MRM // 2021 Universal Registration Document

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Information on M.R.M.’s activities

Presentation of the Company

1.4.3 The Group’s analysis of market trends

The year 2021 was marked, as in 2020, by the global health crisis. Despite everything, in this complicated context, M.R.M. was able to perform well and post very good results. • despite the slowdown in consumption, M.R.M. recorded an increase in its physical and fnancial occupancy rates in 2021, by 3 and 4 points respectively. • despite lower investment volumes for retail in 2021, M.R.M. made two disposals in 2021, including one in logistics, at a level 13% higher than the appraisal values of June 2021. • despite fnancial markets being disrupted at the end of the year by the spectre of the return of inflation and growing geopolitical tensions, M.R.M. refnanced all of its bank debt in advance with a pool of leading French banks. In January 2019, the Group finalised the office assets disposal plan which it launched in 2013. Since then, the portfolio has been made up entirely of retail assets. With a total surface area of 76,414 Sqm at the end of 2021, it was valued at €162.0 million. After the takeover of M.R.M. by Dynamique Bureaux and its conversion into a listed real estate investment company in the second half of 2007, the Group’s asset portfolio was built up in three phases: A merger contribution by Dynamique Bureaux appraised at €162 million excluding transfer taxes as of 31 August 2007. The portfolio then contained nine office property assets representing a total area of 53,650 Sqm. The transaction was approved by M.R.M.’s Combined General Meeting of 12 December 2007, retroactive to 1 September 2007. • Contribution of Commerces Rendement to M.R.M. A contribution by Commerces Rendement appraised at €143 million excluding transfer taxes as of 31 August 2007. There were 19 retail properties in the portfolio for a total area of 75,582 Sqm. The transaction was approved by M.R.M.’s Combined General Meeting of 12 December 2007. Phase 1. Building the asset portfolio • Dynamique Bureaux/M.R.M. merger

These successes are the sign of a resilient asset portfolio, in line with the market trends observed at retailer level: • the search for proximity: even though e-commerce sales have never been higher, the defence of small retailers and the search for proximity or social ties with local retailers has never been stronger; • the ecological awareness: 2021 has also given a new impetus to the different consumer aspirations for responsible behaviour, namely to save our planet by limiting the effects of global warming and by consuming responsibly; • discounters: brands offering good value for money are popular with consumers. At M.R.M., over the 2016-2021 period, the share of discount retailers increased from 10 to 25% of the rental base. M.R.M. intends to continue to work on these trends in the coming years. • Acquisitions carried out by M.R.M. Acquisitions from 1 September to 31 December 2007: office buildings in September and October for €65.5 million, retail properties in September for €3.8 million and mixed office and retail space in November and December for €80.4 million (all excluding transfer taxes). Acquisitions in 2008: an office building in April for €6 million and retail properties (two garden centres and five restaurants) in May and July for €11.3 million (all excluding transfer taxes). Acquisition in 2010: a 1,000 Sqm retail unit. Phase 2. Disposals as part of an adjustment plan Over the 2009-2012 period, as part of an adjustment plan including a major asset disposal programme, M.R.M. made the following disposals: In 2009, three retail properties were sold for a total of €22.7 million excluding transfer taxes. In 2010, the premises of four Pizza Hut restaurants in the Paris region, two retail assets (one in Brétigny-sur-Orge and the other in Angoulême), three office properties (located in Nanterre, Clichy-la-Garenne and Levallois-Perret) and the Marques Avenue A6 outlet centre in Corbeil-Essonnes were sold for a total of €151 million excluding transfer taxes.

1.4.4 M.R.M.’s asset portfolio as of 31 December 2021

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT