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

Implementation of a share buyback programme On 26 June 2020, the Board of directors decided to implement the share buyback programme decided by the Combined General meeting of shareholders of 26 June 2020 in its eleventh ordinary resolution for an 18-month period. The purpose of the buyback programme is to: • stimulate the trading of M.R.M. securities on the secondary market, or the liquidity of M.R.M. shares via a liquidity contract concluded with an investment services provider in accordance with the ethics charter of the French Financial Markets Association ( Association française des marchés financiers – AMAFI) recognised by regulations in force, bearing in mind that the number of shares taken into account for the aforementioned calculation corresponds to the number of shares acquired minus the amount sold; • retain shares for subsequent payment or exchange purposes in the event of acquisitions; • ensure the hedging of stock option plans and/or free share plans (or similar) reserved for employees and/or corporate officers of the Group, as well as any share allocations under company or group savings plans (or similar plans), employee profit-sharing and/or any other form of allocation of shares to employees and/or corporate officers of the Group; • ensure the hedging of securities giving access to the Company’s shares in accordance with the regulations in force; • cancel all or part of the shares that would be acquired, in accordance with the authorisation granted on 29 May 2019 by the General meeting in its thirteenth extraordinary resolution.

The above goals are presented without prejudice to the actual order in which the authorisation to buy back shares is used, something that would be dependent on needs and opportunities. The maximum number of shares that could be purchased by the Company is capped at 10% of the share capital, adjusted for any potential capital increases or reductions that may take place during the term of the share buyback programme. These share purchases may be made by any means, including via the purchase of blocks of securities, whenever the Board of directors deems it appropriate. The maximum unit price is fixed at €3 per share. In the event of any transactions in the share capital, in particular stock splits, reverse splits and free share allocations, the number of purchasable shares indicated above would be adjusted accordingly by applying a multiplying factor equal to the ratio between the number of shares comprising the share capital prior to the transaction, and the number after the transaction. The maximum amount that can be invested in the share buyback programme is capped at €13,100,344. As of 31 December 2020, the Company held 45,089 treasury shares. In 2020, under the liquidity agreements entrusted to Invest Securities, 103,781 securities were purchased at an average price of €1.10 per share and 94,887 shares were sold at an average price of €0.96 per share. 1.3 Events after 31 December 2020 In accordance with the decree published on 30 January 2021, shopping centres of more than 20,000 Sqm have only been opened to provide access to food shops and chemists. Of M.R.M.’s portfolio only the Valentin shopping centre has been affected by this measure. As a result, the tenants currently open represent 70% of M.R.M.’s gross annualised rents as of 1 January 2021.

Note 2 Accounting principles

The main accounting methods applied in preparing the consolidated nancial statements are presented below. Unless stated otherwise, these methods have been applied consistently across all periods presented.

2.1 Going concern principle The financial statements as of 31 December 2020 were prepared on the basis of the going concern principle, taking into account the operations carried out during the year and described in Section 1.2 “Highlights of the period”.

2.2 Presentation of the consolidated

nancial statements in accordance with IFRS Pursuant to regulation (EC) No. 1606/2002 of 19 July 2002, M.R.M. group’s consolidated financial statements as of 31 December 2020 were prepared in accordance with the standards and interpretations applicable at that date as published by the International Accounting Standards Board (IASB) and adopted by the European Union at the date the financial statements were approved by the Board of directors.

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M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT