Value of the Indexo Real Estate Fund portfolio managed by Provendi Asset Management has almost quadrupled in two years

Indexo Real Estate Fund, managed by alternative investment fund manager Provendi Asset
Management, has demonstrated rapid and consistent growth since the start of operations, and
has almost quadrupled the volume of assets under its management in two years. The value of
the fund's assets under management has grown from EUR 48 million at the end of 2023 to EUR
176 million today, strengthening the fund's position in the Baltic real estate market and
creating a stable foundation for long-term income.

“We are delighted that in such a short period of time we have achieved rapid and stable growth for the
fund, based on a targeted investment strategy and active portfolio management. Over the past 18
months, we have completed five new real estate investment transactions and, at the same time,
improved the performance of the existing assets, which has enabled all portfolio properties to show an
increase in income. The fund is showing stable profits, and investor confidence, and willingness to
support future growth play an additional significant role in the fund's development. We will also
provide dividends to shareholders for the second year in a row, and in 2025 we have achieved an
annual return of more than 10 percent per share, confirming the sustainability and stability of the
chosen strategy," said Kristaps Berzins, Chairman of the Board of Provendi Asset Management.

Growth in 2025 was particularly marked by several strategic transactions in the Baltics. In Latvia, the
fund's portfolio was expanded with the addition of Olimpia and Damme shopping centres, while in
Estonia, Auriga shopping centre was acquired, expanding the fund's presence in the region and
strengthening its geographical diversification. These transactions have also been recognized by the
industry - the fund received the Baltic Real Estate Leaders Forum (BREL) award in the Deal of the
Year category for the acquisition of Olimpia. Furthermore, according to Colliers Baltic data, the
acquisitions of Olimpia and Damme ranked the fund among the top three largest real estate
investment transactions in the Baltics in 2025*.

The financial indicators also confirm the significant results achieved in expanding the portfolio and
gaining recognition in the market. One of the most important performance indicators for the fund is
Net Operating Income (NOI), which characterizes the ability of real estate or companies to generate
income from their core activities, minus expenses related to property maintenance and management.
This indicator allows for an objective assessment of the efficiency of a property's operations, without considering the financing structure or the impact of taxes. In 2025, NOI profit of Indexo Real Estate Fund reached approximately EUR 9.6 million, while the projected amount for 2026 will exceed EUR 13 million. These figures confirm not only the growth of the portfolio, but also the effective
management of the properties and the high quality of the assets.

The long-term strategy of Indexo Real Estate Fund is based on asset development, well-weighed
capital investments, and precise market positioning to ensure a sustainable and predictable income
stream. Therefore, special attention is paid to the needs of tenants and the functional quality of
properties, creating an environment that promotes both the growth of tenants' businesses and the
attractiveness of residential properties to tenants. At the same time, as the scale of the fund grows, so
do the demands on management processes and the team. In conditions of rapid growth, the company
pays special attention to maintaining the quality of management, efficient internal processes, and risk
control in order to ensure sustainable development in the future.

What are the future plans for the real estate fund?

The goal of Indexo Real Estate Fund is to increase the volume of assets under management by
approximately EUR 100 million a year. In the near future, it plans to exceed the EUR 200 million mark,
while in the medium term, within a few years, the goal is to achieve a portfolio of approximately EUR
500 million. Continuing its diversification, the fund will maintain its focus on cash flow properties in the
retail segment, as well as actively exploring opportunities to expand into the office and warehouse
sectors, and to expand its operations in Estonia and Lithuania.

At the same time, one of the fund's long-term strategic development directions is an initial public
offering (IPO). The fund's growth, projected cash flow, and clear dividend policy form the basis for addressing the public capital market in the future and conducting a successful IPO. That is why
targeted work is currently underway to develop this direction to ensure the fund's readiness for the next stage of growth.

*Source: Colliers Annual Report, “Commercial real estate. Market overview 2026”, https://www.colliers.com/en-lv/research/annual-report-2026