Ad-Hoc Group welcomes Emirates REIT’s decision to rescind the Consent Solicitation; remains open and willing to discuss a consensual restructuring with the Company

Voting data demonstrates the overwhelming opposition to the Consent Solicitation and extent of concerns from the Certificateholders 

• On 27^th May, the Company announced that 60% of Certificateholders had voted ahead of the Early Participation Deadline and, of the voting Certificateholders, 75% had voted in favour of the Consent Solicitation – indicating that only 45% of all Certificateholders had voted in favour of the Consent Solicitation by the Early Participation Deadline. 
• Today, the Company announced that 79% of Certificateholders had voted by 6^th June and, of the voting Certificateholders, only 57% were in favour of the Consent Solicitation – indicating that only 45% of all Certificateholders had voted in favour of the Consent Solicitation by 6^th June and that all incremental votes since the Early Participation Deadline were in opposition of the transaction. 
• The voting data demonstrates the overwhelming opposition to the Consent Solicitation and extent of concerns from the Certificateholders, as articulated in previous statements by the Ad-Hoc Group. 
• The voting data also confirms the blocking position of the Ad-Hoc Group, which along with other institutions, represents circa. 40% of the Certificates outstanding. 

The Ad-Hoc Group welcomes the Company’s pragmatic decision to rescind the Consent Solicitation and is committed to commencing constructive discussions with the Company in earnest 

• The Ad-Hoc Group remains committed to commence open and transparent discussions with the Company, as offered by the Ad-Hoc Group to Equitativa on Wednesday 26th May, with the aim of negotiating in good faith and eventually supporting revised and enhanced terms.
• In light of the Company’s weak liquidity, the Ad-Hoc Group would encourage Equitativa to respond to its request for a meeting to commence discussions towards achieving a consensual deal, which would be in the best interest of Emirates REIT, Certificateholders and Shareholders. 
• The Ad-Hoc Group strongly believes that a consensual restructuring agreement could provide the Company with adequate flexibility to improve governance and undertake a turnaround, whilst providing Certificateholders with adequate downside protection for the incremental risk that Certificateholders bear.