Eurocastle Investment: Published an interim management report for the first quarter of 2024 and announced the annual general meeting, which will take place on June 12, 2024.

Eurocastle Investment Limited, Grenada, May 13, 2024 — Eurocastle Investment Limited (Euronext Amsterdam: ECT), also known as "Eurocastle" or "the Company," has presented its interim management results for the first quarter of 2024, ending March 31, 2024.

The adjusted net asset value (NAV) amounted to11.09 million euroswhat is equivalent to11.11 euros per share...while at the end of the fourth quarter of 2023, this figure was slightly higher -11.10 million eurosor11.12 euros per shareThe global currency value according to IFRS amounted to21.6 million eurosor21.66 euros per sharecompared to21.7 million euros (21.77 euros per share) at the end of the 4th quarter of 2023.

Investment strategy

As part of the new investment strategy, the company is actively developing projects inGreeceand manages inherited Italian real estate funds, as well as corporate cash management. As of March 31, 2024, the Company's assets included17.7 million euros, or17.76 euros per shareas pure corporate funds, which are primarily intended for financing new investments under the new strategy.

The company also has a deposit of0.1 million eurosin connection with making its first investment under this strategy. The existing tax asset amounts to3.7 million euros, or3.73 euros per shareand reflects the amounts paid for additional tax liabilities related to the German subsidiary, for which the Company is currently contesting the assessment in the German financial court.

Asset implementation plan

As part of the asset realization plan presented in 2019, the company manages additional reserves for future expenses and potential liabilities. As of March 31, 2024, the adjusted asset value is11.09 million eurosor11.11 euros per shareAt the same time, the number of shares at the time of the report is —998,555.

Business updates

As for business updates, Eurocastle is on track to complete its first acquisition under the new investment strategy in the second quarter of 2024, pending the fulfillment of certain conditions. As previously reported, the company has agreed to acquire a portion of a boutique shopping complex located in a prestigious area.Athens,GreeceThe total amount of proposed investments is approximately6.3 million euros, of which the share of Eurocastle is approximately5.0 million euros.

At the same time as implementing the first investment, the Company is exploring a number of additional opportunities.

Additional reserves

As for additional reserves, the Company has reduced this stock from10.6 million to 10.5 million eurosthat is, until10.55 euros per share...which is due to the expenditure of reserves for anticipated expenses. As of March 31, 2024, from the total amount of additional reserves...10.5 million euros5.4 million eurosrelated to tax issues in Germany, while approximately5.1 million eurosintended to cover potential future costs and obligations within the framework of the new investment strategy.

Financial indicators

In the report for the first quarter ending March 31, 2024, Eurocastle also indicated revenues that amounted to141 thousand euroscompared to87 thousand eurosin the same period of 2023. Operating expenses amounted to247 thousand eurosthat are slightly lower than last year's figures, which amounted to287 thousand euros.

According to the liquidity calculations as of March 31, 2024, the Company's assets amounted to21.993 million eurosand obligations —359 thousand eurosWhat gives the net asset value under IFRS at the level21.634 million.

General shareholders' meeting

If we talk about the general shareholders' meeting, the upcoming event is scheduled forJune 12, 2024which will take place at the Company's office. Notifications and proxy votes will be sent to the shareholdersMay 28, 2024.

The company, which has the status of a public closed-end investment company, has focused its attention on seeking investment opportunities inGreeceand plans to expand tosouth of Europe.

Forecast statements

It should be noted that this report includes forward-looking statements that may relate to future commitments regarding real estate sales and the achievement of liquidation goals. They may pertain to the availability of investment opportunities, timing or certainty of deal completions, as well as the overall state of affairs.

Each of the statements provided depends on a number of risks and uncertainties that could significantly impact actual results in the future, which implies additional risks related to the potential for dividend payments or the successful achievement of set targets.