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Information on the sale of holding in related company

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Nordecon AS group company AS Tariston concluded with OÜ Tõrvatilk on 08 December
2020 an agreement to sell its 49% shareholding in a related company OÜ Pigipada.

The  purpose  of  the  sale  is  to  resolve the ownership of the aforementioned
company  and sell it on profitable terms for AS Tariston. The total value of the
transaction  is approximately 3.6 million  euros. As due  to the transaction the
relationship  of control of  OÜ Pigipada will  change, the implementation of the
related  rights  and  obligations  is  subject  to  the approval of the Estonian
Competition Authority

As  the transaction value constitutes 11% of the consolidated equity of Nordecon
AS  for 2019, the sale of this holding  can be considered as material within the
meaning  of  the  Rules  of  Nasdaq  Tallinn  Stock  Exchange  "Requirements for
Issuers".  The estimated  effect of  the sale  of holding  in OÜ Pigipada to the
Nordecon AS net profit for 2020 will be approximately 2.7 million euros.

The  transaction is not regarded as a transaction between related persons within
the  meaning of the  "Requirements for Issuers"  of the Rules  of Nasdaq Tallinn
Stock  Exchange and the members of the supervisory board and management board of
Nordecon AS are otherwise not personally interested in the transaction.

Overview  of  the  circumstances  relating  to  and  the financial results of OÜ
Pigipada

The  economic activity  of OÜ  Pigipada is  operating as  a producer of bitumen-
emulsions in its factories in Paide and Tsirguliina. The products of OÜ Pigipada
are  used in road  construction and maintenance  and its home  market is Estonia
while supplying the export markets in Latvia and Finland as well.

The  audited annual reports of OÜ  Pigipada for 2018 and 2019 have been attached
to this announcement.

The  turnover and net profit  of OÜ Pigipada for  the last three financial years
were as follows:

                    (in euros)
      2017                           2018                            2019

                         Revenue
       8 885 830                   8 808 296                   9 578 454
                      Net profit
       747 213                      646 245                       647 738

There  have been no significant changes in  the economic activity of OÜ Pigipada
in  2020 in  comparison  to  the  previous  period.  The  company  has  no  loan
obligations as of 30 September 2020. OÜ Pigipada is not a party to any court and
arbitration  proceedings, which could have a significant effect on the company's
economic  activity. As of  30 September 2020, there are  no valid contracts with
material effect between Nordecon AS and OÜ Pigipada.

OÜ Pigipada has two shareholders - OÜ Tõrvatilk (51%) and AS Tariston (49%). The
management  board of  OÜ Pigipada  has one  member, Marek  Koit. The supervisory
board  of the company consists of Priit  Post, Maret Tambek, Kaspar Kaldjärv and
Märt Järvik.

Nordecon (www.nordecon.com (http://www.nordecon.com)) is a group of construction
companies  whose core  business is  construction project  management and general
contracting  in the  buildings and  infrastructures segment.  Geographically the
Group  operates in Estonia, Sweden, Finland and Ukraine. The parent of the Group
is  Nordecon  AS,  a  company  registered  and  located in Tallinn, Estonia. The
consolidated  revenue  of  the  Group  in  2019 was 234 million euros. Currently
Nordecon  Group  employs  close  to  710 people. Since 18 May 2006 the company's
shares have been quoted in the main list of the Nasdaq Tallinn Stock Exchange.

Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
E-mail: [email protected] (mailto:[email protected])
www.nordecon.com (http://www.nordecon.com)