MRM // 2021 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

29 May 2013: The recapitalisation provided for in the investment agreement signed with SCOR SE on 7 March 2013 was carried out. It is notably reflected in SCOR SE’s acquisition of a majority stake of 59.9% in the capital of M.R.M., as well as the conversion into M.R.M. shares of the entire bond issue with a par value of €54.0 million issued

by DB Dynamique Financière, a wholly-owned subsidiary of M.R.M. As SCOR SE’s stake in the capital of M.R.M. is less than 60%, M.R.M. continues to beneft from its SIIC status and the advantageous tax regime that accompanies it. M.R.M.’s head office was moved to 5, avenue Kléber, Paris (16 th arrondissement).

Presentation of the Company

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The market data presented in this section are taken from a study published by BNP Paribas Real Estate.

Further details on the M.R.M. group are given in Section 1.3 of the management report included in Section 3.6 of this Universal Registration Document, to complement some of the information provided in the presentation of the M.R.M. group.

1.4.1 General business overview

The purpose of M.R.M. as a real estate company is the acquisition, holding, value-enhancement, rental and arbitrage of property assets. The Group’s portfolio consists of stabilised properties and properties with value-enhancement opportunities. Growth lies in increasing rental revenues through improving the occupancy rate of properties and reducing property expenses, enhancing property value and in combining internal development with growth via acquisitions. The Group operates on the retail property market which has its own characteristics. This business requires in-depth knowledge of the investing and rental markets, of laws and regulations, and of the competitive environment. Retail properties Retail property is a highly specific market segment subject to a particular economic and regulatory sector. The development of this market is the subject of a specific discussion in Section 1.4.2 “The commercial real estate market in 2021”. The development of retail and distribution is intimately linked to the development of cities and their outskirts. Over a number of years, the outskirts of cities have developed considerably, often at the expense of city centres that are less easily accessed and have more town planning constraints. On the other hand, a change has also taken place within retailers: historically, retail and distribution were mainly carried out by independent retailers, located in the city centres, for local business. The development of the outskirts was

carried out by national and international centralised store chains. Today, these two branch and franchise models are not necessarily opposed, and can be found in both city centres and peripheries, with both often being complementary. At the same time, e-commerce is developing strongly and represents an essential distribution channel in all consumer sectors (ready-to-wear, travel, electronic and cultural goods, etc.). Nevertheless, the food trade continues to play an important role in French retailing given the behavioural patterns of French consumers in this sector, although even this sector is in a state of upheaval, with the return of proximity stores which is less in line with the French peoples’ ecological aspirations, at the expense of hypermarkets, that are too large and impersonal. These retailers, which now operate in most large cities in France, are beginning to penetrate deeper into the territory by opening outlets in smaller catchment areas, although continuing to scrutinise entry conditions, given the difficult economic environment. The balance of power between tenants and lessors is determined by the strength of the retail business, which belongs to the tenants and therefore strongly influences their attachment to the premises, and by the regulation of the available supply of premises, which is determined by the authorisation required prior to opening any mid-size or mass retail outlet, governed by urban planning laws. These changes are being followed closely by players in this market. As a consequence, investments made in retail property are subject to a lesser extent to the vacancy constraints known in other property sectors.

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT