Baltic Horizon Fund (NHCBHFFT) EGM 2025 summary

Opening remarks and agenda

• Meeting held in Tallinn and online, with Tarmo Karotam as manager and Jana Karimova as secretary; EGM scheduled for 8 December 2025, with a repeat meeting set for 16 December 2025 due to lack of quorum.

• Main agenda: proposal to issue new units in Q1 2026 to strengthen the fund's balance sheet and repay bonds.

Specific resolutions to be voted on

• Proposal to raise €25 million via an offering to existing investors, issuing up to 169,147,497 new units at EUR 0.1478 per unit, a 30% discount to the 13 November 2025 closing price.

• Minimum subscription threshold set at €7.5 million; if not met, the offering may be terminated as it would not meet covenants.

• Offering is pro rata, with no preferential treatment; each investor can subscribe up to their current share, and no allocation of unsubscribed units beyond proportional ownership.

Shareholder proposals specific to EGM

• Majority of investors present support the proposal, but quorum was not met; a repeat meeting is scheduled for December 16, 2025.