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Notice of convening annual general meeting of shareholders of EfTEN Real Estate Fund III AS

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The  Management Board of EfTEN Real Estate Fund III AS (registry code 12864036,
registered  address A. Lauteri 5, Tallinn;  hereinafter the “Fund”), convenes an
annual  general  meeting  of  shareholders  on  04 April  2018 at  10:00, in the
Radisson  Blu Sky Hotel  Conference Center (2nd  floor, Tallinn, Rävala pst 3).

Registration  of the participants begins on  04 April 2018 at 09.15. The list of
shareholders  entitled to participate in  the general meeting will be determined
as at seven days before holding the general meeting, i.e. as at 28 March 2018 at
the end of the working day of the Nasdaq CSD Estonian Settlement System.

Pursuant  to the decision of the Supervisory Board of EfTEN Real Estate Fund III
AS,  the agenda of the Annual General  Meeting of Shareholders and the proposals
of the Supervisory Board and the Management Board shall be as follows:

1. Overview of the activities of the fund
The  Management Board shall provide overview of the activities of the fund. This
item is informative.

2. Approval  of  the  annual  report 2017

Proposal  of  the  Management  Board  and  the Supervisory Board: To approve the
Annual Report 2017, as presented to the general meeting.

3. Distribution of profit
Proposal of the Management Board and the Supervisory Board: Distributable profit
as at 31.12.2017 in amount of 10 209 000 euros distribute as follows:
Transfers to the legal reserve in amount of 328 700 euros.
A  part of the profit of the fund shall be paid out as (net) dividends in amount
of 2 191 324 euros (0.68 euros per share).
After the allocations, retained earnings will amount to 7 688 976 euros.
The  list of shareholders with a right to receive dividends shall be fixed as at
18 April  2018 at  the  end  of  the  working  day  of  the  Nasdaq CSD Estonian
Settlement System.
Dividends  shall be paid to the bank  accounts of shareholders via bank transfer
on 20 April 2018.

Additional information:
All  documents  concerning  the  annual  general  meeting  of  the shareholders,
including  the annual  report, draft  of resolutions,  the auditor’s report, the
profit  distribution  proposal,  the  report  of  the supervisory board are made
available  on the homepage of EfTEN Real  Estate Fund III AS at www.eref.ee, and
from  the publication of the  notice of convening the  general meeting until the
day  of the general meeting is held, at the office of EfTEN Real Estate Fund III
AS in Tallinn, at A. Lauteri 5 (III floor) on business days from 10 AM to 4 PM.
Questions  about the topics included in the agenda of the general meeting can be
sent to the following e-mail address: [email protected] or by post to the address of
EfTEN Real Estate Fund III AS or by telephone 655 9515.
Questions  and answers, the proposals  of the shareholders on  the issues on the
agenda  and the minutes of the general  meeting will be disclosed at the website
of EfTEN Real Estate Fund III AS at www.eref.ee.

For registration, we kindly ask participants to submit the following documents:
- Shareholders who are natural persons must bring a passport or identity card. A
representative must also submit a valid written authorization document.
-  Representatives of shareholders that are  legal persons must bring an extract
from the respective register where the legal person is registered which confirms
the authority of the legal person’s representative to represent the legal person
(legal  representation).  The  representative  must  also  bring  a  passport or
identity  card. If the  legal person is  represented by a  person who is not the
legal  representative of the legal  person, a written power  of attorney is also
required.  The documents of  a shareholder located  abroad shall be legalized or
certified   with   an  apostille,  unless  a  relevant  international  agreement
stipulates otherwise.

At  the general meeting,  the shareholder is  entitled to receive information on
the  activities of the  Fund from the  Management Board. However, the management
board  may refuse to disclose the information if there are sufficient grounds to
presume  that the disclosure may adversely  affect the interests of the company.
If  the  Management  Board  of  the  Fund  refuses  to  provide information, the
shareholder  may demand  that the  general meeting  decide on  the legitimacy of
their  demand,  or  submit,  within  two  weeks,  an  application  to  court  in
proceedings  on  petition  to  require  the  Management  Board  to  provide  the
information.

The  shareholders whose shares represent at  least 1/20 of the share capital may
request  for additional items to be added  to the agenda of the general meeting,
if  the respective request is submitted in writing at least 15 days prior to the
general  meeting. The shareholders  whose shares represent  at least 1/20 of the
share  capital may  submit their  draft resolutions  to each  agenda item, incl.
additional agenda items in writing up to 3 days before the general meeting.

A shareholder may inform of the appointment of a representative or withdrawal of
an  authorization given  to a  representative before  the general  meeting by e-
mail: [email protected] or  by submitting the mentioned document(s) on business days
from  9 AM to  4 PM no  later than  by 02 April  2018 to the  seat of EfTEN Real
Estate Fund III AS.

Viljar Arakas
Management Board member
Phone 655 9515
E-mail: [email protected]