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Baltic Horizon Fund announcement of secondary public offering

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NOT  FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN  WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY,  IN OR INTO THE UNITED  STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN,
NEW  ZEALAND, SINGAPORE,  SOUTH AFRICA  OR SUCH  OTHER COUNTRIES OR OTHERWISE IN
SUCH CIRCUMSTANCES IN WHICH THE PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Northern Horizon Capital AS announces the offering of up to 17,292,062 new units
of  Baltic Horizon Fund (the Offer Units). The  number of new Offer Units may be
further  increased by 17,292,062 (i.e. up to 34,584,124 Offer Units in total) in
case  Northern  Horizon  Capital  AS  decides  to  utilize  the upsizing option.
Proceeds from the offering will be used to fund the development of already owned
investment  properties and also to acquire new properties and thus achieve wider
diversification of the fund's portfolio.

The  offering will be available to retail investors in Estonia and Lithuania and
institutional  investors  in  selected  European  Economic  Area  jurisdictions.
Northern Horizon Capital AS plans to list the Offer Units both on Nasdaq Tallinn
and on Nasdaq Stockholm.

The  offering is based  on a prospectus  for public offering  and listing of the
Offer  Units, registered by  the Estonian Financial  Supervision Authority on 5
October  2020 (the Prospectus), together with its summary in Lithuanian language
that  are  electronically  available  on  the  website  of  Baltic  Horizon Fund
www.baltichorizon.com  (http://www.baltichorizon.com/) (Fund Website) and on the
website    of   the   Estonian   Financial   Supervision   Authority   www.fi.ee
(http://www.fi.ee).   Key  Investor  Information  Document  (KIID)  in  English,
Estonian  and Lithuanian and the Estonian language translation of the Prospectus
are  available on the Fund Website. An investor may ask Northern Horizon Capital
AS  to send the Prospectus together with  its summary and KIID electronically by
e-mail  or  request  hard  copies  by  sending  an  e-mail to [email protected]
(mailto:[email protected]).

Overview of the key terms of the offering:

1.     The  offer period,  during which  it is  possible to  subscribe for Offer
Units,  commences  at  10:00 on  8 October  2020 and ends at 16:00 on 22 October
2020 (EEST,  Estonian time). Northern Horizon Capital  AS has a right to prolong
the  offer period before the end of the  offer period for a maximum of two weeks
by  announcing  new  timetable  on  Fund  Website  and  through  stock  exchange
announcement.

2.     In  order  to  subscribe  to  Offer  Units, an investor should contact AS
Redgate Capital and register a transaction instruction for the purchase of Offer
Units  in the form  set out by  AS Redgate Capital.  Retail investors in Estonia
should contact a custodian that handles their securities account at the Estonian
Register of Securities. Retail investors in Lithuania must contact the financial
institution,  which  is  a  member  of  Nasdaq  Baltic  exchange  (Tallinn Stock
Exchange).

3.   The offer price per Offer Unit is EUR 1.1566 which corresponds to the year-
to-date  weighted  average  price  of  Baltic  Horizon  Fund units on the Nasdaq
Tallinn  until a date preceding 7 calendar days to first day of the subscription
period.  Purchase orders can only  be submitted for a  whole number of units and
the minimum amount of a purchase order is 1,000 units.

4. Baltic  Horizon Fund has one class of units  and the Offer Units are from the
same class.

This  announcement is not a  prospectus. For a more  detailed overview of Baltic
Horizon Fund and terms of the offering, please refer to the Prospectus.

KEY DATES

The timetable below lists key dates related to the offering:

----------------------------+--------------------------------------------------
 8 October 2020             |Commencement of the offer period
----------------------------+--------------------------------------------------
 22 October 2020            |End of the offer period
----------------------------+--------------------------------------------------
 On or about 23 October 2020|Northern Horizon Capital AS will decide on the
                            |allocation of Offer Units and announce the results
                            |of the offering
----------------------------+--------------------------------------------------
 On or about 27 October 2020|Delivery of the allocated new units to investors
                            |and payment for the new units. The value date of
                            |the settlement will be 28 October 2020 and the
                            |settlement is expected to take place during the
                            |night-time settlement cycle of T2S settlement
                            |platform starting at 21:00 (Estonian time) on 27
                            |October 2020
----------------------------+--------------------------------------------------
 On or about 28 October 2020|Start of trading on Nasdaq Tallinn
----------------------------+--------------------------------------------------
 On or about 28 October 2020|Start of trading on Nasdaq Stockholm
----------------------------+--------------------------------------------------

For additional information, please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
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(https://www.globenewswire.com/Tracker?data=0sSE9rp8TUrIznbJi9GJ0x3NSRu6poUKJDPc
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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 Northern
Horizon Capital AS.
Distribution: Nasdaq Tallinn, Nasdaq Stockholm, GlobeNewswire,
www.baltichorizon.com

The  information contained herein  does not constitute  an offer to  sell or the
solicitation  of an offer to buy, nor shall there be any sale of, the securities
in  any jurisdiction in which such offer, solicitation or sale would be unlawful
prior  to registration, exemption  from registration or  qualification under the
securities  laws of any  such jurisdiction. The  information contained herein is
not  for release, publication or distribution, in  whole or in part, directly or
indirectly,  in or into the United  States, Australia, Canada, Hong Kong, Japan,
New  Zealand, Singapore,  South Africa  or such  other countries or otherwise in
such  circumstances in which  the release, publication  or distribution would be
unlawful.

The  information contained herein  does not constitute  an offer to  sell or the
solicitation of an offer to buy, Invitation to subscribe for Offer Units is will
only  be  made  through  the  prospectus  and  only  to  the persons to whom the
prospectus  is  addressed.  The  prospectus  contains,  among other things, risk
factors  as  well  as  financial  statements  as well as other information. This
release  has  not  been  approved  by  any  regulatory  authority  and  is not a
prospectus.  Accordingly,  investors  should  not  subscribe for or purchase any
securities  referred  to  in  this  release  except  on the basis of information
provided in a prospectus. There shall there not be any sale of the securities in
any  jurisdiction in  which such  offer, solicitation  or sale would be unlawful
prior  to registration, exemption  from registration or  qualification under the
securities laws of any such jurisdiction.

This  communication does not constitute  an offer of securities  for sale in the
United States. The securities have not been and will not be registered under the
U.S.  Securities Act  of 1933, as  amended (the  "Securities Act")  or under the
applicable  securities laws  of any  state of  the United  States and may not be
offered  or sold, directly or indirectly, within the United States or to, or for
the  account  or  benefit  of,  U.S.  persons  except  pursuant to an applicable
exemption   from,   or  in  a  transaction  not  subject  to,  the  registration
requirements of the Securities Act.

This  communication does not constitute an offer  of securities to the public in
the  United Kingdom. No  prospectus has been  or will be  approved in the United
Kingdom  in  respect  of  the  securities.  Consequently,  this communication is
directed  only at (i) persons having professional experience in matters relating
to  investments  falling  within  the  definition  of "investment professionals"
falling  within Article  19(5) of UK  Financial Services  and Markets  Act 2000
(Financial  Promotion) Order 2005 (the Order); or  (ii) persons who are high net
worth  and others as described in Article 49(2)(a) to (d) of the Order; or (iii)
persons  to whom  distributions may  otherwise lawfully  be made or otherwise in
circumstances  which do  not require  publication by  the issuer of a prospectus
pursuant to section 85(1) of the UK Financial Services and Markets Act 2000.