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Baltic Horizon Fund: planned offering of SDRs to Swedish Investors

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NOT  FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN  WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY,  IN OR INTO THE UNITED  STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN,
NEW  ZEALAND, SINGAPORE,  SOUTH AFRICA  OR SUCH  OTHER COUNTRIES OR OTHERWISE IN
SUCH CIRCUMSTANCES IN WHICH THE PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Northern  Horizon Capital AS  announces the plan  for public offering of Swedish
depository receipts (the ?SDRs").

The  offering of SDRs is intended to  be directed to the unitholders holding the
units  of Baltic  Horizon Fund  (the ?Units")  trading on  Nasdaq Stockholm (the
?Swedish Investors"). The offering of the SDRs (the ?Offering") would be carried
out as a response to the termination of the affiliation agreement with Euroclear
Sweden  AB (the  ?Euroclear Sweden")  for keeping  the Units registered with its
book  entry system in Sweden  due to a strategic  decision by Nordea Bank Abp to
exit its Nordic sub-custody business.

Each  one (1) Unit would  grant the Swedish Investor  a right to convert it into
one (1) SDR. Northern Horizon Capital AS intends to appoint Nordic Issuing AB as
the  issuer of  the SDRs.  The SDRs  would be  issued in  the Swedish book-entry
system  maintained  by  Euroclear  Sweden.  The  SDRs would be issued in Swedish
kronas  and will be created under, and would be governed by, the laws of Sweden.
The  SDRs are intended to  be listed on Nasdaq  Stockholm. No new Units would be
issued as part of the Offering.

Northern  Horizon  Capital  AS  has  submitted  an application to register a new
public  offering and listing  prospectus with the  Swedish Financial Supervision
Authority.  The details of the offering, the SDR conversion period and the terms
of subscription will be disclosed upon registration of the prospectus.

If  a Swedish  Investor remains  passive and  does not  instruct the Units to be
converted  into  the  SDRs  or  alternatively  to  be  transferred to Nasdaq CSD
(Estonia)  prior to 4 November 2022, Euroclear Sweden will appoint a sales agent
to sell such Units and pay out the proceeds (less sales costs and any applicable
taxes)  to the  cash account  connected with  the respective  Swedish Investor's
securities account.

If  a Swedish Investor has already transferred its Units to Nasdaq CSD (Estonia)
but  wishes to participate in the SDR structure then please contact your account
operator  for the purposes  of exploring the  possibility of re-transferring the
Units back to Nasdaq Stockholm before the SDR program is fully launched.

For additional information, please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=PzsCTdcuGgS48ZF9cEjGDLIWoc5ZAOTZuCeJ
8Zxj2YtxG_d2B1g-GVagW-8VU4u3DMRKTQSk8mwgwy4HUEjR6KpRqn8Sx8orUmj-q4MpAi8=)
www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=g2292570hdduArvmb1v14FL6ZSussCrf5-
oeyl93S8nyw2EbcBkUIVcMqyf53TKKG5tg4Ji5LPKehNTFh4_xN1DEkox8HqnI1JSndHFz07Q=)

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
(https://www.globenewswire.com/Tracker?data=g2292570hdduArvmb1v14FL6ZSussCrf5-
oeyl93S8lIUsQ2cgWxxmxbmEZZFWycEup_hTsNpdiUD8xuqHw_4HgkCmA5iyWp_vDwO7ucvZY=)

The  information contained herein  does not constitute  an offer to  sell or the
solicitation  of an offer to buy, nor shall there be any sale of, the securities
in  any jurisdiction in which such offer, solicitation or sale would be unlawful
prior  to registration, exemption  from registration or  qualification under the
securities laws of any such jurisdiction. The offering will be carried out based
on  registered prospectus and the details of the offering, the conversion period
and  the  terms  of  subscription  will  be  disclosed  upon registration of the
prospectus.  The information contained herein is not for release, publication or
distribution, in whole or in part, directly or indirectly, in or into the United
States,  Australia,  Canada,  Hong  Kong,  Japan,  New Zealand, Singapore, South
Africa  or such other countries or otherwise  in such circumstances in which the
release, publication or distribution would be unlawful.

This  communication does not constitute  an offer of securities  for sale in the
United States. The securities have not been and will not be registered under the
U.S.  Securities Act  of 1933, as  amended (the  "Securities Act")  or under the
applicable  securities laws  of any  state of  the United  States and may not be
offered  or sold, directly or indirectly, within the United States or to, or for
the  account  or  benefit  of,  U.S.  persons  except  pursuant to an applicable
exemption   from,   or  in  a  transaction  not  subject  to,  the  registration
requirements of the Securities Act.
This  communication does not constitute an offer  of securities to the public in
the  United Kingdom. No  prospectus has been  or will be  approved in the United
Kingdom  in  respect  of  the  securities.  Consequently,  this communication is
directed  only at (i) persons having professional experience in matters relating
to  investments  falling  within  the  definition  of "investment professionals"
falling  within Article  19(5) of UK  Financial Services  and Markets  Act 2000
(Financial  Promotion) Order 2005 (the Order); or  (ii) persons who are high net
worth  and others as described in Article 49(2)(a) to (d) of the Order; or (iii)
persons  to whom  distributions may  otherwise lawfully  be made or otherwise in
circumstances  which do  not require  publication by  the issuer of a prospectus
pursuant to section 85(1) of the UK Financial Services and Markets Act 2000.