MRM - 2020 Universal Registration Document

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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 €161.0 million excluding transfer taxes, as of 31 December 2020, 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. M.R.M. completed this process in 2019 and has been a pure retail company ever since. 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 fgures

1.2

1.2.1 The Group’s asset profile

General data as of 31 December 2020 As of 31 December 2020, M.R.M’s asset portfolio comprises only retail assets.

Property asset portfolio

12/31/2020

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

€161.0 m

Total area

87,757 Sqm

Value breakdown

100% retail

CAPEX in 2020

€3.1 m €0.2 m

Disposals carried out in 2020

* Based on Jones Lang LaSalle and BNP Paribas Real Estate valuations as of 31 December 2020. Compared to 31 December 2019, in the current context of the health crisis, the value of the portfolio decreased by 4.1% on a like-for-like basis with contrasting changes depending on the asset. On average, the experts have chosen to use higher capitalisation rates, as well as longer letting periods for vacant space and rent-free periods for tenants.

The Group values its property assets twice a year. In accordance with the code of ethics for SIICs, the Group has initiated a gradual rotation of its experts during the fnancial year 2020; rotation that will end on 31 December 2021. The Group’s entire portfolio was valued on 31 December 2020 by Jones Lang LaSalle Expertises and BNP Paribas Real Estate Valuation France. These companies are independent: they have no ties and do not have a conflict of interest with the

Company. The valuations were carried out using recognised 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 Immobilièr e), 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 2020.

M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT

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