The winding-up process affects LLB Semper Real Estate, an open-end retail fund as defined in the Austrian Real Estate Investment Funds Act [Immobilieninvestmentfondsgesetz/ImmoInvG] in conjunction with the Austrian Alternative Investment Funds Managers Act [Alternative Investmentfonds Manager-Gesetz/AIFMG]. The ISIN numbers affected thereby are:

• AT0000622980
• AT0000615158
• AT0000A0B5Z9
• AT0000A1Z189
• AT0000A1Z197 
• AT0000A1Z1A2

In October 2023, LLB Immo KAG was forced to suspend payment of the redemption price of fund units due to the high decline in liquid funds as a result of unit certificate redemptions in the previous months and the current generally challenging environment on the property markets in order to ensure the proper ongoing management of the fund in the interests of investors. In accordance with the statutory requirements the suspension may last for a maximum of 24 months. Despite strong efforts on the part of LLB Immo KAG and the conclusion of 15 sales transactions since the suspension, it has not been possible to achieve sufficient liquidity for fulfilling the orders at hand while, at the same time, observing the statutory minimum liquidity of the fund. After investigating all possibilities and approval from the Austrian Financial Market Authority (FMA) LLB Immo KAG has thus decided to terminate the management of LLB Semper Real Estate on 23 April 2025 by giving six (6) months' notice, thus effective as of 23 October 2025. Winding up of the fund commenced on 24 October 2025 and was published separately.

This step is being taken to ensure equal treatment of investors, as resuming payment of the redemption price cannot be warranted due to the liquidity situation of the fund

According to the requirements of the Real Estate Investment Fund Act, the liquidation must be carried out as quickly as possible while taking into account the interests of investors. Experience from Germany shows that selling all properties can take up to five years. Regular partial distributions from the proceeds of property sales to the unit price are planned during the course of the liquidation. After the sale of the assets and partial distributions to investors, the fund is expected to remain in existence for several more years with a residual volume due to tax-related post-liability. The exact procedure is currently under review.

As part of the winding-up process, LLB Immo KAG was entrusted with realisation of the fund properties. To that end, LLB Immo KAG will continue to regularly obtain appraisal reports on the remaining real estate from experts in order to ensure realisation on the market at reasonable prices in the coming years.

Realisation of the real estate assets will be done in the coming months and/or years depending on the market situation. Initial realization steps have already been successfully taken. The first partial payment was made on 4 December 2025. The second partial payment takes place on 27 April 2026. It remains planned to regularly distribute the liquidity generated from property sales to the unit certificate holders.

According to the Austrian Real Estate Investment Funds Act the fund must be wound up as quickly as possible, while safeguarding the interests of investors.  The complete winding-up process is expected to take several years, with regular partial distributions being made based on proceeds from real estate sales. For unit certificate holders this means that they will not be able to receive the full amount invested in the short term.

No difference is made between the individual unit certificate classes in terms of payment. Payment and settlement will be carried out independent of the amount of capital invested.

LLB Semper Real Estate is listed on several German stock exchanges. That stock exchange trading is purely a secondary market without the involvement of LLB Immo KAG. LLB Immo KAG has no influence on the quotation on that market.

The ongoing appraisals of real estate will continue as required by law and will be undertaken by independent experts. Sale of the real estate will be completed as quickly as possible in the interests of the unit holders in accordance with the statutory requirements. Losses in value on the sale of the real estate within the framework provided for by law cannot be ruled out in the course of the winding-up process.

The fund's liquidity increases through ongoing management and the sale of properties. The fund must continue to maintain sufficient liquid assets to ensure proper ongoing management. Any liquidity beyond this requirement will be regularly distributed as partial payments.

An advance payment with a volume of EUR 70 million was made on 4 December 2025 – this represents a share of well over 11% of the fund's assets.

A further advance payment with a volume of EUR 30 million is being made on 27 April 2026 – this corresponds to a share of approximately 5.8%.

Information regarding the tax treatment of the distribution can be found here.

Investors do not need to take any action. Regular partial distributions to the unit price are planned during the liquidation process. A sales order is not required to receive these payments. The partial distributions will be credited directly by the custodian banks to the investors’ securities settlement accounts.

Partial distributions reduce the unit value by the amount paid out per fund unit. The number of fund units held remains unchanged.

The tax result of the winding-up can only be determined and claimed after the liquidation has been completed and all fund units have been derecognized.

It is no longer possible to place sell orders; instead, partial payments are made to all investors as part of the winding-up process.

The performance development depends on ongoing management and the sale of properties. Sales will be carried out under reasonable conditions, meaning that properties may also be sold below their appraised value within the regulatory framework. Unfortunately, a forecast is not possible.

Upon each real property sale the loans attributable to the property will be repaid on a pro-rata basis. The remaining liquidity will be distributed to investors via partial payments.

A fund price (NAV) will continue to be calculated on a daily basis (on each trading day).

As of 31 March 2026, the fund's volume amounted to EUR 520 million.

As of 31 March 2026, LLB Semper Real Estate held 29 properties, of which 22 were in Germany and 7 in Austria.

In 2025, a total of ten properties of the LLB Semper Real Estate were sold with gross sales proceeds of nearly EUR 143 million. Since the beginning of 2024, a total of 20 properties have been sold with gross sales proceeds of approximately EUR 237 million. The purchase price, less the repayment of financing, has already been credited to the fund price. The remaining purchase agreements are still in the process of land registry execution, and the proceeds will be credited subsequently.

Through their custodian bank, some investors receive information about submitting sales offers for the LLB Semper Real Estate fund from various companies. These offers apparently are automatically forwarded by the custodian banks to their clients.

LLB is not connected with these offers and has no information about them. LLB Immo KAG does not provide any statement or recommendation regarding these offers.

Investors can obtain information about the offers and the consequences and risks of accepting them from their advisor as well as from tax consultants or lawyers.

LLB Immo KAG has set up the email address sre@llb.at, which affected investors can use to get in touch if they have any questions.