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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 took place on 8 December 2025 in Tallinn, Estonia.

Proposed agenda of the meeting was the following:

 1. Resolution on the issuance of new units during Q1 2026 in order to
    strengthen the balance sheet of Baltic Horizon Fund.

Investors,  holding  in  aggregate  approximately  35% of  the  fund units, were
registered  as attending the meeting, which is below the required quorum of more
than  1/2 of the votes  represented by the  fund units. Investors were therefore
not able to adopt the proposed resolution.

The recording of the meeting is available at: https://youtu.be/TcA4EnIqEFk

Notice to convene a new General Meeting

According  to section  10.11 of the  rules of  the fund,  the management company
Baltic  Horizon  Capital  AS  convenes  a  repeat General Meeting, with the same
agenda.

The  repeat General Meeting of Baltic Horizon  Fund is to be held on 16 December
2025 at  14:00 (local Estonian time) at the office of Advokaadibüroo Sorainen OÜ
at  Rotermanni 6, 5th floor, Tallinn, Estonia. Registration for the meeting will
begin at 13:30. The General Meeting will be held in English.

The  meeting is convened in accordance with sections 8.3, 8.7, 10.3.1 and 10.11
of the Rules of Baltic Horizon Fund and sections 47-1 and 55-9 of the Investment
Funds Act of Estonia.

Investors  are invited to join the webinar to view the General Meeting online on
16 December  2025 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
that  the Investors  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://zoom.us/webinar/register/WN_PGuknjWNSIO67SenfhZE-Q#/registration

You  will be  provided with  the webinar  link and  instructions on  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
143,562,514.

Agenda

 1. Resolution on the issuance of new units during Q1 2026 in order to
    strengthen the balance sheet of Baltic Horizon Fund.

Investors  are invited to send questions and  comments on the agenda item to the
Baltic     Horizon     fund     manager    at    [email protected]
(mailto:[email protected]) by  9 December  2025. The  Fund Manager
will respond to the questions and comments at the meeting itself.

The Fund Manager´s proposal on the agenda item

Taking into account the following circumstances:

  * Current leverage of Baltic Horizon Fund is not sustainable over long-term
    and the reduction of the expensive debt is in the interest of all unit-
    holders;
  * In order to decrease the leverage, a capital raising by way of new unit
    issuance is necessary for the fund;
  * Based on historical feedback by many investors the Fund Manager wishes to
    offer existing investors a pre-emptive right in order to avoid dilution;
  * The suggested price takes into account an expectation of reasonable discount
    to ensure successful placement.

the  Fund Manager suggests the  following resolution to be  adopted by the unit-
holders.

1. Resolution on the issuance of new units during Q1 2026 in order to strengthen
the balance sheet of Baltic Horizon Fund.

The  Fund  Manager  proposes  that  the  General  Meeting resolve to issue up to
169,147,497 new Baltic Horizon Fund units under the following conditions:

 a. The public offering will be arranged only in Estonia. The new units will be
    offered only to existing Baltic Horizon Fund investors, i.e. persons entered
    in the unit-holders' register as of the end of the Nasdaq CSD SE working day
    preceding the date of the first day of the offering period (hereinafter the
    ?Existing Investors").
 b. The Existing Investors have the pre-emptive right to subscribe for new units
    in proportion to the total number of their units, which does not limit or
    exclude the Existing Investors' right to subscribe for new units in smaller
    quantities or not to subscribe for new units at all. Technical details and
    allocation principles of the pre-emptive offer will be published once the
    offering is announced.
 c. The new units are to be issued at a price of EUR 0,1478 per unit,
    corresponding to a 30% discount to the closing price of the unit on Nasdaq
    Tallinn on 13 November 2025.
 d. Proceeds from the issuance of new units will be used for deleveraging Baltic
    Horizon Fund´s portfolio and/or asset enhancement expenditures.
 e. The new units will be issued during Q1 2026, if and as decided by the Fund
    Manager. For the avoidance of doubt, the Fund Manager shall have the
    discretion to decide whether or not to arrange the issuance of new units.

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 are
entitled  to participate in the meeting.  The record date enabling participation
and voting in the general meeting is 6 December 2025, which is a Saturday. Thus,
the  date will be changed to 5 December 2025, which is a trading day. This means
that  investors who  are entered  in the  Baltic Horizon  Fund registry  of unit
holders  maintained by Nasdaq CSD SE at  the end of business on 5 December 2025
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                   11 December                  2025 to [email protected]
(https://www.globenewswire.com/Tracker?data=9YeFlY8TGKnLc2dUkx8dK-
UYYUWUg2Z3P4vtXe36dzmE712dhRZ6XP4su_j7riyEniYiCTo_ZjfanWCQi6fEbTFZYk1goB4KcvBr6k
lhzY8Ymc00M2bbvqFI11znHagX). 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

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 [email protected]
(https://www.globenewswire.com/Tracker?data=9YeFlY8TGKnLc2dUkx8dK-
UYYUWUg2Z3P4vtXe36dzlhmepR_kkPPDFa2KbhDTPX9Xs8Rxgxtv_y01Az9CFlxD7TuJEwoDKIHhW36g
_mM9KoCleETAJzbVbJLRmvAEoe) 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 the Fund Manager from powers of attorney, and the unit-holders
registry  maintained  by  Nasdaq  CSD  SE  will  be  used  for  the  purpose  of
registration and preparing the voting list for the meeting.

Annex 1:

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

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



For additional information, please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
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www.baltichorizon.com
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Baltic Horizon Fund is a registered contractual public closed-end real estate
fund managed by Alternative Investment Fund Manager license holder Baltic
Horizon Capital AS.

Distribution: GlobeNewswire, Nasdaq Tallinn, www.baltichorizon.com
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To  receive Nasdaq  announcements and  news from  Baltic Horizon  Fund about its
projects,      plans     and     more,     register     on www.baltichorizon.com
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nvn7XxeWiQ3s).   You   can   also   follow   Baltic   Horizon   Fund on LinkedIn
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