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

Standards, amendments and interpretations for application published by the IASB but not adopted by the European Union as of 1 January 2023: • Classification of Liabilities as Current or Non-current (Amendments to IAS 1); • Lease Liability in a Sale and Leaseback (Amendments to IFRS 16). These amendments are expected to come into force on 1 January 2024. In 2022, four companies joined the Group’s scope of consolidation: • the simplified joint-stock companies Retail Flins and Retail Ollioules, newly created in July 2022; • the simplified joint-stock companies Gallioules 1 and Gallioules 2, whose shares were acquired in November 2022. 2.2.2 Consolidated income statement Consolidated gross rental income from properties was €10,205 thousand, reflecting rents and rental income generated by the Group’s portfolio. It was up by 4.7% compared to 2021, following the acquisition of the two shopping centres in Flins and Ollioules on 16 November 2022. On a like-for-like basis, restating these acquisitions, rental income in 2022 was stable compared to 2021. Indeed, the signing of leases in 2021 and 2022 compensated for the temporary vacancy between January and April 2022, of the medium-sized area which was relet as an On Air fitness gym in Carré Vélizy. Unrecovered property expenses were up 15.1% compared with 2021 and amounted to €2,059 thousand, resulting in net rental income of €8,146 thousand, up by 2.4%. Net operating expenses amounted to €2,707 thousand in 2022. This item was down by 22.3% compared to 2021. It breaks down as follows: • operating costs of €2,405 thousand compared to €2,468 thousand in 2021; • net reversals of provisions for €813 thousand compared to a net provision of €909 thousand in 2021; • and other net operating expenses for €1,115 thousand compared to €106 thousand in 2021. Operating income before disposals and change in fair value of properties amounted to €5,439 thousand compared to €4,473 thousand in 2021. 2.2.1 Changes in scope

After taking into account the negative change in the fair value of real estate assets of €8,801 thousand, the operating income was a loss of €3,362 thousand. As a reminder, in 2021, it was a profit of €7,591 thousand. Net financial income amounted to a negative €220 thousand in 2022 and breaks down as follows: • net borrowing cost of €1,765 thousand made up of interest and similar expenses; • an increase in the fair value of financial instruments for €1,626 thousand; • discounting of payables and receivables for a negative €81 thousand. In view of the above, net income after tax was a loss of €3,582 thousand in 2022, compared to a profit of €5,603 thousand in 2021. 2.2.3 Consolidated balance sheet As of 31 December 2022, non-current assets stood at €247,935 thousand, compared to €162,050 thousand as of 31 December 2021, and consisted mostly of investment properties in the amount of €244,867 thousand and financial instruments (caps) in the amount of €2,938 thousand. As of 31 December 2022, current assets stood at €17,992 thousand compared to €17,340 thousand as of 31 December 2021. They mainly consisted of: • trade receivables and similar items for €4,213 thousand; • other receivables of €3,749 thousand (rental charge invoices, tax claims, etc.); and • cash and cash equivalents of €10,014 thousand. On the liabilities side, after taking into account the two share capital increases carried out in 2022 as part of the Acquisition Transaction for a total of €49,068 thousand net of fees, the loss for the year of €3,582 thousand and the distribution to shareholders of €3,929 thousand paid in 2022 in respect of the 2021 financial year, consolidated shareholders’ equity amounted to €138,956 thousand at the end of the financial year. As of 31 December 2021, this item totalled €97,365 thousand. As of 31 December 2022, non-current liabilities payable at over one year totalled €118,811 thousand compared to €75,505 thousand as of 31 December 2021. They mainly consisted of the non-current portion of bank borrowings for €115,975 thousand and other financial debts relating to caps with staggered premiums for €991 thousand, as well as guarantee deposits received from tenants for €1,845 thousand.

M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT

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