Hepsor — Proxy Solicitation & Information Statement 2026

Apr 27, 2026

Notice of calling the annual general meeting of Hepsor AS

Notice of calling the annual general meeting of Hepsor AS

The management board of Hepsor AS (registry code 12099216, address Järvevana tee
7b, 10112 Tallinn, Estonia) calls the annual general meeting of shareholders to
be held on Wednesday, 20.05.2026 at 11:00 in hotel Mövenpick Hotel Tallinn
conference centre, Lembitu St. 12, Tallinn. Registration of participants of the
meeting shall begin on 20.05.2026 at 10:30 at the location of the meeting. We
kindly ask shareholders to arrive in advance, taking into account the time
required for registration.

The list of shareholders entitled to vote at the annual general meeting shall be
determined as at seven days before the meeting is held, i.e. on 13.05.2026 at
the end of the business day of the Nasdaq CSD Estonia settlement system.

Procedure and term of electronic voting

The shareholders who do not wish to participate at the physical meeting can vote
electronically before the meeting is held. In order to cast an electronic vote,
the shareholder must fill out the voting ballot which is available on the
website of Hepsor AS
(https://hepsor.ee/investorile/uhingujuhtimine/aktsionaride-uldkoosolek). The
filled voting ballot must be signed digitally and sent by e-mail to
[email protected] (mailto:[email protected]) by 19.05.2026 at 16:00 the
latest.

Agenda of the general meeting and proposals of the supervisory board for voting

1. Approval of the 2025 annual report

The supervisory board's proposal on the first agenda item is to adopt a
resolution with the following wording:

"To approve the 2025 annual report of Hepsor AS in the form as submitted to the
general meeting."

1. Distribution of profit

The supervisory board's proposal on the second agenda item is to adopt a
resolution with the following wording:

"Retained earnings from previous periods is EUR 7,257 thousand. The net profit
for the 2025 financial year is EUR 399 thousand. Therefore, the total
distributable profit is EUR 7,656 thousand. To distribute the profit as follows:

i. to pay a dividend of EUR 0.27 per share, i.e. to distribute the profit in
the amount of EUR 1,056 thousand as dividends to shareholders;
ii. to leave the remaining retained earnings in the amount of EUR 6,600
thousand undistributed.

The record date for shareholders entitled to dividends is 12.06.2026 at the end
of the Nasdaq CSD Estonian settlement system business day. Accordingly, the ex-
date is 11.06.2026. Dividends will be paid to shareholders on 19.06.2026 by
transfer to the shareholder's bank account."

1. Approval of transaction

On 18.12.2025, HEPSOR PHX5 OÜ, Hepsor AS and AS Phoenix Land entered into a
shareholders' agreement of HEPSOR PHX5 OÜ, the main terms of which are as
follows:

i. Hepsor AS and AS Phoenix Land established a joint venture HEPSOR PHX5 OÜ
in which each party holds a 50% stake;
ii. HEPSOR PHX5 OÜ business activity is to renovate and develop three
buildings in three stages at the property located at Tallinn, Manufaktuuri
tn 3 (registry part 4370501), which would comprise a total of
approximately 43,133 gross square meters, including approximately
28,487 m² of residential units and approximately 3,026 m² of commercial
space, along with the associated facilities;
iii. AS Phoenix Land transferred the property, located at Tallinn, Manufaktuuri
tn 3 (registry part 4370501), to HEPSOR PHX5 OÜ with a value of 5,808,510
euros, which was transferred to the voluntary reserve as a contribution to
shareholder equity;
iv. Hepsor AS will make a contribution to the shareholder equity in the amount
equal to the value of the property or offsets it against project
management fees of Hepsor AS or by covering project-related expenses;
v. HEPSOR PHX5 OÜ is consolidated to Hepsor AS consolidation group;
vi. the shareholders agreement includes standard provisions protecting the
rights of the shareholders.

The supervisory board's proposal on the third agenda item is to adopt a
resolution with the following wording:

"To approve the transactions arising from the HEPSOR PHX5 OÜ shareholders'
agreement entered into on 18.12.2025 between HEPSOR PHX5 OÜ, Hepsor AS and AS
Phoenix Land."

1. Appointment of auditor

The supervisory board's proposal on the fourth agenda item is to adopt a
resolution with the following wording:

"To appoint Grant Thornton Baltic OÜ (registry code 10384467) as the auditor of
Hepsor AS for the audit of the annual reports for the financial years 2026 and
2027, and to determine the auditor's remuneration in accordance with the
agreement to be entered into with the auditor, and to authorise the management
board of Hepsor AS to enter into such agreement."

Publication of information related to the general meeting

Information related to the general meeting (this notice calling the general
meeting; the annual report, the sworn auditor's report and the profit
distribution proposal; draft resolutions submitted by the management board; the
total number of shares and voting rights related to shares on the day of
publication of the notice calling the general meeting; and the blanks to be used
when voting on the basis of authorisation and when voting electronically before
the meeting) is available for review on the website of Hepsor AS at
(https://hepsor.ee/investorile/uhingujuhtimine/aktsionaride-uldkoosolek). At the
above address, it is also possible to review other documents to be submitted to
the general meeting pursuant to law, and information regarding the procedure and
deadlines for exercising shareholders' rights can also be found there.

Any questions regarding the items on the agenda may be sent to the e-mail
address [email protected] (mailto:[email protected]). Questions and answers
are published on the website of Hepsor AS.

Information regarding the participation in a general meeting by proxy and the
notification procedure of revocation of the authorisation

Everyone who wishes to appoint a representative acting on the basis of a power
of attorney is kindly requested to notify Hepsor AS of this not later than
before the beginning of the annual general meeting by e-mail at
[email protected] (mailto:[email protected]). We also kindly request that the
powers of attorney, signed digitally by the shareholder, are sent to the same e-
mail address not later than before the beginning of the annual general meeting.
In case the authorisation is revoked, we kindly request that the respective
notice, signed digitally by the shareholder, is sent to the same e-mail address
[email protected] (mailto:[email protected]) not later than before the
beginning of the annual general meeting.

Registration of participants of the general meeting

For registration, we ask shareholders to bring an identity document (e.g. a
passport or ID card). In addition to an identity document, we ask a
shareholder's representative to bring the original power of attorney if it has
been issued in an unattested written form.

In addition to an identity document, we ask representatives of foreign legal
persons to bring an apostilled extract of the commercial register in which the
foreign legal person is entered. The commercial register extract must be dated
no earlier than three months before the annual general meeting is held. If the
person's right of representation is not evident from the commercial register
extract, we ask that the apostilled articles of association of the foreign legal
person be submitted for verification of the right of representation. The
apostille requirement does not apply if the respective extract and articles of
association have been notarised in France, Belgium, Denmark, Ireland, Italy,
Latvia, Lithuania, Poland, Ukraine or the Russian Federation.

Martti Krass
Member of the Management Board
Phone: +372 5692 4919
e-mail: [email protected] (mailto:[email protected])

Hepsor AS (www.hepsor.ee
(https://www.globenewswire.com/Tracker?data=LA1wiZw3yDeb-
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YdyyJEqVk4EasC5TFm2Fg8kLt5NDdQ6aEerNFEPcQuDZmDNXx0wFAM2rAsqkjW)) is a developer
of residential and commercial real estate. The Group operates in Estonia,
Latvia, and Canada. In fourteen years of operation, we have created over 2000
homes and nearly 44,000 m(2) of commercial space. Hepsor is the first developer
in the Baltic states to implement a number of innovative engineering solutions
that make the buildings it constructs more energy efficient, and thus more
environmentally friendly. The company's portfolio includes 28 development
projects with a total area of 196,650 m(2). In addition, the Group is active in
five projects in Canada, where the main activity is the preparation of detailed
spatial plans for land, thereby achieving greater building rights.