MRM // 2021 Universal Registration Document

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General information on the issuer and its share capital Statutory Auditors’ report on the consolidated financial statements

These matters were addressed in the context of our audit of the consolidated fnancial statements as a whole, approved in the aforementioned context, and in forming our opinion thereon, and we do not provide a separate opinion on specifc items of the consolidated fnancial statements.

Valuation of investment properties

Description of risk Taking into account M.R.M. business, the carrying value of investment properties represents 90% of Group assets at 31 December 2021, i.e. €162 million. In accordance with IAS 40, the Group chose the fair value method as a permanent method and accounts for investment properties at fair value. Note 4.5 to the consolidated fnancial statements specifes that the fair value used does not included expenses in case of a potential sale, determined by independent real estate experts and describes the valuation methods used and the key assumptions retained. As mentioned in notes 2.3 and 4.5, valuation of a real estate assets is a complex estimation and is subject to economic conjuncture and the volatility of certain market factors used (rate, rental market) and depends on several assumptions (holiday periods, maintenance). Therefore, we deemed the valuation of investment properties to be a key element of our audit as there is a high level of estimation and judgement implemented by the management and according to the importance of the assets in the consolidated Group accounts. • understanding the internal control mechanism and testing the effectiveness of key controls implemented by the management, regarding the nomination and the rotation of independent experts, the transmission of information and the review of expert valuations; • collecting the engagement letter signed by the real estate expert and assess his/her professional competence, independence and objectiveness; • obtaining property valuation reports and verifying that all property assets were valuated (except exemptions planned by the Company’s procedures); • assessing the relevance of assumptions, information and methods on which the valuation is founded for a defned selection of assets based on quantitative criteria (valuation or valuation variation) and qualitative criteria (rental stake, restructuring), by corroborating them with the Company’s management data (rental situation, maintenance cost) and market data; • taking part in the Audit Committee on valuation and communicating with independent experts; • checking the data on which valuations of assets under construction are founded, by taking into account the expenses still to be committed, the delivery times and the rental perspectives; • reconciling the expert valuations with the valuations booked; • assessing the relevance of the accountancy methods referred to above, of information provided in notes and their correct application. How our audit addressed this risk We carried out the following procedures:

Specific Verifications

We have also performed, in accordance with professional standards applicable in France, the specifc verifcations required by laws and regulations of the Group’s information given in the management report of the Board of directors. We have no matters to report as to its fair presentation and its consistency with the consolidated fnancial statements.

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT