Merger of subsidiaries

In  line with AS  Harju Elekter Group's  strategy to focus  on its factory-based
manufacturing and exit the retail and wholesale business of electrical materials
and  equipment, the Group's wholly owned Estonian subsidiaries, AS Harju Elekter
and Energo Veritas OÜ, have initiated a merger process. The merger agreement was
signed on 01 October 2025.

As  a result of the merger, Energo Veritas OÜ (the company being merged) will be
consolidated  into AS Harju Elekter (the  acquiring company), after which Energo
Veritas OÜ will be deemed dissolved. The actions required for the merger to take
effect will be completed during the first quarter of 2026.

Tiit Atso
Chairman of the Management Board
+372 674 7400