MRM // 2021 Universal Registration Document

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General information on the issuer and its share capital

Consolidated nancial statements for the nancial year ended 31 December 2021

Note 7 Segment information

Since 2019, M.R.M. has been a pure retail real estate company. Indeed, the sale of Urban, a vacant offce building located in Montreuil, in January 2019 marked the completion of the process initiated in June 2013 following the entry of

SCOR into the capital of M.R.M. which has consisted of gradually refocusing the real estate activity on the ownership and management of retail assets. As a result, the Group only operates in one operating segment: retail properties.

Note 8 Exposure to risk and hedging strategy

8.1 Foreign exchange risk As of 31 December 2021 the Group engaged in no business that could expose it to any foreign exchange risk. 8.2 Interest rate risk As of 31 December 2021, all of the Group’s debt bore interest at variable rates. The Group holds caps intended to reduce the interest rate risk on its variable-rate fnancial debt. As of 31 December 2021, 77% of variable-rate fnancial debt was “capped” (cap on the 3-month Euribor at a strike rate of between 1.00% and 1.25%). In view of a floor at 0% in a context of negative interest rates, an increase of 100 base in interest rates would have an impact of €341 thousand on the Group’s fnancial expenses. 8.3 Liquidity risk The Company’s level of leverage could affect its capacity to take out further loans. The Group’s liquidity policy is to ensure that the total amount of rents is at all times higher than its working capital requirements to cover operating expenses, interest and repayment of its entire existing debt and the leverage it seeks to implement its investment programme. Certain loan agreements entered into or that may be entered into by the Group or its subsidiaries contain or may in the future contain standard early repayment clauses and covenants. These covenants define the thresholds to be respected for a number of ratios, in particular the Loan To Value (LTV) ratio, defined as the ratio of the amount of the loan to the market value of the property financed, the Interest Coverage Rate (ICR), representing the coverage rate of interest expenses

by rents, and the Debt Service Coverage Ratio (DSCR), representing the coverage rate of debt repayments and interest expenses by rents. It is at the level of the Group and the Group subsidiaries, which own the property assets financed, that the covenants are tested. The Group’s covenants relating to LTV ratios indicate maximum thresholds between 60% and 65%. The covenants relating to ICR and DSCR state a minimum threshold of 200%. As of 31 December 2021, the Group complied with all commitments in respect of the LTV, ICR and DSCR covenants agreed with its banking partners. 8.4 Credit risk Credit risk represents the risk of financial losses for the Group should a customer or counterparty to a financial instrument fail to meet their contractual obligations. For the Group, this risk comes from its trade receivables. The Group’s counterparties to its financial assets are lending institutions with the highest ratings. For the record, the financial assets are limited to derivatives (interest rate caps). The Company has drawn up a credit policy to limit its exposure. As a rule, solvency checks are conducted on potential customers to ensure their creditworthiness meets the Group’s risk requirements. Certain tenants account for a significant proportion of the Company’s annually invoiced rents. The termination of one or several leases could have an impact on the level of rents received by the Company, and on its profitability. Nonetheless, the principal leases were signed recently and some tenants are bound by firm leases that can run from between three and nine years.

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT