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

3 3 BANK DEBT SCHEDULE AS OF 31 DECEMBER 2020

The average cost of debt stood at 1.58% in 2020, as in 2019:

€68.7 m

Average cost of debt (in millions of euros)

2020 2019

Gross borrowing cost

1.2

1.2

Restatement for non-recurring items Gross restated borrowing costs

-0.0

-0.0

1.2

1.2

Average debt outstanding

77.3

75.6

€5.8 m

AVERAGE COST OF DEBT

1.58% 1.58%

€2.3 m

1 year

2 years

3 years

In June 2020, M.R.M. signed an agreement with its main banking partner to extend the maturity of two loans by six months: • a €54.8 million credit facility initially maturing on 22 December 2021, which has been extended until 22 June 2022; • a €6.9 million credit facility initially maturing on 20 December 2022, which has been extended until 20 June 2023. Furthermore, as part of this agreement, contractual repayments scheduled for the second and third quarters of 2020 and representing a total of €1.2 million have been postponed until the last two quarters prior to the new maturity of each of the two loans. As a result of this agreement, M.R.M. has no major debt repayments falling due before June 2022. The Group’s borrowings as of 31 December 2020 had the following maturity: • maturity within one year: €2.3 million; • maturity at more than one year: €74.5 million. The debt maturing within a year comprises contractual repayments to be made over the next twelve months.

The Group’s consolidated LTV ratio stood at 47.7% as of 31 December 2020 compared with 45.9% on 31 December 2019. In view of the cash position, the total net debt ratio was 41.4% as of 31 December 2020, compared with 38.6% on 31 December 2019. As of 31 December 2020, the Group complied with all commitments in respect of the LTV, ICR and DSCR covenants agreed with its financial partners. 1.4 Major subsequent events The current situation remains affected by the health crisis and the measures taken by the government are restricting retail activities. In accordance with the decree published on 30 January 2021, shopping centres of more than 20,000 Sqm have only been opened since that date to allow access to food shops and chemists. Only the Valentin shopping centre is concerned by this measure, so that tenants that remain open, as at the date of this report, represent 70% of M.R.M.’s gross annualised rents as of 1 January 2021. 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; 1.5 Foreseeable changes and outlook

M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT

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