MRM_REGISTRATION_DOCUMENT_2017

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Information on M.R.M.’s activities

Key figures

Debt maturing within a year comprises the loan granted by SCOR SE, the extension of the maturity date to 15 January 2019 notwithstanding, because it is backed by the Nova office property classified as held for sale and by the contractual repayments to be made over the next 12 months. On 30 October 2017, the Group took out a new loan for €15.2 million from Berlin Hyp. It expires at the end of October 2022 (repayment on maturity). Backed by a retail property asset, this new loan replaces a credit line Net Asset Value and Balance Sheet The NAV is an indicator which measures the realisable value of a real estate company. It represents the difference between the value of the Group’s portfolio (as assessed by independent appraisers) and the sum of the debts. The Group’s NAV was not restated insofar as investment property and property held for sale were entered at “market value” on the Group’s consolidated balance sheet as of 31 December 2017. The European Public Real Estate Association (EPRA) has set the following benchmark indicators: • EPRA NAV, which consists of the revalued equity of the Group, i.e. based on the fair value of consolidated assets and liabilities. It corresponds to the long-term intrinsic value of the real estate company;

of €14.8 million which expired on 8 December 2017 and which was repaid early. Following this refinancing, over 90% of the Group’s debt matures in four years or more, with the exception of the loan granted by SCOR SE, M.R.M.’s majority shareholder, backed by the Nova office property classified as held for sale. At year-end 2017, the €22.0 million loan granted by SCOR SE, which was due to expire on 15 January 2018, was extended until 15 January 2019. • EPRA NNNAV, which is composed of the EPRA NAV, incorporating the fair value excluding transfer taxes of investment properties, properties held for sale, as well as financial instruments and debts. It represents the immediate value of the real estate company; • Replacement NAV corresponds to the EPRA NAV after integration of transfer taxes determined according to appraisals made by independent appraisers. As of 31 December 2017, the Group’s EPRA NNNAV was €2.70 per share and its replacement NAV was €3.05 per share, compared with €2.92 per share and €3.19 per share respectively as of 31 December 2016.

The Net Asset Value in euros per share changed as follows over the past three years:

NAV Data

31/12/2017

31/12/2016

31/12/2015

EPRA NNNAV

€118.0m

€127.3m

€126.5m

EPRA NNNAV/share

€2.70 €3.05

€2.92 €3.19

€2.90 €3.21

Replacement NAV/share

Replacement NAV

EPRA NNNAV

€2.90

€2.92

€3.21

€3.19

€2.70

€3.05

€140.0m

€139.1m

€126.5m

€127.3m

€133.2m

€118.0m

31/12/2015

31/12/2016

31/12/2017

31/12/2016

31/12/2015

31/12/2017

M.R.M. 2017 REGISTRATION DOCUMENT

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