New Amsterdam Invest N : Halfjaarlijkse financiële verslaggeving

Interim Financial Report

1 January 2023 to 30 June 2023

Contents

Interim Management Board Report

General	4
Summary	4
Company structure	4
Corporate Sustainability Reporting Directive (CSRD)	6
Company Strategy	6
Management structure	7
Significant transactions with related parties	7
Important events effecting the Interim Financial Report	8
Financial developments for the period 1 January 2022 to 30 June 2023	9
Risks and uncertainties (including the next six months till the end of
the financial year 2022)	11
Risk management and control systems	11
Responsibility statement by the Management Board	11
Interim Condensed Financial Statements
Interim Condensed Statement of Financial Position as at 30 June 2022	15
Interim Condensed Statement of Profit and Loss for the period 1
January 2022 to 30 June 2022	17
Interim Condensed Statement of Comprehensive Income for the
period 1 January 2022 to 30 June 2022	18
Interim Condensed Cash Flow Statement for the period 1 January 2022
to 30 June 2022	19
Interim Condensed Statement of Changes in Equity for the period
1 January 2022 to 30 June 2022	20
Selected explanatory notes to the Interim Condensed Financial
Statements	22
Contact Information	34

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Interim Management

Board Report

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General

This is the Interim Financial Report for New Amsterdam Invest N.V. (the "Company") for the period 01 January to 30 June 2023. It consists of the Interim Management Board Report including the Responsibility Statement, details of related party transactions, significant reporting events, potential risks and uncertainties for the next six months, and the Interim Condensed Financial Statements with selected accompanying explanatory notes.

The Interim Condensed Financial Statements were prepared in accordance with IAS 34 (Interim Financial Reporting) and have not yet been reviewed or audited by the Company's statutory auditor. It's important to read this report along with the Company's Annual Report 2022 and Circular, both dated April 2023.

Summary

On 2 June 2023, the Company shareholders' approved the incorporation of Somerset Park. Somerset Park, along with management and operating companies in relevant jurisdictions, form a group of international companies in the commercial real estate industry. Subsequently, the status of the Company as a SPAC ended ("de-SPAC").

The greater part of the first half of 2023 was devoted to management efforts to look for multiple operating companies that could be grouped together meeting Company's financial and quantitative parameters, (for instance a yearly dividend pay-out between 4.5% and 6.5 % of the Company's equity value).

The total investment in properties amounts to €71,990k including €3,934k transaction costs. From the available financial resources the company applied €42,681k. Further the Company made use of a bank loan in the US to the amount of €11,493k. Because the negotiations with the external credit institution are still ongoing and the process of on boarding these days is time consuming, bridging is temporarily necessary. The Management Board decided to arrange the Bridge Loan with a related party instead of a bank because to achieve a lower interest rate (4% per annum) and avoid bank commissions. The Bridge loan amounts to €14,226k. This loan will be replaced by a long term bank loan before the end of this year. The interest rate will be between 7 and 8% per annum.

During the first half year 2023 the Company operated for most as a SPAC and only for the last 4 weeks as an international operating company for commercial real estate. This implies that the results for the first half year 2023 are not characteristic for the Company's regular operational results going forward.

The results from group companies have been included and consolidated within the Company's Accounts results for period from 2 June 2023 to 30 June 2023. The net rental income including (recharged) service expenses amounts to €436k which result is in line with the consolidated "pro forma result" as included in our Circular dated 21 April 2023. The net result for the 4 weeks in June amount to €0,128 million. Further the Company acquired after balance sheet date a sixth property, named Forthstone, located in Edinburgh. The net rental income per month of this property is €71k.The reported result for the first half year 2023 amounts to €2.6 million loss. This result is mainly attributable to a number of one-timers. The most important one is negative valuation result of investment property of €2,3 million. Further we refer to the running costs over the period 1 January to 2 June 2023 €0,3 million, and the Circular expenses of € 504k mitigated by the interest received on the Escrow expenses

NAI Company structure

New Amsterdam Invest N.V. is a former special purpose acquisition company ("SPAC"), incorporated as a public company in the Netherlands under Dutch company law (naamloze vennootschap) with its corporate seat (statutaire zetel) in Amsterdam, the Netherlands. The company was registered with the Trade Register of the Chamber of Commerce under number 82846405 on 19 May 2021, the same day it was incorporated.

On 02 June 2023, the Company Shareholders' approved the incorporation of Somerset Park B.V. ("Somerset Park") as a wholly-owned subsidiary of the Company with the intention to maintain a group of commercial investments under Somerset Park. Subsequently, the status of the Company as a SPAC ended ("de-SPAC").

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Somerset Park, along with management and operating companies in relevant jurisdictions, form a group of international companies in the commercial real estate industry. Their main objectives include running commercial activities such as owning, developing, acquiring, divesting, maintaining, letting out, and operating commercial real estate, all carried out in their broadest sense.

Somerset Park Group

The Somerset Park Group comprises two subsidiary holding companies, one in the UK (Somerset Park Holding UK Ltd) and one in the US (Somerset Park Holding USA LLC).

The UK subsidiary holding company (Somerset Park Holding UK Ltd) directly holds 100% of the shares in all of the UK trading companies including the UK Management Company (Somerset Park Property Management UK Ltd) and the four UK Operating Companies (Somerset Land and Property Ltd, Glasgow Land and Property Ltd, Sutherland Land and Property Ltd and Edinburgh Land and Property Ltd).

The USA subsidiary holding company (Somerset Park Holding USA LLC), directly holds 100% of the shares in the USA Management Company (SP Property Management USA LLC) and 100% of the shares in MACE Investments II LLC, which in turn owns 71.25% of Interra One Park Ten LLC, being the USA Operating Company.

Each of the aforementioned Operating Companies owns and manages one real estate property.

Services provided to tenants, including the maintenance of the real estate properties as well as other management activities are carried out in the UK by Somerset Park Management UK Ltd and in the USA by Somerset Park Property Management USA LLC. This is pursuant to service agreements.

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