MRM // 2021 Universal Registration Document

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General information on the issuer and its share capital Management report for the nancial year ended 31 December 2021

+3.5%

fair value €+2.6 m

CAPEX €+2.8 m

€161.0 m

€162.0 m

€156.6 m

Disposals €-4.4 m

31/12/2021

31/12/2020

31/12/2020 on a like-for-like basis

1.3.3 Net Asset Value Net Asset Value (“NAV”) is an indicator that measures the asset value of a real estate company. NAV measures changes in the valuation of M.R.M. through changes in its shareholders ‘equity. In October 2019, the European Public Real Estate Association (“EPRA”) published new recommendations that now include changes to the calculation of NAV as of financial years opened as of 1 January 2020. The measurement of NAV has been reviewed in order to be more relevant depending on the fair value of the assets and liabilities. Three calculation methods are recommended: • a liquidation NAV that reflects the share of the net asset for the shareholder upon disposal – EPRA Net Disposal Value (NDV); • a NAV that reflects the real estate asset rotation (acquisitions/ disposals of assets) – EPRA Net Tangible Assets (NTA); • a replacement NAV - EPRA Net Reinstatement Value (NRV).

The Net Asset Value of the Group EPRA NDV reached €97.4 million (€2.23 per share), up compared to 31 December 2020 (+€4.3 million or +4.6%) mainly due to the drop in the value of the portfolio. Taking into account the distribution of bonuses paid to shareholders in 2021 in respect of 2020, the Net Asset Value of EPRA NDV was up by 7.1% as of 31 December 2021. The Net Asset Value of the Group EPRA NTA reached €97.3 million (€2.23 per share). It tracks changes to the valuation of M.R.M., excluding the effects of changes in the fair value of the financial instruments. Lastly, the Net Asset Value of the Group EPRA NRV reached €108.0 million (€2.48 per share) as of 31 December 2021. To calculate the NAV per share, the treasury shares, numbering 42,486, were restated.

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT