INVESTMENT OBJECTIVE

The Fund aims to achieve capital growth by investing in real estate funds, projects, and related companies.

It provides investors access to high-barrier, complex opportunities otherwise unavailable individually.

Investments focus on medium to long-term value appreciation, with a smaller allocation to private equity.

KEY FACTS

> Sub- Fund name: G-Parity Real Estate Fund

> Umbrella Fund Name: IC Realty A1 AIF Umbrella Fund V.C.I.C. Ltd

> Product type: AIF

> Asset class: Direct Real Estate, Direct Private Equity

> Region of investment: Global

> Primary Benchmark: N/A

> Fund Base currency: EUR

> Share class currency: EUR

> Share class type: Accumulation

> Domicile: Cyprus

> Fund Managers:

• • Kypros Neocleous (Managing Fund since May 2020)

  • Roman Bielic (Managing Fund since May 2020)

FUND RISKS

The Fund invests in direct real estate and private equity assets and is intended solely for professional investors. Prospective investors should be aware of the following key risks:

• Capital at Risk: This product offers no protection from future market performance. Investors may lose some or all their investment.
• Illiquidity: Real estate and private equity assets are inherently illiquid. Disposals may take time or occur at a discount, potentially affecting the Fund’s ability to meet redemption requests in a timely manner.
• Redemption and Exit Risk: Early redemptions may be restricted, subject to notice periods or exit charges. Exit values may differ significantly from expectations, particularly in periods of market stress.
• Valuation Risk: Asset valuations, especially for private equity and real estate, rely on models and independent appraisals, which may not reflect actual realisable prices.
• Market and Economic Risk: Asset values can fluctuate due to macroeconomic factors, interest rates, inflation, political instability, or sector-specific trends.
• Financing and Leverage Risk: Use of borrowing can magnify both gains and losses. Rising interest rates or an inability to refinance may negatively impact returns. Leverage creates economic exposure beyond the amount invested.
• Real Estate Risk: Property investments face risks such as tenant defaults, location-specific volatility, regulatory changes, operational issues, and uninsured damage. Development projects may encounter delays, cost overruns, or planning obstacles.
• Private Equity Risk: Unlisted company investments may involve limited transparency, governance risks, dependency on key individuals, and uncertain exit routes.
• Emerging Markets Risk: Where applicable, investments in emerging markets may involve heightened volatility, currency risks, political instability, and lower regulatory standards.
• Concentration Risk: The Fund may hold a concentrated portfolio of assets in certain countries, sectors, or strategies. This may increase volatility and potential losses compared to a more diversified fund.
• Governance Risk: Management of underlying assets may, in certain cases, be delegated to third-party entities. This may limit the Fund’s control and introduce additional operational or oversight risk.
• Legal, Regulatory, and Tax Risk: Changes in law, regulation, or tax treatment in Cyprus or other jurisdictions may adversely affect the Fund and its investors.
• Limited Diversification Risk: The Fund may hold a concentrated number of investments, which could increase risk. Poor performance of a single asset may significantly impact overall returns, especially if refinancing or sale plans are not successful.
• Interest Rate Risk: Unexpected fluctuations in interest rates could materially adversely affect the performance of the assets of the Sub-Fund.

For a full description of all risks, please refer to the Offering Memorandum and the Key Information Document (KID).

FUND COMMENTARY

Q3 2025 Global Real Estate Market

Global real estate investment rebounded strongly in Q3, with transaction volumes surging approximately 34% year‑on‑year to around US $185 billion, driven by robust capital flows and improved debt market liquidity. Cross‑border activity remained vibrant, especially across Asia‑Pacific, with India ranking among the top 10 global destinations for land and development investment—attracting around US $1.3 billion (a 31% YoY increase).

Sector-wise, office leasing continued to recover across all major regions, as shorter-term renewals supported absorption. Multifamily and industrial segments also showed strength: multifamily saw a 35% increase in transaction volume and industrial assets maintained strong demand—even amid rising vacancy trends in larger logistics properties.

In the public markets, REITs were flat overall, but non‑U.S. REITs outperformed U.S. peers due to stronger domestic demand and benign interest‑rate environments. Investor sentiment remained cautiously optimistic across stakeholders, as geopolitical headwinds and trade‑related uncertainty persisted

Q3 2025 European Real Estate Market Overview

n Q3 2025, the European real-estate market showed broad signs of stabilisation and early recovery. Year-to-date investment in commercial real estate across Europe reached approximately €111.3 billion, reflecting a gradual rebound in capital deployment.

Supply constraints emerged as a key driver: construction new orders fell by around 14% year-on-year through May 2025, underpinning demand for quality assets and strengthening the income component of real-estate returns. Aberdeen Investments Investor sentiment remains cautiously positive: the INREV Confidence Index stood at 52.2, just above neutral, although the liquidity component fell into contractionary territory. Aberdeen Investments Structurally, sectors showing the strongest momentum include logistics, living/residential and data centres, where tenant demand and modern product supply are both tight. Meanwhile, traditional office and secondary retail assets continue to face headwinds from hybrid working trends, oversupply and obsolescence.

Financing conditions and pricing are improving but remain dependent on central-bank policy and macroeconomic developments—yield compression is possible but may be gradual and selective.

In summary, the European market is shifting from caution toward opportunity: for well-capitalised investors focused on operational excellence, sustainability and asset-type and location discipline, Q3 2025 marks an attractive entry point into what appears to be the early phase of a recovery.

G-Parity Real Estate Fund

The Fund maintains a strategic focus on direct real estate investments, reflecting our long-standing belief in the asset class’s ability to deliver attractive risk-adjusted returns and serve as a reliable hedge against inflation. Real estate remains the core component of our portfolio, with a continued commitment to both commercial and residential properties in Germany—an investment recently extended for at least another year.

To complement our core strategy, we are also maintaining a prudent liquidity buffer, with cash holdings capped at under 10% of the overall portfolio.

Our asset allocation approach remains dynamic and research-driven, shaped by ongoing analysis of macroeconomic trends and sector fundamentals. Through active risk management and tactical positioning, we aim to preserve capital, generate stable income, and capture value across market cycles—ensuring resilience and long-term performance in a changing global landscape.

FUND INFORMATION (as at as at 31/09/2025)