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GTC - Management’s recommendation to increase Company’s capital

The Management has identified a need for new capital in order to strengthen the capital structure of GTC and improve its cash position. After considering various alternatives, the Management recommends to raise €100m through a rights issue.

The decision is subject to shareholders’ approval, market conditions, as well as obtaining all the necessary regulatory approvals, including, in particular, the approval of the prospectus by the Polish Financial Supervision Authority.The Company has been informed by Kardan N.V. of its intention to participate in the rights offering in its full pro-rata share (27.75 percent).

- Both debt and equity financing are important ways for GTC to obtain capital to fund operations and growth. According to our long-term goal to increase shareholders value through development of quality assets, the Management recommended to use both sources of funding in a commercially acceptable ratio of around 1:1. Rights issue will not only reinforce the equity as a core pillar of our financial structure, but will also substantially increase GTC's ability to maintain its leading position in the real-estate market, attract tenants and business partners said Erez Boniel, CFO and Member of the Management Board of GTC.

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