Quarterly Report

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Sygnus Real Estate Finance Limited Una udited Results for the 9 Months Ended Ma y 31 , 202 6 Castries, St Lucia | Wedne s d ay , July 1 5 , 202 6 Sygnus Real Estate Finance L imi t e d (“SRF” or “ the Group ”) is pleased to report on the un audited financial results which includes the third quarter ended May 31, 2026, (“Q3 2026”) and the nine month period ended May 31, 2026 , ( “9 Month FY 2026”). These results are accompanied by a summary management discussion and analysis (“MD&A”), which is to be read in conjunction with the un audited financial statements. The unaudited financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, and should be read in conjunction with the Group’s annual consolidated financial statements as at and for the financial year ended August 31, 202 5 (“FYE Aug 202 5 ”). The MD&A may contain forward - looking statements based on assumptions and predictions of the future, which may be materially different from those projected. SRF’s investment strategy focuses on real estate investment assets that offer significant appre ciation potential through active management of equity investments (investment property, joint ventures and developments), complemented by income generated from debt and quasi - debt investments used to finance real estate assets (real estate investment notes or REINs). MANAGEMENT DISCUSSION AND ANALYSIS Results of Operations During the period end ing May 31, 202 6, SRF advanced the construction of Lakespen Indu s trial Park, its third and largest development project . T he J$ 4.0 5 billion 55 - acre commercial and logistics hub is approaching the 20% completion milestone , with meaningful progress on underground infrastructure and site - development works. The group reported net profit attributable to shareholders of J$444.29 million for Q3 2026, representing a n increase of J$292.54 million , or 192.8% , compared with J$151.74 million for Q3 2025. This performance was driven primarily by a gain of J$806.93 million recognized from the increase in value of the Lakespen development following the commencement of construction . The development, located in Lakespen, St Catherine, will offer 34 serviced lots with flexible lots sizes from 0.8 to 3.0 acres to facilitate a range of business needs, and is slated to be completed by the second half of 2027 . SRF believes industrial real estate will be an important contributor to Jamaica’s investment - grade economic trajectory, and Lakespen Industrial Park is positioned to support that growth. The Lakespen I ndustrial park follows SRF ’s completion of the J$ 4 .0 0 billion nine ( 9 ) s torey One Belmont Commercial Tower on Belmont Road in 20 24 and the J$ 1. 11 billion Spanish Penwood built to suit industrial facility on Spanish Town Road in 20 23 . Following final regulatory approval from the Real Estate Board in March 2026, S RF is advancing the c onver s ion of early lot reservations into binding sale agreements , supported by significant market interest. The Group also advance d its other strategic projects during the period. Interior build - out works continued for selected tenants at the nine - storey One Belmont commercial office tower, with third - tenant occupancy expected in 2026 . The monetization of SRF’s partial exit from the One Belmont investment also progressed, with completion targeted for calendar year 2026 , while value - creation activities for the Mammee Bay hospitality asset in St. Ann continued to advance . The G roup reported a 10 . 5 % increase in book value per share, rising to J$2 6 . 67 from J$24. 14 from the similar period last year . For Q 3 202 6 , total investment income or core revenues was J$ 675.53 million compared to J$ 380.54 million for the three months ended Ma y 31 , 202 5 (“ Q 3 2025”) w hile total investment income or core revenues was J$ 540.11 million for 9 Month FY 2026 compared to J$ 407.13 million for the nine months ended May 31 , 2025. This was primarily attr ibutabl e to the revaluation gain recognized o n the Lakespen property during the current period . The weighted average fair value yield on REINs improved to 9. 4 % compared to 8. 4 % last year, wh ile the weighted average yield on REINs measured at amortised cost decreas ed to 14. 0 % vs 1 4 . 5 % last year , due to the exit of a higher y ielding REIN . The increase noted in the weighted average fair value yield on REINs w as driven by the redeployment of capital into higher yielding real estate investment

Sygnus Real Estate Finance Limited Una udited Results for the 9 Months Ended Ma y 31 , 202 6 note s , and is expected to i mprove in the medium term as SRF continues to advance exits of older real estate investment notes via sale of units and substantially increase its exposure into higher - yielding third - party income - generating assets. The weighted average cost of debt increased to 8. 7 % from 8 . 2 % last year , largely reflecting additional debt facilities carrying rates above the portfolio average. The share of loss on joint ventures amounted to J$ 3 4 . 78 million for the quarter ending Ma y 31 , 2026 compared to a gain of J$ 5 43 . 85 million last year , while the share of loss on joint ventures was J$ 52 . 85 million for 9 Month FY 2026 compared to a share of gain of J$ 583 . 11 million last year , driven by SRF’s strategic acquisition of 86% of the ordinary shares in Delphin Holdings Limited, the joint venture formed in Q3 2025 . SRF’s total investment income consisted of various activities aimed at unlocking value from its real estate investment portfolio, namely: interest income , lease and other income related to workout asset s ; and share of gain or loss on its joint venture investments. Due to the nature of its business model, SRF may exper ience fluctuations or “lumpiness” in total investment income and net profits during interim reporting periods, which usually stabilizes by the end of each financial year, as evidenced by the FYE Aug 202 5 results relative to the interim quarterly performance . The Group uses independent appraisers to value its investment assets annually. All investment properties are USD - denominated investment assets that are translated to JMD for financial reporting purposes. SRF’s key strategic assets are held via wholly owned subsidiaries or joint ventures. SRF Subsidiaries | Joint Ventures Ultimate Underlying Asset Company Type Audere Holdings Limited 78,790 sq. ft. commercial tower development. One Belmont | 1 - 3 Belmont Road, Kingston 86 % Joint Venture Charlemagne Holdings Limited Montrose Road, Kingston. 0.9 acre | Residential 100% Subsidiary Delphin Holdings Limited N ew Court , Trelawny , 4.9 acres | Hospitality / Residential 86% Joint Venture Lakespen Holdings Limited Lakespen, St. Catherine. 55 .4 acres | Industrial 100% Subsidiary 5658 LMR Limited Land Fall , Ocho Rios , St. Ann . 1.3 acres | Residential 7 1 % Joint Venture Sepheus Holdings Limited Mammee Bay, St Ann. 14.4 acres | Hospitality 100% Subsidiary Sygnus REF Jamaica Limited Lease Participation Investment | 443 - 445 Spanish Town Road, Kingston 100% Subsidiary For the three months ended Ma y 31 , 2026, n et investment income or core earnings was J$ 511.71 million versus J$ 2 6 5 . 29 m illion last year w hile for the nine months ended Ma y 31 , 2026, n et investment income or core earnings was J$ 84 . 04 million versus J$ 10 5 . 08 million last year. The increase recorded for the three - month period was mainly attributable to the gain of J$806.93 million recorded on the Lakespen property after its reclassification t o Inventory Lots held for Sale, while the reduction recorded for the comparative nine - month period was resultant of increased operating expenses as SRF reverted to its 2.00% management fee structure after the temporary two - year reduction ended . For FYE August 202 5 , SRF generated J$ 1 . 1 8 b illion in net investment income. N et profit attributable to shareholders for Q 3 202 6 amounted to J$ 444 . 2 9 million vs a profit of J$ 151 . 74 million last year, while net profit for 9 Month FY 2026 amounted to J$ 46 . 0 8 million versus a loss of J$ 45 . 71 million in the corresponding period last year. SRF has generated an average annual return on equity (ROE) of 17.5% over the past six years since inception through the end of August 2025. Basic earnings per share (EPS) was J$ 1 . 2 8 for Q 3 202 6 relative to J$ 0. 44 last year , while diluted EPS was identical to basic for both Q 3 202 6 and Q 3 2025. Basic earnings per share (EPS) was J$ 0 .1 3 for 9 Month FY 202 6 relative to negative J$ 0. 14 last year , similarly , diluted EPS was identical to basic for the both nine month periods . B asic core earnings or net investment income per share (NIIPS) was J$ 1 . 47 for Q 3 202 6 , compared with J$0. 77 last year. For 9 Month FY 2026, basic core earnings or net investment income per share (NIIPS) was J$ 0 .2 4 , compared with J$ 0. 32 last year. Total Operating Expenses SRF reported total operating expenses for Q 3 202 6 of J$1 6 3 . 8 2 million, up 42 . 1 % or J$ 48 . 5 7 million, relative to J$ 11 5 . 2 5 million last year. Total operating expenses for 9 Month FY 2026 amounted to J$ 456 . 07 million , up 5 1 . 0 % or J$15 4 . 02 million, relative to J$ 302 . 05 million last year. Operating expenses increased primarily because management fees returned to their normal level after the temporary two - year reduction ended. An increase in performance fees , advertising and promotion and impairment allowances also contributed to the higher operating expenses. Management , performance and corporate service fees collectively represent ed 61 . 4 % of to tal operating expenses .

Sygnus Real Estate Finance Limited Una udited Results for the 9 Months Ended Ma y 31 , 202 6 M anagement fees were temporarily reduced through to FYE 2025 a s SRF close d out its first investment life cycle, while simultaneously ramping up activities to begin its second investment life cycle. Effective September 1, 2023, management fees were reduced from 2.00% to 1.00% up to August 31, 2024. From September 1, 2024, through August 31, 2025, management fees were reduced from 2.00% to 1.25%. Management fees are typically computed as 2.00% of core assets under management (CAUM). Management fees have revert ed to the 2.00% effective September 1, 2025. CAUM is generally defined as total assets, less project finance related debt of subsidiary companies and less any minority interests. For Q 3 2026 , management and corporate service fees collectively represented 5 4 . 4 % of total operating expenses ( 5 7 . 0 % for 9 Month FY 2026) . Excluding management and corporate services fees, operating expenses were J$ 74 . 62 million (J$ 1 95 . 97 million for 9 Month FY 2026) , up J$ 1 2 . 87 million or 2 0 . 8 % relative to last year ( 9 Month FY 2026: up J$ 46 . 70 million or 3 1 . 3 %) . This result was primarily driven by increase s in performance fees, advertising expenses, and impairment allowance s . Efficiency Ratio and Management Expense Ratio SRF’s management expense ratio (MER) computed as total operating expenses as a percentage of total core assets under manageme nt was 3. 4 % (annualized) and was within the target threshold level of 3.5%. This ratio is assessed at the end of each financial year bu t annualized and tracked during interim quarterly reports. Given the “lumpy” nature of SRF’s interim financial statements in relati on to total investment income, the efficiency ratio, computed as total operating expenses as a percentage of total invest ment income is assessed at the end of each financial year, when the full income earning potential of SRF is actualized. The target threshold for the efficiency ratio is 45.0%. The efficiency and management expense ratios at FYE Aug 202 5 were 26.8 % and 2. 5 % respectively. Fair - Value Gains or Losses SRF generates a fair value gain or loss on a portion of its REINs, which are carried at fair value through its income stateme nt. These customized investments are primarily structured as third - party construction notes with a fixed interest rate and in some instances, a percentage profit participation in the respective real estate project w ith t he real estate projects or assets provid ing 100% collateral coverage for the REINs. For Q 3 2026 , SRF reported a fair value loss of J$ 30 . 3 1 million compared to a loss of J$ 55 . 4 5 million last ye ar , with a fair value loss of J$ 110 . 06 million being reported for 9 Month FY 2026 compared to a loss of J$ 108 . 53 million last year . SRF appointed a receiver during 2024 for two of its secured third - party REINS and has proceeded to take the steps necessary to pursue the collateral to recover the amounts outstanding under the notes . The higher fair value loss was due to increased receivership and completion costs relative to expected recoverable sums from the underlying collateral . 3.5% Threshold

Sygnus Real Estate Finance Limited Una udited Results for the 9 Months Ended Ma y 31 , 202 6 Net Foreign Exchange Gains or Losses Ne t foreign exchange gains were J$ 36 . 37 million for Q 3 2026 versus a loss of J$ 58 . 11 million for Q 3 2025. SRF reported net foreign exchange gains of J$ 72.09 million for 9 Month FY 2026 , compared to a loss of J$ 42 . 50 million last year . A net foreign exchange gain or loss is recorded based on changes in the exchange rate on SRF’s net balance sheet exposure to foreign currency, which in this case is the USD, since its reporting currency is JMD. The vast majority of SRF’s real estate investment assets are denominated in USD however these assets are only valued once per year or i n the event of a material change that necessitates a new valuation, that is, these assets are not marked - to - market assets. As a result , despite being USD assets, they are not classified as financial instruments and thus do not affect net foreign exchange gain or loss as calculated and reported in the financial statements. However, at the end of each financial year when the underlying investment properties are being valued, the change in the valuation includes a component of foreign exchange gain or loss , that is not explicitly reported as an FX gain or loss . Explained differently, more than 7 9 . 0 % of SRF’s real estate investment assets are denominated in USD, but none of these assets are classified as financial instruments. Thus, SRF had a net short USD exposure of US$ 31 . 09 million driven primarily by US$ 2 1. 07 million in notes payable, US$ 9 . 36 million in loans and borrowings , and US$3.00 million in preference shares. R eal Estate Investment Activity S RF’s investment in real estate investment assets increased 1 2 . 4 % or J $ 1. 95 b illion to J$1 7 . 6 5 billio n , spanning 15 investments vs J$1 5 . 70 billion in 1 5 investments last year. Given that the Group is in its second investment life cycle, investment activity has begun to ramp up significantly and is expected to continue in this manner towards the latter part of the 2026 financial year and beyond. Fair value in REINs de creased by a net amount of J$ 3 5 8. 12 million or 16 . 0 % to J$1. 88 billion, as the Group continues to reduce its exposure to the two investment notes under receivership. During the period under review , SRF’s deployment was reduced to J$ 433 . 57 million in new investment commitments , however this is expected to increase significantly in subsequent quarters . Fair value of REINs is expected to increase in the 202 6 financial year , using capital returned from upcoming exits and new capital rais ing initiatives . During the 9 months under review , SRF exited a total of J$ 2 80 . 49 m illion in assets and had J$ 60 . 41 million in dry powder on the balance sheet as at May 202 6 vs J$ 73 . 77 m illion last year . SRF is executing its strategic objective of seeking to substantially increase its investment in new REINs at higher interest rates with funds generated from ongoing investment exits. Deployment in this category of assets is aimed at improving SRF’s income generating capacity via receipt of interest income and reducing the somewhat “lumpy” nature of the groups’ interim financial results. During the first half of the current investment life cycle , SRF is targeting REINs and lease income generating assets from its own developments, to be at a minimum 30% of it s real estate investment assets. * Does not include undrawn credit facilities , and available bridge facilities

Sygnus Real Estate Finance Limited Una udited Results for the 9 Months Ended Ma y 31 , 202 6 Summary Update of Some Major Strategic Assets SRF’s major investment projects continued to advance during the period as the Group continued to diligent ly execut e on its robust investment pipeline. The assets below do not represent an exhaustive listing of all assets owned by SRF or that SRF has invested in. L akespen Holdings, St Catherine | Industrial – Warehouses, Light Manufacturing, Distribution : SRF is actively collaborating with strategic partners to maximize value on this 55 - acre industrial property , which is strategically positioned to provide exceptional connectivity with easy access to both the North - South and East - West highways . The plans to unlock value from this industrial property have advanced significantly, with the commencement of construction in February 2026 , and completion targeted for the second ha lf of 2027 . With the receipt of REB approval , the group has begun the process of converting indicative interest into binding sale agreements as construction activities progress as planned. The development which comprises 46.4 saleable acres will feature amenities such as landscaped common areas, an 8 - f oo t boundary wall equipped with anti - climb security spikes, surveillance cameras throughout the common areas, on - site rapid response security base, underground electrical distribution, a 70,000 - gallon reserve potable water tank, and an engineered drainage solution for flood protection and site durability. As underground infrastructure and site - development works progressed , the sewerage network for the development near ed comple tion, including trenching, pipe installation and backfill activities . C onstruction of the stormwater drainage system and the boundary wall foundation has also commenc ed .

Sygnus Real Estate Finance Limited Una udited Results for the 9 Months Ended Ma y 31 , 202 6 One Belmont: Belmont Road, Kingston | Commercial – Corporate Offices : The 9 - storey corporate office building is expecting to achieve its third tenant occupancy in 202 6 as interior build - out works have advanced on some of the remaining commercial floors. M ammee Bay, St Ann | Hospitality : SRF continues to advance the value creation process for this 14 - acre beachfront strategic asset w ith discussions and negotiations ongoing to unlock the best potential value in the asset, while pursuing approvals from various regulatory bodies. Delphin Holdings Limited , Trelawny | Hospitality / Residential : SRF via its new joint venture partnership Delp hin Holdings Limited acquired a 4.9 - acre property in New Court, Trelawny with preliminary design concepts now being considered to unlock the optimal value of this asset . The property is located approximately 18 miles east of the Sangster International Airport in Montego Bay , Jamaica’s tou r ism capital . Notable properties in the vicinity include : two Royalton Hotels , a new 900 - room Riu Aqua relle Hotel , Planet Hollywood and the Excellence Hotel . The property is zoned for residential and / or hospitality use .

Sygnus Real Estate Finance Limited Una udited Results for the 9 Months Ended Ma y 31 , 202 6 Allocation by Real Estate Category and Investment Category As at Q 3 20 2 6 , SRF’s investments were allocated across 8 sub - categories of real estate, with the largest allocation s to hospitality – investment property ( 3 3 . 6 % ) , industrial - investment property ( 2 8 . 8 % ) and commercial - corporate ( 1 7 . 3 % ) . SRF’s capital was primarily allocated across f our investment categories, namely property investments at 6 4 . 4 % , joint ventures at 2 2 . 4 % , R EINs at 1 0 . 6 % , and LPIs at 2 . 5 % . The increased allocation to property investments YoY was resultant of the value enhanc ement activities undertaken on the Lakespen development . 100% of S RFs capital was deployed into the real estate asset class within the Jamaican economy , with SRF aiming to expand into the Caribbean region during its second investment life cycle .

Sygnus Real Estate Finance Limited Una udited Results for the 9 Months Ended Ma y 31 , 202 6 Balance Sheet Summary As at Ma y 31 , 202 6 , SRF’s total assets increased 1 2 . 9 % or J$ 2 . 0 8 b illion to J$1 8 . 14 billion compared with J$1 6 . 06 billion last year. This was primarily driven by a J$ 2 . 20 billion in crease in total property investments following the value enhancement activities being undertaken at the Lakespen Industrial Park , partly offset by a de crease of J$ 3 5 8. 12 m illion in exposure to real estate investment note s ; however, this exposure is expected to increase substantially given planned deployment into third party real estate projects throughout the 2026 financial year and beyond. SRF’s allocation to real estate investment notes w as diversified across investments in the commercial, hospitality and residential asset classes, and de creased on a net basis by J$ 3 5 8 . 12 million or 16 . 0 % to J$ 1 . 88 billion as at 9 Month FY 202 6 , vs J$ 2. 24 billion in the comparative period last year. Investment in joint ventures was J$ 3 . 9 6 billion compared to J$ 3 . 84 billion last year. The higher value was attributable to SRF’s increased stake in the Audere Holdings joint venture . Shareholders’ Equity As at the end of Q 3 2026 , shareholder’s equity grew by 1 0 . 5 % or J$ 878 . 96 m illion to J$ 9 . 2 6 billion compared with J$ 8 . 3 8 billion last year, reflecting the value created for shareholders relative to last year. Book value per share increased to J$2 6 . 67 for Q 3 202 6 compared to J$ 2 4 . 14 last year, driven primarily by the higher shareholder’s equity due to the J$ 87 8 . 79 million or 26 . 7 % increase in retained earnings to J$ 4 . 16 billion as at the end of the period . This represents a 3 8 . 2 % premium over the general initial public offering price of J$19.30 and a premium of 4 9 . 0 % to the initial public offering discounted price of J$17.90. SRF’s average return on equity over the past six audited years , since the Group began its operations, was 1 7 . 5 % .

Sygnus Real Estate Finance Limited Una udited Results for the 9 Months Ended Ma y 31 , 202 6 Top Ten Shareholders No Shareholders Shareholdings % Holdings 1 ATL GROUP PENSION FUND TRUSTEES NOMINEE LIMITED 42,000,000 12. 1 % 2 SYGNUS CAPITAL GROUP LIMITED 2 5 , 980,742 7 . 5 % 3 SJIML A/C 3119 20,000,000 5 . 8 % 4 DYNAMIX HOLDINGS INCORPORATED 20,000,000 5 . 8 % 5 WILDELLE LIMITED 17,000,000 4 . 9 % 6 JCSD TRUSTEE SERVICES LTD - SIGMA EQUITY 16, 458,758 4 . 7 % 7 MF&G ASSET MANAGEMENT LTD. - CAPITAL GROWTH FUND 10,807,160 3. 1 % 8 MF&G ASSET MANAGEMENT LTD. - INCOME & GROWTH FUND 10,807,160 3. 1 % 9 LYTTLETON OVEL SHIRLEY 10,000,000 2.9 % 10 BARNETT LIMITED 8,264,500 2. 4 % Subtotal 1 81,318,320 5 2 . 2 % Total 3 47,233,574 100.0% Shareholdings of Directors, Senior Managers & Connected Parties No Director Shareholdings Connect ed Parties % Holdings 1 Linval Freeman 400,000 Donna Freeman 0.12% Kristifer Freeman Kimberly Freeman 2 Pierre Williams 30 ,479 N/A 0.01% 3 Horace Messado 83,700 Lisa - Gaye Thomas - Messado 0.0 2 % 4 David Cummings Nil N/A Nil 5 Elizabeth Stair 55,900 Jason Stair 0.02% Stephanie Stair 6 Dr. Ike J. Johnson 56,700 N/A 0.02% 25,980,742 Sygnus Capital Group Limited 7 . 48 % Subtotal 26 , 607 , 52 1 7 . 66 % No Senior Management Shareholdings Connect ed Parties % H oldings 1 Sygnus Capital Group Limited 25,980,742 Dr. Ike J. Johnson 7 . 48 % 2 MSCI Inc. Nil N/A Nil

SYGNUS REAL ESTATE FINANCE LIMITED Consolidated Statement of Financial Position May 31 2026 (Expressed in Jamaica dollars unless otherwise indicated) Unaudited Unaudited Audited 31 May 2026 31 May 2025 31 August 2025 Note