MRM_REGISTRATION_DOCUMENT_2017

3

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

2.3 Appropriation of earnings and payment of premiums We propose to appropriate earnings of €(6,587,214) for the year ended 31 December 2017 as follows: • Origin: Loss for the period: €6,587,214 • Appropriation: Retained earnings: €(6,587,214) Retained earnings would thus go from €0 to €(6,587,214). We also propose a payment of premiums in the amount of €4,803,459, equivalent to €0.11 per share, through a deduction from merger premiums. The current merger premium came from the complete transfer of all assets and liabilities of the subsidiary DB Fouga to the Company in 2016. This payment would bring merger premiums down from €5,241,367 to €437,908. This payment is subject to a flat tax of 12.8% imposed on individual shareholders who are French tax residents plus an additional 17.2% for social contributions. Shareholders can still expressly opt for dividend taxation according to the progressive income tax scale when filing their individual tax returns. In any event, these proceeds do not qualify for the 40% tax allowance. For shareholders who are not French tax residents, these proceeds are subject to withholding tax. This amount would be paid by 8 June 2018. The share of distributed amounts corresponding to treasury shares held by the Company on the ex-coupon date (6 June 2018) would be allocated to other reserves.

With regard to liabilities and equity, after taking into account net income for the year of €(4,628) thousand and a dividend payment of €(4,803) thousand for 2016, consolidated equity stood at €117,950 thousand at the end of 2016. As of 31 December 2016, this item totalled €127,401 thousand. As of 31 December 2017, non-current liabilities payable at over one year totalled €72,223 thousand compared with €60,226 thousand as of 31 December 2016. These mainly comprised bank debt of €71,141 thousand and tenants’ security deposits of €1,083 thousand. Current liabilities payable at under one year totalled €29,717 thousand as of 31 December 2017 compared with €44,126 thousand as of 31 December 2016. This amount mainly comprised bank debt maturing in 2018 or secured by properties held for sale of €24,133 thousand, trade payables for goods and services and non-current assets of €3,034 thousand, and other liabilities of €2,550 thousand. In accordance with Articles L.225-100 and L.233-16 of the French Commercial Code, we hereby ask you to approve the consolidated financial statements provided in Appendix 6 of this report.

2.4 Dividends paid out in previous years

In accordance with Article 243 bis of the French General Tax Code, the following dividends were paid out over the previous three financial years:

Income eligible for tax allowance (1) Income not eligible for tax allowance (1)

Other income distributed

Other income distributed

Year

Dividends

Dividends

2014 2015 2016

- - -

€1,073

-

€4,361,983 €3,801,226 €4,409,047

- -

€561,237 €394,412

(1) Allowance provided for in Article 158-3-2 of the French General Tax Code.

M.R.M. 2017 REGISTRATION DOCUMENT

57