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

1.3.4 Net operating cash flow (1)

Net operating cash flow amounted to €3.9 million, up 33.6% compared to 2020. This increase is due to the improvement in real estate and fnancial indicators and, in particular: • a 4.1% increase in net rental income to €8.0 million;

• the impact of COVID support measures, i.e. €(0.2) million in 2021, much lower than in 2020; • and the slight decline in the cost of net debt by 2.5% to €(1.2) million.

Net operating cash flow (in millions of euros)

2021

2020

Change

Net rental income

8.0

7.7

+4.1%

COVID support measures

-0.2 -2.5

-1.4 -2.3

Operating expenses

+9.1%

Other operating income Other operating expenses

0.3

0.1

-0.1

-0.3

EBITDA

5.5

3.8

+45.8%

Net borrowing cost

-1.2 -0.4

-1.2

-2.5%

Other fnancial expenses

-

Others

-

0.4

NET OPERATING CASH FLOW

3.9

2.9

+33.6%

1.3.5 Debt In 2021, in the exceptional circumstances related to the health crisis, M.R.M. worked to strengthen its liquidity position and secure its fnancial resources. Thus, in May 2021, M.R.M. entered into an agreement with one of its banking partners allowing it to defer the maturity of the loan repayments that were planned in 2021, for a total of €1.9 million. On 23 December 2021, M.R.M. announced that it has signed out a new seven-year loan of a total of €82.1 million that will enable it to repay of all its current bank debt early and give it new fnancial resources to make investments. In detail, this new mortgage loan secured against M.R.M.’s real estate portfolio breaks down as follows: • a €75.7 million credit facility that has enabled M.R.M. to repay all its bank debt early, namely: €55.1 million due in June 2022, €15.2 million due in October 2022 and €3.7 million due in June 2023;

• a €6.4 million credit facility to fnance new investments aiming to capitalise on the portfolio’s remaining potential for value creation, as well as investments to support the environmental targets set by M.R.M. It was taken out with a pool of banks comprising Banque Européenne du Crédit Mutuel, LCL and BRED Banque Populaire. Banque Européenne du Crédit Mutuel acted as agent and co-arranger, LCL acted as co-arranger. As of 31 December 2021, the line of credit referred to above to be used to fnance new investments had not yet been drawn down. The amount of credit available is therefore €6.4 million. As of 31 December 2021, Group financing consisted of mortgage bank debt of €74.4 million, compared with €76.8 million at the end of 2020. All bank debt bears interest at a variable rate and is 77% hedged by fnancial instruments such as caps.

(1) Net operating cash flow = net income before tax restated for non-monetary items.

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M.R.M. 2021 UNIVERSAL REGISTRATION DOCUMENT