Hepsor and Tolaram continue their cooperation in the Manufaktuuri quarter

Hepsor  AS  and  AS  Phoenix  Land,  a  company  of  the Tolaram Group, signed a
shareholders'  agreement on  18 December under  which the  parties will continue
their  cooperation in the  implementation of the  next phase of the Manufaktuuri
quarter  development.  For  this  purpose,  Hepsor's  subsidiary  Hepsor PHX5 OÜ
(registry  code 17394859) has been  established and is  owned in equal shares by
Hepsor AS and AS Phoenix Land.

The  new  joint  venture  will  commence  the  development  of  residential  and
commercial  real  estate  in  Tallinn  at  Manufaktuuri  3. AS Phoenix Land will
contribute  the property as a non-monetary contribution to the voluntary reserve
capital of Hepsor PHX5 OÜ in the total amount of EUR 5.8 million.

The  Manufaktuuri  3 property  has  a  valid  detailed   plan.  As  part  of the
development  preparation process,  an architectural  competition is planned with
the  aim of  identifying the  best possible  design solution. While the detailed
plan allows for the development of a high-rise building of up to 60 storeys, the
final  architectural and urban  design solution will  be determined based on the
results of an architectural competition.

"The  cooperation  between  Hepsor  and  the  Tolaram  Group in the Manufaktuuri
quarter  has been consistent  and successful. Through  the new joint venture, we
will  continue developing the  next phase of  the quarter to create high-quality
and  diverse residential and  commercial real estate  for Tallinn's urban space.
The  projects, both  completed and  ongoing, have  confirmed the strength of the
collaboration  and the development  potential of the  Manufaktuur quarter," said
Mihkel Mäger, Country Manager of Hepsor Estonia.

This  is the fifth development project  in the Manufaktuuri quarter. Previously,
421 homes  have been completed as  part of the Sitsi  Õunaaed and M7 development
projects,  of  which  97% have  been  sold.  In  2025, construction began on two
development  projects  in  the  Manufaktuuri  quarter:  the  first  phase of the
Manufaktuuri  Vabrik  project,  which  will  provide  152 new homes, and the M12
development project, under which 49 new homes will be completed.

In  the future, the Manufaktuuri quarter will comprise approximately 1,100 homes
and commercial premises.

Martti Krass
Member of the Management Board
Phone: +372 5692 4919
E-mail: [email protected]
(https://www.globenewswire.com/Tracker?data=YpJ1KaOHGK5D2wr2B03kr6ySXlVsvy9ItW_x
XuNhjXPCmVXB1cM8S70-V8Nt81Qq5HmjLvMb_ocH4ru1OB8qnjhI8bZVH4Mk8utB7BWtw2s=)

Hepsor                             AS                             (www.hepsor.ee
(https://www.globenewswire.com/Tracker?data=SFMq9KV7lgvT9GR8HFtfZgs4rjTOSVx3VC35
8WtGBh-VS2LADxMSVvMVwxuhhK5nsPRNEqWLDhrm21tf9_C-
rkc41mn5MB7WoybhaRUGVCGQ1Ruk1f4jtVyQxHjl6XVZlLPYypiQEb3wDZjoozr9pE9iq7w1vZBV6iUr
GcIcSdn072zKtTsPkYU-A-
aMVTex4MUBw9mvbBDrQIyHOkZf65yImdFDViw6TSRWME1I6UmGO8oucmunF5Xg89EPejLpdaI3Na4VeD
zePBH6v9l2NDvppz7f863iNJjU_2ax5Mw-
sfGVw9SwlsGAb4oTjvsDpLjuh0ntrhUMoBeNrbzwhTScNz5cCGogrTPp4oUiCt1ZKxgt3VBYG-
AHVyJzneOq_HTuOGL4tp5iad5HhG_HeZiMn9d7Zmd6Dxf_YP9GnkOmJe5nvv1cgp3COTe3MobjovmVH3
PWlSADi2TTrac-U6rLC6psKCrffW-t3cKIeneKP-
BN9JKRUH_0Zaq176Kj6Fw64nkpEe9Zo7Yv6KapKFdiz2qNL8Zn1DHfOrojPg723C_Sf1eYjb-Vmzuin-
201wGCW5wHzXXnypq4J2FJzS62CA-AM-
XrvnwAaJoy8BXWHfnj3mtDpT2EVHUrSiUH3KWULkq4bGhpCWpnjKn61ncFpZoePL9fkucd_eSSNH1t8b
nCYDp5EgMAkU_JZwT0ZxKThWMP3oaYp2kO4bOvmoiLDbhACzUKvx5JgtZR1f3eQ1jYqRJIa57uctP4uC
1VNXj_W-d3QjhMq4wsZsymlG1VG-
wi82aV3Xn9gNbegdsiGpyJGkebfLE_nh4RFIqWow6SnpQoiOFCQzxxjFMlM3rgOja_nZMlBOK2xME8u5
5sqLel0wfqgzs2RT8zMjemfHHcorrkplKQIjpVX-VEpzfo3obFNFoAyomY7clA1H-
DAfH1HjDT9Krf26Y_7TdOpoJyQtgvi_lUARRcZBu-
F_ZnbMnU6ZtC8pnSHtDZFHKnLiIOxuNHeEM_PN_cWAHfrl-
29pYSifc9uv3qSb06HwTh3B_VVRdrgVwDkKwVhAhbMsQ4eF0nk5yZqcvcXIgng5Kvt1NoUc8M_tj97lY
_qwttK9hI9JfXaBSaoxte3Ckg7MEVH5ks77Q8KVBjc4Ln8uoPjoCm1GauKY5JSzwrVHiPw_inXrHseb2
P42TJnc7KQ6N8qbm0f2aVAICEiSOaHVCEmqe4SdyDhaRLjajcE6uT30TG3k6ZfER-11M6gFhCM4hES-
uhq0YPQGnEA9t_pQP9InJvzHT2gG_KDpCAn5XUis2amqlzs-ilVHWabP1az9yvSbAy7gUkq-
Z7xvzySPVkqGBiFTmdqLIRU7GMPRRIeohQtQtdvTM8uiZpXDkEQ8eJOYUybTpLd2mx_u6jIcL4qjWV8C
SGWVoO8uEt0nY4_m7Qkex2OfouHMRxfx4GUEbZfQURAhsKL3rmmyHMWDqPPKwKuGGR9oGPen7udYlo5H
4kZIvSjvN1brVTuoDY5rdrj1Yn1--YspSBrAwkyNFbZziTOUrc32PqfqPImER_QSwnpgrOiE30Iqo5cy
IDOt73BpAImwicIB6ni-bTMs-PMOEvQO_f1HfbybCSqp97qIYPXwEnvjhZbFYhAY5MAeqGGl_JFzAtRc
qHOYGnyskqP63KSdvKJB5u2dSjZEdAcGiLI-uC6Pt8kE-qi_0BrzADj6IyJfmuDhPfurLd-H6MNYhpRn
VFm0SiQdsZfW2pA7eDlR9Dci9-RdqGk_VVq8m8V6uPMXOdokhtNljIvitXTbMaH2hhRkyld5qbvQhgV0
W8K3vmBSiVtWzVWe5_e76Kkoip9q8Iyh9-V0vsq0I93aJrjKClC2kO9ov2b6kZYpe8sS-eddkFIBLW2-
72IS9KdlNpa0zce1sbiX_U8hT-1Z7Wh7vw0bsEJfZ84Uvcop4ykbhDHJl9t0WZ0HOczgebdSLhI7xbFR
IgSdhfd3tUWUy7FxcGGPGhbWSddCbjqFXwQbqfFochw804nHT509jfDJHBI-S_fvMxOgB3cdrO-p9QxO
hQHFDQ9-DQc31d_xumJdBFX0xuk0zLk5aot6itZDz0vhJv7aXCvbtR))   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 2,003 homes and
nearly  44,787 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  25 development
projects  with a total area of 178,200 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.