MRM // 2022 Universal Registration Document

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Statement of non-financial performance (SNFP) – 2022 financial year

Governance Pillar

Retail property is a highly specific market segment subject to a particular economic and regulatory sector. The development of retail and distribution is intimately linked to the development of cities and their outskirts. Over a number of years, the outskirts of cities have developed considerably, often at the expense of city centres, which are less easily accessed and have more town planning constraints. A change has also taken place within retailers: historically, retail and distribution were mainly carried out by independent retailers, located in the city centres, for local business. However, the development of the outskirts was carried out by national and international centralised chains of shops. Today, these two branch and franchise models are not necessarily opposed and can be found in both city centres and the outskirts, with both often being complementary. At the same time, e-commerce is developing strongly and represents an essential distribution channel in all consumer sectors (ready-to-wear, travel, electronic and cultural goods, etc.). Nevertheless, grocery shops continue to play an important role in French retailing given the behavioural patterns of French consumers in this sector, although even this sector is in a state of upheaval, with the return of neighbourhood shops at the expense of hypermarkets, whichare less in phase with the French public’s ecological aspirations. These retailers, which now operate in most large cities in France, are beginning to penetrate deeper into the territory by opening outlets in smaller catchment areas, although continuing to scrutinise entry conditions, given the difficult economic environment. The competitive environment in which the Company operates is dominated by a certain number of French and international listed real-estate companies specialising in retail property, such as Unibail-Rodamco-Westfield, Klépierre, Mercialys and Altarea, as well as many other operators such as the property arms of hypermarket groups (such as Carmila, Nhood/Centrus), asset managers, small- and medium-sized

specialised real-estate companies, investment funds and other dedicated vehicles. The Group’s strategy notably involves enhancing the attractiveness of its property assets and exploiting their potential for value-enhancement by refurbishing them and upgrading them to meet the best market standards, by bringing their rental revenues back into line with market rates and undertaking extensions where possible. The Group’s retail properties are located both in the Paris area and the regions. Diverse types of property assets are covered, including shopping centres, high-street retail units, independent retail premises on the outskirts and premises in retail parks. The vast majority of the tenants are national and international retail brands. It should be noted that the Company’s construction and renovation operations are marginal compared to the main operating activity. By way of illustration, the extension of the site at Ecole Valentin represents less than 3% of the total portfolio (by surface area). As an owner of retail properties, M.R.M. is aware of the diversity of its stakeholders. It therefore structures a 360° strategy in order to appropriately address the needs of these different types of players. From an internal point of view, the Company deploys an HR policy for its employees taking into account their needs and interests. M.R.M. carries and promotes the values of inclusivity, aimed at the professional and human development of its staff. Externally, linked more directly to the operational management of its properties, the Company takes a regional community-based approach by participating in the development of economic activity and players in the regions where the it operates. Its objective is to satisfy the intermediate and end users of its portfolio. This means paying attention to the well-being and health of its professional partners and tenants at all levels of its value chain, with a view to leading a sustainable and shared transition.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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