this decision for caution’s sake, considering that it was in the best interests of the Company and its stakeholders. In addition, in June 2020, M.R.M. signed an agreement with its main banking partner to extend by six months, to June 2022 and June 2023, the maturity of two loans representing 80% of the Group’s total bank debt. The €1.2 million loan repayments due in the second and third quarters of 2020 were postponed until the two quarters preceding the new maturity date of the credit lines.

The current situation remains affected by the health crisis. See Section1.4.6 “Recent events” for more informations on its impacts at the date of this Universal Registration Document. Impact of tenant support measures Faced with the economic impact of health measures for retailers, M.R.M. has implemented support measures for its tenants who are administratively forced to close their stores or whose activity has been severely affected during periods of lockdown. Rent waivers and negotiated compensation were discussed with tenants on a case-by-case basis. This resulted in a total of €1.4 million in rent waivers in 2020, of which €1.0 million granted for the frst period of lockdown (from mid-March to mid-May) and €0.4 million provisioned for the second (in November). This represents about 1.7 months of the rents invoiced in 2020 across the portfolio. Having deferred the collection of rents and charges for the months of April and May 2020 for all tenants who were forced to temporarily close their businesses during the frst period of lockdown, M.R.M. resumed the normal collection process as of the third quarter. In total, after accounting for the rent waiver agreements already signed with the tenants, the rate of collection of rents due in 2020 reached 90% as of 31 December 2020.

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT