MRM MRM

                     Press release

3^rd quarter 2016 financial information

• 3^rd quarter 2016 consolidated revenues: €3.1 million, up 5.8% like-for-like
• Further refocusing on retail properties
• Maturity extension for more than 80% of the debt initially falling due in 2017

Paris, 10 November 2016: MRM (Euronext code ISIN FR0000060196), a mixed real estate investment company specialising in retail and office property, announced today its consolidated revenues for the third quarter of 2016, corresponding to gross rental income recorded over the period.

Consolidated revenues for the third quarter of 2016 totalled €3.1 million, down 5.1% relative to the third quarter of 2015. This decrease includes the effect of two sales^[1] of office properties since 1 July 2015, in accordance with MRM's strategy of refocusing its business on retail properties. On a like-for-like basis^[2], rental income increased by 5.8%. This performance reflects primarily the improved occupancy rate of the office property portfolio, which will enable MRM to sell these properties on the best possible terms.

Gross rental income for the first nine months of 2016 came to €9.9 million, down 3.6% compared with the same period last year. On a like-for-like basis², gross rental income increased by 2.8%.

Retail property

During the third quarter of 2016, retail properties generated gross rental income of €2.2 million, down 4.9%. The arrival of new tenants only partly made up for strategic vacancies and the adjustment of rental terms granted during the phase preceding the implementation of retail property value-enhancement programs.

Over the first nine months of 2016, gross rental income from retail properties totalled €6.6 million, down 6.8% compared with the same period in 2015.

Note that rental income for the period benefited only very marginally from leases signed since the last few months of 2015 within the framework of retail property value-enhancement programs, with the first of these leases coming into effect only in the course of the third quarter of 2016: at the end of September 2016, 11 leases concerning a total of 7,680 sqm have been signed, representing total additional rental income of €1 million, with leases coming into effect staggered until mid-2017.

Offices

During the third quarter, the Solis building in Les Ulis was sold for €11.0 million (excluding transfer taxes).

Gross rental income from office properties came to €0.9 million in the third quarter of 2016. This 5.6% drop relative to the third quarter of 2015 was due to two asset sales¹ carried out since 1 July 2015, the effect of which has been partly offset by the very sharp rise in rental income from properties still in the portfolio at the end of September 2016. On a like-for-like basis², this represents an increase of 43.4%. This relates primarily to new leases at the Cap Cergy building in Cergy-Pontoise.

Over the first nine months of 2016, gross rental income from office properties totalled €3.4 million, up 3.2%. On a like-for-like basis¹, rental income increased by 28.6%.

(Unaudited figures)

Financial position

During the third quarter of 2016, MRM's gross debt - which totalled €101.0 million at 30 June 2016 - was reduced by €6.0 million after repayment of the debt relating to the Solis building and bank loan repayments made during the period.

In addition, MRM announces that it has accepted today the firm offer from a partner bank for setting up, by the end of the year, two credit facilities maturing in the end of 2021. The first €48.6 million credit facility corresponds to an early refinancing of the credit facility of the same amount maturing at the end of 2017, and the second €15.2 million credit facility is intended to contribute financing retail property value-enhancement programs.

MRM also announces that it has accepted the firm offer for a one-year extension, at the same conditions, of a €22.0 million loan initially maturing in January 2017.

To date, more than 80% of the financial debt falling due in 2017 is subject to a maturity extension.

Lastly, MRM announces the signature on 8 November 2016 of a preliminary sales agreement concerning the 12,800 sqm Cap Cergy office building in Cergy-Pontoise at a price in line with the appraisal value as of 30 June 2016. The transaction is due to be closed within two months. As there is no debt relating to Cap Cergy, the sale of this property will have a significant impact on MRM's cash position.

Calendar

Revenues for the fourth quarter of 2016 and 2016 full-year results are due on 24 February 2017 before market opening and will be presented during an information meeting to be held on the same day.

About MRM
MRM is a listed real estate company with a portfolio worth €224.4 million (excluding transfer taxes) as at 30 June 2016, comprising retail properties (66%) and offices (34%). Since 29 May 2013, SCOR SE has been MRM's main shareholder, holding a 59.9% stake. MRM is listed in compartment C of Euronext Paris (ISIN: FR0000060196 - Bloomberg code: MRM: FP - Reuters code: MRM.PA) and opted for the SIIC status on 1 January 2008.

For more information:

Website: www.mrminvest.com

Appendix 1: Asset sales since 2013

Appendix 2: Quarterly rental income

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