Net asset value of the EfTEN United Property Fund as of 31.05.2025

Financial Performance - EfTEN United Property Fund reported a net profit of 170 thousand euros in May and 1.32 million euros for the first five months of 2025, a decrease from 357 thousand euros during the same period last year [1] - The fund distributed 1.47 million euros to investors in May, equating to 57 euro cents per unit, leading to a 4.4% decrease in net asset value (NAV) to 11.02 euros per unit at the end of May [1] - Without the distribution, the NAV would have increased by 0.6% in May [1] Investment Highlights - The fund's largest investment, EfTEN Real Estate Fund 5, which EfTEN United Property Fund owns 36.5% of, earned a profit of 257 thousand euros in May, supported by the Kristiine shopping centre investment [2] - The vacancy rate of the Kristiine shopping centre was just 0.17% as of the end of May, with the equity value of EfTEN Kristiine OÜ increasing by 1.1% in a month [2] Development Projects - In the Uus-Järveküla development, one terraced house was handed over to clients in May, generating a profit of 7.7 thousand euros for the development company Invego Uus-Järveküla OÜ, in which the fund holds an 80% stake [3] - The fund earned 38.3 thousand euros in interest income from this investment, with the next development stage of 17 terraced houses planned for completion in July [3] - The signing of real right agreements for most of the 16 terraced houses already booked by clients began in June, with 5 finished terraced houses remaining unsold [3] - The final stage of development, consisting of 32 terraced houses, is expected to be completed in the first quarter of 2026 [3]