MRM - 2020 Universal Registration Document

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General information on the issuer and its share capital

Consolidated financial statements for the financial year ended 31 December 2020

Note 1 Company profile and significant items

1.1 General information M.R.M. (the Company) is a French “ société anonyme ” (public limited company) registered in the Paris Trade and Companies Register. Its head office is located at 5 avenue Kléber, 75016 Paris, France. M.R.M. opted for SIIC (French real estate investment trust) status with effect from 1 January 2008. M.R.M., parent company of the consolidated group, is a holding company with subsidiaries dedicated to holding and managing retail properties. The consolidated financial statements for the 12-month period ended 31 December 2020 encompass the Company and its subsidiaries (hereinafter referred to as the “Group”). The Company is listed on Eurolist, in Compartment C of Euronext Paris (France). On 25 February 2021, the Board of directors authorised the publication of the Group’s consolidated financial statements as of 31 December 2020. They are denominated in thousands of euros, unless stated otherwise. The functional currency of each Group entity is the euro. The annual reporting period for all Group entities ends on 31 December. 1.2 Highlights of the period In 2020, the activity of M.R.M., a real estate company specialising in retail property, was particularly marked by the unprecedented health crisis linked to the COVID-19 pandemic. In response to the pandemic, France experienced two periods of lockdown in 2020: the frst from 17 March to 11 May and the second from 30 October to 15 December. During these two periods, M.R.M. also had to deal with the severe restriction of commercial activity throughout France, with the administrative closure of so-called “non-essential” shops. Health crisis linked to the COVID-19 pandemic During these same two periods, M.R.M. kept its shopping centres operational in order to allow access to essential shops (food, chemists, etc.), and garden centres also remained open. On average, over the year as a whole, tenants that remained open represented 83% of M.R.M.’s gross annualised rents.

Faced with the successive extensions of the periods of lockdown in France and the extent of their economic impact on its tenants’ businesses, M.R.M., in accordance with the recommendations that had been issued by the French National Council of Shopping Centres (CNCC), invoiced the rents and charges for the second half 2020 to a monthly basis and suspended collections for the months of April and May 2020 for all shops that remained closed. As soon as the so-called “non-essential” shops were able to reopen, M.R.M. did all it could to ensure that the retailers in its shopping centres were able to resume business in the strictest and most suitable sanitary conditions. M.R.M. then observed a gradual resumption of retail sales, which varied according to the sector and the sites. At the same time, M.R.M. set up a committee in charge of assessing the conditions and criteria for the payment or waiver, in whole or in part, of suspended rents and charges, and of reviewing, on a case-by-case basis, the situation of tenants whose business, while not interrupted, had been severely affected during the periods of lockdown. The committee also determines any compensation required in exchange from tenants who benefted from the support measures. Support measures for retail tenants in respect of the frst lockdown in the form of rent waivers amounted to €1.0 million. At 31 December 2020, of the 68 tenants concerned by this support, 61 protocols or appendices to rental agreements had been signed, equivalent to 90% by volume and 85% by value. As there is still much uncertainty over how the sanitary and economic situation will evolve before returning to normal, M.R.M. is closely monitoring the resumption of business for its tenants and, if necessary, will provide additional support measures as appropriate. Thus, as of 31 December 2020, M.R.M. estimates the support measures for commercial tenants in respect of the second lockdown at €0.4 million. M.R.M. has a healthy fnancial position and debt is under control. However, in this context of exceptional uncertainty related to the COVID-19 pandemic, on 14 May 2020, the Board of directors of M.R.M. decided to waive, out of prudence and in the interest of the Company and its stakeholders, the proposed distribution of €0.11 per share for the 2019 fnancial year, which had been announced on 28 February 2020.

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT