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Resolutions of the Annual General Meeting of shareholders of EfTEN Real Estate Fund AS on 7 April 2026

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The Annual General Meeting of shareholders of EfTEN Real Estate Fund AS was held
on  7 April 2026 in the Radisson Collection  Hotel Conference Center (2nd floor,
Tallinn, Rävala 3).

A  total of 133 shareholders attended  the meeting representing 8,288,858 votes,
i.e.  71.92 %  of  the  total  votes  were  represented. Of the participants, 3
shareholders  representing 9,697 votes, i.e. 0.08 % 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 2025
With  8,288,621 i.e. 100% votes in  favour, the shareholders  decided to approve
the  annual report of EfTEN  Real Estate Fund AS  for the financial year 2025 as
submitted  to the General Meeting. 1 vote i.e. 0.00 % was against, and 113 votes
i.e.  0.00 % were  neutral. 123 votes,  i.e. 0.00 %  did not  participate in the
voting.

Distribution of profit
With  8,288,622 i.e. 100 % votes in favour,  the shareholders decided to approve
the  proposal for profit  distribution proposal: The  consolidated net profit of
the  2025 financial year of the fund is 12 235 thousand euros. To distribute the
undistributed  profit  as  of  31 December  2025 in  the total amount of 23 724
thousand euros as follows:

Transfers to the reserve capital: 1 224 thousand euros.
Profit  to  be  distributed  between  the  shareholders  (net dividend): 13 830
thousand euros (1,20 euros per share).
Transfers  to other reserves shall not be made  and profit shall not be used for
any other purposes.
Amount of undistributed profit after transfers is 8 670 thousand euros.
The  list of  shareholders entitled  to dividends  shall be fixed on 22.04.2026
(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 21.04.2026. As of this date a person who
acquired  shares  is  not  entitled  to  dividends  for the 2025 financial year.
Dividend  shall be distributed to the  shareholders on 29.04.2026 by way of bank
transfer to the shareholder's bank account.
1 vote  i.e. 0.00 %  was against,  and 113 votes  i.e. 0.00 % were neutral. 122
votes, i.e. 0.00 % did not participate in the voting.


Remuneration Principles
With 8,284,242 i.e. 99.94 % votes in favour, the shareholders decided to approve
the  principles of remuneration  of the members  of the Management  Board of the
fund as submitted to the general meeting.
1 vote  i.e. 0.00 % was against, and  4,167 votes i.e. 0.05 % were neutral. 448
votes, i.e. 0.01 % did not participate in the voting.


Purchase of Magistral Kaubanduskeskuse OÜ
With  6,989,628 i.e.  84.33 %  votes  in  favour,  the  shareholders  decided to
authorize  the management board  to buy a  share of Magistral Kaubanduskeskus OÜ
(registration  code  11228717) with  a  nominal  value of 1,502,562 euros, which
constitutes 100% of the subsidiary's share capital, from EfTEN Kinnisvarafond II
AS  at  a  fair  price  based  on  the  value  of  the  real estate owned by the
subsidiary.  The fair price  shall be determined  by an independent appraiser in
accordance with applicable law and approved by the Supervisory Board.
1,298,855 vote  i.e.  15.67 %  were  against,  and  253 votes  i.e.  0.00 % were
neutral. 122 votes, i.e. 0.00 % 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  6,967,714 i.e.  84.06 %  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.
1,287,297 vote  i.e.  15.53 %  were  against,  and 22,167 votes i.e. 0.27 % were
neutral. 11,680 votes, i.e. 0.14 % 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 +372 655 9515
E-mail: [email protected] (mailto:[email protected])