Care Property Invest / : Press release annual results 2023 financial year

Regulated information

6 March 2024 - after trading hours at 6 p.m.

Public limited liability company (société anonyme/naamloze vennootschap), Public Regulated Real Estate Company (Société Immobilière Réglementée (SIR) / Gereglementeerde Vastgoedvennootschap (GVV) under Belgian Law Office: 3 Horstebaan, 2900 Schoten Companies Registration No. 0456.378.070 (LPR Antwerp)

(the 'Company')

Press Release

Annual Results 2023 Financial year

PRESS RELEASE ANNUAL RESULTS 2023 FINANCIAL YEAR for the period from 1 January 2023 to 31 December 2023

AUDITED

The Dutch version as well as the English version of this press release annual results 2022 financial year are legally binding. Within the framework of their contractual relationship with the Company, investors can therefore always appeal to the translated versions. Care Property invest, represented by its responsible persons, is responsible for the translation and conformity of the Dutch and English language versions. However, in case of discrepancies between language versions, the Dutch version always prevails.

2023 AT A GLANCE

FINANCIAL HIGHLIGHTS

	Key figure	31 December 2023	31 December 2022	Evolution
	Fair value real estate portfolio	€1,246.6 m	€1,131.3 m	+10%
	Market capitalisation	€527.5 m	€437.2 m	+21%
	Occupancy rate	100%	100%	=
	EPRA LTV	43.55%	51.34%	-15%
	Cost of debt	3.15%	2.14%	+47%
	Rental income	€65.9 m	€54.4 m	+21%

OPERATIONAL KPIS

• Adjusted EPRA earnings amount to €38 million (+10.6% compared to 31 December 2022), or €1.03 per share
• Collection rate of rent due until 31 December 2023: 99%
• Indexation/ LfL growth: 10.46%
• Occupancy rate: 100%
• Distribution EBITDA by business model: 76.36% investment properties and 23.64% finance leases

SOLID SOLVENCY AND LIQUIDITY

• Debt ratio under control with an EPRA LTV of 43.55%
• Limited liabilities from committed development projects: €23 million
  (of which €20 million cash-out remains in 2024)
• Stable valuation portfolio: -2.5% variation in FV between 31 December 2022 and 31 December 2023
• Available capacity on credit lines as at 31 December 2023: €106.5 million

RISK-AVERSE PROFILE

• 26% of rental income from local authorities with guarantee from the Flemish government
• Active in solid markets: Belgium (70.7%), The Netherlands (16.2%), Spain (6.9%) and Ireland (6.2%)
• Hedge ratio financial debts: 94%
• Average remaining maturity of financial debts (incl. CP): 5.42 years
• Average remaining maturity of interest rate swaps: 8.13 years

Middelkerke (BE) I De Stille Meers

The Company obtained an EPS of €1.03 and proposes to pay a DPS of €1.00.

SHAREHOLDERS

• Proposal to distribute a gross dividend of €1.00 per share for the entire 2023 financial year. This means, despite the increase in the number of shares entitled to dividend by 9,247,208, an equaling of the dividend paid out for the 2022 financial year. After deduction of the withholding tax rate of 15%, the proposed net dividend amounts to €0.85 per share.
• The Annual General Meeting of the Company will be held on 29 May 2024 at 11 a.m. at the registered office, Horstebaan 3, 2900 Schoten.

GENERAL HIGHLIGHTS 2023

• Successful capital increase in cash on 24 January 2023, at an issue price of €12.00 per share and gross proceeds of €110,966,496. For this purpose, 9,247,208 new shares were issued. As of this date, the Company's share capital amounts to €220,065,062 and is represented by a total of 36,988,833 fully paid-up shares with voting rights.
• Real estate portfolio was expanded with 5 acquired projects with a total investment value of €57 million.
• Sustainability reporting was awarded the EPRA sBPR Gold Award and financial reporting was awarded the
  EPRA BPR Gold Award.
• In August 2023, Care Property Invest's short- and long-term emission reduction targets were approved by the Science Based Targets initiative (SBTi). This reflects Care Property Invest's commitment to sustainability.

4

5

HISTORY

1995 - 2023

19951995

Establishment of Serviceflats Invest nv

Recognition as a Belgian real estate investment fund, on the initiative of the Flemish government with the objective to build and finance 2,000 service flats for PCSW's and social non-profit organisations

in the Flemish and Brussels-Capital Region.

As of 30 October 1995

210 fully paid-up shares.

20162016

Inclusion in the Bel MID index.

Start of EPRA membership

2017

19961996

Capital increase in cash (IPO - Eurnext Brussels)

7 February 1996

Total amount of capital increase: approx. €59 million.

As of 7 February 1996

10,210 fully paid-up shares.

20152015

Capital increase in cash

22 June 2015

Total amount of capital increase: approx. €36 million.

As of 22 June 2015

13,184,720 fully paid-up shares.

Capital increase in kind

15 March 2017

Total amount of capital increase: approx. €34 million.

As of 15 March 2017

15,028,880 fully paid-up shares.

Capital increase in cash

27 October 2017

Total amount of capital increase: approx. €70 million.

As of 27 October 2017

19,322,845 fully paid-up shares.

20212021

Capital increase in kind

17 November 2021

Total amount of capital increase: approx. €26 million.

As of 17 November 2021

26,931,116 fully paid-up shares.

2017	2018
2017	2018
Acquisition of first	Entry onto the Dutch
projects in Walloon and	market
Brussels-Capital Regions	Acquisition of 100th
		residential care project

20212021

Capital increase in kind

20 January 2021

Total amount of capital increase: approx. €42 million.

As of 20 January 2021

25,806,148 fully paid-up shares.

20002000

Innovation award for 'Technology and housing of elderly people'

20152015

New address: Horstebaan 3 2900 Schoten

20122012

Initial investment programme 2,000

serviceflats

completed

20142014

Optional dividend

May-June 2014

Total amount of capital increase: approx. €2 million.

As of 20 June 2014

10,359,425 fully paid-up shares.

20132013-2014-2014

Amendments to the articles of association to expand the Company's objective

20142014

Serviceflats Invest nv becomes Care Property Invest nv Share split 1: 1,000

As of 24 March 2014

10,210,000 fully paid-up shares.

Acquisition of the status of a Public Regulated Real Estate Company (Public RREC)

20192019

Capital increase in kind

3 April 2019

Total amount of capital increase: approx. €16 million.

As of 3 April 2019

20,086,876 fully paid-up shares.

20192019

Optional dividend

May-June 2020

Total amount of capital increase: approx. €7 million.

As of 26 June 2019

20,394,746 fully paid-up shares.

20202020

Entry onto the Spanish market

20202020

Capital increase in cash (ABB)

June 2020

Total amount of capital increase: approx. €59 million.

As of 25 June 2020

24,110,034 fully paid-up shares.

20202020

Optional dividend

May-June 2020

Total amount of capital increase: approx. €7 million.

As of 19 June 2020

21,918,213 fully paid-up shares.

20202020

Capital increase in kind

15 January 2020

Total amount of capital increase: approx. €34 million.

As of 15 January 2020

21,645,122 fully paid-up shares.

20222022

Optional dividend

May-June 2022

Total amount capital increase: approx. €4 million.

As of 20 June 2022

27,102,910 fully paid-up shares.

20222022

Capital increase in kind

7 July 2022

Total amount of capital increase: approx. €14 million.

As of 7 July 2022

27,741,625 fully paid-up shares.

20222022

Entry onto the

Irish market

202023	20232023
Capital increase in cash	Acquisition of 150th
24 January 2023	residential care
Total amount of capital increase:	project
approx. €108 million.
As of 24 January 2023
36,988,833 fully paid-up shares.

Care Property Invest nv / 

1. Summary of activities during the 2023 financial year

Strategy

Care Property Invest, founded on 30 October 1995 and the first listed property investor in Belgium in 1996, faced a significantly altered and volatile macroeconomic environment in 2023. This led to a limitation in the Company's growth during the past financial year.

Real estate

In response to the altered environment and to keep the debt ratio at an acceptable level, the Company added only

5 new projects with a total investment value of approximately €57 million to its real estate portfolio in the course of 2023. Combined with the completion of ongoing development projects, these acquisitions ensured that the total fair value of the real estate portfolio at 31 December 2023 amounted to approximately €1.247 million(1). Thereby, the

existing portfolio of investment properties experienced a slight depreciation on the one hand but the changed

calculation method for the fair value of financial leases caused an upward revaluation on the other.

Financial

In 2023, Care Property Invest reached the threshold of approximately €65.9 million in rental income, an increase of approximately 21.2% compared to the previous financial year. As a result of this increase in rental income, the adjusted EPRA earnings increased from €34.3 million for the 2022 financial year to €38.0 million for the 2023 financial year, an increase of 10.6%. As a result of the capital increase of 24 January 2023 in which 9,247,208 new

shares were created, this increase did not translate into an increase in adjusted EPRA earnings per share, which

amounted to €1.03 for the 2023 financial year compared to €1.24 for the 2022 financial year.

Despite the increase in the number of shares entitled to dividend, a proposal will be made to the general meeting to pay out a gross dividend of €1.00 per share for the 2023 financial year. After deduction of withholding tax, this will mean a net dividend of €0.85 per share, matching the dividend for the 2022 financial year.

Transparency of financial and sustainability reporting

In September 2023, Care Property Invest's reporting efforts have been rewarded for the seventh consecutive time with an EPRA BPR Gold Award. The Company also received an EPRA sBPR Gold award for its sustainability

reporting for the second consecutive year.

Outlook

The Company continues to face a changing macroeconomic environment and will adjust its strategy accordingly. This means that the Company will limit its growth so that the debt ratio will not exceed 50% and the increased

cost of capital should also translate into higher returns, ensuring the accretive nature of new investments.

1. (i) Investment properties are included in the balance sheet at fair value in accordance with IAS40, while finance lease receivables are included in the balance sheet at cost in accordance with IFRS 16. This figure also includes the book value of assets held for sale.
2. 1. The share in % on the total real estate portfolio of finance lease receivables (IFRS 16) according to balance sheet values amounts to 20% as at 31 December 2023, the share in % on the total real estate portfolio of investment properties (IAS40) according to balance sheet values amounts to 80% as at 31 December 2023.
   2. The value of finance lease receivables included in the balance sheet as at 31 December 2023 amounts to €175.673.276. The fair value of finance lease receivables amounted to €242,103,000 as at 31 December 2023. The fair value of finance lease receivables is a mandatory disclosure (IFRS 16).
   3. As of 30 June 2023, the fair value of finance leases is determined by the real estate expert Cushman & Wakefield. However,

the comparative figures were not adjusted based on this new calculation. For additional explanations regarding the different calculation methods, we refer to chapter '6. Synthesis of the consolidated balance sheet and the global result statement', under the

item 'Notes to the consolidated balance sheet' on page 32.

 / Care Property Invest nv

8

Middelkerke (BE) I Assistentiewoningen De Stille Meers

9

Care Property Invest nv / 	 / Care Property Invest nv

2. Strategy

DEMOGRAPHIC EVOLUTION		85+	DEMOGRAPHIC EVOLUTION		85+
B E LG I A N POPULATION	(1)		66-85		65-85
	0-65	D U TC H POPULATION (2)
			0-64

REAL ESTATE STRATEGY

A growing market

The current strategy for residential healthcare

real estate for senior citizens is based on the progressive ageing of the population which, according to the Federal Planning Bureau,

will peak by 2070. Now and in the coming

decades, this will lead to an increasing

+15%

+7%

demand for healthcare real estate with social added value. A similar trend also applies to

The Netherlands, Spain and Ireland in terms of population ageing figures. For more details,

we refer to the graphs presented hereafter, which show the demographic evolution in Belgium, the Netherlands, Spain and Ireland.

This demographic evolution in combination

with the Company's growth strategy,

fulfilment of the corporate purpose and the

fact that as a RREC it invests for 100% in healthcare real estate that is let for a very long period of time, ensures that the share always provides a stable return for its shareholders, and this at a reduced withholding tax rate of

15% (instead of the general rate of 30%).

Care Property Invest spreads its risks by ensuring a good geographic market distribution of its real estate, diversifying between the operators of its real estate and by creating a good balance between public-

private and private partnerships. These

EXPECTED	+168% in age
GROWTH	category 85+

total Belgian population of	+63% in age
+15%
	category 66-85
DEMOGRAPHIC EVOLUTION	80+
S PA N I S H POPULATION (3)		66-80
	0-65
		+182%		100
		+44%		80
				60
		+5%		40
			-15%	20
				0
EXPECTED	+182% in age
GROWTH	category 80+

total Spanish population of	+44% in age
+5%
category 66-80

		EXPECTED		+206% in age
		GROWTH		category 85+
		total Dutch population of		+38% in age
	+7%
				category 65-85
								85+
DEMOGRAPHIC EVOLUTION
		65-85
I R I S H POPULATION (4)
					0-64
						+252%
							+76%
							+20%

2016 2021 2026 2031 2036 2041 2046 2051

EXPECTED		+252% in age
GROWTH		category 85+
total Irish population of		+76% in age
+20%
	category 65-85

issues have therefore been some key drivers for the Company to look geographically

across national borders. Thus, in September 2018 the Company took the step towards the Dutch healthcare real estate market, in June

2020 towards the Spanish healthcare real

estate and finally in 2022 the Company also

continued its strategy by investing in the Irish healthcare real estate market.

CUSTOMISED QUALITY REAL ESTATE

The careful selection of new projects for the Company always takes place after a detailed risk analysis with a well-founded assessment of the investment file by the Executive Committee, subject to positive advice from the Investment Committee or by the Board of Directors of the Company.

This may involve the Company developing the property itself, or building and funding the construction, but may also involve refinancing or acquiring existing buildings, with an option of renovation or expansion, both in the

private and the public market.

	(1)	Based on data from the Federal Planning Bureau - Report on demographic projections 2017-2070.
	(2)	Based on the following data source: 'Projections of population intervals; age group, 2018-2060', CBS - 19 December 2017.
Genval (BE) I La résidence du Lac	(3)	Based on data from the Organisation for Economic Cooperation and Development (OECD), http://stats.oecd.org.
	(4)	Based on data from the Irish Central Statistics Office: 'Projected population, 2016 - 2051', https://www.cso.ie.

10

11

Care Property Invest nv / 	 / Care Property Invest nv

The main selection criteria are presented below:

• Correct price-quality ratio of the project in view of long-term value creation;
• Potential returns of the project;
• Solvency, reputation and spread of operators;
• Good location of the project: easy access, both by car and by public transport and absence of other healthcare real estate. For this purpose, an extensive market research is always carried out.
• Environment: in the immediate vicinity of a village/city centre with shops, pharmacies and catering facilities;
• The property complies with high quality standards in combination with advanced technological equipment and perfectly meets the needs of the Care Property Invest target public while also evaluating its compliance with certain ESG criteria.

In essence, Care Property Invest's strategy is of the 'buy and hold' type, and as such, is

by definition aimed at keeping the property

in the long term.

FINANCIAL STRATEGY

The Company aligns its financial

strategy with the growth it achieves. By continuously expanding its scale, the Company strives for a competitive distribution of debt and capital costs and an improvement of its operating margin.

Origin of financial sources

Care Property Invest aims to finance itself

in the best possible way, making use of

shareholders' equity and borrowed funds.

Equity

For equity, Care Property Invest relies

on the capital market. By means of capital increases in cash and in kind,

counterbalanced by immediately profitable

assets and/or a concrete pipeline, the Company can achieve and maintain earnings per share growth.

As a RREC, Care Property Invest is fully aware of the importance of its dividend

policy for its shareholders. The Company

therefore endeavours to increase its dividend whenever this is sustainably

possible. This prevents the Company

from having to reduce this again in a later

financial year.

Given the Company's growth, management

wants to reserve as much of the profit

as possible to be able to reinvest within the statutory framework. In doing so, the Company aims for a pay-out ratio (pay-out ratio of dividend per share compared to earnings per share) as close as possible to

the statutory minimum of 80%. In addition,

the Company aims to sustainably increase the dividend, and annually explores the possibility of an optional dividend.

Despite the already improved liquidity of

its share, Care Property Invest is still in the process of increasing this further in order to boost the attractiveness of its share by

appointing a liquidity provider.

Borrowed funds

Care Property Invest aims to raise

borrowed funds as diversified as possible.

In doing so, it aims to further diversify its credit providers in Belgium but also abroad

and has a €300 million MTN programme

with the obligation that all outstanding commercial paper is covered by unused capacity on credit lines.

Care Property Invest limits its liquidity risk by keeping sufficient credit lines available for its short-term needs and the financing

of additional investments the next 12 months.

In addition, there is also a liquidity risk

if the Company would no longer respect the covenants linked to these credit

agreements. These covenants contain

market-based provisions on, among other things, the debt ratio and compliance with the provisions of the RREC Legislation.

Care Property Invest monitors the parameters of these covenants on a regular basis and whenever a new investment is being considered.

At the end of the financial year, Care

Property Invest did not mortgage or pledge any building in its real estate portfolio.

Correct financing is necessary for a profitable and solid business model, in

view of the capital-intensive character of the sector in which the Company operates and the Company's buy-and-hold strategy. As a result, the Company has a structural debt position with mainly bullet loans.

The Company's long-term objective is to have a debt ratio below 50%. This debt ratio allows for an optimal ratio of equity to debt.

Also, such a debt ratio offers the possibility to respond to investment opportunities that create value for the Company. In the short term, the level of the debt ratio is partly determined by the then prevailing

economic and financial conditions.

In addition, the Company also tries to limit the interest rate risk on its debts by striving for a hedging percentage of its

debts between 75% and 80%. Care Property

Invest closely monitors developments on

the financial markets in order to optimise its financial structure and to obtain a

good composition of short and long-term

financing and the conclusion of derivative

contracts in order to achieve the desired

hedging percentage. The Company also

takes into account the long-term income from its investments in the average duration of its loans.

12

13

Care Property Invest nv / 	 / Care Property Invest nv

Low risk and resilient sources of income through long-term leasehold and rental contracts

By contracting long-term leasehold and rental agreements, Care Property Invest

creates long-term cash flows. Through the

triple net character(1) of these contracts with solid operators and the transfer of the vacancy risk to the operator(2), the Company succeeds in maintaining a low

risk profile.

(1)  With the exception of the project 'Les Terrasses du Bois' in Watermaal Bosvoorde, for which a long-termagreement of the 'double net' type has been concluded and the project 'Tillia' in Gullegem for which a long-termagreement of the 'single net' type has been concluded.

1. With the exception of the project 'Tillia' at
   Gullegem, for which the Company bears the vacancy risk itself.

In addition, the annual indexation of the

rent provides protection against inflation. The fact that on 31 December 2023 about a quarter of the rental income still comes

from agreements with local authorities

reinforced the low risk profile and made the Company unique compared to other

RRECs.

This applies all the more since the

healthcare real estate is linked to the demographic factors which, in view of the underlying demographic trend of the ageing of the population, are favourable, rather than to economic trends.

FINANCIAL RESULT

Vision for the future

Broadening the Company objectives

Care Property Invest positions itself as an investor in elderly care and adapted

infrastructure for the disabled. The objectives stated in the Articles of Association

are set as broadly as possible. Priorities are set within the care and welfare property segment.

Expansion of service portfolio

Care Property Invest focuses on investments in care and welfare and has also devoted opportunity-driven attention to concept development.

Strategic objectives

1. Market expansion and (internal) service portfolio in care and welfare.
2. Managing investor and stakeholder relations.
3. Internationalisation.
4. Follow-upand influencing of the regulatory framework.
5. Coordination of resources with growth (growth management).
6. Alignment required return on investment to cost of capital for value creation.

The realisation and speed of growth is partly determined by the economic and financial conditions in which the Company operates.

Care Property Invest is a highly dynamic player in its market, which generates innovation in property for care and well-being for seniors and people with disabilities. Care Property Invest would like to achieve this independently.

Turnhout (BE) I De Nieuwe Kaai

14

15

Care Property Invest nv / 	 / Care Property Invest nv

3. Important events

3.1 Important events during the 2023 financial year

Below is a brief overview of acquisitions, new projects under development, ongoing projects under development and completed projects during the 2023 financial year.

For further information regarding the real estate of the acquired projects, please see the individual press releases on the website, https://carepropertyinvest.be/en/investments/press-releases/

3.1.1 Projects 2023 financial year in Belgium

Name	Operator	Acquisition	Location	Year of	Contract	Conv. Value
		date		construction		(in € million)
				/ renovation
				or expected
				completion
New projects with an immediate return
BoCaSa	Vulpia	26/04/2023	Bolderberg	2013	19 years	€24.2
					remaining
					(triple net)

3.1.2 Projects 2023 financial year in The Netherlands

Name	Operator	Acquisition	Location	Year of	Contract	Conv. Value
		date		construction		(in € million)
				/ renovation
				or expected
				completion
New projects with an immediate return
Huize Willibrordus	Saamborgh	17/05/2023	Ruurlo	2023	20 years	€5.3
					(triple net)
Residence Oldenbarnevelt	Golden Years	16/06/2023	Rotterdam	building: 2016	20 years	building: €5.8
				development:	(triple net)	development:
				Q2 2024		€1.6
New projects under development
Wolfsbergen	Golden Years	08/08/2023	's-Graveland	Q2 2024	25 years	€11.2
					(triple net)
Saamborgh Almelo	Saamborgh	30/11/2023	Almelo	Q2 2025	20 years	€8.9
					(triple net)
Ongoing projects under development
St. Josephkerk	Korian	26/09/2019	Hillegom	Q2 2025	20 years	€9.1
					(triple net)
Completed projects
Warm Hart Zuidwolde	Warm Hart Zorghuizen (1)	03/02/2022	Zuidwolde	Q2 2023	20 years	€10.4
					(triple net)
Villa Stella	Korian	12/06/2019	Middelburg	Q2 2023	20 years	€6.5
					(triple net)
Warm Hart Ulestraten	Warm Hart Zorghuizen	28/04/2022	Ulestraten	Q4 2023	20 years	€6.5
					(triple net)

1. On 12 February 2024, the operation of this project was taken over by De Familie.

3.1.3 Projects 2023 financial year in Spain

Name	Operator	Acquisition	Location	Year of	Contract	Conv. Value
		date		construction		(in € million)
				/ renovation
				or expected
				completion
Ongoing projects under development
Solimar Tavernes Blanques	Vivalto	11/03/2022	Tavernes	Q3 2024	20 years	€10.6
			Blanques		(triple net)
Solimar Elche	Vivalto	28/09/2022	Elche	Q3 2024	20 years	€10.8
					(triple net)
Marina Del Port	La Vostra Llar	01/12/2022	Barcelona	Q2 2024	20 years	€7.0
					(triple net)
Completed projects
Emera Mostoles	Emera	21/06/2021	Mostoles	Q2 2023	15 years	€12.1
			(Madrid)		(triple net)

3.1.4 Projects 2023 financial year in Ireland

Name	Operator	Acquisition	Location	Year of	Contract	Conv. Value
		date		construction		(in € million)
				/ renovation
				or expected
				completion
Ongoing projects under development
Sugarloaf Care Centre	Silver Stream Healthcare	16/12/2022	Kilmacanogue	Q2 2024	25 years	€23.4
			South		(triple net)

3.1.5 Other events during the 2023 financial year

3.1.5.1 Mergers

Merging company	Absorbing company	Date effective	Date of deed	Date official publi-
		absorption		cation
B.E.R.L. International nv	Care Property Invest nv	01/01/2023	14/07/2023	08/08/2023
Igor Haacht nv	Care Property Invest nv	01/01/2023	14/07/2023	08/08/2023

For more information on the merger proposals, see www.carepropertyinvest.be/en/investments/mergers/.

3.1.5.2 Establishment/ acquisition of subsidiaries

Name acquired subsidiary	Date of acquisition of control	Purpose
Het Gehucht	26/04/2023	Acquiring healthcare real estate sites in Belgium
Care Property Invest.NL11 B.V.	17/05/2023	Acquiring healthcare real estate sites in The
(ex-Gaudium Ruurlo I B.V.)		Netherlands

16

17

Care Property Invest nv / 	 / Care Property Invest nv

3.1.5.3 Capital increase in cash

Care Property Invest launched a capital increase by means of contribution in cash within the authorised capital on 11

January 2023 with the removal of the

statutory preferential right and the grant of irreducible allocation rights to all existing shareholders.

The main objective of this capital increase

was to allow the Company to raise new

financial resources while increasing its equity.

Following the public offering to subscribe for new shares and the successful private placement of scrips, the Company

announced on 20 January 2023 that

existing shareholders and new investors have subscribed to 100% of the offered new

shares for a gross amount of €110,966,496

of which €55,016,264 will be allocated to

the item capital and €55,950,232 to the item

share premium. Following this transaction,

the Company's capital will be represented by 36,988,833 fully paid-up shares.

3.1.5.4 Authorised capital

At the Extraordinary General Meeting of

shareholders held on 26 April 2023, it was decided by a large majority of 93.21% to

renew the authorisation on authorised capital.

The extraordinary general meeting of

shareholders decided to renew and replace the authorisation on the authorised capital

as follows:

• For a maximum amount of €110,032,531 for capital increases in cash involving planned exercise of the statutory preferential subscription right or irreducible allocation right by the
  Company's shareholders.
• For a maximum amount of €44,013,012 for capital increases within the framework of the payment of an optional dividend.
• For a maximum amount of €22,006,506 for (i) capital increases in kind, (ii) capital increases in cash without the possibility of exercising the preferential subscription right or irreducible allocation right by the Company's shareholders, or (iii) any other form of capital increase.

The authorisation is valid for a period of

two years starting from the publication of the resolution of the extraordinary general meeting of shareholders and was granted under the condition that the capital within the framework of the authorised capital shall never be increased by an amount exceeding €220,065,062. In other words, the sum of the capital increases with application of the above authorisations may not exceed €220,065,062 in total.

Given the specific modalities, this will

never be the case, as they only allow up to

€176,052,049.

For the documentation relating to this extraordinary general meeting of shareholders and for more information,

please consult the Company's website

(www.carepropertyinvest.be/en/ investments/general-meeting/).

3.1.5.5 Awards for financial and sustainability reporting

Care Property Invest was awarded the EPRA sBPR Gold Award for the

second time in September 2023. The Company is delighted with

this recognition for its efforts in sustainability reporting.

The Company also received the EPRA BPR Gold Award in September 2023 for the

seventh consecutive time for its continued

high transparency in financial reporting.

3.1.5.6 SBTi approval of Care Property

Invest's short- and long-term emission reduction targets

In August 2023, Care Property Invest achieved a significant milestone in its

commitment to sustainability. We are pleased to announce that our near-term and net-zeroscience-based emissions

reduction targets were officially approved by the Science Based Targets initiative (SBTi). Care Property Invest's commitment is reflected in our validated targets,

which include a 42% reduction in scope 1 and scope 2 greenhouse gas emissions

by 2030, measured against a 2022 base

year. Furthermore, we have set a net-zero objective for 2050, with a commitment

to reduce scope 1, scope 2, and scope 3 emissions by 90% by 2050 compared to our 2022 base year. These targets demonstrate

our commitment to addressing the global climate challenge.

As we move forward, Care Property Invest remains dedicated to implementing strategies that will enable us to meet these science-based targets.

We will continue to report our progress transparently and keep our stakeholders updated on our ongoing efforts to achieve these goals.

About the Science Based Targets initiative

The Science Based Targets initiative (SBTi) is a global body enabling

businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world

to halve emissions before 2030 and

achieve net-zero emissions before 2050.

The initiative is a collaboration between CDP, United Nations Global Compact, the

World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition

commitments. The SBTi defines and

promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption and independently assesses and approves

companies' targets.

18

19