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Notice of Public Offering, Listing, and Admission to Trading of Additional Shares of EfTEN Real Estate Fund AS

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EfTEN  Real Estate Fund AS (registry code 12864036, address A. Lauteri 5, 10114
Tallinn) announces a public offering of shares based on a decision of the fund's
Supervisory Board dated November 11, 2024, and informs about the planned listing
and  admission to  trading of  new shares  on the  regulated market organized by
Nasdaq  Tallinn AS (registry code 10359206). The Supervisory Board's decision is
based  on the  resolution of  the shareholders'  general meeting held on October
16, 2024.

Share Offering

EfTEN Real Estate Fund AS offers up to 1,000,000 new ordinary shares of the fund
to all natural and legal persons in Estonia, Latvia, and Lithuania in accordance
with  the public offering prospectus. The fund  reserves the right to upsize the
offering by an additional 500,000 shares.

There  is no  minimum or  maximum number  of shares  that can  be subscribed to.
Existing   shareholders,  i.e.,  individuals  who  are  entered  in  the  fund's
shareholders'  register as of the end of  the Nasdaq CSD working day on November
20, 2024, have  the pre-emptive right to subscribe  for new shares in proportion
to  the total  nominal value  of their  shares, which  does not limit or exclude
existing  shareholders' right to  subscribe for new  shares in larger or smaller
quantities or not to subscribe for new shares at all. No existing shares will be
sold during the offering.

The  offer price for each new share is EUR19.00, of which EUR10 is the nominal value
of the share and EUR9.00 is the premium. Subscription orders can only be submitted
during  the subscription period. To subscribe for the offered shares in Estonia,
an investor must have a securities account with Nasdaq CSD. To subscribe for the
offered  shares  in  Latvia  or  Lithuania,  an  investor must have a securities
account  with a  financial institution  that is  a member  of the  Nasdaq Baltic
exchange.

In Estonia the subscription order shall include the following information:

 Securities account holder:              Name of the investor

 Securities account:                     Securities account number of the
                                         investor

 Securities account manager:             Name of the investor's securities
                                         account manager

 Security:                               EfTEN Real Estate Fund aktsia
                                         additional 7

 ISIN:                                   EE3805127240

 Quantity of securities:                 The number of shares offered, which
                                         the investor wishes to subscribe

 Price (per share):                      19,00 EUR

                                         Number of shares offered, which the
 Transaction price:                      investor wishes to subscribe,
                                         multiplied by the price of the offered
                                         shares

 Counterparty of transaction:            EfTEN Real Estate Fund AS

 Counterparty's securities account:      99102006845

 Counterparty's securities account       Swedbank AS
 manager:

 Settlement date:                        13.12.2024

 Type of transaction:                    ?Purchase" or "subscription"

 Settlement type:                        ?Delivery versus payment "

In  Latvia, an  investor who  wants to  list the  Offered Shares  must contact a
financial  institution that is a member of  the Nasdaq Baltic stock exchange and
manages  the investor's securities  account and submit  an offer to purchase the
Offered  Shares  in  the  form  of  a  purchase  order  that is accepted by this
financial  institution  and  that  is  in  accordance  with  the  terms  of  the
Prospectus.

In  Lithuania, an investor who  wants to list the  Offered Shares must contact a
financial  institution that is a member of  the Nasdaq Baltic stock exchange and
manages  the investor's securities  account and submit  an offer to purchase the
Offered  Shares  in  the  form  of  a  purchase  order  that is accepted by this
financial  institution  and  that  is  in  accordance  with  the  terms  of  the
Prospectus.
The  list of Nasdaq  Baltic exchange members  is available on  the Nasdaq Baltic
website https://nasdaqbaltic.com/statistics/et/members

To participate in the offer, subscription orders can only be submitted in euros,
and  the  participant  in  the  offer  bears  all  costs  or fees related to the
submission of the subscription order.

The time schedule of the offering of the shares is as follows:

 21.11.2024 at 09:00 (EET) Start of the subscription period of the shares

 06.12.2024 at 15.30 (EET) End of the subscription period of the shares

 10.12.2024                Announcement of the initial results of the Offering

 13.12.2024                Settlement of the Offering (Transfer of the shares
                           to investors' securities accounts)

 On or about 23.12.2024    The increase of the share capital is presumably
                           registered in the Commercial Register

                           Expected listing of the shares and admission to
 On or about 30.12.2024    trading on the regulated market operated by Nasdaq
                           Tallinn AS (on Baltic Main List)

Listing and admission to trading of shares
EfTEN Real Estate Fund AS submits a request for listing and admission to trading
of  the offered  shares on  the main  list of  the Nasdaq Tallinn stock exchange
after  the end of  the subscription period.  Although EfTEN Real  Estate Fund AS
makes  every effort  to list  and trade  new shares,  EfTEN Real  Estate Fund AS
cannot guarantee the listing and trading of shares.

Availability of the prospectus
The  prospectus for  the public  offering, listing  and admission  to trading of
EfTEN  Real Estate  Fund AS  shares is  available at  the location of EfTEN Real
Estate  Fund AS,  Tallinn, A.  Lauteri 5 (III  floor) and  electronically on the
fund's  website at www.eref.ee  and on the  website of the Financial Supervision
Authority  at www.fi.ee. In  addition to the  above, the prospectus is available
through the information system of the Nasdaq Tallinn Stock Exchange.

Before investing into shares of EfTEN Real Estate Fund AS we ask you to acquaint
yourself with the whole prospectus.

Viljar Arakas
Member of the Management Board
Tel. 655 9515
Email: [email protected]