Baltic Horizon Fund (NHCBHFFT) EGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and introduction of key participants, chaired by Tarmo Karotam with Jana Karimova as recording secretary.

• Quorum confirmed, allowing adoption of proposed resolutions per fund rules.

• Agenda focused on voting for the issuance of new units via private placement in 2024 to strengthen the balance sheet.

Specific resolutions to be voted on

• Resolution proposed to issue new units at a price based on the 90-day weighted average on Nasdaq Tallinn.

• New units to be issued by private placement, not exceeding 20% of total units over 12 months, possibly in several tranches.

• Proceeds from the issuance to be used for investments in existing properties and/or deleveraging.

Strategic initiatives and plans

• Proceeds will be used for investments in existing properties and to reduce debt.

• Target to improve capital structure and achieve stronger monthly operating profit within 12 months.

• Target loan-to-value (LTV) ratio of 50% through debt refinancing and reduction.

• Aim to reach a portfolio occupancy of at least 90% by year-end 2024 and 95% by end of 2025.

• Monthly NOI goal set at up to EUR 1.4–1.5 million in 2025, with CAPEX required to reach this potential.