Net asset value (NAV) of Baltic Horizon Fund (the Fund) unit as of end of March 2018 amounted to EUR 1.3765 per unit. Compared to previous month, NAV decreased by -0.14%, due to movement in derivatives hedge reserve and one-off tax charge in Latvia related to the Vainodes I investment property transaction structuring. More information will be provided in the Q1 2018 quarterly report. The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.