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 the payment of the redemption price for fund units due to the rapid decline in liquid assets following unit redemptions in previous months and the generally challenging environment in the real estate markets, in order to ensure the proper ongoing management of the fund in the interest of investors. Despite considerable efforts by LLB Immo KAG, it was not possible to generate sufficient liquidity to fulfill the outstanding orders while simultaneously complying with the statutory minimum liquidity requirements of the fund. After reviewing all options and obtaining approval from the FMA, LLB Immo KAG has therefore decided, in order to ensure equal treatment of investors, to terminate the management of LLB Semper Real Estate as of October 23, 2025. The liquidation of the fund will commence on October 24, 2025.

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 will be 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.

The realization of the real estate assets will take place over the coming months or years, depending on market conditions. Initial steps in the liquidation process have already been successfully taken in recent months. The first partial distribution is therefore expected to occur in the first week of December. It is planned to regularly distribute liquidity generated from property sales to the unit 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 on the basis of 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.

To ensure proper ongoing management, the payment of the redemption price for units of LLB Semper Real Estate was suspended as of October 23, 2023. The liquidation of the fund began on October 24, 2025.

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.

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.

It is no longer possible to place sales orders; instead, partial payments will be made to all investors as part of the liquidation 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 September 30, 2025, the fund’s assets amounted to approximately EUR 594 million.

As of September 30, 2025, LLB Semper Real Estate held 32 properties, of which 23 are located in Germany and 9 in Austria.

Purchase agreements for 19 properties with a total volume of around EUR 225 million have been signed. Of these, the proceeds for 17 properties amounting to EUR 198 million have already been credited to the fund price after deducting the repayment of financing. The remaining purchase agreements are still in the process of land register execution, and the proceeds will be credited afterward.

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.