The net value of EfTEN Real Estate Fund AS shares as of 31.03.2023

AS the end of March, the first full quarter of EfTEN Real Estate Fund AS ended after the merger with EfTEN Kinnisvarafond AS. The fund's consolidated net rental income (NOI) was 7.3 million euros in the first quarter of 2023. Considering investment properties generating rental income, it results with actual net rental yield of 8.0% on an annual basis.

During the first quarter of this year, the fund has earned a consolidated rental income of 7.5 million euros (2022: 3.3 million euros) and EBITDA of 6.45 million euros (2022: 2.9 million euros). The consolidated rental income of the first quarter includes the income of investment properties added during the merger in the total amount of 4.0 million euros, which compared to the same period last year in EfTEN Kinnisvarafond AS, has increased by 5.3%. For those investment properties that have been on the fund's balance sheet for at least two consecutive years (Like-for-like), rental income has increased by 4.7% compared to last year.

In March, the consolidated rental income of EfTEN Real Estate Fund AS totaled 2,513 thousand euros, i.e. 18 thousand euros more than in February. The fund's consolidated net rental income (NOI) was 2,449 thousand euros in March, i.e. 21 thousand euros more than in February. The fund's EBITDA was 2,148 thousand euros in March, which is 21 thousand euros less than in February.

The fund's consolidated cash balance was 25,166 thousand euros as of 31.03.2023, and the cash balance increased by 694 thousand euros in March. In March, the fund's subsidiaries made investments in existing properties totaling 507 thousand euros.

The consolidated adjusted cash flow of the fund for the first quarter of 2023 (EBITDA minus interest expenses minus repayments of loan principals minus the income tax expense of Lithuanian companies) was a total of 3.0 million euros (1.5 million euros in the same period last year). Considering the fund's dividend policy, this would make the gross dividend per share 22.25 cents (2022 Q1: 23.68 cents), i.e. 6% less than last year. The potential dividend per share has decreased due to the increase in EURIBOR. The fund's weighted average interest rate is 4.66% as of March 31 of this year. At the end of March last year, the weighted average interest rate on the loans of the fund's subsidiaries was 2.3%.

The net asset value per share (NRV) of EfTEN Real Estate Fund AS as of 31.03.2023 was 21.7013 euros and the EPRA NAV was 22.3556 euros. Both NRV and EPRA NAV increased by 0.6% compared to February.

Marilin Hein

CFO

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