Results of the Offering of Green Bonds of Liven AS

The public offering of Liven AS (hereinafter Liven) unsecured green bonds
(hereinafter the Offering) ended on Thursday, 16 May 2024. It was the first
series under Liven's newly established unsecured bond programme, which was
conducted based on the base prospectus of bonds program approved by the
Estonian Financial Supervision Authority on 5 May 2024. 

In the course of the Offering, up to 4,000 unsecured bonds with the name of EUR
10,5% Liven green bond 24-2028, with the nominal value 1,000 euros each, the
maturity date 23 May 2028 and fixed interest rate of 10.5% per annum, payable
quarterly (first interest payment will be made on 23 August 2024), were offered
by Liven. In case of oversubscription, Liven had the right to increase the
volume of the Offering by up to 3,000 bonds. The Offering was publicly carried
out only in Estonia and not in any other jurisdiction. 

2,819 investors participated in the subscription and submitted subscription
orders for the bonds in the total amount of 14,529,000 euros. Therefore, the
base issue volume of 4 million euros was oversubscribed by more than 3,6 times.
Considering the current state of the negotiations for the purchase of new
properties, the management board of Liven decided to exercise its right to
increase the volume of the Offering by up to 2,200 bonds, which increased the
total amount of the Offering to 6,2 million euros. 

The Management Board of Liven decided to allocate the bonds according to the
following principles: 

 1. All subscription orders made by the same subscriber were summed up; 

 2. Any necessary rounding was done upwards;

 3. Each subscription, including by a subscriber who participated in an
   institutional offer, for up to 1,000 euros was fully satisfied and each
   subscriber was allocated at least 30% of the volume of their subscriptions;

 4. The subscription orders from each client and employee were fully satisfied
   up to 4,000 euros, and 65% of the remaining unmet demand was fulfilled;

 5. The subscription orders from each existing investor of the issuer were
   fully satisfied up to 3,000 euros, and 50% of the remaining unmet demand
   was fulfilled;

 6. The subscription orders from subscribers previously known to the issuer who
   had expressed and registered their investment interest were fully satisfied
   up to 2,000 euros, and 30% of the remaining unmet demand was fulfilled;

 7. The principles described in points 4-6 were not applied cumulatively;

 8. The 33,000 euros worth of bonds that were not allocated under the previous
   principles were distributed proportionally within the institutional
   allocation.




Andero Laur, Chairman of Liven's Management Board, thanked all investors who
participated in the public offering for their confidence in the company's
strategy and growth prospects. He also thanked LHV Pank for organising the
public offering of green bonds, and the legal advisor, Ellex Raidla law firm.
"The results of the public offering exceeded expectations, not only in terms of
the volume of bonds subscribed but also in the large number of participating
investors. It was gratifying to see that among the subscribers were Liven's
clients, employees, and previous investors, and that the institutional
investors also found the offering attractive," said Liven's CEO Andero Laur. 

The Bonds are expected to be transferred to the securities accounts of
investors on or about 23 May 2024 and the first trading day of the bonds on the
Baltic Bonds List of Nasdaq Tallinn Stock Exchange is expected to be on or
about 24 May 2024. 



Joonas Joost
CFO
e-mail: [e-mail]

https://liven.ee/



Important information

This notice is an advertisement for securities within the meaning of the
Regulation No 2017/1129/EU of 14 June 2017 of the European Parliament and of
the Council European Parliament and does not constitute an offer to sell or
invitation to subscribe to bonds of Liven. 

The information contained in this notice is not intended to be published,
distributed or transmitted, in whole or in part, directly or indirectly, in the
United States, Canada, Hong Kong, Japan, Singapore, South Africa, or in any
other country or under any circumstance where publication, sharing or
transmission would be unlawful. bonds of Liven will be publicly offered only in
Estonia and the sale or offer of the bonds shall not take place in any
jurisdiction where such offer, invitation or sale would be unlawful without the
exception or qualification of law.