Baltic Sea Properties

Share Issue/Capital Change • Jun 28, 2024

Baltic Sea Properties AS – Final results of the Subsequent Offering

Baltic Sea Properties AS – Final results of the Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, Norway, 28 June 2024.

Reference is made to the stock exchange announcement by Baltic Sea Properties AS ("BALT" or the "Company", and together with the Company's subsidiaries, "BSP") on 14 June 2024 regarding the commencement of the subscription period (the "Subscription Period") in the subsequent offering of up to 1,020,408 new shares (the "Offer Shares") at a subscription price of NOK 49 per share (the "Subscription Price") (the "Subsequent Offering").

The Subscription Period in the Subsequent Offering expired today, 28 June 2024, at 16:30 CEST. By the end of the subscription period, the Company had received valid subscriptions for 226,450 Offer Shares in the Subsequent Offering. The board has resolved that a total of 226,450 Offer Shares will, subject to timely payment, be issued and allocated to the subscribers in the Subsequent Offering.

The Company will consequently raise approximately NOK 11 million in gross proceeds through the Subsequent Offering.

Notifications of allocated Offer Shares in the Subsequent Offering and the corresponding amount to be paid by each subscriber will be sent out in a separate notification to each subscriber. The notifications will be sent out on or about 1 July 2024.

The payment date for the Offer Shares is 3 July 2024. Subject to timely payment of the Offer Shares subscribed for and allocated in the Subsequent Offering, and subject to registration of the capital increase pertaining to the Offer Shares with the NRBE, the delivery of the Offer Shares pertaining to the Subsequent Offering is expected to be completed on or about 11 July 2024. The Offer Shares are expected to commence trading on Euronext Growth Oslo on or about 11 July 2024.

Norne Securities AS and SpareBank 1 Markets AS are acting as managers (together, the "Managers") in the Subsequent Offering. AGP Advokater is acting as legal counsel to the Company in relation to the Subsequent Offering.

For additional information, please contact:

Lars Christian Berger

CEO

Phone: +47 930 94 319

Email: Lcb@balticsea.no

This information is subject to the disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act and Euronext Growth Oslo Rule Book II.

About:

Baltic Sea Properties is an open-ended and fully integrated real estate investment company. The company is among the Baltics’ leading real estate investors and developers – owning a diversified cash flow generating portfolio of modern real estate in the logistics, industrial and commercial segments.

Important notice:

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "US Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act and in accordance with applicable U.S. state securities laws.

The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 as amended (together with any applicable implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute or include certain forward-looking statements. Forward-looking statements are statements that are not historical facts and may include, without limitation, any statements preceded by, followed by or including words such as "aims", "anticipates", "believes", "can have", "continues", "could", "estimates", "expects", "intends", "likely", "may", "plans", "projects", "should", "target" “will", "would" and words or expressions of similar meaning or the negative thereof. These statements are based on the management’s current views and assumptions and involve both known and unknown risks and uncertainties and assumptions that are within and outside the management's control.

Although the Company believes that the expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Actual results, performance or events may differ materially from those set out or implied in the forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. The forward-looking statements included in this announcement represent the Company's views as of the date of this announcement and subsequent events and developments may cause the Company's views to change. The Company disclaims any obligation to update forward-looking information except as required by law. Readers should not place undue reliance on any forward-looking statement.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Neither the Managers nor any of their affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of their affiliates accepts any liability arising from the use of this announcement.

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.