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Baltic Horizon Fund general meeting of investors and a notice to convene a new general meeting of investors

Teade

Extraordinary  General  Meeting  (hereinafter  the  "General Meeting") of Baltic
Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the "SDR")
holders  (hereinafter together the "Investors") took place on 6 December 2023 in
Tallinn, Estonia.
Proposed agenda of the meeting was the following:

 1. Decision to elect Reimo Hammerberg as a new member of the supervisory board
    of Baltic Horizon Fund as of 1 January 2024 for an indefinite period.
 2. Decision to pay remuneration to Reimo Hammerberg  for fulfilling obligations
    of the member of the supervisory board in the amount of EUR 16,000 per
    calendar year.
 3. Decision to elect Monica Hammer as a new member of the supervisory board of
    Baltic Horizon Fund as of 1 January 2024 for an indefinite period.
 4. Decision to pay remuneration to Monica Hammer for fulfilling obligations of
    the member of the supervisory board in the amount of EUR 11,000 per calendar
    year.
 5. Decision to elect Per V. Jenster as a new member of the supervisory board of
    Baltic Horizon Fund as of 1 January 2024 for an indefinite period.
 6. Decision to pay remuneration to Per V. Jenster for fulfilling obligations of
    the member of the supervisory board in the amount of EUR 11,000 per calendar
    year
 7. Decision to recall Raivo Vare, Andris Kraujins and Per Moller from the
    position of the supervisory board member with the last date of the office
    being 31 December 2023.

 4 investors were registered as attending the meeting, holding 344,116 fund
units which is below the required quorum. Investors were not able to adopt the
proposed resolutions.

Notice to convene a new general meeting

According  to section  10.11 of the  rules of  the fund,  the management company
Northern  Horizon  Capital  AS   convenes  a  new general meeting, with the same
agenda.

The  new general  meeting of  Baltic Horizon  Fund is  to be held on 21 December
2023 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 10.3.3, 10.4, 10.6, 11.2 of
the Rules of Baltic Horizon Fund and section 47-1 of the Investment Funds Act of
Estonia.

Investors  are invited to join the webinar to view the General Meeting online on
21 December  2023 at 14:00. Investors are  invited to issue  a power of attorney
with instructions for voting to exercise their rights as an Investor. We propose
the  Investors  to  consider  designating  fund  manager  Tarmo Karotam as their
authorised  representative (please see instructions below and templates at Annex
1).

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

https://nasdaq.zoom.us/webinar/register/WN_e5O7jd1WSDayvu3CVnALaQ
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fnasdaq.zoom.u
s%2Fwebinar%2Fregister%2FWN_e5O7jd1WSDayvu3CVnALaQ&data=05%7C01%7Cjana.karimova%
40nh-
cap.com%7C64f6af6c0cfa470e2f3d08dbf64fa482%7C59e9ded010164cb88b55eb25ecab342c%7C
0%7C0%7C638374594191405963%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV
2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=N3yGt2%2F%2FcgDmrrSX
WYCid02GkxoS5NJF24ghRpTXCSE%3D&reserved=0)

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).

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

Agenda

 1. Decision to elect Reimo Hammerberg as a new member of the supervisory board
    of Baltic Horizon Fund as of 1 January 2024 for an indefinite period.
 2. Decision to pay remuneration to Reimo Hammerberg  for fulfilling obligations
    of the member of the supervisory board in the amount of EUR 16,000 per
    calendar year.
 3. Decision to elect Monica Hammer as a new member of the supervisory board of
    Baltic Horizon Fund as of 1 January 2024 for an indefinite period.
 4. Decision to pay remuneration to Monica Hammer for fulfilling obligations of
    the member of the supervisory board in the amount of EUR 11,000 per calendar
    year.
 5. Decision to elect Per V. Jenster as a new member of the supervisory board of
    Baltic Horizon Fund as of 1 January 2024 for an indefinite period.
 6. Decision to pay remuneration to Per V. Jenster for fulfilling obligations of
    the member of the supervisory board in the amount of EUR 11,000 per calendar
    year
 7. Decision to recall Raivo Vare, Andris Kraujins and Per Moller from the
    position of the supervisory board member with the last date of the office
    being 31 December 2023.

Investors are invited to send questions and comments on the agenda to the Baltic
Horizon   fund  manager  at  Tarmo.Karotam@nh-cap.com  (mailto:Tarmo.Karotam@nh-
cap.com)  by 14 December 2023. Northern  Horizon Capital AS  will respond to the
questions and comments 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  and holders  of SDRs  registered in the Euroclear
Sweden  AB system ten days  before the date of  the General Meeting, i.e. at the
end  of  business  of  Nasdaq  CSD  SE  on  11 December  2023, 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  14 December  2023 to  bhfmeeting@nh-cap.com  (mailto:bhfmeeting@nh-cap.com).
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  SDRs registered with Euroclear
Sweden AB in Sweden

IMPORTANT NEW REQUIREMENT: SDR holders whose SDR-s are registered with Euroclear
Sweden  AB via  a bank  or other  nominee are  required to  notify their bank or
nominee  account provider by  11 December 2023 to temporarily  add their name on
the Euroclear Sweden AB owner register.

Representation under a power of attorney

Investors  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 bhfmeeting@nh-cap.com
(mailto:bhfmeeting@nh-cap.com)  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 also be
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 Investor is a  legal person, documentation in
Estonian or English certifying the authority of the Investor's representative or
the signatory of the power of attorney will also be 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
SDRs  registered in the Euroclear Sweden AB  system will be used for the purpose
of registration and preparing the voting list for the meeting.

Northern Horizon Capital AS proposals on the agenda items

1. Decision  to elect Reimo Hammerberg as a  new member of the supervisory board
of the Fund

According to section 11.2 of the Rules of Baltic Horizon Fund the members of the
supervisory  board shall be appointed at the  general meeting for a period of at
least  two years. Northern Horizon Capital AS proposes to elect Reimo Hammerberg
as a new member of the supervisory board.

Reimo  Hammerberg was  a partner  with law  firm Sorainen  for over 13 years and
built a leading capital markets and financial services practice. Reimo is also a
founder  and CEO  of Ignium,  a company  that makes  capital available for small
businesses  by enabling them  to engage and  monetize their communities and turn
them  into stakeholders,  from which  he exited  in 2023. Reimo holds a bachelor
degree  in law from University of Tartu  (2003) and L.L.M degree from University
of  San Diego  (2006). In  the recent  years, Reimo  Hammerberg has  been deeply
engaged  in  FinTech  and  blockchain  projects  and companies. Currently, Reimo
Hammerberg  also holds a board member seat  in an electronic credit card company
and  Holm Bank. Reimo Hammerberg  has been advising Baltic  Horizon Fund and its
predecessor since 2010.

Reimo Hammerberg does not hold any units of the Baltic Horizon Fund.

2. Decision to pay remuneration to Reimo Hammerberg

According  to section  11.11 of the  Rules of  Baltic Horizon  Fund, supervisory
board  members are  entitled to  remuneration for  their service.  The amount of
remuneration  payable to the chairman and members of the supervisory board shall
be decided at the general meeting.

The  proposed  remuneration  is  the  same  as  for  the current chairman of the
supervisory  board. Northern Horizon Capital AS  proposes to pay remuneration to
Reimo Hammerberg in the amount of EUR 16,000 per calendar year.

3. Decision  to elect Monica Hammer as a  new member of the supervisory board of
the Fund

Northern  Horizon Capital AS proposes to elect  Monica Hammer as a new member of
the supervisory board.

Monica Hammer has experience in the financial sector for 15 years, 6 of which in
managerial  positions. Monica Hammer has worked as a Director and Head of Office
Lease  at an international investment  management company Colliers International
and  as a  Head of  Commercial at  SIGNAL, an  architecture and  design company.
Currently,  Monica Hammer is a  Head of Workplace Consultancy  at CBRE, a global
real estate assets investment management firm.

Monica Hammer does not hold any units of the Baltic Horizon Fund.

4. Decision to pay remuneration to Monica Hammer

The  proposed  remuneration  is  the  same  as  for  the  current members of the
supervisory  board. Northern Horizon Capital AS  proposes to pay remuneration to
Monica Hammer in the amount of EUR 11,000 per calendar year.

5. Decision  to elect Per V. Jenster as a new member of the supervisory board of
the Fund

Northern  Horizon Capital AS proposes to elect Per V. Jenster as a new member of
the supervisory board.

Professor  Per V. Jenster graduated from University of Århus in 1983 receiving a
B.S./M.A.   degree in Business  Economics and University  of Pittsburgh in 1985
with  a Ph.D  degree in  Strategic Management.  Per V.  Jenster  is  a Professor
Emeritus and International Dean of the National Interdisciplinary
Institute for Aging Research, Southwest Jiao Tong University, Chairman
and  formerly Professor  of Strategic  Management with  the Nordic International
Management
Institute, Chengdu, China, and with Center for International Management &
Industrial  Development, Switzerland. Currently, Per V. Jenster is a Chairman at
Niche Masters Fund.

Per Per V. Jenster holds roughly 2,400,000 units of the Baltic Horizon Fund.

6. Decision to pay remuneration to Per V. Jenster

The  proposed  remuneration  is  the  same  as  for  the  current members of the
supervisory  board. Northern Horizon Capital AS  proposes to pay remuneration to
Per V. Jenster in the amount of EUR 11,000 per calendar year.

7. Decision  to  recall  the  positions  of  Raivo Vare, Andris Kraujins and Per
Moller from the supervisory board

According  to section 10.3.3 of the Rules of  Baltic Horizon Fund the members of
the supervisory board shall be recalled at the general meeting. The positions of
Raivo Vare, Andris Kraujins and Per Moller were previously elected without term.

Annex 1:

Form  of power of attorney  to appoint a representative  for the general meeting
(in Estonian)

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 tarmo.karotam@nh-cap.com (mailto:tarmo.karotam@nh-cap.com)

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)

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