MRM - 2020 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

1.4.7 Strategy and outlook

Since the Company’s recapitalisation on 29 May 2013, which enabled it to strengthen its financial position and reduce its debt, M.R.M.’s strategy has been to refocus its activities on retail properties. In early 2019, M.R.M. fnalised its exit from the offce real estate sector with the disposal of its last offce building. Since then, it has been a pure retail property company. 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 the completion of this plan in the frst half of 2021 with the fnishing of the Valentin shopping centre in Besançon. The current context remains marked by the health crisis linked to the COVID-19 pandemic and by the measures taken by the French government to restrict the movement of the population and the opening of shops, in order to fght against the spread of the virus. At the date of this Document, due to the new lockdown introduced in France in March 2021 which is accompanied by restrictions on the opening of shops located in shopping centres of more than 20,000 Sqm and so-called “non-essential” shops, the M.R.M. tenants who are currently open account for 51% of the rental base.

M.R.M. has set itself the following priorities for 2021: • marketing of available space; • completion of the delivery of the Valentin shopping centre extension and exterior works (car parks, planting) by June 2021; • preparation of the refnancing of the bank debt maturing in June 2022; • deployment of the Climate Plan adopted by the Company, with particular attention paid to reducing energy consumption. M.R.M. maintains its target of total annualised net rents in excess of €10 million, as compared to €9.1 million as of 1 January 2021, assuming a physical occupancy rate of 95%. This target is based on the current portfolio (excluding acquisitions and disposals). At the same time, in order to prepare the Company’s future, M.R.M. will look into opportunities for the acquisition and disposal of assets while paying special attention to sectorial trends (the desire for proximity and making meaningful purchases, development of digital technology and online sales) that already existed and have accelerated since the beginning of the health crisis. At its meeting of 25 February 2021, the Board of directors of M.R.M. decided to postpone its decision on a possible dividend for the shareholders until the beginning of May 2021, when it will have better visibility on the evolution of the health situation and the resumption of activities.

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT