MRM - 2020 Universal Registration Document

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Risks factors

Main risk factors

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NONCOMPLETION OR LATE COMPLETION OF PLANNED ACQUISITIONS OR INVESTMENTS

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Description of the risk and its impacts

Risk mitigation measures

The Management reviews project progress, budgets and results on a quarterly basis, while the Strategic Committee carries out the same process as part of its value- enhancement plan reviews. The Head of asset management regularly monitors all aspects of the progress of projects.

7 In line with its portfolio value-enhancement strategy, the Company makes investments through the refurbishment, redevelopment and extension of its sites. The late completion or non-completion of some planned investment projects could hamper the Company’s development, delay the renting out of assets and have an adverse impact on its business and results. In addition, asset rotation through property sales and purchases forms an integral part of M.R.M.’s strategy for the dynamic management of its portfolio. In this area also, and in an extremely competitive investment market, the late completion or non-completion of certain acquisition or sale decisions could harm the Company’s growth, and have an adverse impact on its business and results. 4 5 6 8 9

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RECRUITMENT, LOYALTY OF KEY EMPLOYEES AND SUCCESSION

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Description of the risk and its impacts

Risk mitigation measures

M.R.M. is implementing measures to show that it is an attractive employer. It offers competitive and appealing salary packages, and a high-quality working environment at the premises of its majority shareholder, SCOR SE. As a small company, M.R.M. is able to offer its employees a lively working structure and roles with greater variety, unlike major groups which tend to partition their services, which can be detrimental to information sharing. M.R.M. seeks to help its employees develop and evolve and therefore pays particular attention to training and developing skills within the Company. Management devotes a great deal of attention to discussing and assessing each employee’s circumstances and performance during their annual individual performance appraisal. Finally, since 2017, M.R.M.’s Board of directors has set out a succession plan for its executive corporate officers (Chairman of the Board and Chief Executive Officer). This plan is reviewed regularly by the Board of directors.

8 M.R.M. is a small organisation operating in an extremely competitive sector. As of 31 December 2020, it had only five staff members (executive and employees) and its staff are highly employable, which means that retention of talent is a high priority for M.R.M. If M.R.M. is not an attractive employer, its ability to recruit, motivate and retain talented individuals will be reduced, particularly for key roles. A loss of key skills, knowledge and expertise in case of high staff turnover could hamper M.R.M.’s ability to apply decisions and effectively run its business. Similarly, if M.R.M. is unable to set up a formal succession plan for handling the departure of executive staff, this could have an adverse effect on M.R.M.’s financial position and/or results. 9 10

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT