Market announcement

Title

Baltic Horizon Fund – Notice of New Annual General Meeting

Message

Annual  General Meeting  of Baltic  Horizon Fund  investors took place on 26 May
2020 in  Tallinn, Estonia. As announced to the market on 26 May 2020, the quorum
was  not reached and investors  were not able to  adopt the proposed resolution,
and  so a new  general meeting will  be convened by  Northern Horizon Capital AS
with the same agenda.

The  new general meeting of unit-holders of Baltic Horizon Fund is to be held on
9 June  2020 at 15:00 (Eastern European Summer Time, local Estonian time) at the
office  of Northern Horizon Capital AS at Tornimäe 2, 24th floor, 10145 Tallinn,
Estonia. Registration for the meeting will begin at 14:00 Estonian time.

The  new general meeting of unit-holders of  the Baltic Horizon Fund is convened
in  accordance with  sections 8.3, 8.7, 10.3.1, 10.4 and  10.11 of the  Rules of
Baltic  Horizon Fund and  sections 47-1 and 55-9 of  the Investment Funds Act of
Estonia.

The total number of units and votes in the Fund amounts to 113,387,525.

Considering  the  coronavirus  pandemic,  Northern  Horizon  Capital AS strongly
recommends unit-holders not to participate in the meeting physically and issue a
power  of attorney with  instructions for voting  to exercise their  rights as a
unit-holder.  We propose the  unit-holders to consider  designating fund manager
Tarmo Karotam as their authorised representative.

Agenda

 1. Presentation of the FY2019 audited annual report of Baltic Horizon Fund, and
    interim report of Q1 2020;
 2. Issuance of new units of Baltic Horizon Fund in 2020.

All unit-holders are invited to send questions and comments on the agenda to the
Baltic        Horizon       fund       manager       at [email protected]
(https://www.globenewswire.com/Tracker?data=3TwCtGqNfHfh3Scd_IF1Qvsgm8LTW5CaIVI2
vL6x80fXoWdwp8-0bFtOhZCH5pcaIHEKiD7_VWxx9oO5BFXacCDDMX-x0rVdaU3hFIk9odg=) by  4
June  2020. Northern  Horizon  Capital  AS  will  respond to these questions and
comments at the meeting itself.

Requirements   for   the  right  to  participate  at  the  general  meeting  and
notification of participation

Investors  who are entered  in the Baltic  Horizon Fund registry of unit-holders
maintained by Nasdaq CSD SE ten days before the date of the new General Meeting,
i.e.  at the end  of business of  Nasdaq CSD SE  on 29 May 2020, are entitled to
participate in the meeting.

In  order  to  facilitate  the  registration  process, investors whose units are
registered  in their own name are invited  to provide notice of their attendance
by               5 June               2020 to              [email protected]
(https://www.globenewswire.com/Tracker?data=lTdegjvBdtaNju6IB5S3swSRay6lfbpF66z5
gns1pWrNRoFDrLEGs_-ceOZgIDmURz96AXvhwjnSoEKVDASgxIPGFQtBBu0TPXzJsYrhi20=).
Notice  should include name, personal identification number (or the registration
number  of  the  legal  person),  address,  number  of units represented and, if
applicable,  attendance of any representatives, along with the name and personal
identification number of the representatives. The attendance of a representative
does not deprive the unit-holder of the right to participate at the meeting.

Instructions  to holders of Baltic Horizon  Fund units registered with Euroclear
Sweden AB in Sweden

Notice  of participation should be sent by 16:00 (Estonian time) on 5 June 2020
to  [email protected] (mailto:[email protected]).  Notice should include
name,  personal identification number  (or the registration  number of the legal
person),  address, number of units represented and, if applicable, attendance of
any  representatives, along with the name  and personal identification number of
the  representatives. The  attendance of  a representative  does not deprive the
unit-holder of the right to participate at the meeting.

Representation under a power of attorney

Unit-holders  whose representatives  are acting  under a  power of  attorney are
requested  to  prepare  a  written  power  of attorney for the representative in
Estonian or English (templates can be found at Annex 1).

A copy of the executed power of attorney should be sent to [email protected]
(mailto:[email protected])  together  with  the  notice of participation. In
case  the power of attorney is issued by a legal person, a certified copy of the
registration  certificate (or equivalent certificate of authority) shall also be
submitted  together with, as applicable,  the documents certifying the authority
of  the representative in case the power of attorney is signed by a person under
a power of attorney.

Baltic  Horizon Fund  is registered  in Estonia,  which means  that any power of
attorney  (or  any  certified  copy  of  the registration certificate of a legal
person)  issued in a foreign  country should be notarised  and accompanied by an
apostille. The apostille requirement applies, for example, to powers of attorney
issued and notarised in Sweden or Finland.

Instructions for the day of the general meeting

We  kindly ask  investors to  bring a  personal identification document, and for
their  representatives also to present the original written power of attorney in
English or Estonian. In case the unit-holder is a legal person, documentation in
Estonian or English certifying the authority of the unit-holder's representative
or the signatory of the power of attorney will also be requested.

The  data collected by Northern Horizon Capital  AS from powers of attorney, the
unitholders  registry maintained by  Nasdaq CSD SE,  and the list  of holders of
units  registered in the Euroclear Sweden AB system will be used for the purpose
of registration and preparing the voting list for the meeting.

Northern Horizon Capital AS proposals on the agenda item no 2

Northern Horizon Capital AS proposes that the General Meeting resolves to issue
new Baltic Horizon Fund units during 2020 under the following conditions:

  * The new units are to be issued at a price corresponding to the year-to-date
    weighted average price of Baltic Horizon Fund units on the Nasdaq Tallinn
    Stock Exchange until a date preceding 7 calendar days to first day of the
    subscription period.
  * Proceeds from the issuance of new units will be used either to acquire new
    real estate investments on the market or for the development of existing
    properties;
  * The new units will be issued at once or on several occasions in 2020, as
    decided by Northern Horizon Capital AS, based on the funding needs for new
    acquisitions or the development of the existing properties;
  * The new units may be issued as decided by Northern Horizon Capital AS either
    by way of public offering or private placement, i.e. without publishing a
    prospectus.

Annex 1:

Form  of power of attorney  to appoint a representative  for the General Meeting
(in Estonian)

Form  of power of attorney  to appoint a representative  for the General Meeting
(in English)

For additional information, please contact:

Tarmo Karotam

Baltic Horizon Fund manager

E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=PnhAWhLS5t8I_h_9Y6TvDc5yFmjZKzunx8dZ
XMFosm6rBeW70bUYVP2zRjxTe6Zow7JVirYD7jP8quf9wyRFcJ-T405sbLnZjC1H-_O1i44=)

www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=wU5drFVgpbnf0RYA7nC3a5NLY8ABY6z_LeUQ
PSZObGnJvLqPW0-6KFl7H1rJETw1Jpi1Jgl2LoFMzHDRopEPT2r7n4CDLosSYszSgf7Fvh0=)

Baltic  Horizon Fund is  a registered contractual  public closed-end real estate
fund  that  is  managed  by  Alternative  Investment Fund Manager license holder
Northern Horizon Capital AS.

Distribution:     GlobeNewswire,     Nasdaq     Tallinn,    Nasdaq    Stockholm,
www.baltichorizon.com (http://www.baltichorizon.com)