MRM_REGISTRATION_DOCUMENT_2017

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General information on the issuer and its share capital

Consolidated financial statements for the year ended 31 December 2017

Breakdown of investment properties As of 31 December 2017, all investment properties were retail properties.

Capitalisation rates and discount rates retained by the independent appraiser for investment property valuation purposes as of 31 December 2017

Capitalisation rates

Discount rates

Between 4.8% and 8%

Between 5.7% and 9.5%

The capitalisation rates correspond to the yield on the buyer’s side or with a view to a management year. The capitalisation rate expresses, in percentage terms, the ratio of gross or net revenue from the property to its monetary value. It is called gross or net depending on whether the gross or net revenue of the property is chosen.

Active net rents from investment properties and sensitivity study

Active net rents per year and per sqm as of 31 December 2017

Range (1)

Average

(in euros)

17 to 803

131

(1) Excluding rental income generated by parking decks and antennas.

A sensitivity study simulating a change in capitalisation rates as of 31 December 2017 showed that a 50 basis-point increase in these rates would reduce the asset portfolio value by €13,070 thousand (-8.2%), whereas a 50 basis-point reduction would increase it by €15,650 thousand (+9.9%).

Description of investment properties

Property

Address

Date of acquisition GLA area (sqm)

Type

Sud Canal

24-26 Place Etienne Marcel 41 Boulevard Vauban 78180 Montigny-le- Bretonneux

27/10/2004

11,596 Retail properties

Reims

2 Rue de l’Etape 51100 Reims

10/11/2004

2,829 Retail properties

Passage de la Réunion

25 Place de la Réunion 68100 Mulhouse 17-19 Place Jean Jaurès 37000 Tours Place Maurice Vast 80000 Amiens ZAC du Vivier Route de la Bérardière 72700 Allonnes 25480 Besançon École- Valentin 16-18, avenue Morane- Saulnier, 2-4 Avenue de l’Europe 78140 Vélizy-Villacoublay

15/04/2005

6,011 Retail properties

Galerie du Palais

16/06/2006 and 28/09/2007

6,887 Retail properties

Halles du Beffroi

31/08/2006

7,535 Retail properties

Aria Parc

20/12/2005 and 20/06/2017

10,519 Retail properties

Galerie Carrefour École-Valentin 6 Rue Châtillon

27/12/2007

4,018 Retail properties

Carré Vélizy

30/12/2005

11,889 Retail properties

Gamm Vert portfolio

Multiple sites

21/12/2007 and 27/05/2008

23,651 Retail properties

TOTAL

84,935

M.R.M. 2017 REGISTRATION DOCUMENT

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