MIDI p l c : Update to the Financial Analysis Summary

Company Announcement

The following is a Company Announcement issued by MIDI p.l.c. ("MIDI" or the "Company") pursuant to the Capital Markets Rules of the Malta Financial Services Authority ("MFSA").

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Update to the Financial Analysis Summary

MIDI p.l.c. announces the publication of the update to the Financial Analysis Summary dated 14th June 2024, prepared by Rizzo Farrugia & Co (Stockbrokers) Ltd., in line with the requirements of the MFSA Policies in relation to the €50 million 4% Secured Bonds 2026 issued by the Company in 2016.

The update to the Financial Analysis Summary is being attached to this announcement. This report is also available on the Company's website via the following link https://www.midimalta.com/en/updatefas.

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Catherine Formosa

Company Secretary

14th June 2024

MIDI p.l.c., North Shore, Manoel Island, Malta	Tel: [phone], Fax: [phone]
Company Registration No. C 15836	Email: [e-mail] Website: www.midimalta.com

The Board of Directors

MIDI plc

North Shore,

Manoel Island,

Limits of Gzira, GZR 3016

14 June 2024

Dear Sirs,

MIDI plc - update to the Financial Analysis Summary (the "Update FAS")

In accordance with your instructions and in line with the requirements of the MFSA Listing Policies, we have compiled the Update FAS set out on the following pages and which is being forwarded to you together with this letter.

The purpose of the Update FAS is that of summarising key financial data appertaining to MIDI plc (the "Company", "MIDI", or "Issuer") in relation to the €50 million 4% Secured Bonds 2026 issued by the Company in 2016.

The data in this Update FAS is derived from various sources or is based on our own computations as follows:

1. historical financial data for the three years ended 31 December 2021 to 2023 has been extracted from the Issuer's audited statutory financial statements for the three years in question, as and when appropriate;
2. the forecast data for the financial year ending 31 December 2024 has been provided by management of the Issuer;
3. our commentary on the results of the Issuer and on the respective financial position is based on the explanations provided by the Issuer;
4. the ratios quoted in the Financial Analysis Summary have been computed by us applying the definitions as set out and defined within the Update FAS; and
5. relevant financial data in respect of the comparative set as analysed in part D has been extracted from public sources such as the web sites of the companies concerned or financial statements filed with the Malta Business Registry.

The Update FAS is meant to assist potential investors by summarising the more important financial data of the Issuer. The Update FAS does not contain all data that is relevant to potential investors and is meant to complement, and not replace, financial and/or investment advice. The Update FAS does not constitute an endorsement by our firm of the securities of the Issuer and should not be interpreted as a recommendation to invest. We shall not accept any liability for any loss or damage arising out of the use of the Update FAS and no representation or warranty is provided in respect of the reliability of the information contained in this report. As with all investments, potential investors are encouraged to seek professional advice before investing.

Yours sincerely,

Doreanne Caruana

Head of Corporate Advisory

FINANCIAL ANALYSIS SUMMARY

Update 2024

Prepared by Rizzo, Farrugia & Co (Stockbrokers) Ltd, in compliance

with the Listing Policies issued by the Malta Financial Services Authority,

dated 5 March 2013, as revised on 13 August 2021.

14 June 2024

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TABLE OF CONTENTS

IMPORTANT INFORMATION

PART A	BUSINESS & MARKET OVERVIEW UPDATE
PART B	FINANCIAL REVIEW
PART C	LISTED SECURITIES
PART D	COMPARATIVES
PART E	GLOSSARY

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IMPORTANT INFORMATION

PURPOSE OF THE DOCUMENT

MIDI plc (the "Company", "MIDI" or the "Issuer") issued €50 million 4% Secured Bonds 2026 pursuant to a prospectus dated 28 June 2016 (the "Bond Issue"). The prospectus included a Financial Analysis Summary ("FAS") in line with the requirements of the MFSA Listing Policies dated 5 March 2013 and last revised on 13 August 2021. The purpose of this report is to provide an update to the FAS (the "Update FAS") on the performance and on the financial position of the Company.

SOURCES OF INFORMATION

The information that is presented has been collated from a number of sources, including the Company's website (www.midimalta.com), the Company's audited financial statements for the years ended 31 December 2021, 2022 and 2023 and forecasts for financial year ending 31 December 2024.

Forecasts that are included in this document have been prepared and approved for publication by the directors of the Company, who undertake full responsibility for the assumptions on which these forecasts are based.

Wherever used, FYXXXX refers to financial year covering the period 1st January to 31st December. The financial information is being presented in thousands of Euro, unless otherwise stated, and has been rounded to the nearest thousand.

PREVIOUS FAS ISSUED

The Company has published the following FAS which are available on its website:

FAS dated 28 June 2016 (appended to the prospectus)

FAS dated 19 June 2017

FAS dated 20 June 2018

FAS dated 21 June 2019 (and addendum dated 21 August 2019)

FAS dated 23 June 2020

FAS dated 23 June 2021

FAS dated 27 June 2022

FAS dated 21 June 2023

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PART A	BUSINESS & MARKET OVERVIEW UPDATE

1. INTRODUCTION

MIDI plc was established in 1992 as a private consortium and was admitted to listing on the Malta Stock Exchange in December 2010. In June 2000, MIDI acquired the emphyteutic rights to the land at Tigné Point (Sliema) and Manoel Island (Gzira) from the Government of Malta for a period of 99 years. Tigné Point is one of the largest residential, commercial and leisure property development projects in Malta to date.

MIDI AND ITS SUBSIDIARIES (THE "GROUP")

MIDI is the holding company of the Group, as sole shareholder (directly or indirectly) of Tigné Contracting Limited ("TCL") and T14 Investments Limited ("T14L").

TIGNÉ CONTRACTING LIMITED

Tigné Contracting Limited was established in Malta on 10 July 2001 as a private limited liability company. TCL serves as the Group's main contractor to execute the construction and development of Tigné Point and Manoel Island. As such, the majority of contracts with third party contractors are entered into through this company.

T14 INVESTMENTS LIMITED AND MID KNIGHT HOLDINGS LIMITED

T14 Investments Limited was established in Malta on 21 February 2014 as a private limited liability company. During that same year, T14IL entered a joint venture with Benny Holdings Limited - Mid Knight Holdings Limited - that developed, manages and owns (save for two floors) the business centre (known as The Centre) located at Tigné Point.

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SOLUTION & INFRASTRUCTURE SERVICES LIMITED

Until October 2023, Solution & Infrastructure Services Limited ("SIS") was a full-owned subsidiary of MIDI plc, established in Malta on 5 June 2006 as a private limited liability company. The company was initially set up as a joint venture between MIDI and Siemens S.p.A. On 14 September 2015, MIDI acquired the remaining 50% shareholding owned by Siemens S.p.A.

The principal operations of SIS were focused on the operation of an HVAC centralised system which consists of the provision of heating and cooling to various residential and commercial components at Tigné Point. Apart from HVAC, SIS continues to provide access control services at Tigné Point.

During 2023, SIS was merged into MIDI plc, and its operations are now being undertaken by the Company.

2. KEY OPERATIONAL ASSETS AND DEVELOPMENTS

TIGNÉ POINT

Tigné Point is a residential, commercial and leisure development located in Sliema. The development comprises 442 residential units (including the upcoming development known as Q3, which will consist of 63 units) complemented by office facilities, a shopping mall, parking facilities and Pjazza Tigné which also includes commercial and leisure outlets. The project places a strong emphasis on the restoration of historic sites including Fort Tigné, the Garden Battery, St. Luke's Garrison Chapel, army barracks and the clock tower. All traffic is routed underground, providing a car-free zone at ground floor level and extensive green areas and public spaces. These attributes make it a unique development for Malta in many respects.

THE CENTRE

The joint venture between MIDI (through T14IL) and a third-party investor in 2014 - Mid Knight Holdings Limited - was established to carry out the construction and development of the T14 Business Centre, now known as The Centre, which was completed in 2017. The Centre is fully owned by Mid Knight Holdings Limited save for two floors which were sold during FY2017 and FY2023, respectively. The remaining owned floors are rented out to third parties with quasi full occupancy levels maintained throughout the years.

RECENT DEVELOPMENTS

Q3

Development works on the final development at Tigné Point known as Q3 - Fortress Gardens commenced during the course of 2022. Civil works on the residential block of 63 apartments complimented with underlying car parking have been completed. Moreover, finishing works (including mechanical and engineering works)

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and façade works are progressing well and are in line with the expected timelines. In January 2023, the Company launched all 63 apartments to the market, and these were positively received as more than 80% of the units are currently subject to a promise of sale agreement. This development is expected to be completed by mid-2025, with delivery of same to prospective owners planned for the second half of 2025.

DEVELOPMENTS ON THE MANOEL ISLAND PROJECT

During FY2023, the Company continued to focus on the Manoel Island project in connection with the following aspects:

1. discussion with Government regarding the specific remedies available in the Deed of Emphyteusis entered into 15 June 2000 to mitigate the impact of the reduction in development volumes (from 127,000 square metres to 95,000 square metres) following the discovery of archaeological finds on site;
2. the appeal lodged by third-parties at the Court of Appeal objecting to the decision by the
   Environment and Planning Review Tribunal ("EPRT") to reject the appeal to the approval of the Environmental Impact Assessment ("EIA") by the Environmental and Resources Authority ("ERA"). On 10 May 2023, the Court of Appeal issued its judgement whereby it did not uphold the third party's appeal. As a result, the EIA and Outline Development Permit are now confirmed;
3. continuing discussions with AC Enterprises Limited (C 49755) as both parties explore the possibility of establishing a joint venture with regards to the Manoel Island development. Although significant progress has been made in these discussions, no transaction has been concluded as at the date of the report; and
4. continued works on a detailed design process which led to the submission of a full development application for the Manoel Island development (PA/01053/23) in December 2022. The Planning Board deferred a public hearing (that was held on 14 May 2024) as it deemed desirable to commission a Heritage Impact Assessment ("HIA") given that Manoel Island lies within the proposed buffer zone for the Valletta World Heritage Site. Whilst the Company is confident that the Manoel Island development will not impact the heritage status of Valletta, a decision on the full development application is now expected in the second half of this year following the completion and submission of the HIA.

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3. GOVERNANCE AND SENIOR MANAGEMENT

The Board of MIDI consists of ten directors who are entrusted with the overall direction and management of

the Company. The Board is currently composed of the following directors:

BOARD OF DIRECTORS	ROLE
Dr Alec A. Mizzi	Chairman & Non-Executive Director
Mr Joseph Bonello	Non-Executive Director
Mr David Demarco	Non-Executive Director
Mr Joseph A. Gasan	Non-Executive Director
Ms Jacqueline Briffa	Non-Executive Director
Mr Joseph Said	Non-Executive Director
Mr Mark Portelli	Executive (Managing) Director, CEO
Mr Alfredo Munoz Perez	Non-Executive Director
Mr Jonathan Buttigieg	Non-Executive Director
(appointed on 19 June 2023)
Dr Sarah Mamo	Non-Executive Director
(appointed on 10 January 2023)

Mr Gordon Polidano occupied the role of director until 19 June 2023.

The Company Secretary is Dr Catherine Formosa.

The Issuer has a number of employees of its own. The executive management of MIDI is composed of the following:

EXECUTIVE MANAGEMENT	ROLE
Mr Mark Portelli	Chief Executive Officer
Mr Jesmond Micallef	Chief Financial Officer
Mr Ivan Piccinino	Senior Project Manager

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4. MARKET OVERVIEW

THE PROPERTY MARKET

The construction and real estate industries have traditionally been key drivers of growth for the local economy. Moreover, the positive correlation between the performances of the local economy and the construction and real estate industry has been particularly evident over the years. These have been mainly fuelled by favourable local and external macroeconomic dynamics as well as various initiatives (including fiscal incentives) by the Government of Malta aimed at boosting the overall level of public and private investment, regenerate business/retail and consumer confidence, and increase the participation and relocation of numerous foreigners and foreign companies opting to reside and do business in Malta.

THE RESIDENTIAL PROPERTY MARKET IN MALTA

Following the disruption in the momentum that was building in the local economy caused by COVID-19, data indicates that the construction and real estate industry has since reembarked on a growth trajectory.

	CBM Property Prices Index 2000-2023
	(base: 2015 = 100)
	200.0
	180.0
	160.0
	140.0
	120.0
PPI	100.0
	80.0
	60.0
	40.0
	20.0
	0.0

The Property Price Index published by the Central Bank of Malta, which is based on published prices, indicate a general upward trend in the index, with a small dip noticed during 2020, only to increase again as from 2021. The increase in 2023 was significant, when compared to the shifts in previous years, at 8.3% to 172 points. Permits issued in 2023 were 37.4% higher than those issued in 2022, despite the drop in the last quarter of the year of 10.1%. Furthermore, notwithstanding the number of promise of sale agreements entered into

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