CPI Property S A : GROUP – New York Litigation Update

CPI PROPERTY GROUP (société anonyme)

40, rue de la Vallée L-2661 Luxembourg

R.C.S. Luxembourg: B 102 254

PRESS RELEASE

Luxembourg, 10 June 2020

CPI PROPERTY GROUP - New York Litigation Update

CPI PROPERTY GROUP ("CPIPG" or the "Group") has prepared an update for our stakeholders regarding legal proceedings involving Kingstown Capital Management L.P. and Investhold LTD (together "Kingstown").

On 3 June 2020, Kingstown filed yet another complaint against CPIPG and Mr. Radovan Vitek in New York. This time, Kingstown filed in New York State court, alleging that they were somehow defamed through April 2019 press releases and other statements in relation to Kingstown's first-filed U.S. lawsuit, which is currently pending in the United States District Court for the Southern District of New York.

CPIPG categorically denies Kingstown's allegations. The new complaint lacks merit and, in any event, does not belong in a U.S. forum. CPIPG further believes that the new complaint is highly ironic considering that Kingstown and its agents have attempted to harm the reputations of CPIPG and Mr. Vitek through multiple failed attacks in the European media.

CPIPG and Mr. Vitek will continue to mount a vigorous defense against Kingstown and will routinely update our stakeholders on any material developments.

For more on CPI PROPERTY GROUP, visit our website: www.cpipg.com

For further information please contact:

INVESTORS

CPI PROPERTY GROUP David Greenbaum Chief Financial Officer [e-mail]

MEDIA/PR

Kirchhoff Consult AG

Andreas Friedemann Borselstraße 20

22765 Hamburg

T [phone]

F [phone]

E [e-mail]

CPI PROPERTY GROUP Joe Weaver

Director of Capital Markets [e-mail]