MRM // 2022 Universal Registration Document

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Risk factors

Main risk factors

2.2.3 Operational risks

4 NON-COMPLETION OR LATE COMPLETION OF PLANNED ACQUISITIONS OR INVESTMENTS

Description of the risk and its impacts

Risk mitigation measures

The Head of asset management regularly monitors all aspects of the progress of investment projects (refurbishment, renovation, extension). The progress of projects, their budgets and their results are reviewed by Management on a quarterly basis. Acquisitions and disposals are monitored by Executive Management and the Investment Committee reporting to the Board of directors. In 2022, in a gloomy economic context, M.R.M. successfully completed a significant acquisition and increased its portfolio size by more than 50% and its revenues by 60%. (See Section 1.2 of this Universal Registration Document) M.R.M. is implementing measures to show that it is an attractive employer. It offers competitive and appealing salary packages, and a high-quality working environment at the premises of its majority shareholder, SCOR SE, and uses teleworking. As a small company, M.R.M. is able to offer its employees an agile working structure and diversified roles with greater variety compared to major groups, where silos can lead to departments working in isolation, which can be detrimental to information sharing. In addition, free share allocation plans have been set up by the Company every year since 2019 with a view to talent retention. M.R.M. seeks to help its employees develop and evolve and therefore pays particular attention to training and developing skills within the Company. Management devotes a great deal of attention to discussing and assessing each employee’s circumstances and performance during their annual individual performance appraisal. Finally, since 2017, M.R.M.’s Board of directors has set out a succession plan for its executive corporate officers (Chairman of the Board and Chief Executive Officer). This plan is reviewed regularly by the Board of directors. Risk mitigation measures

In line with its portfolio value-enhancement strategy, the Company makes investments through the refurbishment, redevelopment and extension of its sites. The late completion or non-completion of some planned investment projects could hamper the Company’s development, delay the renting out of assets and have an adverse impact on its business and results. In addition, asset rotation through property sales and purchases forms an integral part of M.R.M.’s strategy for the dynamic management of its portfolio. In this area also, and in an extremely competitive investment market, the late completion or non-completion of certain acquisition or sale decisions could harm the Company’s growth, and have an adverse impact on its business and results.

5 RECRUITMENT, LOYALTY OF KEY EMPLOYEES AND SUCCESSION

Description of the risk and its impacts

M.R.M. is a small organisation operating in an extremely competitive sector. To date, its workforce is only five people (one executive corporate officer and four employees), and its staff is highly employable, which means that talent retention is a priority for M.R.M. If M.R.M. is not an attractive employer, its ability to recruit, motivate and retain talented individuals will be reduced, particularly for key roles. A loss of key skills, knowledge and expertise in case of high staff turnover could hamper M.R.M.’s ability to apply decisions and effectively run its business. Similarly, if M.R.M. is unable to set up a formal succession plan for handling the departure of executive staff, this could have an adverse effect on M.R.M.’s financial position and/or results.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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