DGAP-Adhoc: Corestate withdraws financial outlook for 2020 and proposes to the Annual General Meeting that the dividend for financial year 2019 be waived

Publication of insider information pursuant to Article 17 of Regulation (EU) No 596/2014 of the European Parliament

Corestate withdraws financial outlook for 2020 and proposes to the Annual General Meeting that the dividend for financial year 2019 be waived

Luxemburg, 22 April 2020 - Corestate Capital Holding S.A. has withdrawn its outlook for financial year 2020 due to the COVID-19 pandemic. In view of the significant shift in investment decisions, transactions and valuation approaches in core markets and products that can be expected, the Company no longer considers it likely that it will achieve its originally planned targets for this financial year. Revenues are likely to fall short of expectations, particularly in the areas of acquisition and performance-based fees as well as warehousing and alignment capital.

Given the uncertainty surrounding the course of the COVID-19 pandemic, further strengthening of the liquidity position is currently a priority. The Company will therefore propose to the Annual General Meeting that no dividend be distributed for financial year 2019. The future payout ratio is also being adjusted; from 2021 on, and thus for the first time for financial year 2020, it is to be at least 30 percent of earnings per share (EpS). The objective is to reduce the Company's net financial debt in the medium term and mitigate any cyclical or other external risks to the business model. With regard to its debt, Corestate is positioned for the long term, and the next refinancing need will be at the end of 2022 at the earliest.

1027801  22-Apr-2020 CET/CEST