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CORESTATE Capital S A : Earnings Report (Corestate Capital Holding S.A. FS Consolidated Standalone 31.12.2022 combined unsigned KPMG Secured)
CORESTATE Capital S A : Earnings Report (Corestate Capital Holding S.A. FS Consolidated Standalone 31.12.2022 combined unsigned KPMG

About this update from Corestate Capital Holding Sa
CORESTATE CAPITAL Holding S.A. ANNUAL REPORT 2022 CONTENT Highlights 2022 To Our Shareholders Corporate Governance Group Management Report Consolidated Financial Statements Notes to the Consolidated Financial Statements Annual Accounts HIGHLIGHTS 2022 COMPANY PROFILE As of the FY 2022, Corestate Capital Holding S.A. (hereinafter collectively with its subsidiaries "Corestate", "the Company" or "the Group") is an investment manager and co-investor with around € 18.4bn in assets under management, thereof € 18.2bn assets under management in its core business real estate equity and real estate debt. The Company saw itself as a manager for the entire length of the real estate value chain. Based upon its fully integrated real estate platform, it was able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanization, demographic shifts or sustainability - trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constituted a central cornerstone of the Company's strategy. Corestate offered clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. Corestate is listed on the Frankfurt Stock Exchange and operates as a business partner for institutional and semi-institutional investors as well as international high-net-worth private investors. KEY FIGURES 2022 2022 2021 1 Aggregated revenue and gains 2 € million 227.4 EBITDA € million 24.4 Net loss from Continued Operations € million (199.0) Adjusted net profit (loss) 3 € million 22.8 Earnings per share € (6.49) 31 Dec 2022 31 Dec 2021 Number of Shares outstanding 34,193,808 Equity Ratio % 44.3 Cash and Cash Equivalents € million 62.8 Net Debt 4 € million 526.5 Net Debt / EBITDA 21.5x Assets under Management at End of Period € billion 27.4 Number of Employees at End of Period FTE 811 55.8 (168.1) (742.6) (223.4) (21.76) 34,193,808 (18.50) 56.1 541.0 n/a 18.4 415 1 Prior year is represented in line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations for the financial year 2021 (see Note A.2). 2 Aggregated Revenues C Gains include revenue streams from all three segments (Real Estate Equity, Real Estate Debt and Other, comprising of Rental Income and Service Charges). See section "Alternative Performance Measures" for details. 3 Adjusted net profit (loss) is calculated based on the net profit or loss from continued operations adjusted for extraordinary effects such as goodwill impairment. See section "Alternative Performance Measures" for details. 4 Adjusted by IFRS 16 Leases. See section "Alternative Performance Measures" for details. ALTERNATIVE PERFORMANCE MEASURES Corestate uses Alternative Performance Measures (APM) to provide more clarity on its business model as well as internal steering and controlling. These APM are designed to allow stakeholders adequate benchmarking and comparability with its peers in the real estate industry. In disclosing its APM to stakeholders, Corestate follows the Guidelines on Alternative Performance Measures from the European Securities and Markets Authority (ESMA). Aggregated Revenues and Gains The APM "aggregated revenues and gains" measures the performance of the three segments of the Group, which are Real Estate Equity, Real Estate Debt and Other. It is thus closely aligned with total revenues but also includes gains or losses from individual items within the "other" segment, such as at equity valuations of associates and joint ventures or results from fair value measurements. In contrast, total revenue from other segment covers only rental income and service charges. Since these items are relatively volatile, aggregated revenues and gains tend to fluctuate more heavily than total revenues and may exceed or fall below total revenues, depending particularly on valuation results or sales of assets or shares. Nevertheless, since these items result from transactions that form an integral part of Corestate's business model and are used as part of internal steering and controlling, aggregated revenues and gains are considered to provide useful information to investors and stakeholders. The following table illustrates the relation between total revenues and aggregated revenues and gains: € million 2022 2021 1 Total Revenue from Real Estate Equity Segment 57.7 89.5 Total Revenue from Real Estate Debt Segment 25.9 121.9 Total Revenue from Other Segment 2 9.2 6.3 Total Revenue from continued operations G2.8 217.7 Share of profit or loss from associates and joint ventures (23.2) 2.5 Dividends from other alignment capital 2.7 12.8 Fair value measurement of financial instruments (16.1) (2.9) Net gain from entity sales (0.4) (2.7) Aggregated revenues and gains from continued operations 55.8 227.4 1 Prior year is represented in line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations for the financial year 2021 (see Note A.2). 2 Total Revenue from Other Segment covers only Rental Income and Service Charges. Aggregated revenues and gains have been measured and disclosed consistently throughout the last fiscal years. Earnings Before Interest, Taxes and Depreciation or Amortization (EBITDA) The APM "EBITDA" is a measure used to evaluate the operational performance of the group. It is based on aggregated revenues and gains but covers other operational income as well, such as from written-down receivables or from reversals of provisions or other income. It also includes all operational expenses, whether these expenses are allocated to business segments or not. EBITDA does not cover non-operational items, such as depreciation or amortization, financial income or expenses, or tax expenses. Overall, EBITDA is a widely used performance indicator and provides useful information to investors and stakeholders since it illustrates the operational performance of the group. € million 2022 2021 1 Aggregated revenues and gains from continued operations 55.8 227.4 Total expenses from Real Estate Equity Segment (80.1) (86.5) Total expenses from Real Estate Debt Segment (128.6) (66.0) Total expenses from Other Segment (26.0) (7.3) Reversal of Written-Down Receivables 30.7 3.4 Income from Reversal of Provisions 9.0 5.5 Other Income 39.3 7.4 GCA and Other Expenses (68.2) (59.5) EBITDA from continued operations (168.1) 24.4 1 Prior year is represented in line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations for the financial year 2021 (see Note A.2). EBITDA has been measured and disclosed consistently throughout the last fiscal years. Adjusted net profit/(loss) The APM "Adjusted net profit/(loss)" measures the performance of the overall earnings position of Corestate. It is based on net profit/(loss) but adjusts this measure for significant individual items, such as impairments on goodwill or other intangible assets, MCA related costs as well as expenditures for transformation and efficiency programme. Adjusted net profit/(loss) provides relevant information to investors and stakeholders to better understand the overall earnings position of the group and improves comparability across multiple fiscal years. € million 2022 2021 1 Net profit/(loss) from continued operations (742.6) (1GG.0) Goodwill Impairment 450.0 177.3 Other Intangibles Impairment and Amortization 58.8 36.2 Inventory Impairment 19.8 0.0 MCA and restructuring related costs 0.0 17.4 Deferred Tax effects (9.4) (9.1) Adjustments to net profit/(loss) from continued operations 51G.2 221.8 Adjusted net profit/(loss) from continued operations (223.4) 22.8 1 Prior year is represented in line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations for the financial year 2021 (see Note A.2). Adjusted net profit/(loss) has been measured and disclosed consistently throughout the last fiscal years. Net Debt The APM "Net Debt" is a measure of indebtedness that is based on financial liabilities (net of cash) of the group but adjusted for leasing liabilities according to IFRS 16. Net debt provides useful information to investors and shareholders by focusing on liquidity risk related items that are commonly used to measure debt covenants. € million 2022 2021 Gross debt/financial liabilities 633.1 621.7 thereof long term financial liabilities 55.4 321.3 thereof short term financial liabilities 577.7 300.4 Less: cash and cash equivalents 56.5 75.7 Less: leasing liabilities (IFRS 16) 35.6 19.5 thereof long term leasing liabilities 32.7 15.0 thereof short term leasing liabilities 2.S 4.5 Net Debt 541.0 526.5 Net debt has been measured and disclosed consistently throughout the last fiscal years. TO OUR SHAREHOLDERS LETTER FROM THE MANAGEMENT Dear Shareholders, Esteemed Business Partners and Friends of Corestate, Ladies and Gentlemen, As we reflect on the fiscal year 2022 from our vantage point in November 2025, it is apparent that it was a year marked by significant upheaval and transformation within the global real estate sector. The confluence of sharply rising interest rates by central banks and geopolitical tensions arising from the conflict in Ukraine introduced a severe and abrupt disruption to what had been a decade-long growth super cycle. This shift thrust the market into a turbulent phase, significantly affecting asset valuations across the industry, including ours. Throughout 2022, Corestate faced these headwinds with a strategic resolve, focusing on realignment and operational efficiency to navigate the challenging landscape. By the end of that year, our assets under management had fallen to € 18.4bn from € 27.4bn in 2021, reflecting the departure of several institutional clients amid the destabilized market conditions. A significant strategic decision was the restructuring of the Stratos (II and IV) funds, which led to our subsidiary, Helvetic Financial Services AG (hereinafter "HFS"), ceasing its role as investment advisor for Stratos II and subsequently in 2023 also for Stratos IV - a move that reshaped our Debt Segment's strategy and asset management approach. The financial results of 2022 painted a stark picture of the challenges we faced. Aggregated revenues and gains closed the year at € 55.8m, a substantial decline from € 227.4m in the previous year. This downturn was driven by decreased transaction-based income and diminished performance fees from our Stratos funds business. In response, substantial risk provisioning was necessary, culminating in a consolidated EBITDA of minus € 168.1m for the year, compared to positive € 24.4m in 2021. Furthermore, the strategic discontinuation of our involvement with the Stratos funds necessitated a full impairment of the related goodwill of HFS, significantly impacting our net profit, which resulted in a loss of € 744.1m. In December 2022 and thereafter, significant changes were made to our Management Board and Supervisory Board in order to better align them with our strategic realignment and governance practices. Mr. Stavros Efremidis ceased his activities as Chief Executive Officer (CEO) as of 31 December 2022 and thereby resigned from the Management Board. Dr. Nedim Cen, previously Chairman of the Supervisory Board, was appointed to the Management Board effective 4 May 2023, and in this capacity assumed the position of Chief Executive Officer (CEO). Mr. Udo Giegerich left the Management Board as of 31 May 2023. Responsibility for the finance department thereafter lay with Dr. Nedim Cen (CEO and CFO). Following preparatory measures initiated in 2022, the Management Board substantially advanced and successfully implemented a comprehensive operational restructuring program in 2023. The focus was on simplifying the Group's organizational structure, streamlining business units, and significantly reducing costs to improve flexibility and operational efficiency in a challenging economic environment. As part of these efforts, shareholders approved the issuance of new shares and the creation of authorized capital, which was crucial to enable the pro rata conversion of bonds into equity. Building on this foundation, the Management Board successfully concluded negotiations with bondholders and their advisors, which led to the approval and implementation of a comprehensive debt restructuring plan in August 2023. This plan significantly reduced financial liabilities from € 535.0m to € 142.5m through a strategic debt-to-equity swap, substantially broadened the equity base, and following a capital reduction, resulted in the issuance of 132 million new shares in July 2023, of which 115.5 million were allocated to bondholders. This positioned the Group well for a sustainable operational restart. In September 2023, the Management Board resolved to discontinue the regulated banking operations of Corestate Bank GmbH and initiated the formal withdrawal of its securities trading license with BaFin, the German Federal Financial Supervisory Authority. This strategic decision reflects the Group's ongoing efforts to streamline its business model and focus on core activities. Consequently, the remaining goodwill associated with Corestate Bank GmbH, which amounted to € 13.1m as of 31 December 2022, was fully impaired in the 2023 financial year. In the course of 2023, Corestate successfully completed asset sales amounting to approximately € 29m. These strategic sales were an integral part of the Company's broader efforts to optimize its asset portfolio and strengthen liquidity. Throughout 2024, Corestate successfully completed asset sales totalling approximately € 39m, including the divestment of CRM Students Ltd. and UPARTMENTS Real Estate GmbH. This step formed part of the strategic focus on Corestate's core competencies in asset and investment management, accompanied by the decision to exit non-core operational property management activities in the student and serviced apartments segment. The transaction resulted in a liquidity inflow of approximately € 13m, including the repayment of internal group financing and working capital positions, thereby strengthening the Group's financial flexibility and supporting its overall deleveraging strategy. KPMG Audit S.à r.l., Luxembourg, ("KPMG") will be formally appointed as statutory auditor for the consolidated financial statements for FY2022, FY2023, and FY2024 at the upcoming annual general meeting. This appointment will represent a key step in reinforcing Corestate's commitment to transparency, financial discipline, and strong corporate governance. Partnering with a globally recognized audit firm underscored the progress made in restoring confidence in our financial reporting and marked an important signal of continuity and trust to our stakeholders as we moved forward with the final phase of our restructuring efforts. In September 2025, Corestate successfully completed the sale of STAM Europe SAS, Paris, France, ("STAM Europe") and its subsidiaries, including AIFM STAM France Investment Managers. This transaction marked another strategic milestone in optimizing our Group structure and concentrating on core markets and competencies. Following the closing of the STAM Europe sale, Corestate resolved to make an early partial repayment of € 17.5m on the outstanding Super Senior Note (ISIN DE000A3LJQY6), effective 14 October 2025 - further demonstrating our commitment to proactive debt reduction and prudent financial management. This partial redemption of the Super Senior Notes marks yet another key milestone in Corestate's ongoing financial recovery and restructuring journey. It reflects our continued focus on disciplined capital management and the gradual reduction of financial liabilities. With the significant deleveraging steps already taken and the realignment of our business well underway, we are confident that Corestate is now on a more resilient footing. We remain dedicated to stabilizing our core operations, strengthening investor confidence, and positioning the Group for sustainable long-term growth. Looking back, the steps taken in 2022 and 2023 have proven instrumental in stabilizing the Company and positioning it for future growth. We are grateful for the continued support and trust that you, our shareholders, have placed in us during these challenging times. Your partnership is invaluable as we continue to adapt and strive for a return to strength and profitability. Thank you for your continued confidence in our journey towards a stable and prosperous future. Yours sincerely Luxembourg, 16 December 2025 Dr Nedim Cen Chief Executive Officer Chief Financial Officer REPORT OF THE SUPERVISORY BOARD Dear Shareholders, The year 2022 has brought some serious changes for Corestate. It was important that a general agreement was reached with our bondholders by end of November 2022, thus clearing the way for a sustainable financial restructuring of the Company. Subsequent negotiations with bondholders led to the approval and implementation of a comprehensive debt restructuring plan in August 2023. This is even more important since we must be able to fully concentrate on the challenges and opportunities in a demanding market environment. Collaboration within the Management Board In the reporting year, the Supervisory Board performed the tasks incumbent upon it in accordance with the law, the articles of association and bylaws. The Management Board included the Supervisory Board extensively and at an early stage in all decisions that were fundamental for the Company. The Management Board also informed the Supervisory Board regularly, both verbally and in writing, about all issues regarding business and profitability development, the risk situation, risk management and compliance that were relevant to the Company and Group, as well as about the general economic position of the Company. The Management Board used detailed reports to inform the Supervisory Board about material transactions and organisational changes and discuss them in detail at plenary or committee meetings. The Supervisory Board examined the issues in considerable detail and was available to advise the Management Board on the decision-making process at all times. When the Management Board needed approval from the Supervisory Board for specific measures in line with statutory rules, the articles of associations or its bylaws, the Supervisory Board granted its approval after carrying out a thorough review and exhaustive deliberations. The Management Board complied with its statutory reporting obligations in full. In the past financial year, the focus of the Supervisory Board's deliberations was on the measures initiated to prepare for and implement the financial restructuring. These included, among other things, the continuation of the cost reduction program as well as the negotiations initiated with the representatives of the bondholders and the extension of the maturity of our outstanding bonds, originally issued in 2017 and 2018 and due in 2022 and 2023 respectively. Supervisory Board Meetings and Committee Meetings During the reporting year, the Supervisory Board held four ordinary meetings and 18 extraordinary meetings. All members of the Supervisory Board, the Audit Committee and the Corporate Governance Committee took part in all ordinary and extraordinary meetings throughout their board affiliation in 2022. Attendance at these meetings was therefore 100%. There were also four ordinary meetings as well as two extraordinary meetings of the Audit Committee and four ordinary meetings of the Corporate Governance Committee. Between meetings, the Supervisory Board was also in regular exchange with the Management Board. In particular, the Chairman of the Supervisory Board discussed with the Management Board issues relating to current business development, planning, the risk situation, risk management and compliance of the Company. The Management Board also informed the Supervisory Board without undue delay, in writing or verbally, of important issues that were of material importance for the assessment of the position and performance, and for the fulfilment of its duties at Corestate. The members of the Supervisory Board also maintained a close internal exchange outside the meetings and regularly coordinated their views on the relevant issues. Particular matters for the Supervisory Board Deliberations In all of the regular meetings, the Supervisory Board addressed the detailed reports from the Management Board on the course of business, in particular the latest developments in aggregated revenues and gains, liquidity and the results, as well as the position of the Company, including the financial and risk situation. These included an extensive review and discussion of the respective quarterly reports. Matters recurring in more than one meeting in addition to the ongoing financial restructuring and the running consultations with bondholders, were the explanations and discussions on the business position, liquidity development, IT security and corporate compliance. Heads of divisions joined the meetings as guests and reported from their sectors on individual agenda items. The key points of the accounts review meeting on 20 April 2022 with the former auditor Ernst and Young ("EY") in in-person attendance were the preparation, approval and audit of the annual accounts and the consolidated financial statements of Corestate for the financial year 2021. The Supervisory Board approved the annual accounts and the consolidated financial statements following a thorough review and at the recommendation of the Audit Committee were adopted. After in-depth deliberations, the Supervisory Board agreed to the Management Board's net profit distribution proposal. In the extraordinary meetings, the Supervisory Board addressed topics such as, inter alia, the change of auditor, the financial restructuring and the associated measures and the changes in the Management Board. Work in the Committees In the reporting period, the Audit Committee held four ordinary meetings. The Supervisory Board has set up a total of three committees to ensure the efficient performance of its tasks. In the reporting year 2022, these committees were headed as follows: Audit Committee From 1 January 2022 to 7 March 2022 - Chairman: Dr Bertrand Malmendier From 7 March 2022 to 3 December 2022 - Chairman: Dr Roland Folz From 3 December 2022 to year end - Chairman: Dr Sven-Marian Berneburg Corporate Governance Committee From 1 January 2022 to 3 December 2022 - Chairman: Dr Friedrich Oelrich From 3 December 2022 to year end - Chairman: Dr Bertrand Malmendier Nomination and Remuneration Committee From 1 January 2022 to 7 March 2022 - Chairman: Stavros Efremidis From 7 March 2022 to 3 December 2022 - Chairman: Dr Bertrand Malmendier From 3 December 2022 to year end - Chairman: Dr Nedim Cen An overview of the current composition of each committee can be found on the Company's website at https://www.corestate-capital.com/en/supervisory-board-committees/ Representatives of EY also took part in the first Audit Committee meeting of the year, held on 7 March 2022 and in another meeting held on 20 April 2022. The main activities of the Audit Committee's deliberations were the audit of the annual accounts and consolidated financial statements of the financial year 2021, an extensive commentary on the management report, and a detailed commentary on the reports concerning risk management and internal audit work. Throughout these activities, special attention was given to the effectiveness and further development of the risk management, internal control and compliance management systems, as well as the latest issues and proposals from Internal Audit. As a result of these commentaries, the plenary meeting approved the annual accounts. In the other meetings held during the year, the Audit Committee focused, among other things, on the quarterly financial statements, the assessment of business development and the liquidity situation, especially with a view to the redemption of the Company's bonds maturing in 2022 and 2023. The Audit Committee was also informed about the latest issues concerning risk management and internal audit work. The recurring subjects of accounting / impairments, risk management, internal audit work and liquidity planning were covered by the audit committee regularly in all meetings. The Corporate Governance Committee held four meetings throughout the past financial year. Deliberations regularly covered specific developments of the German Corporate Governance Code and internal Compliance issues of the Group. Conflicts of interest that must be disclosed to the plenary meeting did not occur during the past financial year. The annual general meeting would have been informed about such conflicts of interest in this report. The Supervisory Board members are responsible for undertaking any training or professional development measures necessary to fulfil their duties. If required, the company will support the members of the Supervisory Board through sufficient refund of expenses or through the forwarding of information about selected events. The Company supports new members upon their appointment. Annual Accounts and Consolidated Financial Statements After an in-depth audit, and in line with the announcement made in the annual general meeting of the shareholders on 28 June 2022, the Supervisory Board resolved to change the auditor of the financial statements for the financial year 2022 at its meeting on 5 May 2022. At this meeting, it was resolved that there will be a structured, Europe-wide tender process with the aim of finding a new auditor. However, despite intensive efforts, it was not possible to engage a suitable new auditor to audit the annual financial statements for the 2022 financial year by the end of the reporting period. Changes to the Management Board and Supervisory Board At the beginning of the year 2022, the Corestate Supervisory Board removed Johannes Märklin and Sebastian Ernst from the Group's Management Board with immediate effect and released them from all further functions. Shortly thereafter in March, Stavros Efremidis stepped down from the Supervisory Board to join the Company's Management Board as Chief Executive Officer. In addition, Izabela Danner was newly appointed to the Group's Management Board as Chief Operating Officer and Ralf Struckmeyer as Chief Investment Officer. The previous Corestate CEO, René Parmantier, left the holding company's Management Board in this context in order to take over further responsibility in the development of Corestate's Real Estate Debt segment. Following the first creditors' meetings on 28 November 2022 and in accordance with the conditions of the agreed restructuring concept, the Group Management Board was supplemented with the position of a Chief Restructuring Officer; Stephan Götschel joined the Management Board respectively, beginning his term at 1 January 2023. At the end of the year 2022, Stavros Efremidis and Ralf Struckmeyer left the Management Board at their own request. As a result of the creditors' meetings resolutions in November, Dr Nedim Cen and Dr Sven-Marian Berneburg were appointed as new members of the Supervisory Board on 3 December 2022 with immediate effect. Prior to this, the previous Supervisory Board members Dr Roland Folz and Dr Friedrich Oelrich had resigned from office. Dr Cen was also appointed Chairman of the Supervisory Board at the first constituent Supervisory Board meeting on 16 January 2023 retroactively and Dr Berneburg was elected to be his Deputy. Subsequent changes in 2023 and 2024 In the course of the 2023 financial year, further personnel changes were made within the Supervisory Board. Following the implementation of the financial restructuring measures, Dr Nedim Cen, previously Chairman of the Supervisory Board, was appointed to the Management Board as Chief Executive Officer with effect from 4 May 2023. Dr Sven-Marian Berneburg, who had previously served as Deputy Chairman, assumed the position of Chairman of the Supervisory Board. At the same time, Dr Carlos E. Mack was appointed as a new member of the Supervisory Board by way of co-optation. During the 2024 financial year, the composition of the Supervisory Board was again adjusted in line with the Company's ongoing transformation process. On 17 December 2024, it was announced that Dr Carlos E. Mack and Dr Bertrand Malmendier would step down from the Supervisory Board as of 31 December 2024. At the same time, the Supervisory Board was strengthened by the appointment of Andreas Paul Uelhoff and Wolfgang Bauer, both of whom bring many years of experience in the financial and real estate sectors and will contribute their expertise in finance, auditing and corporate management to the further development of Corestate. In close cooperation between the Management Board and supervisory bodies, we will work to further secure the continued existence of the company. In addition, one of our most important goals is to gradually regain the confidence of the market and our customers. The Supervisory Board would like to thank all employees at Corestate for their trusting cooperation in recent months. Luxembourg, 16 December 2025 For the Supervisory Board Dr Sven-Marian Berneburg Andreas Paul Uelhoff Wolfgang Bauer Chairman Deputy Chairman Member CORPORATE GOVERNANCE COMPLIANCE Corestate Capital Holding S.A. remains fully committed to the principles of good corporate governance as the foundation for responsible, transparent, and sustainable corporate management. Although not legally required, the Company has voluntarily most widely aligned itself with the German Corporate Governance Code (GCGC) since 2018 and has implemented numerous measures - including modern rules of procedure, the establishment of nomination and remuneration committees, as well as rules on age limits, term limits, and conflicts of interest. Compliance remains a core element of our corporate governance. The compliance management system is regularly reviewed and continuously developed to ensure adherence to applicable laws, regulatory requirements, and internal policies. Its purpose is to prevent risks, avoid legal violations, and promote compliance awareness throughout the organization. FOUNDATIONS ON CORPORATE GOVERNANCE Corestate operates under a three-tier governance structure comprising the Annual General Meeting, the Supervisory Board, and the Management Board, based on Luxembourg corporate law and the Company's Articles of Association. Shareholders exercise their rights at the Annual General Meeting, deciding on key matters such as profit allocation, capital measures, amendments to the Articles, and the discharge of board members. They also vote in a non-binding manner on the Company's remuneration policy and report. All relevant documents and voting results are made publicly available on the Company's website. Due to ongoing COVID-19 measures, board and shareholder meetings were held virtually until the end of 2022. The Management Board manages the Company independently and defines its corporate strategy in close coordination with the Supervisory Board. The Supervisory Board oversees and advises the Management Board but is not involved in operational decisions, despite from certain business transactions which, according to the Company's Articles of Association, require the approval of the Supervisory Board. It also appoints Management Board members and sets their compensation via its nomination- and remuneration Committee. COMPETENCIES OF SUPERVISORY BOARD The composition of the Supervisory Board of Corestate is based on a clearly defined profile of competencies. The aim is to ensure that the Board, as a whole, is equipped to effectively monitor and advise the Management Board, while meeting regulatory expectations and supporting sustainable, responsible corporate development. Core Areas of Competency Management & Leadership Experience Long-standing executive experience in complex organizations to support sustainable corporate development. Real Estate & Investment Expertise In-depth knowledge of real estate markets, investment products, transactions, and financing structures to accurately assess opportunities and risks. Regulatory Framework & Asset Management Familiarity with regulatory requirements in asset and investment management, as well as financing structures. Accounting & Auditing Expertise in accounting, controlling, and audit processes especially relevant for the Audit Committee's oversight function. Capital Markets & Corporate Finance Experience with capital market transactions, MCA, and international financial structures. Compliance & Risk Management Proficiency in modern compliance, internal control systems, and sustainable risk governance. Sustainability & Governance Strong awareness of environmental and social responsibility, stakeholder expectations, and ethical governance standards. Current Status In the course of the (re)appointments to the Supervisory Board in 2022, the defined competency profile was once again fully considered. The current composition meets these requirements both individually and collectively. The members' qualifications complement each other and ensure a forward-looking, effective oversight of the Company's management. Detailed information on the individual members' backgrounds can be found on the Company's website. INDEPENDENCE To protect the rights of minority shareholders, the majority of the members of the Supervisory Board are independent in accordance with the criteria of both the German Corporate Governance Code and the Ten Principles. This means that members do not hold any advisory or executive functions with clients, suppliers, lenders, or other third parties, nor do they have any personal relationships with the Company or its executive bodies that could give rise to conflicts of interest. Furthermore, no member of the Supervisory Board holds a significant shareholding in the Company. All members of the Supervisory Board are considered independent according to these standards. COMPOSITION, POWERS AND OPERATING PROCEDURES OF THE MANAGEMENT BOARD The Management Board currently consists of one member, who is appointed by the Supervisory Board. The Supervisory Board also determines the remuneration and term of office of the Management Board member. The term of office is limited to a maximum of three years, and reappointment is possible. The Management Board member may be removed or replaced by resolution of the Supervisory Board at any time, with or without cause. When making appointments, the Supervisory Board places great importance on professional qualifications, proven track records, and management skills. Increasing the proportion of women in leadership positions remains a central objective. The Management Board member bears overall responsibility for managing the Company and reports regularly to the Supervisory Board. The Management Board is responsible for the sustainable increase of the Company's value, develops the Company's strategy, coordinates it with the Supervisory Board, and ensures its implementation. It is vested with the broadest powers necessary to fulfill the Company's purpose, except for powers reserved by law, the articles of association, or the general meeting. Decisions are made at regular meetings of the Management Board or in coordination with the Supervisory Board. The Management Board provides the Supervisory Board with quarterly written reports on the business performance and outlook and immediately reports any significant events. GOVERNANCE STRUCTURE In 2022 Corestate's strategy was defined and implemented by the following steering committees: Executive Committee ("ExCom"), Investment Committee ("IC") (until September 2022), the ESG Committee ("ESG Committee") and the Risk Committee ("RC"). The committees supported the entire Corestate Group in its efforts to act effectively on an operational level. The ExCom - consisting of the Management Board Members and relevant Group functions to be invited depending on the individual agenda - addresses the most important topics surrounding strategy, acquisitions, Group finance, the capital market, legal, compliance and governance. The Operating Committee, which was in place until the end of 2021, was discontinued in 2022 in order to streamline process structures and enhance the significance of the ExCom. The IC, which existed until September 2022, was the central decision-making body that deals with all major buying and selling decisions. It consisted of voting and non-voting members. Its composition ensured that all decisions are made on a sufficiently informed basis and that all relevant functions were involved in the decision-making process in terms of investments. The IC's decisions were the basis on which the Management Board resolves on acquisitions and disposals as well as other transactions. In September 2022, as part of a further streamlining of process structures, the Management Board decided to discontinue the IC as a separate Committee and that investment decisions would in future be made at ExCom meetings, which all relevant stakeholders attend anyway, if necessary. The ESG Committee supported core Group divisions and Group subsidiaries regarding the review and implementation of environmental, social and corporate governance standards. Corestate had set up a Group Risk Committee ("Risk Committee") that met every six months and which was chaired by the Group's Chief Risk Officer. The Risk Committee was composed of the members of the Management Board and the heads of fundamental Group functions. The Risk Committee aimed to assess and manage the Group's main risks and to discuss and implement the respective measures to be taken. FURTHER CORPORATE GOVERNANCE PRACTICES Risk Management Corestate maintains an advanced Group-wide risk management system that covers the risks of the Company as well as its subsidiaries. All reported risks from Corestate entities are consolidated into quarterly Group risk reports submitted to the Management Board and the Supervisory Board. Relevant risks are also communicated on an ad-hoc basis as needed to ensure active risk management. For regulated companies within the Group, local risk management systems comply with the requirements of the respective supervisory authorities. According to the "Three Lines of Defense" model, Corestate's risk management forms the second line of defense and meets the highest market standards. Local risk managers report functionally to the Group Chief Risk Officer, who oversees all Group risks supported by an IT system. Further details are included in the Group management report. Transparency As a company listed in the regulated market of the Frankfurt Stock Exchange in the General Standard segment, Corestate places great emphasis on complete and consistent disclosure to inform capital market participants and the interested public in a timely and comprehensive manner. Economic developments and material events are regularly published via press releases and ad-hoc announcements, usually simultaneously in German and English on the company website. Key events such as the annual general meeting, relevant real estate conferences, and financial reports are listed in the financial calendar on the website. Managerial Transactions In accordance with the Market Abuse Regulation (EU) No 596/2014, members of the Management Board, Supervisory Board, and other insiders properly fulfill their notification obligations regarding trading in shares or other relevant instruments. These transactions are disclosed on the Corestate website. In 2022, members of both the Supervisory Board and Management Board continued to acquire Corestate shares. Details on directors' dealings are available on the Company´s website under https://corestate-capital.com/en/aktionaere/share/ . Accounting and Independent Audit The consolidated financial statements for the fiscal year ended 31 December 2022, were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. The separate financial statements of the Group companies comply with the respective local accounting standards (local GAAP). KPMG Audit S.à r.l., Luxembourg, ("KPMG") will be formally appointed as statutory auditor for the consolidated financial statements for FY2022, FY2023, and FY2024. Corestate has been a public-interest entity since 2016. Diversity The Company applies diversity policy. Diversity is an important value and integral to sound governance and sustainable business practices of the Company. The Company engaged to foster a broad range of perspectives and competences within its leadership and enhance effective oversight. The Company´s diversity policy specifically addresses age, gender, educational and professional backgrounds, geographical provenance, minority/vulnerable groups, and disability. The key objectives of the diversity policy include: Enhancing decision-making: bringing diverse perspectives to facilitate independent opinions and constructive discussion. Effective risk oversight: Ensuring the board is equipped to identify and manage a broad spectrum of risks. Talent attraction/retention: fostering an inclusive culture to attract and retain high-quality talent. Compliance: meeting legal and regulatory requirements for diversity disclosure. Reflecting stakeholder diversity: ensuring the board's composition reflects the company's employees, customers, and the broader society it operates in. The diversity policy has been well implemented in the Company during various business activities: Recruitment and selection: incorporating diversity considerations into the search and nomination process for new board members. Monitoring: regularly benchmarking the current diversity within the management bodies against set targets. Training: providing training to board members and management on diversity and inclusion best practices. Succession planning: ensuring a diverse pipeline of potential future leaders is considered. As of the end of the financial year 2022 the Company achieved 25% of board members are women and 20% of employees are women. The average age of board members is 51 years. The average age of employees is 51 years. Board members possess professional backgrounds spanning consulting, finance, legal, technology and human resource. DISCLOSURE TO ART. 11 LUX LAW DISCLOSURE PURSUANT TO ARTICLE 11 OF THE LUXEMBOURG LAW ON TAKEOVERS OF 19 MAY 2006 The information required by article 10.1 of Directive 2004/25/EC on takeover bids, as implemented by article 11 of the Luxembourg law on takeovers of 19 May 2006 (as amended), is set forth below: The Company continues to have a single category of shares (ordinary shares). For the latest information on the capital structure, please refer to https://www.corestate-capital.com under "Shareholders" → "Share" → "Shareholder Structure", where the shareholding structure chart is regularly updated. The articles of association of the Company do not contain any restrictions on the transfer of shares. Certain senior management members may hold shares subject to lock-up periods as part of compensation packages. The shareholding structure, showing all shareholders owning 5% or more of the Company's capital, is available on the Company's website. Control rights of shares issued under employee share schemes are exercised directly by the respective employees. Accordingly, no specific control mechanisms apply to such schemes. The articles of association contain no restrictions on voting rights. No known shareholder agreements exist that would restrict the transfer of securities or voting rights within the meaning of the Transparency Directive. Appointment and replacement of Management Board members and amendments to the articles of association remain as follows: Management Board members are appointed by the Supervisory Board or, in case of a vacancy, by the remaining Management Board members until the next Supervisory Board meeting. Terms of office do not exceed three years, with eligibility for reappointment. Management Board members may be removed or replaced at any time by resolution of the Supervisory Board. Amendments to the articles require a general meeting with specific quorum and voting requirements as set out by law and the articles. Powers of the Management Board remain unchanged: The Management Board manages the Company under the supervision of the Supervisory Board. It has the broadest powers to act within the Company's purpose, except for those powers reserved by law, the articles, the Supervisory Board, or the general meeting. Certain transactions require prior Supervisory Board approval. The Management Board may appoint persons or committees to carry out specific functions. Share issuance and buyback authorizations remain valid as previously granted, subject to the specified limits and conditions. There are no significant agreements that would be triggered or changed by a change of control following a takeover bid. No agreements exist with Management Board members or employees providing compensation upon resignation, dismissal without cause, or cessation due to a takeover bid, beyond mandatory severance under Luxembourg law. REMUNERATION REPORT The Remuneration Report explains the structure and amount of the remuneration of the Management Board and Supervisory Board. The Report is based on the recommendations of the German Corporate Governance Code (GCGC) as amended on 28 April 2022, and on the requirements of the German Commercial Code (HGB) and German accounting standards. Preliminary remark The following overview provides a composition and changes that took place within the Management Board in the financial year. René Parmantier René Parmantier's assignment as a member of the Management Board of CORESTATE Capital Holding S.A. in the role as Chief Executive Officer (CEO) was prematurely terminated on 7 March 2022. The service agreement initially concluded with René Parmantier provided for an appointment until 31 December 2023. The Supervisory Board and René Parmantier mutually agreed on the premature termination allowing René Parmantier to focus on his duties as Corestate's Head of Real Estate Debt as of this date. Johannes Märklin Johannes Märklin's assignment as a member of the Management Board of CORESTATE Capital Holding S.A. in the role as Chief Debt Financing Officer (CDFO) was prematurely terminated on 7 February 2022. The service agreement initially concluded with Johannes Märklin provided for an appointment until 15 January 2024. Sebastian Ernst Sebastian Ernst's assignment as a member of the Management Board of CORESTATE Capital Holding S.A. in the role as Chief Debt Investment Officer (CDIO) was prematurely terminated on 7 February 2022. The service agreement initially concluded with Sebastian Ernst provided for an appointment until 15 January 2024. Stavros Efremidis Stavros Efremidis took over the Management Board position of Chief Executive Officer (CEO) previously held by René Parmantier. He was appointed by the Supervisory Board with effect from 7 March 2022 initially until 28 February 2025. The Supervisory Board and Stavros Efremidis mutually agreed on the premature termination of his contract as a member of the Management Board with effect from 31 December 2022. Ralf Struckmeyer The Management Board position of Chief Investment Officer (CIO) was taken over by Ralf Struckmeyer, who was appointed in his new role by the Supervisory Board with effect from 7 March 2022 until 28 February 2025. The Supervisory Board and Ralf Struckmeyer mutually agreed on the premature termination of his contract as a member of the Management Board with effect from 31 December 2022. Izabela Danner The Management Board position of Chief Operating Officer (COO) was taken over by Izabela Danner, who was appointed in her new role by the Supervisory Board with effect from 7 March 2022. From 1 January 2023, she also held the position as Chief Investment Officer (CIO). Mrs. Danner`s appointment as a member of the Management Board ended regularly at the end of the contractually agreed term on 31 December 2024. Udo Giegerich The Management Board position of Chief Operating Officer (CFO) was carried out by Udo Giegerich, whose service contract was prematurely terminated as of 31 May 2023. Remuneration System of the Management Board Main elements In general, Corestate's remuneration system takes into account the financial performance and success of the Company as well as the personal performance of the Management Board member in order to ensure the sustainable success of the Company. The remuneration system is performance and success-oriented, with the criteria of longterm orientation, appropriateness and sustainability being of decisive importance. The remuneration of the Management Board for the entire financial year 2022 consists of a fixed remuneration component (basic remuneration), a variable remuneration component with a short-term incentive function (Short-Term Incentive, STI) and a variable remuneration component with a medium to long-term incentive function (Long-Term Incentive, LTI). The respective contractually regulated annual target values of the individual remuneration components are as follows: Stavros € Efremidis Ralf Struckmeyer Izabela Danner Udo René Parmantier Sebastian Ernst Johannes Märklin 7.3.2022 - 7.3.2022 - since Giegerich until until until 31.12.2022 31.12.2022 7.3.2022 7.3.2022 7.2.2022 7.2.2022 Basic Salary 850,000 450,000 400,000 600,000 900,000 850,000 850,000 STI 550,000 250,000 300,000 360,000 600,000 540,000 540,000 LTI - - - 490,000 800,000 810,000 810,000 Entire Remuneration 1,400,000 700,000 700,000 1,450,000 2,300,000 2,200,000 2,200,000 Entire Remuneration Cap 4,310,000 2,250,000 1,500,000 1,500,000 2,450,000 2,440,000 2,440,000 The remuneration system requires that the total remuneration corresponds with market conditions on the basis of a vertical and horizontal comparison. The horizontal comparison is based on the market environment of the Company, taking into account such criteria as industry, size and country. The Supervisory Board used the available remuneration data of comparable listed companies in the real estate sector taking into account Corestate's market position, structure and size. In addition, the Supervisory Board considered the development of the Management Board remuneration in relation to the compensation of Corestate's workforce in a vertical comparison. The appropriateness review of Management Board compensation has shown that the remuneration resulting from target achievement in the financial year 2022 is appropriate. Basic remuneration components The basic remuneration is paid to the Management Board members monthly in twelve equal instalments. The members of the Management Board are reimbursed for the cost of their private health insurance and their private long-term care insurance, limited to the amount of the employer's contributions that would notionally be payable in the event of a statutory social security obligation. In the event of illness or incapacity to work during the service agreement through no fault of the Management Board member, the Management Board member is entitled to continued payment of the pro rata fixed salary and the pro rata average annual variable remuneration for six months, but no longer than until the end of the service agreement. Fringe Benefits In addition to the basic remuneration, the members of the Management Board are contractually granted fringe benefits that are individually defined in some cases. Assumption of tax consulting costs by the Company Members of the Management Board (with the exception of Stavros Efremidis, Ralf Struckmeyer, Udo Giegerich and Izabela Danner) are also reimbursed by the Company for tax consulting costs incurred in connection with their annual income tax return for Luxembourg up to a maximum amount of € 5,000. Bahncard 100 The Company bears the annual costs for a Deutsche Bahn Bahncard Business 100 valid for 1st class. Company car The Board Members Sebastian Ernst and Johannes Märklin are each entitled to receive a company car for company and private usage. The tax incurring on this remuneration in kind must be paid by the respective Board Member. The car usage is limited to the duration of the service agreement. Group accident insurance Furthermore, the members of the Management Board participate in a Group accident insurance policy of the Company that covers both professional and private accidents. The benefits granted by the insurance to the insured person or his or her legal heirs, amount to a maximum of € 1,000,000 in the event of death or a maximum of € 3,750,000 in the event of full disability. DCO insurance A DCO (Directors C Officers) liability insurance policy without a deduction has also been set up for the members of the Management Board. Short-term variable remuneration component (Short-Term Incentive, STI) The short-term incentive is an annual, pro rata temporis payment. In the case of Udo Giegerich, the amount is determined by the degree of achievement of the following three STI targets: Earning targets in accordance with the business plan for the entire CORESTATE Group prepared annually by the Company's Management Board and approved by the Supervisory Board. Share price : Development of the Company's share price or a share-price-related performance indicator in accordance with the individual regulations agreed to between the member of the Management Board and the Supervisory Board. In the case of the board member Udo Giegerich this STI target component merely focuses on the Company's share price. The personal performance of the individual member of the Management Board. The short-term incentive of the Management Board members Stavros Efremidis, Ralf Struckmeyer and Izabela Danner is determined annually by the Supervisory Board at its reasonable discretion (limited by the individual caps), in accordance with the provisions of the applicable compensation policy. Similar agreements on the short-term incentives had been in place for the resigned Management Board Members. These, however, were overruled by the restructuring and termination agreements as laid out further below. Due to the restructuring of the Company, no STI was made to the members of the Management Board in 2022 with the exception of Udo Giegerich with an amount of EUR 212,500. Long-Term variable remuneration component (Long-Term Incentive, LTI) T he Long-Term-Incentive remuneration component for Udo Giegerich, René Parmantier, Sebastian Ernst and Johannes Märklin is structured as an entitlement to shares in the Company to which some of the Management Board members (see table above) are entitled under certain conditions (so-called LTI criteria). These LTI criteria are defined as following: Earning targets in accordance with the business plan for the entire Corestate Group prepared annually by the Company's Management Board and approved by the Supervisory Board of the Group Development of the Company's share price The achievement of qualitative and quantitative targets including safeguarding good Corporate Governance and sustainable development of the CORESTATE Group in the case of Udo Giegerich, Sebastian Ernst and Johannes Märklin. And the implementation of ESG measures in the case of René Parmantier. For the Management Board members Stavros Efremidis, Ralf Struckmeyer and Izabela Danner the implementation of an LTI-program in the form of share-price-based performance compensation with a multi-year assessment basis was foreseen. The specific terms and entry into force of this scheme were dependent on the approval of the Supervisory Board and, in the event of a necessary change in the current compensation policy, also the approval of the Annual General Meeting. Due to the special situation in the fiscal year 2022, there was no approval by the Supervisory Board. In such an event, the service agreement of the Management Board members foresees that the LTI is determined by the Supervisory Board in accordance with the terms of the currently applicable compensation policy at its reasonable discretion. Accordingly, due to the restructuring of the Company however, no LTI was given to any of the members of the Management Board in 2022. Clawback provision The Supervisory Board is entitled to recover from the Management Board member all or part of the variable compensation that has already been paid out as well as to withhold any variable compensation that has not yet been paid out. The precondition for this is the occurrence of one of the following three events: Serious violations by the Management member against his statutory obligations Serious violations by the Management member against corporate guidelines on conduct other negative performance-related factors Compensation-related provisions on the termination of service agreements Provisions in the event of premature termination of the service agreement In the event of termination by the Company with good cause, the Management Board member is not entitled to variable compensation of any kind for the current financial year. In the event of premature termination of the service agreement without good cause, the following principles will apply. Any outstanding variable remuneration components attributable to the period up to the termination of the agreement will be paid out in accordance with the originally agreed targets and comparison parameters and in accordance with the due dates or holding periods specified in the service agreement or in the intended agreement on a LTI with a multi-year assessment basis. In general, the respective Management Board member is not entitled to a guaranteed payment of a 'golden parachute'. Notwithstanding this principle, the Management Board member may be entitled to a severance payment in accordance with market practice and compensation policy. However, in the case of Izabela Danner any severance payments may not exceed the lower of two years' compensation (fixed salary, STI and LTI) or the annual compensation for the remaining term of the service contract (severance payment cap). Provisions in the event of premature termination of the service agreement due to death In the event of premature termination due to death Izabela Danner is entitled to continued payment of the pro rata fixed salary and the pro rata average annual variable remuneration for the month of death and the three subsequent months, but no longer than until the end of the service agreement. Total remuneration of Management Board Stavros € Efremidis Ralf Struck- meyer 7.3.2022 - Izabela Danner since Udo Giegerich René Parmantier until Sebastian Ernst until Johannes Märklin until 31.12.2022 31.12.2022 7.3.2022 7.3.2022 7.2.2022 7.2.2022 Fixed Amount 632,219 366,580 325,848 600,000 166,841 92,846 93,698 Additions 54,696 4,637 4,024 5,010 3,982 10,851 14,890 Total Fixed 686,915 371,217 329,872 605,010 170,823 103,697 108,588 STI - - - 212,500 - - - LTI - - - - - - - Total Variable - - - 212,500 - - - Total Fix C Variable 686,915 Payments 371,217 329,872 817,510 170,823 103,697 108,588 Compensation Payments - - 1,200,000 - - Total one-off - - - - 1,200,000 - - Total 686,915 371,217 329,872 817,510 1,370,823 103,697 108,588 The following remuneration amounts were granted in the financial year 2022: 7.3.2022 - Payments Payments Payments Remuneration In addition, an income of reversal of prior year's LTI-provision in the amount of € 3.5m was recognized. Benefits on the occasion of the termination of Management Board activities René Parmantier The Management Board service contract as Chief Executive Officer (CEO) of René Parmantier was terminated with effect from 7 March 2022. All claims resulting from the termination of his service agreement (including STI and LTI) were settled by a final payment of € 1,200,000. Other Management Board members The termination of the service contracts for the former Management Board members Stavros Efremidis, Sebastian Ernst, Johannes Märklin und Ralf Struckmeyer were settled with no STI- and LTI-payments. Remuneration system for the Supervisory Board Statutes From 1 January 2022 to 31 December 2022, the Supervisory Board of the Company had three members at each point in time. The chairmanship was held by Stavros Efremidis from 1 January 2022 until 7 March 2022, followed by the chairmanship of Dr. Bertrand Malmendier from 7 March 2022 until 3 December 2022. As of 3 December 2022 until year end, the chairmanship of the Supervisory Board was held by Dr. Nedim Cen. The Articles of Association provide for the following remuneration for the members of the Supervisory Board. The Chairman of the Supervisory Board is entitled to annual remuneration of € 150,000 and the Deputy Chairman of the Supervisory Board to annual remuneration of € 100,000. The third member of the Supervisory Board is entitled to a remuneration of € 75,000. The remuneration is aligned with the recommendations of the German DCGK-Codex. This means that the Supervisory Board members are getting no remuneration based on success of the Company but solely a fixed sum. In addition to the annual remuneration, each member of the Supervisory Board is entitled to a meeting allowance of € 750 for each meeting the member attends in person, per telephone or videoconference. The Supervisory Board Members shall further be reimbursed for all reasonable and properly documented costs incurred as part of their mandate. Further, every Supervisory Board Member shall benefit from a market-standard DCO insurance. The Chairman of the Company's Audit Committee and the Chairman of the Company's Nomination and Remuneration Committee are entitled to an additional annual remuneration of € 10,000. The Chairman of any other Company committee (i.e. in case of the Company, the Corporate Governance Committee), should there be one, shall be entitled to additional annual remuneration of € 10,000. Each other member of the Company's Audit Committee, Nomination and Remuneration Committee and any other company committees, should there be one, shall be entitled to an additional annual remuneration of € 5,000. According to the Articles of Association, the annual remuneration (after deduction of all taxes due) is payable in a single lump sum within ten days after the end of each financial year. Supervisory Board members who have been members of the Supervisory Board or a committee of the Supervisory Board for only part of the financial year receive corresponding pro rata (act/365) remuneration for that financial year. Total remuneration of Supervisory Board The remuneration amounts for the Supervisory Board have been granted as stated hereinafter. Deviations to the foreseen annual amounts are related to individual agreements on premature contract assignment terminations. Dr. Bertrand Malmendier (since 1 January 2022): € 209,500 Stavros Efremidis (1 January through 7 March 2022): € 38,393 Dr. Roland Folz (7 March through 3 December 2022): € 204,500 Dr. Friedrich Oelrich (until 3 December 2022): € 173,000 Dr. Nedim Cen (since 3 December 2022): € nil Dr. Sven-Marian Berneburg (since 3 December 2022): € 8,219
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