MRM // 2022 Universal Registration Document

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Risk factors

Main risk factors

2.2.5 Environmental, social and governance risks

8 TIGHTENING OF REGULATIONS ON THE ENERGY AND ENVIRONMENTAL EFFICIENCY OF BUILDINGS

Description of the risk and its impacts

Risk mitigation measures

M.R.M. is subject to regulations on the energy and environmental efficiency of buildings in force in France, such as the Tertiary Eco Energy Decree, which requires a reduction in energy consumption of more than 40% by 2030. Compliance with this rule involves additional expenditure in the multi year work plans for buildings, work to bring into compliance and improve technical systems in order to enhance the energy efficiency of buildings, all in a current context of inflation and increased construction costs. In general, any change or tightening of regulations that would result in a significant increase in the investments required to address them could have a negative impact on M.R.M.’s business, its financial position and its operating results, leading to a decline in its profitability, a loss of attractiveness for equity investors or a decrease in the value of the Company.

M.R.M. did not wait for the implementation of restrictive regulations to work on the energy efficiency of its shopping centres. In order to amplify the actions undertaken by the Company in this area since 2015, M.R.M. adopted a Climate Plan in 2020, drawn up under the aegis of the Board of directors and managed by the CSR Committee. In addition, the Company decided to publish its first Statement of Non-Financial Performance on a voluntary basis, five years ahead of the regulations. M.R.M. has thus given itself a way to manage the non-financial commitments made to all stakeholders and make them public. The main results observed in 2022 were as follows: • 25% reduction in the energy consumption of buildings since the reference year; • 33% reduction in greenhouse gas emissions. The 2022 Statement of Non-Financial Performance is included in Chapter 5 of this Universal Registration Document.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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