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

• amendments to IFRS 9, IAS 39 and IFRS 7 - “Reform of Interbank Reference Rates (IBOR)” - Phase 2: applicable from 1 January 2021; • amendment to IFRS 3 - “Update of references to the conceptual framework”: applicable from 1 January 2022; • annual improvements to IFRS - Cycle 2018/2020 (IFRS 1, IFRS 9, IAS 41, IFRS 16): applicable from 1 January 2022; • amendment to IAS 16 - “Recognition of revenue generated before intended use”: applicable from 1 January 2022; • amendment to IAS 37 - “Costs to be taken into account in determining whether a contract is onerous”: applicable from 1 January 2022; • amendment to IAS 1 - “Classifcation of liabilities as current and non-current liabilities”: applicable from 1 January 2023; • IFRS 17 - “Insurance contracts”: applicable from 1 January 2023. The Group did not opt for the early adoption of these amendments, which will have no material impact on its results and financial position. 2.2.1 Changes in scope During the year 2020, no change in the scope of consolidation of M.R.M. occurred. 2.2.2 Consolidated income statement Consolidated gross rental income from buildings was €9,504 thousand and reflected the rental revenues generated by the Group’s portfolio. It was up by 4.2% compared to 2019. Unrecovered property expenses were down 3.8% compared with 2019 and amounted to €(1,845) thousand, resulting in net rental income of €7,659 thousand, up 4.3% on a like- for-like basis. Net operating expenses amounted to €(3,823) thousand in 2020, including €(1,103) thousand of debt write-offs granted to tenants for the frst lockdown period or provisioned for loans granted to tenants for the second lockdown period. This item is up by 10.1% compared to 2019. It breaks down as follows: • payroll expenses of €(2,262) thousand (compared with €(2,452) thousand in 2019); • net reversals of provisions for €609 thousand (compared with a net provision of €(1,773) thousand in 2019); • and other net operating expenses of €2,169 thousand (compared to net operating income of €752 thousand in 2019).

Operating income before disposals and change in fair value of properties amounted to €3,836 thousand compared with €3,873 thousand at the end of 2019. Net of losses on asset disposals of €400 thousand and of the decrease in the fair value of property assets of €(10,022) thousand, the operating income amounted to a loss of €(5,786) thousand. As a reminder, in 2019, there was a proft of €4,603 thousand. Financial income improved by 4.1% compared with 2019 and amounted to a loss of €(1,387) thousand in 2020, consisting of: • net borrowing cost of €(1,232) thousand made up of interest and similar expenses; • decrease in fair value of the cap of €(1) thousand; and • discounting of payables and receivables of €(154) thousand. In view of the above, net income after tax was a loss of €7,173 thousand in 2020, compared to a proft of €3,157 thousand in 2019. 2.2.3 Consolidated balance sheet As of 31 December 2020, non-current assets stood at €161,047 thousand, compared with €168,026 thousand as of 31 December 2019, and consisted mostly of investment properties in the amount of €160,950 thousand and right-of- use assets in the amount of €94 thousand. As of 31 December 2020, current assets stood at €18,332 thousand compared with €19,935 thousand as of 31 December 2019. They mainly consisted of: • trade receivables of €3,785 thousand; • other receivables of €4,333 thousand (e.g. rental charge invoices, tax claims); and • cash and cash equivalents of €10,213 thousand. On the liabilities side, consolidated shareholders’ equity, after taking into account the net income for the year of €(7,173) thousand, amounted to €93,888 thousand at the end of the fnancial year. As of 31 December 2019, this item totalled €101,061 thousand. As of 31 December 2020, non-current liabilities payable at over one year totalled €75,630 thousand compared with €75,808 thousand as of 31 December 2019. These mainly comprised bank debt of €74,541 thousand and tenants’ security deposits of €1,025 thousand.

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT