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Baltic Horizon Fund (A Closed-Ended Contractual Investment Fund Registered in the Republic of Estonia) ______

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Baltic Horizon Fund (A Closed-Ended Contractual Investment Fund Registered in the Republic of Estonia) ______ LISTING PROSPECTUS Listing of EUR 30,000,000 4.25 per cent Bonds due 2023 Baltic Horizon Fund (a closed-ended contractual investment fund registered in the Republic of Estonia) ______________________________ On 8 May 2018, Baltic Horizon Fund (the “Issuer” or the “Fund”) issued unsecured fixed rate bonds with an aggregate amount of EUR 30,000,000 (the “Bonds”) to eligible counterparties and professional clients (each as defined in Directive 2014/65/EU, as amended). The Bonds were offered in a minimum subscription amount of EUR 100,000 and they are represented by units in denominations of EUR 1,000. The Bonds carry a fixed rate interest of 4.25 per cent per annum. The ISIN code of the Bonds is EE3300111467. This document (this document and the documents incorporated herein by reference jointly referred to as the “Listing Prospectus”) has been prepared solely for the purpose of the admission of the Bonds to trading on the official list of Nasdaq Tallinn AS (“Nasdaq Tallinn”) and does not constitute any offering of the Bonds. This Listing Prospectus has been drawn up in accordance with the Securities Market Act of Estonia and the Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing the Prospectus Directive, as amended (the “Prospectus Regulation”), in application of the Annexes V, XV and XXII thereof. This Listing Prospectus has been approved as such under the registration number 4.3-4.9/3764 by the Estonian Financial Supervisory Authority (Finantsinspektsioon) (the “EFSA”), in its capacity as the competent authority in the Republic of Estonia. Registration of the Listing Prospectus in the EFSA does not mean that the EFSA has controlled the correctness of the information presented in this Listing Prospectus. Application has been made for the Bonds to be admitted to trading on a regulated market on Nasdaq Tallinn (the “Listing”) and the Listing is expected to take place on or about 30 August 2018. Besides filing this Listing Prospectus with the EFSA and the application to Nasdaq Tallinn, neither the Issuer nor the Sole Bookrunner (defined hereafter) has taken any action, nor will it take any action to render the public offer of the Bonds or their possession, or the distribution of this Listing Prospectus or any other documents relating to the Bonds admissible in any other jurisdiction than Estonia requiring special measures to be taken for the purpose of public offer. The Bonds have not been, and will not be, registered under the U.S. Securities Act 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States. The Bonds may not be offered, sold, pledged or otherwise transferred directly or indirectly within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act (“Regulation S”)), except to a person which is not a U.S. Person (as defined in Regulation S) in an offshore transaction pursuant to Regulation S. As at the date of this Listing Prospectus, the Issuer is rated MM3 by S&P Global Ratings and the Bonds are rated MM3 by S&P Global Ratings, which is established in the European Union and registered under Regulation (EC) No 1060/2009, as amended (the “CRA Regulation”). A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. An investment in the Bonds involves certain risks. Prospective investors should read this entire Listing Prospectus and, in particular “Risk Factors” when considering an investment in the Bonds. The date of this Listing Prospectus is 15 August 2018 1 TABLE OF CONTENTS 1. SUMMARY .......................................................................................................................................... 3 2. RISK FACTORS................................................................................................................................ 14 3. PERSONS RESPONSIBLE FOR THE LISTING PROSPECTUS .................................................... 23 4. GENERAL INFORMATION .............................................................................................................. 24 4.1. Definitions..................................................................................................................................................................... 24 4.2. Information incorporated by reference ........................................................................................................................ 26 4.3. Documents on display and available information ........................................................................................................ 26 4.4. Cautionary Note Regarding Forward-Looking Statements ........................................................................................... 26 4.5. Presentation of Financial Information .......................................................................................................................... 27 5. TERMS AND CONDITIONS OF THE BONDS ................................................................................. 28 6. ADDITIONAL INFORMATION ON THE ISSUE OF THE BONDS ................................................... 53 7. INFORMATION ABOUT THE ISSUER............................................................................................. 55 7.1. Selected Financial Information ..................................................................................................................................... 55 7.2. General Information ..................................................................................................................................................... 59 7.3. Investment Objective and Policy .................................................................................................................................. 60 7.4. Investment Restrictions ................................................................................................................................................ 61 7.5. Units and Rights of the Unitholders .............................................................................................................................. 63 7.6. Governance Structure of the Issuer .............................................................................................................................. 65 7.7. Fees and Expenses ........................................................................................................................................................ 69 7.8. Valuation ....................................................................................................................................................................... 72 7.9. Asset Portfolio .............................................................................................................................................................. 72 7.10. Investment Pipeline .................................................................................................................................................... 73 7.11. Custody of the Issuer’s Assets..................................................................................................................................... 74 7.12. Operating and Financial Review ................................................................................................................................. 75 7.13. Dividends and Dividend Policy .................................................................................................................................... 79 7.14. Financing ..................................................................................................................................................................... 80 7.15. Related Party Transactions ......................................................................................................................................... 81 7.16. Intragroup Loan Agreements ...................................................................................................................................... 83 7.17. Legal and Arbitration Proceedings .............................................................................................................................. 84 8. FINANCIAL AND TREND INFORMATION ...................................................................................... 84 8.1. Historical financial information..................................................................................................................................... 84 8.2. Significant changes in financial or trading position ...................................................................................................... 84 8.3. Trend information ......................................................................................................................................................... 84 8.4. Future outlook .............................................................................................................................................................. 84 9. INDUSTRY AND MARKET OVERVIEW .......................................................................................... 85 9.1. MACROECONOMIC OVERVIEW´ ................................................................................................................................... 85 9.2. PROPERTY MARKETS ....................................................................................................................................................
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