Market announcement

Title

Invitation to the Annual General Meeting of shareholders of AS Harju Elekter, its agenda and proposals

Message

The Management Board of Aktsiaselts Harju Elekter (registry code 10029524,
address Paldiski mnt 31, Keila) convenes the Annual General Meeting of
shareholders. The General Meeting will take place on 28 April 2022 at 10:00 a.m.
at venue of Keila Kultuurikeskus (address: Keskväljak 12, Keila).

Registration  of  meeting  participants  will  start on 28 April 2022 at 09:00.
Pursuant  to subsection 297 (5) of the Commercial Code, the list of shareholders
entitled  to vote at the meeting is fixed seven days before the General Meeting,
i.e.  as of the  end of the  business day of  the Nasdaq CSD Estonian settlement
system on 21 April 2022.

Only  a shareholder or their representative  who is without pathognomonic signs,
is allowed to attend the General Meeting physically in person.

Shareholders  have the opportunity to vote on the items on the agenda before the
General  Meeting  by  e-mail  or  post  and  to  follow the General Meeting as a
webinar.  A more  detailed overview  of how  it is  possible to  vote before the
General  Meeting and to  participate in the  webinar is provided  in the section
"Organisational issues" of this notice and on the website of AS Harju Elekter at
www.harjuelekter.com (http://www.harjuelekter.com).

The  Supervisory  Board  of  Aktsiaselts  Harju  Elekter  set  the agenda of the
following General Meeting and approved the following proposals:

1.  Approval of the 2021 Annual Report of AS Harju Elekter

Approve  the 2021 Annual Report prepared by the Management Board and approved by
the  Supervisory Board, according to which  the total consolidated balance sheet
as  of 31 December  2021 is 147,557 thousand  euros, revenue is 152,757 thousand
euros and net profit for the financial year is 2,610 thousand euros.

2.  Approval of profit distribution

Approve  the 2021 profit distribution proposal of  AS Harju Elekter submitted by
the Management Board and approved by the Supervisory Board as follows:

 Retained earnings                                               EUR 52,716,658

 Total net profit for 2021 attributable to owners of the parent
 company                                                         EUR 2,598,173

 Total distributable profit as of 31.12.2021                     EUR 55,314,831

The Management Board proposes the distribution of profits as follows:

  Dividends (EUR 0.14 per share*)                  EUR 2,522,598

  Retained earnings after distribution of profit   EUR 52,792,233

*Dividends  will  be  paid  to  shareholders  on 24 May 2022, by transfer to the
shareholder's  bank  account.  The  list  of  shareholders  for  the  payment of
dividends is established on 17 May 2022 as at the end of the business day in the
accounting  system.  The  date  of  the  change  in  the  rights  related to the
securities (ex-date) is 16 May 2022, from this date, the person who acquired the
shares is not entitled to receive dividends for the financial year 2021.

3.  Remuneration Principles

To  approve remuneration principles of AS Harju Elekter in the form submitted to
the General Meeting.

According  to section 135² (11) of the Securities Market Act the General Meeting
shall  vote on the principles of remuneration at least once every four years and
the  respective  resolution  of  the  General  Meeting  on  the  approval of the
principles of remuneration is advisory for the supervisory board.

4.  Amendment of the Articles of Association

Amend  the Articles of Association of AS  Harju Elekter in the form submitted to
the General Meeting.

5.  Election of members of the Supervisory Board

In  connection with  the expiry  of the  term of  office of  the members  of the
Supervisory  Board on  3 May 2022, to  elect a  6-member Supervisory Board for a
term  of  5 (five)  years,  from  4 May  2022 to  3 May  2027, in  the following
composition:  Triinu Tombak, Andres Toome, Aare  Kirsme, Arvi Hamburg, Märt Luuk
ja Risto Vahimets.

6.  Approval of the remuneration of the Supervisory Board

To  determine the remuneration of  the chairman of the  Supervisory Board in the
amount  of 2,500 euros per  month and the  remuneration of the Supervisory Board
member in the amount of 2,000 euros per month.

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ORGNISATIONAL ISSUES

Shareholders  whose  shares  represent  at  least  1/20 of the share capital may
request  that additional items be included in  the agenda of the General Meeting
if  the respective  request is  submitted in  writing 15 days before the General
Meeting, no later than on 13 April 2022.

Shareholders  whose  shares  represent  at  least  1/20 of the share capital may
submit a draft resolution on each item on the agenda no later than 3 days before
the  General Meeting, no later than on 25 April 2022. Further information on the
procedure  and terms  for exercising  the rights  provided pursuant to section §
287 (right  of shareholder to information), subsection 293 (2) (right to request
inclusion   of   additional  items  on  the  agenda  and  subsection  293(1) (3)
(obligation to submit a draft resolution or a substantiation simultaneously with
the  demand on the modification of  the agenda) and subsection 293(1) (4) (right
to  submit a draft  resolution in respect  to each item  on the agenda) has been
disclosed   on   the   website  of  AS  Harju  Elekter  at  www.harjuelekter.com
(http://www.harjuelekter.com). This is also where draft resolutions submitted by
shareholders  and  the  substantiations  of  the  resolutions,  if any, are also
disclosed.  After the  agenda of  the General  Meeting, incl.  the exhaustion of
additional  items on the  agenda, shareholders can  request information from the
Management Board regarding the activities of the public limited company.

The  documents of the annual general meeting  of AS Harju Elekter, including the
annual report, the sworn auditor's report, the profit distribution proposal, the
report  of the Supervisory Board, the  principles of remuneration of the members
of the Management Board and the draft resolutions of the items on the agenda are
available   on   the   Nasdaq  Tallinn  website  at  http://www.nasdaqbaltic.com
(https://www.globenewswire.com/Tracker?data=t-
B20e_cjHbjwxsxbE0ZheurTYLIuhoLsMRvSbManTOSKjyj0pxZ_4M7O39dovyHlt8l5Bxmpiwo93iYx5
VkddoCFEFNnpA8Z6O2fA4wmFA=) and on the company's website at www.harjuelekter.com
(http://www.harjuelekter.com)   or  in  Keila,  at  Paldiski  mnt  31. Questions
regarding  the  items  on  the  agenda  can  be  submitted to the e-mail address
[email protected]  (mailto:[email protected]).  Questions,
answers,  and positions of  the meeting are  published on the company's Internet
website.

Appointment of a representative. Prior to the General Meeting, a shareholder may
announce  the appointment of a representative and the revocation of the power of
attorney   granted   to   the   representative   by   sending   an   e-mail   to
[email protected] (mailto:[email protected]) or by handing
over  the said document(s) on working days from 10:00 to 16:00 but no later than
on  25 April 2022 at the AS Harju Elekter  office at Paldiski mnt 31 (3rd floor)
in  Keila.  A  shareholder  may  use  power  of  attorney  forms  to authorize a
representative available on the website of AS Harju Elekter www.harjuelekter.com
(http://www.harjuelekter.com).

If  voting prior to the  General Meeting, shareholders are  requested to fill in
the   ballot   papers   available   on  the  website  of  AS  Harju  Elekter  at
www.harjuelekter.com  (http://www.harjuelekter.com)  and  attached  to the stock
exchange  announcement convening the General Meeting. When voting by e-mail, the
completed  ballot  papers  must  be  digitally  signed  and  sent  by  e-mail to
[email protected] (mailto:[email protected]) no later than
by 27 April 2022 at 11:00.

When voting by mail, the completed ballot papers must be signed by hand and sent
with a copy of the personal data of the signatory's identity document by mail no
later  than  by  27 April  2022 at  11:00 to  the  address  of AS Harju Elekter,
Paldiski mnt 31, Keila 76606.

Ballot  papers received after the  above deadline shall not  be considered. If a
shareholder  submits several completed ballot papers,  the ballot paper with the
latest  digital signature time stamp  or time of mailing  shall be deemed valid.
All previously submitted ballot papers shall be deemed invalid.

If  the shareholder who submitted a ballot paper before the General Meeting also
physically  participates in the  General Meeting, all  ballot papers sent by the
shareholder  before  the  General  Meeting  shall  be  deemed invalid. The exact
procedure for voting prior to the General Meeting is provided in the shareholder
information   document   available  on  the  website  of  AS  Harju  Elekter  at
www.harjuelekter.com  (http://www.harjuelekter.com)  and  in  the stock exchange
announcement convening the General Meeting.

To  register participants physically attending the General Meeting the following
is   required:  shareholder  who  is  a  natural  person  -  identity  document;
representative  of a shareholder who is a natural person - identity document and
a  power of attorney in written form;  legal representative of a shareholder who
is a legal person - an extract from the relevant (commercial) register where the
legal  person  is  registered  and  an  identity document of the representative;
contractual representative of a shareholder who is a legal person shall submit a
power  of attorney in written form in addition to the documents specified above.
Please  legalise or apostille the documents  of a legal person registered abroad
in  advance, unless otherwise  provided by an  international agreement. AS Harju
Elekter  may  register  a  shareholder  who  is  a  foreign  legal  person  as a
participant  in a General Meeting even if all the required information about the
legal person or its representative is contained in a notarised power of attorney
issued  to the representative abroad and that power of attorney is acceptable in
Estonia. Please present a passport or ID Card as an identity document.

Participation  in the webinar  of the General  Meeting. We ask  a shareholder to
register     no     later     than     on     27 April    2022 at    11:00 here:
https://nasdaq.zoom.us/webinar/register/WN_sJunD41hT0SYKUvGwO3bKw          After
registration,  a link to  the webinar and  instruction for using the environment
will  be sent. If  you are attending  a webinar for  the first time, you will be
asked  to  download  the  required  application.  If downloading the application
fails,  the web  browser will  open automatically.  The webinar  will be held in
Estonian.  It  is  possible  to  follow  and  listen to what is happening at the
General  Meeting by  way of  the webinar.  It is  not possible to participate in
voting  through  the  webinar.  Chairman  of  the Management Board Tiit Atso and
Chairman of the Supervisory Board Endel Palla will present the company's results
and  answer questions  at the  webinar. As  the time  of the webinar is limited,
please    send    questions    by   11:00 on   27 April   2022 to   the   e-mail
address [email protected]  (mailto:[email protected]). The
webinar     will    be    recorded    and    published    on    the    company's
website www.harjuelekter.com  (http://www.harjuelekter.com)  as  well  as on the
youtube.com account of Nasdaq Baltic.

Questions  regarding the general meeting, also about voting, can be submitted to
the            e-mail            address            [email protected]
(mailto:[email protected]).

Tiit Atso
Chairman of the Management Board
+372 674 7400

Prepared by:
Ursula Joon
Lawyer
+372 674 7413