MRM - 2020 Universal Registration Document

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General information on the issuer and its share capital Management report for the financial year ended 31 December 2020

This portfolio is directly or indirectly held by the following subsidiaries: SAS DB Neptune, SAS Commerces Rendement, SAS DB Piper, SCI Immovert, and SCI Galetin II. The Group’s legal structure can be found in Section 1 of the 2020 Universal Registration Document. In 2020, 19 leases or lease renewals were signed representing an annual rent of €1.0 million. The physical and financial occupancy rates were 87% and 84% respectively as of 31 December 2020, down by 1 and 3 points compared to 31 December 2019. These events reflect the change in scope that occurred during the year, with the delivery to the lessees of shells in the Valentin shopping centre extension in the fourth quarter of 2020. As of 1 January 2021, net annualised rent was up by 6.8% compared to 1 January 2020, at €9.1 million, mainly due to the arrival of new tenants in the extension of the Valentin shopping centre in Besançon and the offce space of the Carré Vélizy mixed-use complex in Vélizy-Villacoublay. In 2020, investments in the portfolio amounted to €3.1 million. This mainly concerns the partial redevelopment project and the 2,600 Sqm extension of the Valentin shopping centre located north of Besançon. During the frst lockdown period, work on

the Valentin shopping centre had to be temporarily interrupted and the completion of work was delayed. M.R.M. delivered tenants their shells at end 2020. The full completion of the works and the inauguration of the shopping centre in its new confguration, initially scheduled for 2020, is now scheduled for the frst half of 2021. In the third quarter of 2020, M.R.M. sold a small vacant retail space (760 Sqm) previously operated by the Gamm Vert brand, for an insignifcant amount. The many uncertainties linked to the current health crisis have had a negative impact on the valuation of the Group’s portfolio, with contrasting trends depending on the type of assets, their rental situation and their location. As of 31 December 2020, M.R.M.’s asset portfolio stood as of €161.0 million excluding transfer taxes compared with €168.1 million excluding transfer taxes as of 31 December 2019, down by 4.1% on a like-for- like basis (i.e. compared with its value as of 31 December 2019 restated for the building sold in 2020). After taking into account the investments made during the period, the change in the fair value of M.R.M.’s portfolio was therefore a negative €10.0 million.

CAPEX €+3.1 m

€168.1 m

€161.0 m

Disposals €-0.2 m

Change in fair value €-10.0 m

12/31/2020

12/31/2019

1.3.3 Net Asset Value The Net Asset Value (NAV) is an indicator that measures the asset value of a real estate company. The NAV tracks changes to the valuation of M.R.M. through fluctuations in its 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); • a NAV that reflects the real estate asset rotation (acquisitions/ disposals of assets) – EPRA Net Tangible Assets (NTA); • a replacement NAV - EPRA Net Reinstatement Value (NRV). 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.

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT