MRM_REGISTRATION_DOCUMENT_2017

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Information on M.R.M.’s activities

Business overview

1.4.4 M.R.M.’s asset portfolio as of 31 December 2017

Phase 2. Disposals as part of an adjustment plan Over the 2009-2012 period, as part of an adjustment plan including a major asset disposal programme, M.R.M. made the following disposals: In 2009, three retail properties were sold for a total of €22.7 million excluding transfer taxes. In 2010, the premises of four Pizza Hut restaurants in the Paris region, two retail assets (one in Brétigny-sur-Orge and the other in Angoulême), three office properties (located in Nanterre, Clichy-la-Garenne and Levallois-Perret) and the Marques Avenue A6 outlet centre in Corbeil-Essonnes were sold for a total of €15 million excluding transfer taxes. In 2011, five retail assets (in Barjouville, Moulin-les-Metz, Vineuil and two in Chambray-les-Tours) and three office properties (in Boulogne-Billancourt, Rueil-Malmaison and Puteaux) were sold for a total of €55.3 million excluding transfer taxes. In 2012, five retail properties (in Claye-Souilly, Coignières, Créteil, Montigny-lès-Cormeilles and Pierrelaye), an office property (on rue Niepce in Paris in the 14 th arrondissement ) and a residential space (in a retail property in Tours) were sold for a total of €22.5 million excluding transfer taxes. Phase 3. Refocus on retail property As part of its strategy of refocusing on retail property, begun in mid-2013 following the taking of control by SCOR SE, M.R.M. has since sold the following office properties and acquired the following retail assets. In 2013, an office property on rue de la Bourse, Paris (2 nd arrondissement ) was sold for €10.4 million excluding transfer taxes. In 2014, two office buildings on rue Cadet in Paris (9 th arrondissement ) and Rungis were sold for €22.5 million excluding transfer taxes, In 2015, an office property on rue de la Brèche-aux-Loups, Paris (12 th arrondissement ) was sold for €16.8 million excluding transfer taxes, In 2016, three office properties located in Rueil-Malmaison, in Les Ulis and in Cergy-Pontoise, were sold for an amount of €38.4 million excluding transfer taxes. In 2017 full ownership of the Aria Parc retail park in Allonnes was acquired for a total of €1.8 million excl. tax and a small retail unit formerly operated by Gamm Vert was sold for a modest sum under the active management of the retail property portfolio. Of the nine office properties that M.R.M. held in its portfolio in June 2013, two remain to be sold. M.R.M. aims to withdraw from the office sector during 2018.

As of 31 December 2017, M.R.M. had a mixed asset portfolio combining office and retail properties valued at €199.6 million excluding transfer taxes compared with €197.8 million as of 31 December 2016. This increase was due to investments in retail property under the value-enhancement plans which were partly offset by the lowered value of office property and notices received from tenants on three medium-sized retail spaces. At end-2017, the asset portfolio comprised 84,935 sqm of retail space and 18,629 sqm of office space. After the takeover of M.R.M. by Dynamique Bureaux and its conversion into a listed real estate investment Company in the second half of 2007, the Group’s asset portfolio was built up in three phases: Phase 1. Portfolio composition • Dynamique Bureaux/M.R.M. merger A merger contribution by Dynamique Bureaux appraised at €162 million excluding transfer taxes as of 31 August 2007. The portfolio then contained nine office property assets representing a total area of 53,650 sqm. The transaction was approved by M.R.M.’s Combined General Meeting of 12 December 2007, retroactive to 1 September 2007. • Contribution of Commerces Rendement to M.R.M. A contribution by Commerces Rendement appraised at €143 million excluding transfer taxes as of 31 August 2007. There were 19 retail property assets in the portfolio for a total area of 75,582 sqm. The transaction was approved by M.R.M.’s Combined General Meeting of 12 December 2007. • Acquisitions carried out by M.R.M. Acquisitions from 1 September to 31 December 2007: office buildings in September andOctober for €65.5million, retail properties in September for €3.8 million and mixed office and retail space in November and December for €80.4 million (all excluding transfer taxes). Acquisitions in 2008: an office building in April for €6 million and retail properties (two garden centres and five restaurants) in May and July for €11.3 million (all excluding transfer taxes). Acquisitions in 2010: a 1,000 sqm retail unit.

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M.R.M. 2017 REGISTRATION DOCUMENT