MRM // 2022 Universal Registration Document

2

Risk factors

Main risk factors

Risks are classified in accordance with the risk management framework process described in Section 2.1.

Risk of occurrence

1

2

8 9

1 War in Ukraine 2 Unfavourable interest-rate trends 3 Valuation of property assets 4 Non-completion or late completion of planned acquisitions or investments 5 Recruitment, loyalty of key employees and succession 6 Competition 7 Compliance with tax regulations and the SIIC regime 8 Tightening of regulations on the energy and environmental efficiency of buildings 9 Sanctions by the market, investors and financial institutions for companies not integrating ESG into their strategy 10 Health crisis linked to the COVID-19 epidemic 11 Climate change High Moderate Low High Moderate Low 3 4 6 10 11 5 7

Net impact

Risks related to the economic environment, consumer habits and purchasing behaviour Financial risks Operational risks Legal and tax risks ESG risks

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

32