MRM // 2021 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

Continued strong growth for e-commerce In Q3 2021, Fevad reported 15.0% growth compared to the same period in 2020. Internet sales came to € 92bn over the frst nine months of 2021, spread across over 1.5bn transactions and an average basket of over €60. It had seemed as though e-commerce was set to reach a plateau in 2019, but its potential was further unlocked by the health crisis. Pure e-tailers can still harness their logistics model, based on building out-of- town warehouses, unaffected by the moratorium on the development of new retail zones. Footfall gradually returning to pre-covid levels The economic recovery has not been accompanied by a footfall surge in stores. The infectiousness of the Omicron variant is obscuring retailers’ visibility on visitor numbers. Consumers are travelling less as a consequence. This means that the difference between the robust increase in footfall for supermarkets and pharmacies, and the more moderate rise for other stores and leisure destinations could widen in the coming weeks. Sales picking up again slightly in shopping centres Q3 2021 was when the health pass was introduced. Checks by shopping centre staff impacted on footfall. This impact was limited in time, thanks to a decision by the administrative court in Yvelines and then in other départéments from the end of August. We have identifed several factors that will determine whether footfall will return to pre-Covid 19 levels: the end of restrictions, growth in household consumption, rebalancing of the retail mix around culture and leisure, and a little less clothing. Retail park model strengthened by the crisis Before the health crisis, the single-family home and car-only model was being challenged by a section of public opinion, with tangible effects on urban planning. Retail parks were singled out especially. Yet the health crisis has benefted retail parks. Their tenants have developed a business model based on controlled costs, which are lower in these zones. Consumers beneft from the large outdoor areas so that they can shop with less risk of infection.

Trade conference report to be handed to the president in early January Trade Conference representatives will present the results of their work on 4 January 2021 to the French President. With the 2022 presidential elections just a few months away, some of their proposals could be included in Emmanuel Macron’s manifesto. The event was instigated by the President himself, together with the Minister of the Economy Bruno le Maire, and the Deputy Minister for SMEs Alain Griset. The government sought to capitalise on the economic and consumer recovery to bring retailers together around the following themes: how to adapt retailing to new consumption patterns; how to preserve and develop retail in the regions; how to improve fairness and competitiveness among retailers; how to promote retail employment. The aim is to build a more sustainable economic and social model, as the economy becomes more digital and competition more global, driven by e-commerce. Moderate declines in prime rents Rents on the Parisian thoroughfares have seen moderate declines since the beginning of the health crisis. Moreover, there were some major deals in 2021, on the big streets of the capital (PSG store at 92 Avenue des Champs-Elysées, Boulanger at 135 Rue de Rennes) but also in prime spots in the major cities (Etam at 69 Rue de la République in Lyon, Uniqlo at 17 Rue Saint Ferréol in Marseille). On the high-street segment, large units in prime locations on the rental market should fnd takers thanks to falling rents and the market revival. In terms of sector, there are luxury and discount names actively monitoring the market. Slight increase in yields for shopping centres In the wake of the health crisis, prime retail yields increased in 2020 and 2021. As such, the prime yield for street-level stores expanded by 70bp in a year, rising from 2.50% at the end of 2019 to 3.20% by the end of 2020. Prime yields in shopping centres meanwhile are currently estimated at around 4.50%. Conversely, retail parks are still around 5.25%, as this asset type has been very popular with investors this year.

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT