MRM // 2021 Universal Registration Document

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Risk factors

Main risk factors

Risks are classified in accordance with the risk management framework process described in Section 2.1.

Risk of occurrence

10

1

9

10

5 6

2 High Moderate Low 3 4 5 6 7 8

2 3 4

11

7 8 9

1

Net impact

1

2

3

4

5

6

7

8

9

10

Low

Moderate

High

1 Excess retail capacity 2 Group’s refinancing capacity 3 Valuation of property assets

4 Dependence on main tenants/Counterparty risk 5 Potential issues due to having a small team 6 Non-completion or late completion of planned acquisitions or investments 7 Recruitment, loyalty of key employees and succession 8 Competition 9 Compliance with tax regulations and the SIIC regime 10 Health crisis linked to the COVID-19 epidemic 11 Climate change Risks linked to the economic environment, consumer habits and buying behaviours Financial risks Operational risks Legal and tax risks ESG risks

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT