The bonds are offered publicly only in Estonia and the bond programme prospectus is only available in Estonian.

For your convenience, we have made available the unofficial transaltions of the bond prospectus summary, main terms and final terms of the first series.

English translations of our annual reports are also available in English on our web site. As well as English translation our the investor presentation.

Bond i.e. a debt obligation is a fixed rate financial instrument. By purchasing Liven’s bonds, the investor grants a loan to Liven, and Liven assumes an obligation towards the investor to repay a fixed amount of the loan (at nominal value) to the bondholder at the end of the maturity period (the maturity date), together with interest.

You can read more about the bond as a financial instrument, for example, at the LHV Investment School (in Estonian).

The Estonian Financial Supervision Authority has approved the base prospectus for the bond programme under which Liven AS has the right to issue bonds, including green bonds, for a total amount of EUR 30 million over three years.

Within the framework of the programme, each individual issue and offer will be decided and made public separately. The current offer of green bonds is the first series of the bond programme with a volume of EUR 4 million and an annual interest rate of 10.5%.

Green bonds differ in the purpose for which the bond proceeds are used.

The purpose of Liven is to build great homes and living environments. We favour projects with international sustainability certifications such as LEED or BREEAM, which take a broader approach to sustainable development than just energy efficiency. Certificates are awarded to buildings that are designed, built and operated in accordance with the principles of environmental sustainability.

Based on our own activities and plans, we formulated a Green Financing Framework, which was based on the principles of the International Capital Market Association (ICMA) Green Bonds and the principles of the Lending Market Association (LMA) Green Loans. Liven’s green financing framework has also been subject to an independent second-party opinion by the international rating agency S&P Global Ratings. Both the green financing framework and the S&P Global Ratings opinion are available on our website.

In essence, green bonds mean that we can only use the capital raised to finance the projects described in the green financing framework. In particular, at least LEED Gold, or BREEAM “Very good” label, or developments that are 10% more energy efficient than energy class A requirements in Estonia. In Germany, at least developments meeting the local KfW 40 standard.

No.

We want to be flexible in the use of bond capital. Pledging real estate as collateral for the bonds would significantly limit the use of the funds for the implementation of the group’s projects. Liven’s green bonds are therefore unsecured.

Liven has an obligation to repay investors the amount invested in full (including accrued interest) at the maturity of the bonds. Liven has the right to prematurely repay the amount invested by the investors (including accrued interest) after three years from the date of issue of the bonds, by giving at least 30 days’ notice to the investors.

After the end of the offer period, we intend to list the bonds for public trading on the Baltic Bond List of Nasdaq Tallinn Stock Exchange.

Although Liven will make every effort to list and admit the Bonds to trading, Liven cannot guarantee the listing and admission to trading of the Bonds.

We will use the proceeds from the issuance of green bonds to finance or refinance (including partially) new or existing development projects that meet the eligibility criteria set out in the Liven’s green financing framework.

The bonds will be offered to the public in Estonia only, to both retail and institutional investors. Non-publicly, Liven may also offer bonds to professional investors.

In addition to a bank account, a securities account is also required. In case of a legal entity, also the LEI code. You can submit a subscription order via your internet bank.

The nominal price of one bond is 1 000 euros, which is also the smallest subscription amount. There is no upper limit to the subscription amount.

The amount required for the subscription must be available in the account at the time of the subscription, which will be blocked until settlement is completed or the funds are released in accordance with the conditions set out in the prospectus.

In the event of an oversubsription, Liven may set a minimum and a maximum limit on the number of bonds to be distributed to the investor, based on the distribution principles set out in the prospectus of the bond programme, one of which is the creation of a solid and reliable investor base.

Liveni is entitled to use different allocation policies between retail and professional investor groups. The latter may include subscribers of more than 100 bonds.

Liven has the right to give preference to Estonian investors over foreign investors, Liven’s shareholders, existing debt investors, employees, clients and investors who have, to Liven’s knowledge, expressed an interest in investing in Liven in the past.

The offer period for Liven green bonds is from 7 May until 16 May at 16:00. The results of the public offer and the distribution of the bonds will be announced on or around 20 May. The first trading day is expected to be on or around 24 May.

Further information can be found in the English translations of the summary of the prospectus of the public offer of Liven bonds, main terms of the bonds and the final terms of the first series of the bonds.

Before making an investment decision, investors are strongly advised to read the prospectus and the summary of the prospectus and, if necessary, to consult a professional. Each investor should base his investment decision only on the information contained in the prospectus and the summary of the prospectus.