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Update to Price Target and Investment Stance: We have reviewed our model and maintain our Buy recommendation on MIDI and 12-month price target of €0.81. We revisited the model inputs in terms of the Manoel Island development and value the whole project at €120.9 million, equivalent to €0.56 per share. The element of funding risk concerning this project is sustained as the Group is still in the process of establishing a joint venture regarding the whole development. On a positive note, the Group started issuing tenders for contracts of work, thus being in line with their schedule of completion in relation to the Manoel Island development. Another segment to our price target relates to the final phase of Tigné Point development (Q3), which is expected to be completed in 2023. We value Q3 at €63 million, equivalent to €0.29 per share. As previously anticipated, the Group continued with the ongoing delivery of the Q2 apartments and continued receiving rental income

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