MRM_REGISTRATION_DOCUMENT_2017

1.

INFORMATION ON M.R.M.’S ACTIVITIES

Business overview

1.1

M.R.M., a listed real estate Company and a SIIC (real estate investment trust) since 1 January 2008, holds a portfolio of retail and office property assets valued at €199.6 million excluding transfer taxes, as of 31 December 2017, comprising 80% retail properties and 20% office properties. The Company has almost completed its refocus on commercial real estate and implements a dynamic strategy of value- enhancement and asset management combining yield and capital gains.

Since 29 May 2013, M.R.M.’s main shareholder has been SCOR SE which owns 59.9% of the share capital. M.R.M. is listed in Compartment C of Euronext Paris (France) (ISIN code: FR0000060196 – Bloomberg code: M.R.M.: FP Reuters code: M.R.M. PA).

Key figures

1.2

1.2.1 The Group’s asset profile

Data as of 31 December 2017

M.R.M. asset portfolio

31/12/2017

Portfolio value (1) excluding transfer taxes recognised in the consolidated financial statements

€199.6m

Total area

103,564 sqm

Value breakdown

80% retail/20% office properties

Disposals carried out in 2017

€0.1m

(1) Based on appraisals by Jones Lang LaSalle as of 31 December 2017. The asset portfolio increased by 0.9% compared with 31 December 2016 on a like-for-like basis. The change in the asset portfolio, as reported in the consolidated financial statements as of 31 December 2017 (see section 3.7 of this Registration Document), was mainly due to the downward revision of the value of office properties and the notice received from tenants on three medium-sized retail spaces, which more than offset the good progress in the value-enhancement plans for retail assets during the year.

The Group values its property assets twice a year. In order to comply with the SIIC Code of professional conduct, the Group put in place a rotation system for its appraisers in 2013; this rotation ended as of 31 December 2015. The Group’s entire asset portfolio was appraised by Jones Lang LaSalle as of 31 December 2017. This firm is independent: it has no links and no 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 (French 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). Previous appraisals were carried out in June 2017. 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.

M.R.M. 2017 REGISTRATION DOCUMENT

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