MRM // 2022 Universal Registration Document

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General information on the issuer and its share capital Management report for the financial year ended 31 December 2022

The acquisition by M.R.M. concerns 56 stores covering a surface area of 9,972 m 2 . The site welcomed 3.3 million visitors in 2022 and proved attractive for retailers. The Carrefour Ollioules shopping centre In the Toulon Provence Méditerranée metropolitan area, the largest employment area in the Var Department, the Carrefour Ollioules shopping centre is located in an attractive and dynamic region, whose population is significantly increased in high season by tourism. A leader in its catchment area, the shopping centre, owned jointly with Carrefour and other co-owners, benefits from its immediate proximity to the A50 motorway, west of the city of Toulon. The acquisition by M.R.M. concerns 44 stores covering a surface area of 3,125 m 2 . The site welcomed 3.1 million visitors in 2022. As a result of this acquisition, the total surface area of the portfolio amounted to 89,600 m 2 as of 31 December 2022, compared to 76,400 m 2 a year earlier. The portfolio remains diversified: it consists of eleven medium-sized retail complexes of various types, located in city centres or on the outskirts of medium-sized French cities. Furthermore, in 2022, the rental business was dynamic with thirteen new leases or renewals of leases signed, covering a total of 4,900 m 2 and representing annual rents of €0.9 million. These signatures include: • a lease with the fitness brand On Air on the medium-sized surface area of 2,000 m 2 located in the Carré Vélizy mixed use complex in Vélizy-Villacoublay, which had been vacated in January 2022 by Office Dépôt. This new lease took effect on 29 April 2022;

• two new leases with the Rougier & Plé brand covering a total of 1,100 m 2 for the takeover of the bookstore and the opening of a new boutique dedicated to creative leisure activities in the Passage de la Réunion in Mulhouse; • a new lease with the Takko Fashion brand on 700 m 2 at Aria Parc, a retail park located in Allonnes, focused on discount shopping and now 100% let; • three leases reinforcing the retailer mix, particularly in the Valentin shopping centre in Besançon. The physical and financial occupancy rates of the portfolio were 90% and 88% respectively as of 31 December 2022, stable compared to the situation as of 31 December 2021. The addition of the Flins and Ollioules shopping centres resulted in a strong increase in the amount of net annualised rents of M.R.M., which rose from €9.3 million as of 1 January 2022 to €15.1 million as of 1 January 2023, an increase of 62.4%. On a like-for-like basis, net annualised rents were up by 2.8% compared to 1 January 2022. The acquisition of the shopping centres in Flins and Ollioules enabled M.R.M. to change size. While extending M.R.M.’s geographical presence in two dynamic regions, this transaction significantly increases the size of its portfolio, which increased from €162.0 million as of 31 December 2021 to €244.9 million as of 31 December 2022, an increase of 51%. On a like for-like basis, restating the acquisitions of the financial year, the value of the portfolio was down slightly by 0.9% as of 31 December 2022. After taking into account CAPEX net of scrapping and acquisition during the year, the change in the fair value of the M.R.M. portfolio was down by €8.8 million, mainly due to a mechanical effect related to transfer and acquisition costs for €6.4 million.

+51.2%

Total (incl.TT) acquisition cost €+90.7m

€244.9m

Δ FV €-8.8m

CAPEX €+1.4m

(of which €-6.4m related to rights and acquisition costs)

€162.0m

Scrapping €-0.4m

31/12/2022

31/12/2021

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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