Market announcement

Title

CORRECTION: Information on the sale of subsidiary

Message

There  was a mistake in today's stock exchange announcement in the sales revenue
and net profit table under sales revenue of 2020 of OÜ Nordecon Betoon.

We apologize for the mistake.

A corrected stock exchange announcement follows.

At  the  7 November  2023 meeting  of  the  supervisory  board  of  Nordecon  AS
(hereinafter  the  "Company"),  it  was  decided that the Company's 52% majority
holding  in OÜ Nordecon Betoon (hereinafter  also the "Private Limited Company")
will  be sold in full to the company  that is controlled by the current minority
shareholders.  The closing of the sales transaction requires the approval of the
extraorinary  general meeting of  the shareholders of  Nordecon AS which will be
held  on 29 November 2023. The amount to be paid for the share of Nordecon AS in
the  Private Limited Company with a  nominal value of 13,286 euros is 9,050,000
(nine  million fifty thousand) euros and it  is paid in one instalment in return
for  the share (DVP  payment). The difference  between the share acquisition and
sale  price  is  8,219,233 euros  which  will  have  an  effect on the Company's
financial revenue in 2023.

With  the transfer of the share of  Nordecon Betoon OÜ belonging to the Company,
the  Nordecon group  exits under  profitable terms  the market of subcontracting
services  in the concrete works and focuses on its main services in the field of
general construction contracting and design management.

The economic activity of OÜ Nordecon Betoon is concrete works and operating as a
contractor  in the construction  and technical design  of buildings. The Private
Limited  Company's operations are primarily focused on the Estonian construction
market,  it  also  operates  on  the  Finnish  construction  market  through its
subsidiary  Nobe Rakennus  Oy and  on a  project basis  also on  the Latvian and
Lithuanian construction market.

The  audited annual  reports of  OÜ Nordecon  Betoon for 2022 and 2021 have been
attached  to this announcement. The sales revenue  and net profit of the Private
Limited Company for the previous three years were:

+---------------+------------+------------+-------------+
|  (in euros)   |    2020    |    2021    |    2022     |
+---------------+------------+------------+-------------+
| Sales revenue | 79,222,473 | 73,775,855 | 102,575,491 |
+---------------+------------+------------+-------------+
|  Net profit   | 2,256,695  | 1,191,832  |  2,563,835  |
+---------------+------------+------------+-------------+

The sales revenue of OÜ Nordecon Betoon according to the annual results of 2022
was  102,575,491 euros,  constituting  28.4% of  the  consolidated  (considering
intercompany  revenue) sales revenue  of Nordecon AS  for 2022, which means that
the  transfer of the majority shareholding  can be considered significant within
the  meaning of the  section "Requirements for  Issuers" in the  Rules of Nasdaq
Tallinn Stock Exchange.

This  transaction cannot  be treated  as a  related party transaction within the
meaning of the section "Requirements for Issuers" of the Rules of Nasdaq Tallinn
Stock  Exchange and the members of the supervisory board and management board of
Nordecon AS are otherwise not personally interested in the transaction.

There  have been no significant changes in  the economic activity of OÜ Nordecon
Betoon  in 2023 compared to the previous period. The Private Limited Company has
no  loan obligations  as at  30 September 2023. The  minority shareholders of OÜ
Nordecon   Betoon   are  Mait  Rõõmusaar  and  OÜ  Varavalvur  with  equal  24%
shareholdings.  The Private  Limited Company  is not  a party  to any  court and
arbitration  proceedings which could  have a significant  effect on its economic
activity.  During the first nine months of 2023, OÜ Nordecon Betoon has provided
subcontracting  services to Nordecon AS and other companies of the consolidation
group  in  the  amount  of  6,367,862 euros  and  will continue the provision of
services under the valid contracts also after the closing of the transaction.

The  management board  of OÜ  Nordecon Betoon  has two  members - Mait Rõõmusaar
(chairman) and Priit Nigols. The members of the supervisory board of the Private
Limited  Company are Gerd Müller (chairman), Maret Tambek, Andri Hõbemägi, Priit
Luman and Andre Luman.

Nordecon  (www.nordecon.com)  is  a  group  of construction companies whose core
business  is  construction  project  management  and  general contracting in the
buildings  and  infrastructures  segment.  Geographically  the Group operates in
Estonia,  Finland, Ukraine and Sweden. The parent of the Group is Nordecon AS, a
company  registered and located in Tallinn, Estonia. The consolidated revenue of
the  Group in 2022 was 323 million euros. Currently Nordecon Group employs close
to  570 people. Since 18 May  2006 the company's shares  have been quoted in the
main list of the Nasdaq Tallinn Stock Exchange.

Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel.: +372 627 2022
E-mail: andri.hobemagi@nordecon.com
(https://www.globenewswire.com/Tracker?data=dzUV76PRP2ZS8p4KdqdTyW2wzIVUty2khxLP
s3Qb9cYdqAnRO7v04aySZsEK7gftd3GdZd5xl61CKeZhoKYLrN2-
OlUIzNaklmHayG9WmgTcWo7FCmDasWc0kDw_K6Tt)
www.nordecon.com
(https://www.globenewswire.com/Tracker?data=xizMDzQlcDW2l35S_AN2dayqTPbZikyYBqiZ
kbO0JfKLEi4JDWEHcta5d7n11i4BvS1ifLBj75aoEVon1g6Isw==)