Nasdaq Welcomes EfTEN to Nasdaq Baltic Main List

Tallinn/Riga/Vilnius, Nasdaq Baltic Market, December 1, 2017

Nasdaq (Nasdaq: NDAQ) announces that the shares of EfTEN Real Estate Fund III AS (short name:EFT1T)were listed on Nasdaq Baltic Main List by Nasdaq Tallinn as of today, December 1.

EfTEN Real Estate Fund III AS is a Baltic cash-flow generating commercial real estate investment fund which is targeted mainly for retail investors. The fund is managed by EfTEN Capital, the largest commercial real estate fund manager in the Baltic States.

“The way EfTEN built up its listing process was excellent. They started to communicate publicly about their ambition to list the fund already a couple of years ago, kept true to their messages and the result couldn’t really be better: the public offering was oversubscribed more than 5 times and attracted more than 1800 investors,” said Kaarel Ots, the CEO of Nasdaq Tallinn. “It’s great to see companies like EfTEN tapping into the public market and I’m delighted to welcome them to the Baltic Main List!”

The listing of EfTEN Real Estate Fund III AS shares follows the company’s public offering of shares which ended on November 10, 2017.EfTEN Real Estate Fund III AS offered up to 337,272 new ordinary shares, of which 87,272 shares were offered to the fund manager (EfTEN Capital AS) and 250,000 new shares for all natural and legal persons in Estonia. The offering price of one share offered was 14 euros.In total, 1,502,930 shares were subscribed in the amount of 21,041,020 euros and 1833 subscription orders were received. The 250,000-share batch that was offered publicly to all natural and legal persons in Estonia, was oversubscribed 5.7 times.

The proceeds of the issue will be used mainly for developing and constructing the new Hortes gardening plant in Tallinn, Estonia and for completing the reconstruction of DSV logistics center in Riga, Latvia.

"By listing the EfTEN Real Estate Fund III AS shares we fulfilled a promise we had made. When establishing the fund in 2015, we promised our investors to list the fund in the coming three years," said Viljar Arakas, Member of the Management Board of EfTEN Real Estate Fund III and CEO of EfTEN Capital. "The amount of the public offering was rather small which also caused the large oversubscription. The continuously increasing price level of the Baltic commercial real estate makes it harder to find new investment objects that would suit our conservative investment policy. That's the reason for raising as little capital as needed, not as much as possible."

EfTEN Real Estate Fund III AS (founded in 2015) is a public closed-end alternative investment fund which invests in cash flow generating commercial properties in the Baltic States. After the listing, the fund became evergreen (i.e. termless). Its dividend policy sets out that 80% of the free cash flow will be paid out to dividend.

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The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Nasdaq and its products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq's control. These factors include, but are not limited to factors detailed in Nasdaq's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.

Nasdaq Baltic is a common name for exchanges, regulated markets, alternative markets First North operated by Nasdaq companies in the Baltic states, i.e. Nasdaq Tallinn AS, Nasdaq Riga AS and AB Nasdaq Vilnius.

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