MRM // 2022 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

The Group’s total debt has evolved as follows over the last three years:

€116.7m

€76.8m

€74.4m

207 bps

43.6%

41.4%

40.0%

158 bps

155 bps

2020

2021

2022

Net LTV

Average cost of debt

Debt

Maturity of loans and hedging of bank debt As of 31 December 2022, all of the Group’s debt bore interest at variable rates. 77% of the debt is hedged by financial instruments such as caps, bearing on the three-month Euribor at a strike rate of between 1.0 and 2.50%. The maturity schedule of borrowings is as follows as of 31 December 2022:

Loan maturities

Amount

In %

2023

€0.7 m €4.6 m €73.1 m €38.3 m

0.6% 4.0%

2024-2027

2028 2029

62.6% 32.8% 100%

TOTAL

€116.7 M

Net Asset Value and balance sheet 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. Three calculation methods are recommended by the European Public Real Estate Association (EPRA): • 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 which includes the portfolio transfer taxes - EPRA Net Reinstatement Value (NRV). The Group’s EPRA NDV Net Asset Value amounted to €139.0 million as of 31 December 2022, up compared to

31 December 2021 by €41.6 million, or 42.7%, reflecting the acquisition of the Flins and Ollioules shopping centres completed in 2022. Due to the dilutive effect of the share capital increases carried out in 2022 as part of the Acquisition Transaction, the EPRA NDV NAV per share stood at €43.40, down by 2.8% compared to 31 December 2021. Taking into account the distribution of dividend and premiums paid to shareholders in 2022 in respect of 2021, the EPRA NDV NAV per share was up by 1.3% as of 31 December 2022. The Group’s EPRA NTA NAV reached €136.0 million or €42.48 per share as of 31 December 2022. 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 Group’s EPRA NRV NAV reached €152.8 million or €47.72 per share as of 31 December 2022.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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