Market announcement

Title

EfTEN REAL ESTATE FUND AS NOTICE CALLING THE ANNUAL GENERAL MEETING OF SHAREHOLDERS

Message

The Management Board of EfTEN Real Estate Fund AS (registry code 12864036; seat
Tallinn, A. Lauteri 5) calls an annual general meeting of shareholders on 02
April 2024 at 10:00.

Venue  of the general meeting: Radisson Collection Hotel second floor conference
centre hall "Tallinn", address Tallinn, Rävala 3.

The  registration of participants of the  general meeting starts at 09:00 on 02
April  2024 at  the  venue  of  the  meeting. The registration ends at 10:00. If
possible,  we request that all shareholders  arrive in time considering the time
required to register the participants of the meeting.
The  list of  shareholders who  shall be  entitled to  participate in the annual
general  meeting shall  be fixed  seven days  prior to  the date  of the general
meeting,  i.e., on 26.03.2024 as at the end  of the working day of the registrar
of the settlement system of the fund's securities.

Pursuant  to the resolution of  the Supervisory Board of  EfTEN Real Estate Fund
AS,  the annual  general meeting  will have  the following  agenda together with
proposals of the Supervisory Board to the shareholders:

Item 1: Management Board's overview of the fund's activities
The  Management Board shall provide an overview  of the activities of EfTEN Real
Estate Fund AS. The said item is for informational purposes only.

Item 2: Approval of the Fund's annual report for 2023
The  consolidated  annual  report  of  the  Fund  for  2023 has  been audited by
PricewaterhouseCoopers. In accordance with § 135³ subsection 5 of the Securities
Market  Act, the  remuneration report  is also  submitted as  an appendix to the
annual  report.  The  compliance  with  the  requirements  established  for  the
remuneration report has been audited by the auditor of the fund. The Supervisory
Board  has approved the annual report,  prepared the Supervisory Board's report,
and  submitted it together with the  profit distribution proposal to the general
meeting for approval.
Proposal  of the Supervisory  Board: To approve  the annual report 2023 of EfTEN
Real Estate Fund AS as submitted to the general meeting.

Item 3: Distribution of profit
Proposal  of the  Supervisory Board:  The consolidated  net profit  of the 2023
financial   year  of  the  fund  is  1 000 thousand  euros.  To  distribute  the
undistributed  profit  as  of  31 December  2023 in  the total amount of 23 030
thousand euros as follows:
Transfers to the reserve capital: 50 thousand euros.
Profit  to  be  distributed  between  the  shareholders  (net dividend): 10 820
thousand euros (1 euro per share).
Transfers  to other reserves shall not be made  and profit shall not be used for
any other purposes.
Amount of undistributed profit after transfers is 12 160 thousand euros.
The  list of  shareholders entitled  to dividends  shall be fixed on 17.04.2024
(record  date)  as  at  the  end  of  the  working  day  of the registrar of the
settlement system of the fund's securities. Therefore, the date of change in the
rights attaching to shares (ex-date) is 16.04.2024. As of this date a person who
acquired  shares  is  not  entitled  to  dividends  for the 2023 financial year.
Dividend shall be paid to the shareholders on 24.04.2024 by way of bank transfer
to the shareholder's bank account.

Additional organisational information:

Documents  related to the  general meeting, incl.  the 2023 annual report of the
fund,  incl.  the  remuneration  report,  report  of  the  sworn auditor, profit
distribution proposal, report of the Supervisory Board, draft resolutions of the
Management  Board and any other information  subject to the statutory disclosure
requirement are available for examination on the webpage of the fund www.eref.ee
(http://www.eref.ee)  and until the date (incl.)  of the general meeting, at the
premises of the fund (address A. Lauteri 5, 10114 Tallinn, 3rd floor) on working
days from 09:00 until 16:00.
There will be no video transmission of the general meeting.

Questions  with respect to the matters on  the agenda of the general meeting can
be submitted via e-mail address: koosolek@eften.ee (mailto:koosolek@eften.ee) or
by mail to the address of the fund (Tallinn 10114, A. Lauteri 5) or via phone by
calling + 372 655 9515. Questions, answers, shareholders' proposals with respect
to  the matters on  the agenda and  the minutes of  the general meeting shall be
published   on   the   webpage   of   EfTEN  Real  Estate  Fund  AS  www.eref.ee
(http://www.eref.ee).

The  shareholders also may participate by appointing a representative or vote on
the  items on the agenda of the  general meeting using electronic means prior to
the  meeting. When appointing a representative,  we recommend you appoint Viljar
Arakas,  a member of the Management Board of the fund, whom you can give precise
instructions  to vote on your behalf on  each agenda item. In case a shareholder
wishes  to  use  the  template  of  power  of  attorney  upon  appointment  of a
representative,  the respective  template is  available on  the webpage of EfTEN
Real Estate Fund AS https://eref.ee/investorile/uldkoosolekud/.

Shareholders  may vote  electronically on  the agenda  items before  the general
meeting is held in accordance with the following procedure:

   i. The electronic vote must be sent to the address koosolek@eften.ee
      (mailto:koosolek@eften.ee) not later than on 1 April 2024 at 16:00
      (Estonian time). The shareholder has the right to change or cancel the
      vote given or submit objections not later than indicated in the previous
      sentence.
  ii. The shareholder's vote must be given on the respective form available on
      the fund's website https://eref.ee/investorile/uldkoosolekud/ and must be
      digitally signed. In case several properly filled and signed voting
      ballots are submitted on behalf of one shareholder, only the voting ballot
      received later in time shall be considered valid, and all previous voting
      ballots of that shareholder shall be considered invalid. In case the
      shareholder has submitted the voting ballot, but also attends the general
      meeting in person, all the voting ballots submitted by the shareholder
      before the general meeting shall be considered invalid.
 iii. In case the shareholder is represented at the general meeting by a
      representative, a digitally signed power of attorney certifying the right
      of representation must be submitted to the e-mail address
      koosolek@eften.ee (mailto:koosolek@eften.ee) together with the electronic
      vote or before submitting the electronic vote.
  iv. Shareholders who have voted no later than 1 April 2024 at 16.00 (Estonian
      time) shall be deemed to have taken part in the general meeting and the
      votes represented by the shareholders' shares shall be accounted as part
      of the quorum of the general meeting, unless otherwise provided by law.

We  request to submit the following to  register the participants of the general
meeting:
-  in case  of a  shareholder who  is a  natural person, an identity document. A
representative  of  a  shareholder  shall  also  present  a power of attorney in
written form.
-  in case of a shareholder who is  a legal person, an extract from the registry
where  the legal  person is  registered, which  proves the  authorisation of the
representative  to represent the  legal person (right  of representation arising
from  law)  and  an  identity  document  of  the  representative.  In  case  the
representative  is not a legal representative of the legal person, a valid power
of  attorney shall also be required. Where required by applicable law, documents
pertaining to a legal person registered in a foreign country are requested to be
legalized  or duly apostilled. Documents in foreign language are requested to be
accompanied by a translation into Estonian by a sworn translator.

At  the general meeting,  a shareholder is  entitled to receive information from
the  Management Board on  the activities of  the fund. The  Management Board may
decide  to  withhold  information  if  there  is  a  reason  to believe that the
disclosure  of information may cause significant  damage to the interests of the
public limited company. If the Management Board refuses to disclose information,
the  shareholder  may  demand  from  the  general  meeting to adopt a resolution
regarding  the  lawfulness  of  the  information  request or to file, within two
weeks,  a petition to a court by way  of proceedings on petition to obligate the
Management Board to give information.

The  shareholders whose shares represent at  least 1/20 of the share capital may
request  for  additional  items  to  be  included  on  the agenda of the general
meeting,  if the  respective request  is submitted  in writing  at least 15 days
prior  to  the  general  meeting  to  the  address EfTEN Real Estate Fund AS, A.
Lauteri 5, 10114 Tallinn.
The  shareholders whose shares represent at  least 1/20 of the share capital may
present  a draft resolution in respect of each  item on the agenda in writing no
later  than three days  prior to the  general meeting to  the address EfTEN Real
Estate Fund AS, A. Lauteri 5, 10114 Tallinn.

Prior to the general meeting, the shareholder may notify of the appointment of a
representative  or the revocation of the representative's authority by sending a
digitally    signed    notice    to   the   e-mail   address   koosolek@eften.ee
(mailto:koosolek@eften.ee)  or by delivering  the signed documents  in person on
working  days between 09:00 to 16:00 to EfTEN Real  Estate Fund AS at A. Lauteri
5, 10114 Tallinn at the latest by 1 April 2024 (Estonian time).

Viljar Arakas
Member of the Management Board
Tel: 655 9515
E-mail: viljar.arakas@eften.ee (mailto:viljar.arakas@eften.ee)