EfTEN Real Estate Fund III AS Net Asset Value per share as of 31.10.2018

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The fund's economic activity was stable in October. The rental income was 674 thousand euros (677 thousand euros in September) and EBITDA was 557 thousand euros (in September, 573 thousand euros). October’s rental income and EBITDA decreased compared to September mainly due to the upgrading of the tenancy base of Saules Miestas Shopping Center and the related temporary decrease in rental revenue. Today, 09. November 2018, Sports Direct opens the 1300 m² store in Saules Miestas II floor. Net profit amounted to 437 thousand euros, including loss from interest rate swap fair value changes in 39 thousand euros (in September: profit 81 thousand euros).

Within the ten months of this year, EfTEN Real Estate Fund III has earned sales of 7,078 thousand euros (an increase compared to last year's + 20%). The EBITDA for the same period is 5,565 thousand euros (19% more than last year). The basis for the calculation of dividends (EBITDA minus corporate income tax expense minus loan and interest payments) would allow 1,970 thousand euros (61 cents per share) net dividends to be paid out on the basis of the results of the ten months of the Fund. EfTEN Real Estate Fund III AS paid 68 cents dividends per share for the net profit of the previous year.

EfTEN Real Estate Fund III consolidated assets as at 31.10.2018 amounted to 107.1 million euros (31.12.2017: 97.3 million euros) and equity was 49.2 million euros (31.12.2017: 46.4 million euros). The Fund's 12-month return on average paid-in capital is 16.2% at the end of September.

EfTEN Real Estate Fund III AS NAV was EUR 15.26 as at 31.10.2018. NAV grew by 0,9% during October.

Marilin HeinCFOTel. 655 9515E-mail: marilin.hein@eften.ee

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Globe Newswire: 01:15 GMT Friday 9th November 2018

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