Hepsor

Board/Management Information • Apr 25, 2025

Changes planned in the Management Board and the Supervisory Board of Hepsor

Changes planned in the Management Board and the Supervisory Board of Hepsor

A proposal is made to the General Meeting of Shareholders of Hepsor AS
(hereinafter 'Hepsor') that the current Chairman of the Management Board, Henri
Laks, would join the Supervisory Board of the company. The new candidate for the
Member of the Management Board is the current Latvian Country Manager, Martti
Krass.

Henri Laks is one of the founders of Hepsor AS and has been the Member of the
Management Board of various companies in the Hepsor Group since 2011. Laks has
been active in the field of real estate development since 2004.

Over the past 14 years, Hepsor has grown into one of the largest companies in
the field of real estate development in Estonia and Latvia, and in 2023, it
expanded to the Canadian market. Under the management of Laks, Hepsor was listed
on the stock exchange in 2021 and became a part of the Baltic Main List of the
Nasdaq Tallinn Stock Exchange.

On 25 April 2025, he notified the Supervisory Board of Hepsor of his request to
resign from the position of the Member of the Management Board. The Supervisory
Board responded to the notification of Laks with a proposal to continue working
as the Chairman of the Supervisory Board from 1 August and to add the relevant
item to the agenda of the Annual General Meeting of Shareholders to be held on
21 May 2025.

According to the initial proposal of the Supervisory Board, the new candidate
for the position of the Member of the Management Board of the company is Martti
Krass, who has worked in Hepsor since 2014 as the Project Manager and later as
the Latvian Country Manager.

"Every organisation needs a fresh view and change from time to time. Nearly 15
years has been a long enough time to be the driving force of Hepsor. For me, it
is time to hand on the torch for the next development cycle of Hepsor to my dear
colleague who knows our company through and through, and has good knowledge of
the field," Laks said.

Laks added: "I believe that now is the best time for change, as the last five
years have been a turbulent and crisis-ridden time in the economy, including in
the real estate sector, which is now showing signs of calming down, and the real
estate market, on the other hand, offers new growth opportunities."

Lauri Meidla, who has so far been the Member of the Supervisory Board, has
expressed his wish to leave the Supervisory Board, which is why the relevant
item will also be added to the agenda of the Annual General Meeting. Andres
Pärloja and Kristjan Mitt will continue as the Members of the Supervisory Board.

"My wish is to continue working on a strategic level so that I can contribute to
the long-term development of Hepsor and support the company where my experience
is most valuable," Laks confirmed.

"Under Henri's long-term and dedicated leadership, Hepsor has gone through a
remarkable path of development and grown into a strong and innovation-oriented
company. We are glad that we can also build on his experience and knowledge at
the level of the Supervisory Board. We are grateful for what has been done and
wish continued enthusiasm to contribute to the future of Hepsor together," the
Member of the Supervisory Board, Andres Pärloja, commented.

The planned changes will take effect in accordance with the resolution of the
Supervisory Board and the General Meeting of Shareholders.

Henri Laks
Member of the Management Board
Phone: +372 5693 9114
e-mail: [email protected] (mailto:[email protected])

Hepsor AS (www.hepsor.ee (http://www.hepsor.ee)) is a developer of residential
and commercial real estate. The Group operates in Estonia, Latvia and Canada.
During our thirteen years of operation, we have created 2,076 homes and nearly
36,300 m(2) of commercial space. As the first developer in the Baltic countries,
Hepsor has implemented several innovative engineering and technical solutions
that make the buildings built by the company more energy-efficient and thus more
environmentally friendly. The company's portfolio includes a total of 24
development projects with a total area of 172,500 m(2).