Market announcement

Title

Notice on public offering of Swedish Depository Receipts of Baltic Horizon Fund in Sweden

Message

Northern  Horizon Capital AS hereby announces the offering of up to 119,635,429
of  Baltic Horizon  Fund's (?Fund")  Swedish Depository  Receipts (the "SDR") in
Sweden  (the  ?SDR  Offering").  Northern  Horizon  Capital has appointed Nordic
Issuing AB ("Nordic Issuing"), a Swedish licenced investment firm, as the issuer
of  SDRs. The SDR Offering is conducted on the basis of the prospectus  approved
by  the  Swedish  Financial  Supervisory  Authority  (the  ?Swedish FSA") on 30
September  2022, which has  been published  on the  date of  this notice  on the
website  of  Baltic  Horizon  Fund (https://www.baltichorizon.com/conversion-of-
swedish-traded-baltic-horizon-fund-units-into-sdrs/)  and  will  be published on
the  website of the Swedish  FSA (https://www.fi.se/en/) (?Prospectus"). The SDR
Offering  is carried out only  in Sweden and not  in any other jurisdiction. The
SDR  Offering is directed to the unitholders holding the units of Baltic Horizon
Fund (the ?Units") trading on Nasdaq Stockholm (the ?Swedish Investors").

The  reason for the SDR  Offering is to enable  the Swedish Investors to convert
respective  Units into the  SDRs. The aforementioned  is a response to Euroclear
Sweden  AB's decision to  terminate the affiliation  agreement with the Fund for
keeping  Units registered with  its book entry  system in Sweden  that is taking
place  due to a  strategic decision by  Nordea Bank Abp  to exit its Nordic sub-
custody  business. Since the  issue of the  SDRs are made  through conversion of
Units only, there will be no new proceeds for the Baltic Horizon Fund to utilise
by way of this SDR issue.

Northern Horizon Capital AS plans to list the SDRs on Nasdaq Stockholm.

OVERVIEW OF THE KEY TERMS OF THE SDR OFFERING

 1. The offer period, during which it is possible to submit conversion order for
    converting Units into SDRs, commences at 10:00 CEST on 3 October 2022 and
    ends at 12:00 CEST on 17 October 2022. Northern Horizon Capital AS has a
    right to prolong the offer period before the end of the SDR offer period up
    until 28 October 2022 by announcing new timetable on Fund's website and
    through stock exchange announcement.
 2. In order to submit conversion order, the Swedish Investor should contact
    Nordic Issuing and register a transaction instruction for the conversion of
    Units into SDRs in the form set out by Nordic Issuing.
 3. Each one (1) Unit gives the Swedish Investor a right to convert it into one
    (1) SDR.

This announcement is not a prospectus. For a more detailed overview of Baltic
Horizon Fund and terms of the offering, please refer to the Prospectus.

KEY DATES

The timetable below lists key dates related to the offering:

+---------------+--------------------------------------------------------------+
|3 October 2022 |Commencement of the SDRs offer period                         |
+---------------+--------------------------------------------------------------+
|13 October 2022|Last day of trading the Units on Nasdaq Stockholm             |
+---------------+--------------------------------------------------------------+
|17 October 2022|End of the SDR offer period                                   |
+---------------+--------------------------------------------------------------+
|17 October 2022|De-listing of the Units on Nasdaq Stockholm                   |
+---------------+--------------------------------------------------------------+
|19 October 2022|Settlement date and delivery of the SDRs to the Swedish       |
|               |Investors                                                     |
+---------------+--------------------------------------------------------------+
|19 October 2022|First day of trading SDRs on Nasdaq Stockholm                 |
+---------------+--------------------------------------------------------------+


CONSEQUENCES OF NOT PARTICIPATING IN THE CONVERSION

If  a Swedish  Investor remains  passive and  does not  instruct the Units to be
converted  into the SDRs during the SDR  Offering period, or alternatively to be
transferred  to Nasdaq CSD (Estonia)  prior to 4 November 2022, Euroclear Sweden
will  appoint a sales  agent to sell  such Units and  pay out the proceeds (less
sales  costs and any  applicable taxes) to  the cash account  connected with the
respective Swedish Investor's securities account.

If  a Swedish Investor has already transferred its Units to Nasdaq CSD (Estonia)
but  wishes to participate in the SDR structure then please contact your account
operator  for the purposes  of exploring the  possibility of re-transferring the
Units back to Nasdaq Stockholm and converting them into the SDRs.

For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=dmlykAwAOUidIiVBBx-
D1vT9n6tSTaeEc3OHtSaFYBjFYlFI_UPMi2G27LWPH8aLhtjZ1a4GgImtyDhxmqMttH-
SLv0n7AFGHzYO4QtY6dprOAjm9Ki_Epl-
MBTDoKmUHx1G74oUXaDxS_gAuY9nbPSSxn3wRHwMzPdInTzbYDSRjv7mEWCYYLWo0HE5tbmleV1bSG8c
R7ulpPUCguH9IrdA2GoROslPMtmRN3BWhI1Xl7rqF_yQ2BnH1Sv9xQVwWFB_fxNiNtoXKOndZQcmUlUc
Nc551O0ECdVDLJ1mly9YjiucJw9KowqP8DhPMZaw4Txrt3aNf_RguHdy-cbag9REwikQJ8-
PdR0CzS3KSQviL_DLzGIw0hAj1JHN__dHDAey72uMIPsSyn8Yz8We-
VkHZj1LTbUwpvLK8tzge6ZBdPLXHP1pQVoh3Q0ssS_eUQ7JYFWqq6rft2IN6VEEQN5KZqS60EjsWjBpg
UFhsv4uSHTwH2hxaSC8pNNSl23O)

(https://www.globenewswire.com/Tracker?data=_xjGZFMhzlCU_Mm3uBSdRrS5YOlyrMbr5TxR
Z-ZqoxE47dv0-
UJqLDHATlZWHgAlXQ4U3UEpxjTOjMojuG137cqG1X7hYFD9Qp1jYgxlU67E9iBfMwDaciF9jg_0Qm07m
53x7rQ-MNoA2JXmn9zXvOycJsWT-xKagXTkNu76RKmTLSZJf_i4vBZTc-
degAwsKxibqj3ak29JpC90ALeG6lq6878_N2d9f3oBuoWJd3z09CSdjMLTeVomze16v3SqGDshMIpE1b
YpuMyPHWLe5wo-vvcHdV6QoqqRsT_-
ShGwmYwrWOGybxXRF705x03rFmnY3KHb5PpcUWMaPBNa7O3_IXnGFOasV4KidKgYVEryHJUwYT5gLPtW
4R9c4p4Y)www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=DwMbhVAEYx8IAkdXELb4D-
9HBvMEvDS2xWgf5gFLuQd9kQGMW6MnL_xM9CWGUnm06lgdoNfUzUOeoetczferx_ZRdv3VysmKQlBoeh
TZa_7hp6uHRGostV_hlSoNpGG-FhS7mNbCoGk40FHb-
oFr3qiXWdcYPRFDPiezXY7ujXnnyagF7I3KCJam59M4Djkm5d1Cl77ElOP8QClrUpeIUvz_mlKcsxO4G
UYycy8hPxbYA3-
uEhdr2UPKw7g7iSbPQWQsZLZAmt1FRczSGsbT0a0Nynp9cURnKFbNnZEUEmOPKWqHpk4tJUQ-Cg-
3_oWUe66T20lKGOstxuFcG-W81ImnyeCKRU4CPupQzobcpP5u76SB5B9xCxhIw-
QFlMJnKYR9wGqdG0l5NTClC_0IDKRnV6Jf1amNqmCupX0mA92eRK5CeQ5h1uEwJ04rV93c0jVjblrSQQ
lrcli2mhY-CxN6liW1VaqJ93GwUUFhP7GIW0Y7o8Mh5o8Z1Dwxuw7M)

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

Distribution:     Nasdaq     Tallinn,     Nasdaq    Stockholm,    GlobeNewswire,
www.baltichorizon.com

The  information contained herein  does not constitute  an offer to  sell or the
solicitation  of an offer to buy, nor shall there be any sale of, the securities
in  any jurisdiction in which such offer, solicitation or sale would be unlawful
prior  to registration, exemption  from registration or  qualification under the
securities  laws of any  such jurisdiction. The  information contained herein is
not  for release, publication or distribution, in  whole or in part, directly or
indirectly,  in or into the United  States, Australia, Canada, Hong Kong, Japan,
New  Zealand, Singapore,  South Africa  or such  other countries or otherwise in
such  circumstances in which  the release, publication  or distribution would be
unlawful.

The  information contained herein  does not constitute  an offer to  sell or the
solicitation of an offer to buy, Invitation to subscribe for Offer Units is will
only  be  made  through  the  prospectus  and  only  to  the persons to whom the
prospectus  is  addressed.  The  prospectus  contains,  among other things, risk
factors  as  well  as  financial  statements  as well as other information. This
release  has  not  been  approved  by  any  regulatory  authority  and  is not a
prospectus.  Accordingly,  investors  should  not  subscribe for or purchase any
securities  referred  to  in  this  release  except  on the basis of information
provided in a prospectus. There shall there not be any sale of the securities in
any  jurisdiction in  which such  offer, solicitation  or sale would be unlawful
prior  to registration, exemption  from registration or  qualification under the
securities laws of any such jurisdiction.

This  communication does not constitute  an offer of securities  for sale in the
United States. The securities have not been and will not be registered under the
U.S.  Securities Act  of 1933, as  amended (the  "Securities Act")  or under the
applicable  securities laws  of any  state of  the United  States and may not be
offered  or sold, directly or indirectly, within the United States or to, or for
the  account  or  benefit  of,  U.S.  persons  except  pursuant to an applicable
exemption   from,   or  in  a  transaction  not  subject  to,  the  registration
requirements of the Securities Act.

This  communication does not constitute an offer  of securities to the public in
the  United Kingdom. No  prospectus has been  or will be  approved in the United
Kingdom  in  respect  of  the  securities.  Consequently,  this communication is
directed  only at (i) persons having professional experience in matters relating
to  investments  falling  within  the  definition  of "investment professionals"
falling  within Article  19(5) of UK  Financial Services  and Markets  Act 2000
(Financial  Promotion) Order 2005 (the Order); or  (ii) persons who are high net
worth  and others as described in Article 49(2)(a) to (d) of the Order; or (iii)
persons  to whom  distributions may  otherwise lawfully  be made or otherwise in
circumstances  which do  not require  publication by  the issuer of a prospectus
pursuant to section 85(1) of the UK Financial Services and Markets Act 2000.