Börsiteade

Pealkiri

Notice of the public offering of Hepsor AS bonds

Teade

Hepsor  AS  (registry  code  12099216, address Järvevena tee 7b, 10112, Tallinn,
Estonia;  Hepsor) announces a bond programme  (Programme) in the total amount of
EUR  20 million and a public offering (hereinafter Offer) of the first series of
bonds  under the Programme. As part of the offer, Hepsor will raise up to EUR 6
million,  with the  possibility of  increasing the  volume to EUR 8 million. The
offer  will  be  conducted  on  the  basis  of  the main prospectus (hereinafter
Prospectus)   prepared   by  Hepsor  and  approved  by  the  Estonian  Financial
Supervision  Authority  on  10 November 2025, and  published on  the websites of
Hepsor  and the   Estonian Financial  Supervision Authority  on the date of this
announcement.  The  Offer  is  intended  for  retail and institutional investors
operating in Estonia, Latvia, and Lithuania.

The main conditions of the Offer

 Issuer                           Hepsor AS

 Security                         EUR 9.50 Hepsor AS bond 25-2028

 Security type                    Unsecured and unsubordinated bond

 Serial number                    1

 ISIN                             EE0000002749

                                  Public offering intended for retail and
                                  institutional investors operating in Estonia,
 Type of offering                 Latvia, and Lithuania.

                                  EUR 6 million, with the possibility of it
 Issue volume                     increasing up to EUR 8 million

 Nominal value                    EUR 1,000

 Interest rate                    9.50 % per annum

                                  - The share of equity in assets must always
                                  be at least 20%;

                                  - Ensure minimum liquidity at all times to
 Financial covenant               make at least the next interest payment.

                                  Quarterly (26 February, 26 May, 26 August,
 Interest payments                and 26 November)

                                  12 November 2025, 10:00 - 21 November
 Subscription period              2025, 15:30

 Value Date                       26 November 2025

 Maturity date                    26 November 2028

 Request for admission to trading List of Baltic bonds on the Nasdaq Tallinn
                                  Stock Exchange

 First trading day                27 November 2025 or a date close to it

                                  10 November 2025 by the Estonian Financial
 Prospectus approved              Supervision Authority

 Arranger                         AS LHV Pank

 Legal Adviser                    Ellex Raidla Law Firm

Bonds  are unsecured and unsubordinated. This means that they are not secured by
any  pledged  assets  or  other  collateral,  and  investors' claims do not have
priority over Hepsor's other liabilities.

The  proceeds from the offer will be  used to refinance Hepsor's existing EUR 6
million  loan agreement with  AS LHV Pank.  In the event  that Hepsor decides to
increase  the volume  of the  first series  issue, the  funds remaining from the
refinancing  will be directed  towards the financing  of real estate development
projects in Hepsor's development portfolio.

Further  details of the offer are described in the Prospectus and in the summary
of the Prospectus.

Indicative schedule of the offer

 Beginning of the subscription period      12 November 2025 at 10:00

 End of the subscription period            21 November 2025 at 15:30

                                           24 November  2025 or a date close to
 Disclosure of Offer results               it

                                           26 November  2025 or a date close to
 Offer settlement                          it

 First day of trading in the list of
 Baltic bonds on the Nasdaq Tallinn Stock  27 November  2025 or a date close to
 Exchange                                  it


Submission of subscription orders


In order to subscribe to the bonds as part of the Offer, the investor must have
a securities account with the account operator of the Nasdaq CSD SE Estonian
branch or with a financial institution that is a member of Nasdaq Riga or Nasdaq
Vilnius stock exchange.

An  investor wishing to subscribe to the bonds must contact the account operator
that  manages the securities account of  the respective investor or the relevant
financial  institution and submit a subscription order in the form below to mark
the  bonds  during  the  offer  period.  By submitting a subscription order, the
investor  authorises the account operator  or the relevant financial institution
that  manages  the  current  account  associated  with the investor's securities
account  to  immediately  block  the  total  amount  of  the  transaction in the
investor's  current  account  until  settlement  is  completed  or the funds are
released in accordance with the conditions set out in the Prospectus.

 Holder of the securities account:       Investor's name

 Securities account:                     Investor's securities account number

 Account operators:                      Name of the investor's account
                                         operator:

 Security:                               EUR 9.50 Hepsor AS bond 25-2028

 ISIN code:                              EE0000002749

 Number of securities:                   the number of bonds to which the
                                         investor wants to subscribe

 Price (per bond):                       EUR 1,000

                                         the number of bonds to which the
 Transaction amount:                     investor wants to subscribe,
                                         multiplied by the price (per bond)

 Counterparty to the transaction:        Hepsor AS

 Securities account of the counterparty  99102109519
 to the transaction:

 Account operator for the counterparty   AS LHV Pank
 to the transaction:

 Transaction value date:                 26 November 2025

 Type of transaction:                    'transfer of securities against
                                         payment'

Admission of Hepsor Bonds to Trading

Hepsor  requests that the operator of the  Tallinn Stock Exchange list the bonds
issued as part of the Offer in the Baltic Bond List. Although Hepsor makes every
effort to ensure that its bonds are admitted to trading, Hepsor cannot guarantee
the admission of its bonds to trading.

Availability of the Prospectus

The  prospectus and the summary of the  Prospectus have been made public and are
available  in electronic  form on  Hepsor's website at https://hepsor.ee/en/for-
investors/bonds/  and on the Estonian  Financial Supervision Authority's website
at https://www.fi.ee
(https://www.globenewswire.com/Tracker?data=Fu5NIkFbzwJrzW9cGqFHaU7ySZgR2cCn4lQh
71tqrnkftlPZRb-EWN5bHfwEfY-c9RvYS69R9kT2lBJVoovM5w==).  The terms and conditions
of  Hepsor's bonds have been made public and are available in electronic form on
Hepsor's                                website                               at
 https://hepsor.ee/Hepsor_AS_Terms_and_Conditions_of_the_Bonds.pdf
(https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fhepsor.ee%2FH
epsor_AS_Terms_and_Conditions_of_the_Bonds.pdf&data=05%7C02%7Ckadri%40hepsor.ee%
7C7c299d5e64634885395c08de2130237e%7C6053996bff6a40c4b5c12bb6728e4674%7C0%7C0%7C
638984687808212953%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuM
DAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=N4KAY
y3Kzjv%2FKsdjJm3YuEPOCC60m9iZzx%2FouAqsVLA%3D&reserved=0)

Investor Event

Hepsor  invites all  interested parties  to an  event presenting  Hepsor and the
Offer  on  13 November  2025 at  16:00 at Manufaktuuri 3, Tallinn (registration:
https://forms.gle/PnSLLbK7jPiLCA6a7
(https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fforms.gle%2FP
nSLLbK7jPiLCA6a7&data=05%7C02%7Canneli.nigols%40hepsor.ee%7Ceb26f21ab1774575daef
08de1dfae82d%7C6053996bff6a40c4b5c12bb6728e4674%7C0%7C0%7C638981160625006243%7CU
nknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiI
sIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=6tfkflUqN%2BMRXdr1EFFj6xwz5
J7d7ujrcQecRld0sDk%3D&reserved=0)), and on 14 November 2025 at 16:00, at Gustava
Zemgala   gatve   74, Riga   (registration:  https://forms.gle/aqJbLeq47BMVALs38
(https://forms.gle/aqJbLeq47BMVALs38?fbclid=IwZXh0bgNhZW0CMTAAYnJpZBExa1YxUWFqT2
FpSklGWWhBMnNydGMGYXBwX2lkEDIyMjAzOTE3ODgyMDA4OTIAAR55CI9ZFOM0fP7T6xNqhs0viiw_6w
W-tNl8RPqwURdUglbNWOpKuWtj_pjzEA_aem_5io3zGs_hVXCit50wogPXw)).

Before investing in bonds, we ask that you familiarise yourself with the
Prospectus, its summary, the bond terms and conditions, and the final terms and
conditions in their entirety, and consult with an expert, if necessary.

Martti Krass
Member of the Management Board
Phone: +372 5692 4919
E-mail: [email protected]
(https://www.globenewswire.com/Tracker?data=YpJ1KaOHGK5D2wr2B03kr6ySXlVsvy9ItW_x
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Hepsor                             AS                             (www.hepsor.ee
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aMVTex4MUBw9mvbBDrQIyHOkZf65yImdFDViw6TSRWME1I6UmGO8oucmunF5Xg89EPejLpdaI3Na4VeD
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sfGVw9SwlsGAb4oTjvsDpLjuh0ntrhUMoBeNrbzwhTScNz5cCGogrTPp4oUiCt1ZKxgt3VBYG-
AHVyJzneOq_HTuOGL4tp5iad5HhG_HeZiMn9d7Zmd6Dxf_YP9GnkOmJe5nvv1cgp3COTe3MobjovmVH3
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IDOt73BpAImwicIB6ni-bTMs-PMOEvQO_f1HfbybCSqp97qIYPXwEnvjhZbFYhAY5MAeqGGl_JFzAtRc
qHOYGnyskqP63KSdvKJB5u2dSjZEdAcGiLI-uC6Pt8kE-qi_0BrzADj6IyJfmuDhPfurLd-H6MNYhpRn
VFm0SiQdsZfW2pA7eDlR9Dci9-RdqGk_VVq8m8V6uPMXOdokhtNljIvitXTbMaH2hhRkyld5qbvQhgV0
W8K3vmBSiVtWzVWe5_e76Kkoip9q8Iyh9-V0vsq0I93aJrjKClC2kO9ov2b6kZYpe8sS-eddkFIBLW2-
72IS9KdlNpa0zce1sbiX_U8hT-1Z7Wh7vw0bsEJfZ84Uvcop4ykbhDHJl9t0WZ0HOczgebdSLhI7xbFR
IgSdhfd3tUWUy7FxcGGPGhbWSddCbjqFXwQbqfFochw804nHT509jfDJHBI-S_fvMxOgB3cdrO-p9QxO
hQHFDQ9-DQc31d_xumJdBFX0xuk0zLk5aot6itZDz0vhJv7aXCvbtR))   is   a  developer  of
residential  and commercial real estate. The  Group operates in Estonia, Latvia,
and  Canada. In  fourteen years  of operation,  we have  created 2,003 homes and
nearly  44,787 m(2) of  commercial space.  Hepsor is  the first developer in the
Baltic  states to  implement a  number of  innovative engineering solutions that
make   the  buildings  it  constructs  more  energy  efficient,  and  thus  more
environmentally   friendly.  The  company's  portfolio  includes  25 development
projects  with a total area of 178,200 m(2). In addition, the group is active in
five  projects in Canada, where the main activity is the preparation of detailed
spatial plans for land, thereby achieving greater building rights.

Important information

This  notice is an advertisement for securities within the meaning of Regulation
2017/1129/EU of the European Parliament and of the Council of 14 June 2017. Each
investor must make an investment decision solely on the basis of the information
contained  in the Prospectus, its summary, the terms and conditions of the bond,
and  the  final  terms  and  conditions.  The  approval of the Prospectus by the
Financial  Supervision  and  Resolution  Authority  shall  not be regarded as an
endorsement of Hepsor's bonds.

The information contained in this notice is not intended to be published, shared
or  transmitted, in whole  or in part,  directly or indirectly,  in countries or
under circumstances in which publication, distribution, or transmission would be
unlawful,   or   to   persons   subject  to  financial  sanctions  by  competent
authorities. Hepsor's  bonds are only being offered publicly in Estonia, Latvia,
and  Lithuania, and no  sale or offer  of bonds takes  place in any jurisdiction
where  such an offer, solicitation, or sale would be illegal without a statutory
exemption  or qualification,  or to  persons subject  to financial  sanctions by
competent authorities. The bonds are only being offered publicly on the basis of
the Prospectus, its summary, the terms and conditions of the bonds and the final
terms  and conditions, and the Offer is only directed to the persons to whom the
Prospectus  is addressed. This  notice has not  been endorsed by any supervisory
authority and is not a prospectus.