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NOTICE CALLING 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 office A. Lauteri 5, Tallinn) hereby calls the annual general meeting
of shareholders to be held on 17 April 2019 at 10:00.

Place  of the general meeting: 2(nd) floor conference centre of Radisson Blu Sky
Hotel at Rävala pst 3, Tallinn.
The  registration of  participants in  the meeting  starts at  the place  of the
meeting  on 17 April 2019 at  9:00. The registration  closes at 10:00. We kindly
ask  that shareholders arrive in good time, if possible, taking into account the
time required for registration of participants in the meeting.
The  list  of  shareholders  with  the  right  to vote in the general meeting is
established  seven  days  before  the  general  meeting  is  held,  i.e.  as  of
10 April 2019 COB of the Nasdaq CSD settlement system.

In  accordance with  a resolution  of the  Supervisory Board,  the agenda of the
annual   general  meeting  with  the  proposals  made  to  shareholders  by  the
Supervisory Board is as follows:

1.    Overview of the activities of the Fund
The  Management Board provides an  overview of the activities  of the Fund. This
item on the agenda is of an informative nature.

2.    Approval of the 2018 Annual Report
Proposal:  To approve the 2018 Annual Report of EfTEN Real Estate Fund III AS as
presented to the annual general meeting.

3.    Distribution of profit
Proposal: To distribute the retained profit as of 31 December 2018 in the amount
of 13,990,000 euros as follows:
Transfers to the legal reserve - 315,000 euros;
The  share  of  profit  (net  dividend)  to be distributed among shareholders is
0.95 euros per share - total of 3,061,408 euros;
The list of shareholders entitled to receive dividends will be established as of
7 May 2019 COB  of Nasdaq  CSD. Consequently,  the day  of change  of the rights
attaching  to the shares (ex-date) is  set to 6 May 2019. From this day onwards,
the  person  acquiring  the  shares  has  no  right to receive dividends for the
2018 financial year.
Dividends  shall be disbursed  to shareholders on  9 May 2019 by transfer to the
shareholder's bank account.

4.    Increase  of the share capital and listing  of new shares on the main list
of the Nasdaq Tallinn Stock Exchange
4.1.   Proposal:  In order  to continue  the investment  activities of  the Fund
specified  in  the  articles  of  association,  to increase the share capital by
10,000,000 euros by way of issue of new shares as follows:
a)  1,000,000 new shares with  the nominal  value of  10 euros are issued,  as a
result of which the new amount of the share capital is 42,225,350 euros;
b)  The  shares  must  be  paid  for  by a monetary contribution to bank account
no. EE532200221061960175 of the Fund in Swedbank;
c)  The shares are issued at a premium. The  payment to be made for one share is
its  nominal  value  of  10 euros plus  the  minimum  premium  of 6.0 euros; the
Supervisory  Board may determine a higher premium than that at the latest by the
commencement  of subscription, i.e. as of  30 April 2019, based on the net asset
value per share;
d)  The subscription of and payment for new shares take place in accordance with
the   procedure   specified  in  the  prospectus  to  be  published  before  the
commencement   of   the   offer  in  the  period  from  16 May 2019 at  09:00 to
31 May 2019 at 16:00.
e) The existing shareholders of the Fund, i.e. the persons who have been entered
in the list of shareholders of the Fund as of 7 May 2019 COB of Nasdaq CSD, have
a  pre-emptive right to subscribe for new shares in proportion to the sum of the
nominal  values  of  their  shares  within  two  weeks  from  the  adoption of a
resolution on increase of share capital.
f)  The  offer  of  shares  is  deemed  to  be  oversubscribed if there are more
applications  for subscription than for subscribing for 1,000,000 shares. In the
case  of  oversubscription,  the  Supervisory  Board  of the Fund decides on the
distribution and cancellation of shares;
g)  If less than 1,000,000 shares have been  subscribed, the Management Board of
the Fund has the right to extend the subscription period or to cancel the shares
that are not subscribed for within the subscription period.
h) The first financial year for which the shares to be issued grant the right to
receive dividends is the 2019 financial year.

4.2.   Proposal:  To submit an application for the listing of all the Fund's new
shares to be issued and for the admission thereof to trading on the main list of
the  Nasdaq Tallinn  Stock Exchange  and to  authorise the Supervisory Board and
Management  Board of the  Fund to perform  all acts and  enter all contracts and
agreements necessary to this end.

Additional organisational information:
The  documents related to the general meeting, including the 2018 Annual Report,
the  Sworn Auditor's Report as well as  the Profit Distribution Proposal and the
Report  of the Supervisory  Board can be  examined on the  website of EfTEN Real
Estate  Fund III  AS at  www.eref.ee and,  until the  day the general meeting is
held,  at the registered office of EfTEN Real Estate Fund III AS (at the address
of 3(rd) floor, A. Lauteri 5, Tallinn) on working days from 09:00 to 16:00.

Questions  about the issues included on the agenda of the general meeting can be
asked  by sending an e-mail  to: [email protected] or a  letter to EfTEN Real Estate
Fund  III  AS  to  the  address:  A.  Lauteri  5, Tallinn 10114, or by telephone
655 9515. Questions,  responses, shareholders'  proposals concerning  the issues
included  on the agenda and the minutes  of the general meeting are disclosed on
the website of EfTEN Real Estate Fund III AS at www.eref.ee.

When registering for the general meeting, we ask that you submit the following:
-   an identity document if the shareholder is a natural person. A shareholder's
representative  must also  submit, in  addition to  the aforementioned,  a valid
written power of attorney.
-   if the shareholder is a legal  person, an extract form a respective register
where  the  person  has  been  registered,  which  certifies  the  right  of the
representative  of the  legal person  to represent  the legal  person (statutory
right  of  representation)  and  the  representative's identity document. If the
representative  is not a  statutory representative of  the legal person, a valid
written  power of attorney must also be submitted. Documents of a shareholder of
a  foreign  state  must  be  legalised  or  certified  with  an apostille unless
otherwise prescribed in an international agreement.

A  shareholder has the right to obtain information on the activities of the Fund
from  the  Management  Board  at  the  general meeting. The Management Board may
refuse  to give information if  there is a basis  to presume that this may cause
significant  damage  to  the  interests  of  the  public limited company. If the
Management  Board refuses to  give information, the  shareholder may demand that
the  general meeting decide on  the legality of the  shareholder's request or to
file,  within  two  weeks,  a  petition  to  the  court by way of proceedings on
petition in order to obligate the Management Board to give information.

The  shareholders whose  shares represent  at least  one-twentieth of  the share
capital  may demand  the inclusion  of additional  issues on  the agenda  of the
general  meeting if the respective demand has been submitted in writing at least
15 days before  the  general  meeting  is  held.  The  shareholders whose shares
represent  at least one-twentieth of the share capital may submit a draft of the
resolution  in respect of each item on the  agenda, but no later than three days
before the general meeting is held.

Before  the general meeting, a  shareholder must notify of  the appointment of a
representative  for the participation in  the general meeting as  well as of the
revocation  of  the  authorisation  by  the  principal  by  sending a respective
digitally  signed notice  to the  e-mail address  [email protected] or by delivering
documents  signed by hand on working  days from 09:00 to 16:00 at the registered
office  of EfTEN Real  Estate Fund III  AS no later  than by 15 April 2019. If a
shareholder  wants to use a standard form of a power of attorney upon appointing
their  representative, the respective form can be  found on the website of EfTEN
Real Estate Fund III AS at www.eref.ee.


Viljar Arakas
Member of Management Board
Telephone: 655 9515
E-mail: [email protected]