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

Portfolio value (excluding transfer taxes) (in millions of euros)

31/12/2017

31/12/2016

Retail properties Office properties

159.0

152.8

40.6

45.0

TOTAL

199.6

197.8

1.3.4 Net Asset Value As of 31 December 2017, the EPRA NNNAV was €2.70 per share and the replacement Net Asset Value was €3.05 per share compared with €2.92 per share and €3.19 per share respectively as of 31 December 2016.

Replacement NAV is EPRA NNNAV plus transfer taxes. It corresponds to the capital needed to replace the Group’s portfolio.

31/12/2017

31/12/2016

Calculation of NAV

€m

€/share

€m

€/share

IFRS Group equity

118.0

127.4

Dilutive effects

0.0

0.0

NAV

118.0

2.70

127.4

2.92

- Cancellation of treasury shares - Fair value of financial instruments

0.0 0.0 1.1

-0.1 -0.0

- Fair value of liabilities

1.1

EPRA NAV

119.0

2.73

128.4

2.94

+ Fair value of financial instruments

0.0

0.0

+ Fair value of liabilities

-1.1

-1.1

EPRA NNNAV Transfer taxes

118.0

2.70

127.3

2.92

15.3

11.7

Replacement NAV

133.2

3.05

139.1

3.19

1.3.5 Net operating cash flow Gross operating income came to €3.6 million in 2017. The change relative to the €6.9 million achieved in 2016 reflects a decrease in net rent related to asset disposals and the recognition of other non-recurring operating expenses partly

offset by lower operating expenses. Given a slight reduction in borrowing costs, net operating cash flow (1) was a positive €1.7 million in 2017.

Change 2017/2016

Net operating cash flow (in millions of euros)

2017

2016

Net rental revenues

7.8 0.1

9.5 0.7

-17.7%

Other operating income

Operating expenses

-2.8 -1.5

-3.2 -0.1

-14.1%

Other operating expenses

EBITDA

3.6

6.9

-47.0%

Net borrowing cost

-1.9

-1.9

-0.8%

Other financial expenses

0.0

0.0

NET OPERATING CASH FLOW

1.7

4.9

-65.0%

(1) Net operating cash flow = net profit (loss) before tax restated for non-monetary items.

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M.R.M. 2017 REGISTRATION DOCUMENT