Changes in the management of Hepsor AS

The Supervisory Board of Hepsor AS has elected Martti Krass, the current Latvian
Country  Manager,  as  a  new  member  of  the  Management  Board  of  Hepsor AS
(hereinafter  Hepsor), who  will take  office on  1 August 2025 with a five-year
mandate.  The mandate  of the  current Chairman  of the  Management Board, Henri
Laks,  will  expire  on  1 August  2025, when  he  will  become  a member of the
Supervisory  Board of Hepsor,  in accordance with  the resolution of the General
Meeting of Hepsor shareholders held on 21 May 2025.

Martti  Krass has been working  at Hepsor since 2014 -  first as an engineer and
project  manager, then  as a  Latvian Country  Manager since 2017. Krass holds a
Master's degree in civil engineering from TalTech.

The  new  Chairman  holds  1 288 Hepsor  shares  and  a  20% stake  in  Hepsor's
subsidiary Hepsor Latvia OÜ.

"The  foundations are in place for Hepsor's future development and growth - I am
taking  over  a  company  that  is  well  capitalised,  ambitious  and has great
potential  in its team," said  Martti Krass. "Our future  goal is clear, we will
focus   on  increasing  profitability  through  increased  efficiency,  stronger
teamwork  and  a  focus  on  client  expectations.  We  will  continue  to build
confidence in domestic markets."

Andres   Pärloja,  Chairman  of  the  Supervisory  Board  of  Hepsor,  expressed
confidence that under the leadership of Martti Krass, the company will reach the
next level of development: "Martti knows Hepsor inside out - he has been with us
since  the very first development  projects and has played  an important role in
the  company's growth. He is a strategic leader who is able to maintain focus on
what  is  important  and  who  is  able  to  lead the team to results," said the
Chairman.  "Today, the company has a  strong foundation, which was created under
the leadership of the previous Chairman Henri Laks. We are grateful to Henri for
what  he  has  done  and  are  pleased  that  his  contribution to the long-term
development of Hepsor will continue on the Supervisory Board."

Hepsor  will continue its planned activities in  its home markets in Estonia and
Latvia,  focusing on sustainable development  projects and improving the quality
of  living  environment.  Work  also  continues  on the company's investments in
Canada.

Hepsor                             AS                             (www.hepsor.ee
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5Q47IttZmiXduQc1wVtC4XlqevKHaAt)) 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 2 076 homes  and nearly 36 300 m(2) of commercial
space. Hepsor  is the first developer in the Baltic States to implement a number
of  innovative engineering solutions that will make the buildings it builds more
energy  efficient  and  thus  more  environmentally  friendly. The company has a
portfolio of 25 development projects with a total area of 172 800 m(2).