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Baltic Horizon Fund General Meeting – notice to investors

Teade

Northern  Horizon Capital AS invites Baltic  Horizon Fund unit-holders to attend
an  annual General Meeting on 7 June  2022 at 14:00 (local Estonian time) at the
office  of Northern Horizon Capital AS at Tornimäe 2, 24th floor, 10145 Tallinn,
Estonia.  Registration for the meeting will  begin at 13:00. The General Meeting
will be held in English.

The  meeting is convened in accordance  with sections 8.12, 10.4 and 10.6 of the
Rules  of Baltic Horizon Fund  and sections 47-1 of the  Investment Funds Act of
Estonia.

The  total  number  of  units  and  votes  in  Baltic  Horizon  Fund  amounts to
119,635,429.

Unit  holders may  issue a  power of  attorney with  instructions for  voting to
exercise  their rights as a unit-holder. We propose the unit-holders to consider
designating fund manager Tarmo Karotam as their authorised representative.

Unit-holders may also join the webinar to view the annual general meeting online
on 7 June 2022 at 14:00.

To join the webinar, please register via the following link:

https://nasdaq.zoom.us/webinar/register/WN_L6L4xYS5QYuSAR_TYSIe2Q

You  will  be  provided  with  the  webinar  link  and  instructions how to join
successfully.  The webinar will be recorded and available online for everyone at
the company's website on www.baltichorizon.com (http://www.baltichorizon.com).

Agenda

 1. Presentation of the FY2021 audited annual report of Baltic Horizon Fund, and
    interim report of Q1 2022;
 2. Presentation of the status with units traded on Nasdaq Stockholm due to
    Euroclear Sweden agreement termination on 30 September 2022;
 3. Resolution on establishment of Baltic Horizon Fund units buy-back program.

Unit-holders  are invited to  send questions and  comments on the  agenda to the
fund  manager  at  [email protected]  by  31 May  2022. Northern  Horizon
Capital  AS will respond to these questions and comments as soon as possible but
no later than at the meeting itself.

Participation - requirements and notice

Investors  who are entered  in the Baltic  Horizon Fund registry of unit-holders
maintained  by Nasdaq CSD  SE ten days  before the date  of the General Meeting,
i.e.  at the end  of business of  Nasdaq CSD SE  on 27 May 2022, are entitled to
participate in the meeting.

In  order  to  facilitate  the  registration  process, Investors whose units are
registered  in their own name are invited  to provide notice of their attendance
by  31 May 2022 to  [email protected] (mailto:[email protected]). Notice
should  include name, personal identification number (or the registration number
of  the legal person), address, number  of units represented and, if applicable,
attendance   of   any   representatives,   along  with  the  name  and  personal
identification number of the representatives. The attendance of a representative
does not deprive the unit-holder of the right to participate at the meeting.

Instructions  to holders of Baltic Horizon  Fund units registered with Euroclear
Sweden AB in Sweden

Notice   of  participation  should  be  sent  by  16:00 EET  on  31 May  2022 to
[email protected]   (mailto:[email protected]).  Notice  should  include
name,  personal identification number  (or the registration  number of the legal
person),  address, number of units represented and, if applicable, attendance of
any  representatives, along with the name  and personal identification number of
the  representatives. The  attendance of  a representative  does not deprive the
unit-holder of the right to participate at the meeting.

Representation under a power of attorney

Unit-holders  whose representatives  are acting  under a  power of  attorney are
requested  to  prepare  a  written  power  of attorney for the representative in
Estonian or English (templates can be found at Annex 1).

A copy of the executed power of attorney should be sent to [email protected]
(mailto:[email protected])  together  with  the  notice of participation. In
case  the power of attorney is issued by a legal person, a certified copy of the
registration  certificate (or equivalent certificate of authority) shall be also
submitted  together with, as applicable,  the documents certifying the authority
of  the representative in case the power of attorney is signed by a person under
a power of attorney.

Baltic  Horizon Fund  is registered  in Estonia,  which means  that any power of
attorney  (or  any  certified  copy  of  the registration certificate of a legal
person)  issued in a foreign  country should be notarised  and accompanied by an
apostille. The apostille requirement applies, for example, to powers of attorney
issued and notarised in Sweden or Finland.

Instructions for the day of the General Meeting

We  kindly ask  Investors to  bring a  personal identification document, and for
their  representatives also to present the original written power of attorney in
English or Estonian. In case the unit-holder is a legal person, documentation in
Estonian  or  English  language  certifying  the  authority of the unit-holder's
representative or the signatory of the power of attorney will be also requested.

Data  collected  by  Northern  Horizon  Capital  AS from powers of attorney, the
unitholders  registry maintained by  Nasdaq CSD SE,  and the list  of holders of
units  registered in the Euroclear Sweden AB system will be used for the purpose
of registration.

Northern Horizon Capital AS proposals on the agenda items

3. Resolution on units buy-back program.

Northern  Horizon  Capital  AS  proposes  that  the  General Meeting resolves to
establish  a buy-back  program of  Baltic Horizon  Fund and  authorises Northern
Horizon  Capital AS (or person  acting under its mandate)  to acquire the fund's
own units, under the following conditions:

i. The re-purchases of units are executed either on Nasdaq Tallinn and/or Nasdaq
Stockholm in accordance with the rules of Nasdaq Tallinn and/or Nasdaq Stockholm
applicable and strictly in line with applicable legislation;

ii.  The  purpose  of  the  re-purchase  program  is  to  strengthen the capital
structure of Baltic Horizon Fund by purchasing units at the price lower than the
NAV of the unit at the time;

iii.  Re-purchases are made at the price  level lower than NAV of Baltic Horizon
Fund unit at the time;

iv.  Maximum of  10,000,000 units may  be repurchased  during the  period of 36
months starting from 30 June 2022 for the maximum amount of EUR 10,000,000;

v. The aggregate number of units purchased and held by Baltic Horizon Fund shall
not exceed 10% of the total number of fund units at any time;

vi. Payment for the units shall be made in cash;

vii. The units held by Baltic Horizon Fund shall not grant any unitholder rights
to the fund or to Northern Horizon Capital AS;

viii.  Northern Horizon  Capital AS  shall cancel  the units purchased within 3
months after the re-purchase.

Baltic Horizon Fund currently does not own any own units.

Annex 1:

 1. Form of power of attorney to appoint a representative for the General
    Meeting (in Estonian)
 2. Form of power of attorney to appoint a representative for the General
    Meeting (in English)

For additional information, please contact:

Tarmo Karotam

Baltic Horizon Fund manager

E-mail [email protected]

www.baltichorizon.com (http://www.baltichorizon.com)

Baltic  Horizon Fund is  a registered contractual  public closed-end real estate
fund  that  is  managed  by  Alternative  Investment Fund Manager license holder
Northern Horizon Capital AS.

Distribution:     GlobeNewswire,     Nasdaq     Tallinn,    Nasdaq    Stockholm,
www.baltichorizon.com (http://www.baltichorizon.com)