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EfTEN REAL ESTATE FUND III AS NOTICE CALLING THE ANNUAL GENERAL MEETING OF SHAREHOLDERS

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The  Management Board of EfTEN Real Estate Fund III AS (registry code 12864036;
seat  Tallinn, A. Lauteri 5) calls an  annual general meeting of shareholders on
18 June 2020 at 10:00.

Venue  of the  general meeting:  Radisson Blu  Sky hotel second floor conference
centre hall "Hansa", address Tallinn, Rävala pst 3.

The  registration of participants of the  general meeting starts at 09:00 on 18
June  2020 at  the  venue  of  the  meeting.  The registration ends at 10:00. If
possible,  we request that all shareholders  arrive in time considering the time
required to register the participants of the meeting.

The  list of  shareholders who  shall be  entitled to  participate in the annual
general  meeting shall  be fixed  seven days  prior to  the date  of the general
meeting,  i.e. on 11 June 2020 as at the end of the working day of the registrar
of the settlement system of the fund's securities.

Pursuant  to the resolution of  the Supervisory Board of  EfTEN Real Estate Fund
III  AS, the annual general meeting will have the following agenda together with
proposals of the Supervisory Board to the shareholders:

Item 1: Management Board's overview of the fund's activities
The  Management Board shall provide an overview  of the activities of EfTEN Real
Estate Fund III AS. The said item is for informational purposes only.

Item 2: Approval of the 2019 annual report
Proposal  of the Supervisory  Board: To approve  the 2019 annual report of EfTEN
Real Estate Fund III AS as presented to the general meeting.

Item 3: Distribution of profit
Due  to the past emergency situation,  and uncertainty about the future economic
outlook  due to the spread  of the coronavirus, the  Management Board decided to
change  the  previously  published  dividend  proposal  and  reduced it from the
initial  82 cents per share to 65 cents  per share. The Supervisory Board agreed
with the Management Board's proposal to reduce the dividend.
Proposal  of the  Supervisory Board:  The consolidated  net profit  of the 2019
financial year of the fund is 7 737 201 euros.
To  distribute  the  undistributed  profit  as  at 31 December 2019 in the total
amount of 18 351 557 euros as follows:
Transfers to the reserve capital: 386 852 euros;
Profit  to be  distributed between  the shareholders  (net dividend): 2 744 648
euros (65 euro cents 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 15 220 097 euros.
The  list of shareholders entitled to dividends shall be fixed on 7 July 2020 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 6 July 2020. As of this date a person who acquired shares is
not entitled to dividends for the 2019 financial year. Dividend shall be paid to
the  shareholders on 10 July  2020 by way of  bank transfer to the shareholder's
bank account.

Item 4: Amendment of the articles of association
Due  to the postponement of  the merger, the business  name of EfTEN Real Estate
Fund  III AS will not be changed and the fund will continue to operate under the
current  business name. The Management  Board of the fund  has together with the
fund  manager,  reviewed  the  provisions  of  the  articles of association. The
revised articles of association include updates to provisions, which the fund is
required  to amend  by virtue  of amendments  to legal  acts, or which introduce
corrections or amendments to the articles of association which do not affect the
rights   and   obligations  of  the  shareholders.  Furthermore,  the  provision
regulating the success fee payable to the fund manager has been specified in the
articles of association and a maximum rate of success fee per financial year has
been  determined,  which  is  favourable  to  the shareholders. In addition, the
possibility  for electronic  voting and  the right  to adopt resolutions without
calling  a meeting of shareholders  has been added, which  are favourable to the
shareholders.  Said amendments to the articles of  association do not have to be
approved  by the  Financial Supervision  Authority in  accordance with  § 37 (3)
point 1 of the Investment Funds Act. The fund manager has informed the Financial
Supervision Authority of the proposed amendments.
Proposal of the Supervisory Board: To approve the new articles of association as
presented to the general meeting.

Item 5: Extension of the authorisations of the members of the Supervisory Board
The  members of the Supervisory  Board have consented to  the extension of their
authorisations.  Cooperation to  date between  the fund's  Management Board, the
fund manager and the Supervisory Board has been close and very good.
Proposal  of the Supervisory Board: To  extend the authorisations of the members
of  the Supervisory Board Arti  Arakas, Sander Rebane, Siive  Penu and Olav Miil
until  18 June 2025, i.e. for a period of five years from the moment of deciding
the extension.

Additional organisational information:
Documents  related to the  general meeting, incl.  the 2019 annual report of the
fund,  report of the sworn auditor,  profit distribution proposal, report of the
Supervisory  Board, draft of  the articles of  association, draft resolutions of
the  Management  Board  and  any  other  information  subject  to  the statutory
disclosure  requirement are available for examination on the webpage of the fund
www.eref.ee  (http://www.eref.ee)  and  until  the  date  (incl.) of the general
meeting,  at the premises of the fund (address A. Lauteri 5, 10114 Tallinn, 3rd
floor) on working days from 09:00 until 16:00.

Questions  with respect to the matters on  the agenda of the general meeting can
be  submitted via e-mail address: [email protected] or by mail to the address of the
fund  (Tallinn 10114, A.  Lauteri 5) or  via phone  by calling  + 372 655 9515.
Questions,  answers, shareholders' proposals with respect  to the matters on the
agenda  and the minutes of the general meeting shall be published on the webpage
of EfTEN Real Estate Fund III AS www.eref.ee (http://www.eref.ee).

The  fund does  not provide  an opportunity  for electronic participation in the
general meeting or voting using electronic means or by mail.

We  request to submit the following to  register the participants of the general
meeting:
-  in case  of a  shareholder who  is a  natural person, an identity document. A
representative  of  a  shareholder  shall  also  present  a power of attorney in
written form.
-  in case of a shareholder who is  a legal person, an extract from the registry
where  the legal  person is  registered, which  proves the  authorisation of the
representative  to represent the  legal person (right  of representation arising
from  law)  and  an  identity  document  of  the  representative.  In  case  the
representative  is not a legal representative of the legal person, a valid power
of  attorney shall also be required. Where required by applicable law, documents
pertaining to a legal person registered in a foreign country are requested to be
legalized  or duly apostilled. Documents in foreign language are requested to be
accompanied by a translation into Estonian by a sworn translator.
At  the general meeting,  a shareholder is  entitled to receive information from
the  Management Board on  the activities of  the fund. The  Management Board may
decide  to  withhold  information  if  there  is  a  reason  to believe that the
disclosure  of information may cause significant  damage to the interests of the
public limited company. If the Management Board refuses to disclose information,
the  shareholder  may  demand  from  the  general  meeting to adopt a resolution
regarding  the  lawfulness  of  the  information  request or to file, within two
weeks,  a petition  to a  court by  way of  proceedings on  petition in order to
obligate the Management Board to give information.
The  shareholders whose shares represent at  least 1/20 of the share capital may
request  for  additional  items  to  be  included  on  the agenda of the general
meeting,  if the  respective request  is submitted  in writing  at least 15 days
prior  to the general meeting  to the address EfTEN  Real Estate Fund III AS, A.
Lauteri 5, 10114 Tallinn.

The  shareholders whose shares represent at  least 1/20 of the share capital may
present  a draft resolution in respect of each  item on the agenda in writing no
later  than three days  prior to the  general meeting to  the address EfTEN Real
Estate Fund III AS, A. Lauteri 5, 10114 Tallinn.

Prior to the general meeting, the shareholder may notify of the appointment of a
representative  or the revocation of the representative's authority by sending a
digitally signed notice to the e-mail address [email protected] or by delivering the
signed  documents in person on working days between 09:00 to 16:00 to EfTEN Real
Estate Fund III AS at A. Lauteri 5, 10114 Tallinn at the latest by 17 June 2020.

Measures to prevent the spread of the virus

In  order to  protect the  health of  all shareholders  and participants  in the
general  meeting,  EfTEN  Real  Estate  Fund  III  AS  asks the shareholders, if
possible,  to participate in the general by appointing a proxy. We recommend you
to  appoint Viljar Arakas, a member of the  Management Board of the fund, as the
proxy,  whom you can  give precise instructions  to vote on  your behalf on each
agenda item. This way, you can vote as you wish, while avoiding gathering in one
room  with many other people and reducing the risk of getting a disease. In case
a  shareholder wishes to use the template  of power of attorney upon appointment
of  a representative,  the respective  template is  available on  the webpage of
EfTEN Real Estate Fund III AS www.eref.ee (http://www.eref.ee).
The persons who have signs of illness will not be allowed to attend the meeting.
The  shareholders participating in the general meeting in person must follow the
instructions  and  orders  given  for  the  protection  of  the  health  of  the
participants.

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