CPI Property Group - comment

The November 2026 hybrids have been trading in the high 90s for some time, and we expect most holders will either tender and roll into the New Notes or accept the 99c/€ bid. Those rolling into the new hybrids will be expecting a bump in coupon, but we await the price talk. The new hybrid is expected around 24th June 2026. The Tender offer expires on 23rd June 2026.