MRM_REGISTRATION_DOCUMENT_2017

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General information on the issuer and its share capital Management report for the year ended 31 December 2017

A total of €8.0 million was invested in the retail property portfolio in 2017. Expenditure focused on the acquisition of a 1,500 sqm retail unit in the Aria Parc retail park in Allonnes, the reconfiguration and extension of Carré Vélizy in Vélizy- Villacoublay to house Gautier and Indiana Café, the renovation of the shopping mall of the Carrefour École-Valentin shopping centre in Besançon, the reconfiguration of the first floor of the Passage de la Réunion shopping centre in Mulhouse to house a 1,000 sqm fitness studio, and the new visual identity renovation of the open-air Sud Canal shopping centre in Saint-Quentin-en-Yvelines. During the year, the Group sold one of its eleven Gamm Vert garden centres, which at 500 sqm was one of smallest in that portfolio, for a modest sum, and began discussions to sell another two small retail properties which are currently vacant and previously housed Gamm Vert stores. 1.3.2 Office portfolio The office portfolio is directly or indirectly held by the subsidiaries SAS DB Neptune and SCI Noratlas. The Group’s legal structure can be found in section 1 of the 2017 Registration Document.

As of 1 January 2018, the office portfolio comprised one vacant property held for sale as is and one occupied property generating net annulised rent of €2.0 million, up 22% from 1 January 2017. Of this portfolio, two leases representing total annual rent of €0.3 million were signed in 2017. The occupancy rate of offices in use rose from 69% on 1 January 2017 to 78% on 1 January 2018. However, another lease signed in early 2018 raised the occupancy rate to 81% at the end of February 2018. 1.3.3 Change in the portfolio As of 31 December 2017, M.R.M.’s asset portfolio stood at €199.6 million excluding transfer taxes compared with €197.8 million excluding transfer taxes as of 31 December 2016, up 0.9% on a like-for-like basis, i.e. compared with its value as of 31 December 2016 restated for the buildings sold in 2017. M.R.M. invested €8.0 million in its portfolio in 2017. As of 31 December 2017, the change in the fair value of M.R.M.’s asset portfolio was a negative €-6.1 million.

Investments 2017 €8.0m

CAPEX €6.2m

Acquisitions

€199.6m

€197.8m

€1.8m

€-6.1m Change in fair value 2017

Disposals 2017 €-0.1m

31/12/2016

31/12/2017

The change in fair value was mainly due to the lowered value of office property and notices received from tenants on three medium-sized retail spaces, which more than offset the good progress in the value-enhancement plans for retail property during the year. As of 31 December 2017, the nine retail complexes in Île- de-France and the provinces accounted for 80% of the value

of M.R.M.’s asset portfolio while the two office complexes in Île-de-France accounted for the remaining 20%. This asset allocation reflects the progress made by M.R.M. in refocusing on retail property. As of 31 December 2017, M.R.M.’s asset portfolio comprised a total area of 103,564 sqm of which 84,935 sqm in retail properties and 18,629 sqm in office properties.

M.R.M. 2017 REGISTRATION DOCUMENT

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