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Baltic Horizon Fund has signed a framework agreement with EBRD and plans private placement of new units

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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 and European Bank for Reconstruction and Development
("EBRD")  entered into  a framework  agreement whereby  Baltic Horizon  Fund has
undertaken  to  comply  with  certain  EBRD  policies and requirements regarding
environment,  social compliance and  corporate governance should  EBRD decide to
subscribe  for Baltic Horizon Fund units. At the moment of signing the framework
agreement EBRD has taken no obligation to acquire fund units.

Northern  Horizon Capital AS  also informs of  intended private placement of new
Baltic Horizon Fund units in Q4 2021.

The  private  placement  is  aimed  mostly  at institutional investors in select
European  countries. The intention is to  raise approximately EUR 15 million for
Baltic  Horizon Fund's new acquisitions and investments into existing properties
in accordance with the fund´s investment policy. Northern Horizon Capital AS may
increase the amount raised up to EUR 25 million. New units will be issued at the
price  corresponding  to  most  recent  NAV  of  the fund unit. Northern Horizon
Capital AS plans to apply the listing of new units on Nasdaq Tallinn.

The  new units  will be  issued by  way of  a private  placement, i.e. no public
offering  will be made and no prospectus  registered. The new units to be issued
represent,  over a period of  12 months, less than 20 %  of the number of Baltic
Horizon Fund units already admitted to trading.

For additional information, please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected] (mailto:[email protected])
www.baltichorizon.com (http://www.baltichorizon.com/)

Baltic  Horizon 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.

Distribution:     GlobeNewswire,     Nasdaq     Tallinn,    Nasdaq    Stockholm,
www.baltichorizon.com (http://www.baltichorizon.com)

This  announcement contains information that the  Northern Horizon Capital AS 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
16:30 EET on 18 October 2021.

IMPORTANT INFORMATION:

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.

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  who are outside the  United Kingdom, (ii) persons
who  have  professional  experience  in  matters relating to investments falling
within  Article 19(5) of the Financial  Services and Markets Act 2000 (Financial
Promotion)  Order  2005 (the  "Order"),  (iii)  high  net worth entities falling
within Article 49(2) of the Order and (iv) other persons to whom it may lawfully
be  communicated  (all  such  persons  together  being  referred to as "relevant
persons").

Any  investment  activity  to  which  this  communication  relates  will only be
available to, and will only be engaged with, relevant persons. Any person who is
not  a relevant person  should not act  or rely on  this document or  any of its
contents.

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