Börsiteade

Pealkiri

Baltic Horizon Fund Consolidated Unaudited Interim Results for H1 2021

Teade

Management  Board of  Northern Horizon  Capital AS  (the Management Company) has
approved  the  unaudited  consolidated  interim  financial  statements of Baltic
Horizon Fund (the Fund) for the first six months of 2021.

Oversubscribed bond issue of BH Meraki UAB
On  12 May 2021, BH Meraki UAB completed  an oversubscribed private placement of
18 months  secured bonds of EUR 4.0 million.  The bonds bear a fixed-rate coupon
of  5.0% payable semi-annually.  Investors subscribed  bonds for  a total of EUR
11.15 million  which means that the  issue volume was oversubscribed 2.78 times.
The  net proceeds from the issuance of the  bonds will be used for financing the
construction  of the Meraki office building. The bonds are issued in tranches to
match the financing and investment cash flows for the project.

Property management tender
In  May  2021, the  Fund  has  finished  an  international  tender  for property
management  and accounting services  across the whole  portfolio. Baltic Horizon
Fund  has selected CBRE Baltics as its  main partner for property management and
accounting   services.   CBRE   Baltics  will  provide  commercial  real  estate
management,  rental, accounting, maintenance and  marketing services to the fund
in  Lithuania, Latvia and Estonia. In  addition, Censeo will provide services to
the  Lithuanian business centres Duetto and North  Star, as well as to the Domus
Pro  shopping centre and office complex.  New property management companies will
start  to provide  services for  the entire  portfolio starting from 1 September
2021.

Property valuations
From June 2021, the portfolio valuations are conducted by a new independent real
estate  appraiser Colliers (previously Newsec  Baltics). As of 30 June 2021, the
fair  value of the Baltic Horizon  Fund portfolio decreased to EUR 328.4 million
(31  December  2020: 340.0 million).  In  June  2021, the  portfolio revaluation
resulted in a fair value loss of EUR 14.3 million (-4.1% of the portfolio value)
primarily  due to the uncertainty associated with rents in retail markets caused
by the COVID-19 pandemic and temporary devaluation of (re)development projects.

Impact of COVID-19 pandemic
At  the beginning  of 2020, a  new coronavirus  (COVID-19) started spreading all
over  the world,  which has  had a  strong impact  on businesses  and economies,
including  in the Baltics.  The virus outbreak  has caused significant shifts in
the Fund's operating environment, which has had a negative overall impact on the
Fund's performance in 2020 and 2021.

At  the end of 2020, the Baltic countries  entered the second round of lockdowns
and  heavy government  restrictions for  residents and  businesses to  fight the
spread  of  the  COVID-19 virus.  Shopping  centers  were  forced to close for a
limited period except for essential retail shops (groceries, pharmacies). At the
date of release of this report, the situation is slowly stabilizing in all three
countries.  As of 19 April 2021, Lithuania  has lifted restrictions for shopping
centers,  while Latvia and Estonia are expected  to follow during the first half
of Q2 2021. Lithuania gradually eased restrictions for retail shops, restaurants
and  cafes starting from 19 April 2021. Estonia and Latvia eased restrictions on
shopping  centers in stages during May and June 2021. All BHF retail assets were
fully operating at the date of this report.

BHF's  operating  results  of  H1  2021 were  affected  by the COVID-19 lockdown
effects  on the tenants' financial performance  and the relief measures taken to
deal  with the pandemic. However, broad  diversification of the portfolio should
allow  the Fund to limit the  COVID-19 impacts and maintain healthy consolidated
operational  performance throughout the year. The Fund's operational performance
has  largely  recovered  once  heavy  restrictions  were  lifted  in  all Baltic
countries.

The  Fund has opted to retain approx. EUR 6.0 million of distributable cash flow
from  the results to  strengthen the financial  position. The Management Company
believes that it is in the best interest of the investors and the Fund to reduce
its  quarterly cash  distributions during  the outbreak  of COVID-19 in order to
protect  and strengthen the Fund's financial  position. The management team will
continue  to actively monitor  the economic impact  of the pandemic and reassess
future distribution levels depending on the upcoming operating results.

In  summary, the COVID virus induced lockdown in the Baltics has impacted mainly
Baltic  Horizon's  centrally  located  retail  and entertainment centres. Retail
assets located in the central business districts (Postimaja, Europa and Galerija
Centrs) accounted for 21.6% of total portfolio NOI in H1 2021.

Distributions to unitholders for Q1 2021 and Q2 2021 Fund results
On   29 April   2021, due   to  introduced  restrictions  and  increased  market
uncertainty  the Fund applied  a more conservative  approach and declared a cash
distribution  of EUR 1,316 thousand (EUR 0.011 per unit) to the Fund unitholders
for  Q1 2021 results. This represents a  0.96% return on the weighted average Q1
2021 net asset value to its unitholders.

On  28 July 2021, the  Fund declared  a cash  distribution of EUR 1,316 thousand
(EUR  0.011 per  unit)  to  the  Fund  unitholders  for  Q2  2021 results.  This
represents a 0.98% return on the weighted average Q2 2021 net asset value to its
unitholders.

With  reduced  payouts  over  2020 and  2021 in  the  light of prevailing market
uncertainty,  the Fund has opted to retain EUR 6.0 million of distributable cash
flow.  The Management Company of the Fund  will continue to actively monitor the
economic  impact  of  the  pandemic  and  reassess  future  distribution  levels
depending on the upcoming operating results.

Dividend capacity calculation

 EUR '000                               Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
-------------------------------------------------------------------------------
 (+) Net rental income                    4,618   4,799   4,745   4,173   4,357
-------------------------------------------------------------------------------
 (-) Fund administrative expenses         (634)   (682)   (713)   (745)   (756)
-------------------------------------------------------------------------------
 (-) External interest expenses         (1,327) (1,327) (1,362) (1,346) (1,311)
-------------------------------------------------------------------------------
 (-) CAPEX expenditure(1)                  (97)   (230)   (131)    (79)    (92)
-------------------------------------------------------------------------------
 (+) Added back listing related
 expenses                                    29     114      85       -       -
-------------------------------------------------------------------------------
 (+) Added back acquisition related
 expenses                                     -       -      26      31       5
-------------------------------------------------------------------------------
 Generated net cash flow (GNCF)           2,589   2,674   2,650   2,034   2,203
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 GNCF per weighted unit (EUR)             0.023   0.024   0.022   0.017   0.018
-------------------------------------------------------------------------------
 12-months rolling GNCF yield(2
 )(%)                                      9.6%    9.4%    8.6%    7.4%    7.0%
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Dividends declared for the period        1,701   3,111   1,316   1,316   1,316
-------------------------------------------------------------------------------
 Dividends declared per unit(3
 )(EUR)                                   0.015   0.026   0.011   0.011   0.011
-------------------------------------------------------------------------------
 12-months rolling dividend
 yield(2 )(%)                              7.2%    7.5%    5.8%    5.4%    5.0%
-------------------------------------------------------------------------------

 1. The table provides actual capital expenditures for the quarter. Future
    dividend distributions to unitholders are aimed to be based on the annual
    budgeted capital expenditure plans equalised for each quarter. This will
    reduce the quarterly volatility of cash distributions to unitholders.
 2. 12-month rolling GNCF and dividend yields are based on the closing market
    price of the unit as at the end of the quarter (Q2 2021: closing market
    price of the unit as of 30 June 2021).
 3. Based on the number of units entitled to dividends.

Net profit and net rental income
In H1 2021, the Group earned net rental income of EUR 8.5 million, a decrease of
17.9% compared  to the  net rental  income of  EUR 10.4 million for H1 2020. Net
rental income decreased due to the relief measures granted to tenants during the
pandemic  and a one-off rental guarantee  write-off at Pirita Shopping Centre in
the amount of EUR 0.2 million.

Portfolio properties in the office segment contributed 64.3% (H1 2020: 54.1%) of
net  rental  income  in  H1  2021 followed  by the retail segment with 31.8% (H1
2020: 41.9%) and  the leisure  segment with  3.9% (H1 2020: 4.0%). Retail assets
located  in  the  central  business  districts  (Postimaja,  Europa and Galerija
Centrs)  accounted for 21.6% of  total portfolio net  rental income in H1 2021.
Total  net  rental  income  attributable  to  neighbourhood shopping centres was
10.2% in H1 2021.

During H1 2021, investment properties in Latvia and Lithuania contributed 37.3%
(H1  2020: 40.0%) and 37.7% (H1 2020: 33.7%) of net rental income, respectively,
while investment properties in Estonia contributed 25.0% (H1 2020: 26.3%).

The  Group recorded a net loss of EUR 9.2 million for H1 2021 against a net loss
of EUR 9.5 million for H1 2020. The net result was significantly impacted by the
one-off  negative valuation result of EUR 14.3 million during H1 2021 (valuation
loss  of  EUR  15.8 million  during  H1  2020). Compared  to  H1  2020, the Fund
recognised  smaller valuation losses on investment properties and administrative
expenses  but a decrease in net rental  income throughout H1 2021 led to similar
net  results  in  H1  2021 and  2020. Even  with COVID-19 restrictions, the Fund
managed  to maintain positive operational  performance of investment properties.
Excluding  the valuation impact on the net  result, net profit for H1 2021 would
have  amounted to EUR 5.0 million (H1  2020: EUR 6.3 million). Earnings per unit
for  H1 2021 were negative at EUR 0.08 (H1 2020: negative at EUR 0.08). Earnings
per  unit excluding  valuation losses  on investment  properties amounted to EUR
0.04 (H1 2020: EUR 0.06).

Gross Asset Value (GAV)
At  the end of H1 2021, the Fund's GAV was EUR 346.9 million (31 December 2020:
EUR  355.6 million), which was a  drop of 2.5% over the  period. The decrease is
mainly related to the negative property revaluation of EUR 14.3 million or 3.4%
of  the portfolio value at  the end of 2020. The  Group made capital investments
(EUR  1.9 million) in the  Meraki office building  development project during H1
2021. The  Fund aims  to carry  on with  the construction  of the  Meraki office
building  throughout 2021. An additional  EUR 0.4 million was  invested in other
(re)development  projects.  The  Management  Company  will  continue to actively
monitor  the economic  impact of  the pandemic  and ensure  sufficient liquidity
levels during the construction period.

Net Asset Value (NAV)
At  the end  of June  2021, the Fund's  NAV decreased  to EUR  124.9 million (31
December   2020: EUR   136.3 million)  as  a  result  of  a  negative  portfolio
revaluation.  Compared to  the year-end  2020 NAV, the  Fund's NAV  decreased by
8.4%. Eliminating  the impact of valuations, the NAV at the end of H1 2021 would
have  been EUR 139.1 million or EUR 1.1631 per unit. The increase in operational
performance  and positive  cash flow  hedge reserve  movement of EUR 0.4 million
over  the period was  offset by a  EUR 2.6 million dividend  distribution to the
unitholders.  As  at  30 June  2021, IFRS  NAV  per unit stood at EUR 1.0439 (31
December  2020: EUR  1.1395), while  EPRA  net  tangible  assets  and  EPRA  net
reinstatement  value were EUR  1.1176 per unit (31  December 2020: EUR 1.2219).
EPRA net disposal value was EUR 1.0455 per unit (31 December 2020: EUR 1.1435).

Investment properties
The Baltic Horizon Fund portfolio consists of 15 cash flow investment properties
in  the Baltic  capitals and  an investment  property under  construction on the
Meraki  land plot.  At the  end of  Q2 2021, the  appraised value  of the Fund's
portfolio  was  EUR  328.4 million  (31  December  2020: EUR  340.0 million) and
incorporated a total net leasable area of 153,351 sq. m. The valuation losses on
the  property portfolio  came to  EUR 14.3 million  during H1 2021 (H1 2020: EUR
15.8 million).   Valuations  were  negatively  affected  primarily  due  to  the
uncertainty  associated with  rents in  retail markets  caused by  the COVID-19
pandemic and temporary devaluation of (re)development projects. During Q2 2021,
the  Group invested EUR 0.1 million in the existing property portfolio, EUR 0.3
million  in the reconstruction projects and an additional EUR 0.8 million in the
Meraki development project.

Interest bearing loans and bonds
During  Q2 2021, the  Fund completed  a private  placement of  18 months secured
bonds  of EUR  4.0 million. The  bonds bear  a fixed-rate coupon of 5.0% payable
semi-annually.  The net proceeds from the issuance of the bonds will be used for
financing  the construction of the Meraki  office building. The bonds are issued
in  tranches to match the  financing and investment cash  flows for the project.
After  the bond subscription  interest-bearing loans and  bonds (excluding lease
liabilities)  increased  to  EUR  209.4 million  (31  December  2020: EUR 205.6
million).  Outstanding bank  loans decreased  slightly due  to regular bank loan
amortisation.   Annual   loan  amortisation  accounts  for  0.2% of  total  debt
outstanding.

Financial covenants for bonds

                           Ratio      Ratio      Ratio      Ratio      Ratio
 Covenant   Requirement  30.06.2020 30.09.2020 31.12.2020 31.03.2021 30.06.2021
-------------------------------------------------------------------------------
 Equity
 Ratio     >25%(1)/35.0%   40.0%      40.2%      40.3%      40.3%      38.1%
-------------------------------------------------------------------------------
 Debt
 Service
 Coverage
 Ratio        > 1.20        3.30       3.16       3.05       2.71       2.65
-------------------------------------------------------------------------------

 1. On 28 July, the bondholders adopted the decision by the way of written
    procedure to temporarily reduce the equity ratio bond covenant to 25% or
    greater, until 31 July 2021

Cash flow
Cash  inflow from  core operating  activities for  H1 2021 amounted  to EUR 6.4
million  (H1 2020:  cash inflow of EUR 6.7 million). Cash outflow from investing
activities was EUR 2.7 million (H1 2020: cash outflow of EUR 1.7 million) due to
subsequent  capital expenditure on existing portfolio properties and investments
in  the Meraki, Postimaja and CC  Plaza complex and Europa development projects.
Cash  outflow  from  financing  activities  was  EUR  1.6 million (H1 2020: cash
outflow  of EUR 7.8 million). During H1  2021, the Fund made a cash distribution
of EUR 2.6 million and paid regular interest on bank loans and bonds. At the end
of  H1 2021, the Fund's  consolidated cash and  cash equivalents amounted to EUR
15.5 million  (31 December 2020: EUR 13.3 million) which demonstrates sufficient
liquidity and financial flexibility.

Key earnings figures

 EUR '000                                        Q2 2021     Q2 2020 Change (%)
-------------------------------------------------------------------------------
 Net rental
 income                                            4,357       4,618     (5.7%)

 Administrative
 expenses                                          (756)       (634)      19.2%

 Other operating
 income                                                -         178   (100.0%)

 Valuation losses on investment properties      (14,255)    (15,749)     (9.5%)

 Operating
 loss                                           (10,654)    (11,587)     (8.1%)

 Net financing
 costs                                           (1,361)     (1,372)     (0.8%)

 Loss before tax                                (12,015)    (12,959)     (7.3%)

 Income tax                                          888         149     496.0%
-------------------------------------------------------------------------------
 Net loss for the
 period                                         (11,127)    (12,810)    (13.1%)
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
     Weighted average number of units
            outstanding (units)              119,635,429 113,387,525       5.5%

 Earnings per unit
 (EUR)                                            (0.09)      (0.11)    (18.2%)
-------------------------------------------------------------------------------

Key financial position figures

 EUR '000                                     30.06.2021  31.12.2020 Change (%)
-------------------------------------------------------------------------------
 Investment properties in use                    324,509     334,518     (3.0%)

 Investment property under
 construction                                      3,940       5,474    (28.0%)

 Gross asset value (GAV)                         346,887     355,602     (2.5%)



 Interest-bearing loans and bonds                209,403     205,604       1.8%

 Total
 liabilities                                     222,000     219,281       1.2%


-------------------------------------------------------------------------------
 IFRS Net asset value (IFRS NAV)                 124,887     136,321     (8.4%)

 EPRA Net Reinstatement Value
 (EPRA NRV)                                      133,710     146,180     (8.5%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
 Number of units outstanding
 (units)                                     119,635,429 119,635,429          -

 IFRS Net asset value (IFRS NAV) per unit
 (EUR)                                            1.0439      1.1395     (8.4%)

 EPRA Net Reinstatement Value (EPRA NRV) per
 unit (EUR)                                       1.1176      1.2219     (8.5%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
 Loan-to-Value ratio (%)                           63.8%       60.5%          -

 Average effective interest rate
 (%)                                                2.7%        2.6%          -
-------------------------------------------------------------------------------

Property performance
During  Q2 2021, the  average actual  occupancy of  the portfolio  was 93.9% (Q1
2021: 94.1%). The   occupancy  rate  as  of  30 June  2021 was  93.7% (31  March
2021: 94.1%). Occupancy rates in the retail segment dipped due to some small new
vacancies  in  Europa  SC,  Postimaja  SC  and  Galerija  Centrs.  The change in
occupancy rates was partially offset by take-up of approx. 2.9% of the total NLA
in Pirita SC. Occupancy rates in the office segment remained strong and slightly
increased  during Q2 2021. The Fund signed a  new rental agreement in North Star
and  Domus  PRO  Retail  Park  which  increased  the  occupancy  levels of these
properties  to 89.7% and  100%, respectively. The  average direct property yield
during  Q2 2021 was  5.2% (Q1 2021: 4.8%). The  net initial  yield for the whole
portfolio  for  Q2  2021 was  5.5% (Q1  2021: 5.0%). Property  yields  increased
compared  to Q1 2021 albeit rent relief  measures are still affecting the Fund's
performance. The average rental rate for the whole portfolio for Q2 2021 was EUR
11.3 per sq. m (Q1 2021: EUR 10.6 per sq. m).

Overview of the Fund's investment properties as of 30 June 2021

                                                                Net
                                                   Direct   initial
 Property name   Sector         Fair             property     yield
                            value(1)      NLA       yield        Q2   Occupancy
                          (EUR '000) (sq. m.)  Q2 2021(2)   2021(3)    rate for
-------------------------------------------------------------------------------
 Vilnius,
 Lithuania

 Duetto I        Office       16,569    8,587        8.4%      7.6%      100.0%

 Duetto II       Office       19,455    8,674        7.0%      6.9%      100.0%

 Europa SC       Retail       35,071   16,856        2.9%      2.9%       85.1%

 Domus Pro       Retail
 Retail Park                  16,230   11,247        7.2%      6.9%      100.0%

 Domus Pro       Office
 Office                        7,620    4,831        8.2%      7.0%      100.0%

 North Star      Office       18,993   10,550        6.0%      6.5%       89.7%

 Meraki Land                   3,940        -           -         -           -
-------------------------------------------------------------------------------
 Total Vilnius               117,878   60,745        5.8%      5.6%       94.1%
-------------------------------------------------------------------------------
 Riga, Latvia

 Upmalas Biroji  Office
 BC                           21,247   10,459        7.3%      7.7%      100.0%

 Vainodes I      Office       18,140    8,052        6.9%      7.7%      100.0%

 LNK Centre      Office       16,120    7,453        6.5%      6.9%      100.0%

 Sky SC          Retail        4,903    3,254        7.9%      8.0%       96.7%

 Galerija Centrs Retail       65,181   20,022        2.9%      3.2%       81.7%
-------------------------------------------------------------------------------
 Total Riga                  125,591   49,240        4.8%      5.3%       92.4%
-------------------------------------------------------------------------------
 Tallinn,
 Estonia

 Postimaja & CC  Retail
 Plaza complex                29,820    9,145        2.6%      3.1%       93.7%

 Postimaja & CC  Leisure
 Plaza complex                14,260    8,664        6.0%      5.1%      100.0%

 G4S             Office
 Headquarters                 15,400    9,179        8.0%      7.9%      100.0%

 Lincona         Office       15,910   10,870        6.9%      6.8%       90.3%

 Pirita SC       Retail        9,590    5,508     5.2%(4)   6.8%(4)       89.2%
-------------------------------------------------------------------------------
 Total Tallinn                84,980   43,366        5.1%      5.4%       94.9%
-------------------------------------------------------------------------------
 Total portfolio             328,449  153,351        5.2%      5.5%       93.7%
-------------------------------------------------------------------------------

 1. Based on the latest valuation as at 30 June 2021 and recognised right-of-use
    assets.
 2. Direct property yield (DPY) is calculated by dividing annualized NOI by the
    acquisition value and subsequent capital expenditure of the property.
 3. The net initial yield (NIY) is calculated by dividing annualized NOI by the
    market value of the property.
 4. Excluding one-off rental guarantee write-off in an amount of EUR 0.2 million

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

                                                              01.01.2021- 01.01.2020-
 EUR '000       01.04.2021- 30.06.2021 01.04.2020- 30.06.2020  06.30.2021  06.30.2020
-------------------------------------------------------------------------------------
 Rental income                   4,835                  5,073       9,512      11,282

 Service charge
 income                          1,209                  1,148       2,426       2,504

 Cost of rental
 activities                    (1,687)                (1,603)     (3,408)     (3,396)
-------------------------------------------------------------------------------------
 Net     rental
 income                          4,357                  4,618       8,530      10,390
-------------------------------------------------------------------------------------


 Administrative
 expenses                        (756)                  (634)     (1,501)     (1,523)

 Other
 operating
 income                              -                    178           -         186

 Valuation
 losses      on
 investment
 properties                   (14,255)               (15,749)    (14,259)    (15,753)
-------------------------------------------------------------------------------------
 Operating loss               (10,654)               (11,587)     (7,230)     (6,700)
-------------------------------------------------------------------------------------


 Financial
 income                              1                      1           1           2

 Financial
 expenses                      (1,362)                (1,373)     (2,752)     (2,750)
-------------------------------------------------------------------------------------
 Net  financing
 costs                         (1,361)                (1,372)     (2,751)     (2,748)
-------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------
 Loss    before
 tax                          (12,015)               (12,959)     (9,981)     (9,448)
-------------------------------------------------------------------------------------
 Income     tax
 charge                            888                    149         759         (8)
-------------------------------------------------------------------------------------
 Loss  for  the
 period                       (11,127)               (12,810)     (9,222)     (9,456)
-------------------------------------------------------------------------------------

 Other
 comprehensive
 income that is
 or    may   be
 reclassified
 to  profit  or
 loss        in
 subsequent
 periods

 Net       gain
 (loss) on cash
 flow hedges                       241                   (46)         451       (224)

 Income     tax
 relating    to
 net       gain
 (loss) on cash
 flow hedges                      (16)                      2        (31)          15
-------------------------------------------------------------------------------------
 Other
 comprehensive
 income
 (expense), net
 of  tax,  that
 is  or  may be
 reclassified
 to  profit  or
 loss        in
 subsequent
 periods                           225                   (44)         420       (209)
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
 Total
 comprehensive
 expense    for
 the    period,
 net of tax                   (10,902)               (12,854)     (8,802)     (9,665)
-------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------
 Basic      and
 diluted
 earnings   per
 unit (EUR)                     (0.09)                 (0.11)      (0.08)      (0.08)
-------------------------------------------------------------------------------------

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

  EUR '000                                 30.06.2021   31.12.2020
-------------------------------------------------------------------
  Non-current assets

  Investment properties                       324,509      334,518

  Investment property under construction        3,940        5,474

  Property, plant and equipment                     3            2

  Other non-current assets                         23           22
-------------------------------------------------------------------
  Total non-current assets                    328,475      340,016
-------------------------------------------------------------------


  Current assets

  Trade and other receivables                   2,444        1,901

  Prepayments                                     492          352

  Cash and cash equivalents                    15,476       13,333
-------------------------------------------------------------------
  Total current assets                         18,412       15,586
-------------------------------------------------------------------
  Total assets                                346,887      355,602
-------------------------------------------------------------------


  Equity

  Paid in capital                             145,200      145,200

  Cash flow hedge reserve                     (1,241)      (1,661)

  Retained earnings                          (19,072)      (7,218)
-------------------------------------------------------------------
  Total equity                                124,887      136,321
-------------------------------------------------------------------


  Non-current liabilities

  Interest-bearing loans and borrowings       132,909      195,670

  Deferred tax liabilities                      5,280        6,009

  Derivative financial instruments              1,190        1,736

  Other non-current liabilities                 1,024        1,026
-------------------------------------------------------------------
  Total non-current liabilities               140,403      204,441
-------------------------------------------------------------------


  Current liabilities

  Interest-bearing loans and borrowings        76,983       10,222

  Trade and other payables                      3,554        3,640

  Income tax payable                                -            1

  Derivative financial instruments                122           27

  Other current liabilities                       938          950
-------------------------------------------------------------------
  Total current liabilities                    81,597       14,840
-------------------------------------------------------------------
  Total liabilities                           222,000      219,281
-------------------------------------------------------------------
  Total equity and liabilities                346,887      355,602
-------------------------------------------------------------------


For more information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-Mail: [email protected]
www.baltichorizon.com

The  Fund is a registered contractual public closed-end real estate fund that is
managed  by Alternative Investment Fund  Manager license holder Northern Horizon
Capital  AS. Both  the Fund  and the  Management Company  are supervised  by the
Estonian Financial Supervision Authority.

This announcement contains information that the Management Company is obliged to
disclose  pursuant  to  the  EU  Market  Abuse  Regulation.  The information was
submitted  for publication,  through the  agency of  the above  distributors, at
23:55 EET on 5 August 2021.