MRM // 2022 Universal Registration Document

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Information on M.R.M.’s activities

Key figures

Key figures

1.3

1.3.1 Overview of the Group’s portfolio

General data as of 31 December 2022 As of 31 December 2022, M.R.M.’s asset portfolio comprised only retail assets.

Property asset portfolio

31/12/2022

€244.9 m 89,600 m 2 100% retail

Portfolio value(*) excluding transfer taxes recognised in the consolidated financial statements

Total area

Value breakdown

Acquisitions completed in 2022 (including transfer costs and duties)

€90.7 m

CAPEX in 2022

€1.4 m

(*) Based on BNP Paribas Real Estate Valuation as of 31 December 2022, with the exception of the Flins and Ollioules shopping centres acquired on 16 November 2022 and recorded in the accounts at their acquisition price excluding transfer taxes. Compared to 31 December 2021, the portfolio value increased by 51.2%, reflecting the acquisition of the Flins and Ollioules shopping centres. On a like-for-like basis, by restating the acquisition completed in 2022, the value of the portfolio was down slightly by 0.9%.

The Group values its property assets twice a year. The entire Group portfolio was valued as of 31 December 2022 by the appraisal company BNP Paribas Real Estate Valuation France. This company is independent: it has no ties and is not in a situation of conflict of interest with the Company. The valuations were carried out using recognised methods which are consistent over time in accordance with French and international valuation standards, namely the Charte de l’Expertise en Évaluation Immobilière (property valuation charter), applied by all French property valuation associations, and the RICS principles (“Appraisal and Valuation Manual” published by the Royal Institution of Chartered Surveyors). The previous valuations were carried out in June 2022. The methodology chosen by the appraiser is based on the combined implementation of different valuation techniques, namely the capitalisation approach and the discounted future cash-flow approach.

In addition, the appraiser consults the legal, administrative, technical and financial documentation relating to each of the property assets. Consultation of the documentation for the properties is a vital first step to any asset valuation. On a case-by-case basis, depending on the specific attributes of each property, the valuation phase uses the following methods in accordance with the definitions of the property valuation charter. Ownership and occupancy The appraiser uses information provided by the Company concerning the type of ownership, its extent, the vesting of rights to the property, authorised uses and other information. The appraiser assumes that this information is accurate, up to date and complete and that the properties comply with applicable laws and regulations. Town planning and roads As regards town planning and roads, the information collected verbally from responsible local authorities is assumed to be accurate. No town planning deeds or certificates are requested within the framework of appraisal valuations. The appraiser also checks that there are no town planning or roadway projects planned that could result in a forced sale or directly affect ownership of the properties in question. Areas Areas are generally not measured by the appraiser. The areas stated are those provided by the architects or the property managers and are assumed to be accurate.

Contact details of the appraiser BNP Paribas Real Estate Valuation 50, cours de l’Ile Seguin 92100 Boulogne Billancourt France Phone: +33 (0)1 47 59 17 00

Methodology All appraisal valuations are based on an in-depth visit of the property assets.

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M.R.M. 2022 UNIVERSAL REGISTRATION DOCUMENT