Harmonisation of the articles of the group's Estonian subsidiaries

Liven AS has harmonised the articles of associations of the group's subsidiaries
registered  in Estonia and supplemented them, where necessary, with the right to
establish  a  voluntary  reserve.  Among  others,  the  amendment  concerns  the
following subsidiaries that are considered significant subsidiaries according to
the requirements of Nasdaq Tallinn:

Liven Kodu OÜ
Liven Kodu 6 OÜ
Liven Kodu 12 OÜ
Liven Kodu 14 OÜ
Liven Kodu 15 OÜ
Liven Kodu 16 OÜ
Liven Kodu 18 OÜ
Liven Kodu 20 OÜ


Translation  of  the  item  added  to  the  articles of association (original in
Estonian):   One   or  more  voluntary  reserves  (hereinafter  referred  to  as
the Voluntary Reserve) may be established by decision of the shareholders of the
limited  liability company (the Company), which shall be constituted either from
annual  allocations of net profits or from additional financial contributions or
other  contributions  to  the  Company's  equity. Contributions to the Voluntary
Reserve  may be made in cash or in  other assets (including, for example, by way
of  offsetting a shareholder's claim). The value  of the contribution in kind is
determined by the management of the Company. The amount of the Voluntary Reserve
is  determined  by  a  decision  of  the shareholders, which also determines the
amount of the contributions to be paid by the shareholders and the procedure for
their  payment (the contributions to the  Voluntary Reserve being distributed in
proportion  to the shareholdings  of the shareholders  in the Company). Once the
formation  of the Voluntary  Reserve from the  contributions of the shareholders
has  been  decided,  each  shareholder  will  be  obliged to make a contribution
corresponding to the amount set out in the shareholders' decision (regardless of
whether  the shareholder participated in the adoption of the decision or opposed
it).  Voluntary Reserves, if  established, shall be  deemed to form  part of the
Company's equity capital (including contributions to the Reserve being deemed to
be  a  contribution  to  equity  capital)  and  may  be used to cover losses, to
increase  share capital or to make  distributions to shareholders, as determined
by  a resolution  of the  shareholders (or,  in the  case of a resolution of the
shareholders,  by the management  of the Company).  Any payments to shareholders
from  the  Voluntary  Reserves  shall  be  distributed among the shareholders in
proportion  to  the  amount  of  their  contributions  to the Voluntary Reserve.
Payments  may  be  made  only  to  the  extent  of the contributions made to the
Voluntary  Reserve,  but  no  more  than  the  amount  that does not result in a
reduction  of the net assets below the minimum net assets requirement set out in
§ 176 of the Commercial Code. No interest or other charge shall be calculated on
contributions to the Voluntary Reserve. Voluntary Reserves shall be deemed to be
"other  reserves"  within  the  meaning  of  §  155(1)(1) and  §  1992(2) of the
Commercial Code.

After  registration of the  amendments by the  Tartu District Court Registration
Department,  the articles  of association  will be  available in  the e-business
register https://ariregister.rik.ee/eng.


Joonas Joost
Liven AS CFO
E-mail: [email protected]