Market announcement

Title

Decisions of the annual general meeting of shareholders of EfTEN Real Estate Fund III AS 15.04.2021

Message

The  annual general meeting of shareholders of EfTEN Real Estate Fund III AS was
held  on 15 April  2021 in in  the Radisson  Blu Hotel Olümpia Conference Center
(2nd floor, Tallinn, Liivalaia 33).

A  total of 160 shareholders attended  the meeting representing 3 085 700 votes.
This means 73,08 % of the total votes were represented. Of the participants, 37
shareholders  representing 521,205 votes, i.e., 12.34% of  all votes attached to
the  shares, cast  their votes  electronically before  the meeting in accordance
with the electronic voting procedure announced in the invitation to the meeting.
The meeting therefore had a quorum.

The decisions of the annual general meetoing were as follows:

Approval of the annual report of EfTEN Real Estate Fund III AS for 2020
With 3 085 462, i.e. 99,99 % votes in favour, the shareholders decided to
approve the annual report of EfTEN Real Estate Fund III AS for the financial
year 2020 in the form submitted to the meeting.

Distribution of profit
With  3 085 462, i.e.  99,99 %  votes  in  favour,  the  shareholders decided to
approve  the profit  distribution proposal.  The consolidated  net profit of the
2020 financial  year  of  the  fund  is  3.317 million  euros. To distribute the
undistributed  profit as at 31 December 2020 in  the total amount of 18,277,000
euros as follows:
Transfers to the reserve capital: 166,000 euros;
Profit  to be  distributed between  the shareholders  (net dividend): 2,798,000
euros (66.3 euro cents 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 15,313,000 euros.
The  list of shareholders entitled to  dividends shall be fixed on 04.06.2021 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 03.06.2021. As of this date a person who acquired shares is
not entitled to dividends for the 2020 financial year. Dividend shall be paid to
the shareholders on 16.06.2021 by way of bank transfer to the shareholder's bank
account.

Increase  of the share capital and listing of new shares on the main list of the
Nasdaq Tallinn Stock Exchange
With  3 084 362, i.e.  99,96 %  votes  in  favour,  the  shareholders decided to
approve increase of the share capital and listing of new shares on the main list
of the Nasdaq Tallinn Stock Exchange as follows:
In  order to  continue the  investment activities  of the  fund specified in the
articles of association, to increase the share capital by 8,500,000 euros by way
of issue of new shares as follows:

 a. 850,000 new shares with the nominal value of 10 euros are issued, as a
    result of which the new amount of the share capital is 50,725,350 euros.
    (The valid amount of share capital before the share capital increase is
    42,225,350 euros);
 b. The shares must be paid for by a monetary contribution to bank account
    no. EE532200221061960175 of the fund in Swedbank;
 c. The shares are issued at a premium. The payment to be made for one share is
    its nominal value of 10 euros plus the minimum premium of 7.5 euros; the
    Supervisory Board may determine a higher premium than that at the latest by
    the commencement of subscription;
 d. The subscription of and payment for new shares take place in accordance with
    the procedure specified in the prospectus to be published before the
    commencement of the offer in the period from 14.05.2021 at 09:00 to
    31.05.2021 at 16:00.
 e. The existing shareholders of the fund i.e., the persons who have been
    entered in the list of shareholders of the fund as of 29.04.2021 as at the
    end of the working day of Nasdaq CSD, have a pre-emptive right to subscribe
    for new shares in proportion to the sum of the nominal values of their
    shares within two weeks from the adoption of a resolution on increase of
    share capital. (The total number of shares of the fund before the increase
    of the share capital is 4,222,535);
 f. The offer of shares is deemed to be oversubscribed if there are more
    applications for subscription than for subscribing for 850,000 shares. In
    the case of oversubscription, the Supervisory Board of the fund decides on
    the distribution and cancellation of shares;
 g. If less than 850,000 shares have been subscribed, the Management Board of
    the fund has the right to extend the subscription period or to cancel the
    shares that are not subscribed for within the subscription period.
 h. The first financial year for which the shares to be issued grant the right
    to receive dividends is the 2021 financial year.

In  connection with the share capital increase, it was also decided to submit an
application  for the listing of  all the fund's new  shares to be issued and for
the  admission thereof to trading  on the main list  of the Nasdaq Tallinn Stock
Exchange and to authorise the Supervisory Board and Management Board of the fund
to  perform all acts  and enter all  contracts and agreements  necessary to this
end.

The minutes of the general meeting shall be made available on the fund's website
(https://eref.ee/investorile/uldkoosolekud/)  not  later  than  7 days after the
meeting.

The video recording of the general meeting can be viewed via website of the fund
(https://eref.ee/investorile/uldkoosolekud/) seven days, i.e. until 22.04.2021.

Viljar Arakas
Member of the Management Board
Phone 655 9515
E-mail: [email protected]