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Resolutions of the Annual General Meeting of shareholders of EfTEN Real Estate Fund AS

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The Annual General Meeting of shareholders of EfTEN Real Estate Fund AS was held
on  8 April 2025 in the Radisson Collection  Hotel Conference Center (2nd floor,
Tallinn, Rävala 3).

A  total of 130 shareholders attended  the meeting representing 8,496,764 votes,
i.e.  74.49% of  the  total  votes  were  represented.  Of the participants, 10
shareholders  representing 25,527 votes, i.e. 0.22% of all votes attached to the
shares,  casted 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 Annual General Meeting of the Shareholders of the Fund adopted the following
resolutions:

Approval of the Fund's annual report for 2024

With  8,522,281 i.e. 100% votes in  favour, the shareholders  decided to approve
the  annual report of EfTEN  Real Estate Fund AS  for the financial year 2024 as
submitted  to the General  Meeting. No shareholders  voted against the decision.
10 votes, i.e. 0% did not participate in the voting.

Distribution of profit
With 8,522,166  i.e. 100% votes in  favour, the shareholders  decided to approve
the  proposal for profit  distribution proposal: The  consolidated net profit of
the  2024 financial year of the fund is 13,564 thousand euros. To distribute the
undistributed  profit  as  of  31 December  2024 in  the total amount of 25 565
thousand euros as follows:
Transfers to the reserve capital: 1,357 thousand euros.
Profit  to  be  distributed  between  the  shareholders  (net dividend): 12 699
thousand euros (1,11 euro per share).
Transfers  to other reserves shall not be made  and profit shall not be used for
any other purposes.
The amount of undistributed profit after transfers is 11 509 thousand euros.
The  list of  shareholders entitled  to dividends  shall be fixed on 22.04.2025
(record  date)  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 21.04.2025. As of this date a person who
acquired  shares  is  not  entitled  to  dividends  for the 2024 financial year.
Dividend  shall be distributed to the  shareholders on 30.04.2025 by way of bank
transfer to the shareholder's bank account.
No  shareholders voted against the decision.  No shareholders were neutral. 125
votes, i.e. 0% did not participate in the voting.

Extension of the authorisations of the members of the Supervisory Board
With  6,552,551 i.e. 76.89% votes in favour,  the shareholders decided to extend
the  authorisations of the members of  the Supervisory Board Arti Arakas, Sander
Rebane,  Siive Penu and  Olav Miil until  18.06.2030, i.e. for a  period of five
years from the moment of deciding the extension.
1,287,306 votes  i.e.  15.11% voted  against,  and  6,839 votes  i.e. 0.08% were
neutral. 675,595 votes, i.e. 7.93% did not participate in the voting.

Increase  of share capital and listing of new  shares on the Main List of Nasdaq
Tallinn Stock Exchange
With 7,127,778 i.e. 83.64% votes in favour, the shareholders decided to delegate
to the competence of the Supervisory Board the decision on the increase of share
capital  for a one-year  period following this  general meeting by public and/or
private  offering, excluding the  pre-emptive right of  existing shareholders to
subscribe and taking into account that:
(i)  the number of shares to be  issued additionally would not exceed 10% of the
number of shares at the time of adoption of this resolution;
(ii)  the  minimum  price  of  the  shares  to be offered (nominal value EUR10 and
premium) per share shall be the average closing price of the fund's share on the
stock  exchange  for  the  60 days  preceding  the resolution of the Supervisory
Board,
and to apply for the listing and admission to trading of all newly issued shares
on the Main List of Nasdaq Tallinn Stock Exchange.
To authorise the Supervisory Board and the Management Board of the fund to carry
out all activities and conclude all agreements necessary for this purpose.
1,316,587 votes  i.e.  15.45% voted  against,  and  77,066 votes i.e. 0.90% were
neutral. 860 votes, i.e. 0,01% did not participate in the voting.


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.

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