Market announcement

Title

Baltic Horizon Fund general meeting of unit-holders and a notice to convene a new general meeting of unitholders

Message

Annual General Meeting of Baltic Horizon Fund investors took place on 7 June
2022 in Tallinn, Estonia.
Proposed agenda of the meeting was the following:

 1. Presentation of the FY2021 audited annual report of Baltic Horizon Fund, and
    interim report of Q1 2022;
 2. Presentation of the status with units traded on Nasdaq Stockholm due to
    Euroclear Sweden agreement termination on 30 September 2022;
 3. Resolution on establishment of Baltic Horizon Fund units buy-back program.

Investors  representing  50 211 units  and  less  than  1 %  of  the total votes
registered as attending and thus quorum was not reached. Investors were not able
to adopt the proposed resolution.

The  presentation delivered at the meeting is attached. The meeting recording is
available here (https://youtu.be/wpEXYYRCE7U).

Notice to convene a new general meeting

According  to section  10.11 of the  rules of  the fund,  the management company
Northern  Horizon  Capital  AS   convenes  a  new general meeting, with the same
agenda.

The  new general meeting of unitholders of the Fund is to be held on 21(st) June
2022 at  13:00 CEST/14:00  EEST  at  Regeringsggatan  52, Stockholm, Sweden, SE-
103 66. Registration for the meeting will start at 12:00 CEST/13:00 EEST.

The general meeting of the unit-holders of the fund is assembled on the basis of
sections  10.4, 10.6 and 8.12 of the  rules of the  Fund and section 47-1 of the
Estonian Investment Funds Act.

The  total  number  of  units  and  votes  in  Baltic  Horizon  Fund  amounts to
119,635,429.

Unit-holders may also join the webinar to view the annual general meeting online
on 21 June 2022 at 13:00 CEST/14:00 EEST.

To join the webinar, please register via the following link:

https://nasdaq.zoom.us/webinar/register/WN_W094_rbmQZ-hCzq41xMHWQ

You  will  be  provided  with  the  webinar  link  and  instructions how to join
successfully.  The webinar will be recorded and available online for everyone at
the company's website on www.baltichorizon.com (http://www.baltichorizon.com).

Agenda

 1. Presentation of the FY2021 audited annual report of Baltic Horizon Fund, and
    interim report of Q1 2022;
 2. Presentation of the status with units traded on Nasdaq Stockholm due to
    Euroclear Sweden agreement termination on 30 September 2022;
 3. Resolution on establishment of Baltic Horizon Fund units buy-back program.

Unit-holders  are invited to  send questions and  comments on the  agenda to the
fund  manager  at  [email protected] (mailto:[email protected]) by
14 June  2022. Northern Horizon Capital  AS will respond  to these questions and
comments as soon as possible but no later than at the meeting itself.

Participation - requirements and notice

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 General Meeting,
i.e.  at the end of  business of Nasdaq CSD  SE on 10 June 2022, 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  14 June 2022 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.

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

Notice of participation should be sent by 15:00 CEST/16:00 EEST on 14 June 2022
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 be also
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  language  certifying  the  authority of the unit-holder's
representative or the signatory of the power of attorney will be also requested.

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.

Northern Horizon Capital AS proposals on the agenda items

1. Resolution on units buy-back program.

Northern  Horizon  Capital  AS  proposes  that  the  General Meeting resolves to
establish  a buy-back  program of  Baltic Horizon  Fund and  authorises Northern
Horizon  Capital AS (or person  acting under its mandate)  to acquire the fund's
own units, under the following conditions:

    i. The re-purchases of units are executed either on Nasdaq Tallinn and/or
       Nasdaq Stockholm in accordance with the rules of Nasdaq Tallinn and/or
       Nasdaq Stockholm applicable and strictly in line with applicable
       legislation;
   ii. The purpose of the re-purchase program is to strengthen the capital
       structure of Baltic Horizon Fund by purchasing units at the price lower
       than the NAV of the unit at the time;
  iii. Re-purchases are made at the price level lower than NAV of Baltic Horizon
       Fund unit at the time;
   iv. Maximum of 10,000,000 units may be repurchased during the period of 36
       months starting from 30 June 2022 for the maximum amount of EUR
       10,000,000;
    v. The aggregate number of units purchased and held by Baltic Horizon Fund
       shall not exceed 10% of the total number of fund units at any time;
   vi. Payment for the units shall be made in cash;
  vii. The units held by Baltic Horizon Fund shall not grant any unitholder
       rights to the fund or to Northern Horizon Capital AS;
 viii. Northern Horizon Capital AS shall cancel the units purchased within 3
       months after the re-purchase.

Baltic Horizon Fund currently does not own any own units.

Annex 1:

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

Annex 2:

 1. Presentation of the general meeting

For additional information, please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=WtiFwtO82DP9k6IDOnZytJIyYKnzOadnx1W_
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www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=RMhTqoFCX4OWy6AcLjtNSTdH99Z0tHVErHRH
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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
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