MRM // 2021 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

Equipment and material Appraisal valuations include equipment and facilities normally considered to form part of the property’s fixtures and fittings and which would remain attached to the property if it is sold or let. Equipment and material and their specific foundations and supports, furniture, vehicles, stock and operating tools, as well as tenants’ equipment, are excluded from the valuations. Properties under construction or redevelopment For properties under construction or redevelopment, the appraiser sets out the stage of the development and expenditure already committed as well as future expenditure on the date of the valuation, according to the information supplied by the Company. Contractual commitments of the parties involved in the construction and any figures for estimated expenditure obtained from the consultants working on the project are taken into account. For recently completed properties, retentions, construction expenses in the process of being settled, fees, or any other expenditure for which a commitment has been made, are not taken into account. Realisation costs In its valuations, the appraiser does not take into account transaction costs, any taxes that may be payable if the property is sold or any mortgages or other financial commitments relating to the property. Valuations are exclusive of VAT. Asset valuation methods The conclusions formed by the appraiser refer to the notion of monetary value and the notion of rental value. The market rental value is “the financial consideration likely to be obtained on the market for the use of a property under a lease. It corresponds to the market rent a property must be able to fetch under standard lease terms and conditions for a given type of property in a given area” (1) . The Market Value “is the price at which a property right could be reasonably sold in a private market at the time of the appraisal provided that the following conditions are met beforehand: • the buyer and seller freely engage in the transaction; • the negotiations take place in a reasonable time period in view of the nature of the property and market conditions; • the value of the property is more or less stable during this time period; • the entire property is put up for sale under market conditions, without reserve, with the sale suitably advertised; • there are no pre-existing ties between buyer and seller” (1)

The methodology chosen by the appraiser is based on the combined implementation of different valuation techniques, namely the capitalisation approach and the discounted future cash flow approach.

Contact details of the appraiser BNP Paribas Real Estate Valuation 167, quai de la Bataille de Stalingrad 92867 Issy-les-Moulineaux Cedex Phone: +33 (0)1 47 59 17 00

Methodology All appraisal valuations are based on an in-depth visit of the property assets. In addition, the appraiser consults the legal, administrative, technical and financial documentation relating to each of the property assets. Consultation of the documentation for the properties is a vital first step to any asset valuation. On a case-by-case basis, depending on the specific attributes of each property, the valuation phase uses the following methods in accordance with the definitions of the French property valuation charter. Ownership and occupancy The appraiser uses information provided by the Company concerning the type of ownership, its extent, the vesting of rights to the property, authorised uses and other information. The appraiser assumes that this information is accurate, up to date and complete and that the properties comply with applicable laws and regulations. Town planning and roads As regards town planning and roads, the information collected verbally from responsible local authorities is assumed to be accurate. No town planning deeds or certificates are requested within the framework of appraisal valuations. The appraiser also checks that there are no town planning or roadway projects planned that could result in a forced sale or directly affect ownership of the properties in question. Areas Areas are generally not measured by the appraiser. The areas stated are those provided by the architects or the property managers and are assumed to be accurate.

(1) Source: the French property valuation charter (Charte de l’Expertise en Évaluation Immobilière) (5 th edition, March 2017).

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT