SILVANO FASHION GROUP AS (47/2016) Silvano Fashion Group AS Extraordinary General Meeting notice

AS Silvano Fashion Group informs that on 16 December 2016 the AS Silvano Fashion Group received from FSA of Estonia a memorandum, pointing out that the AS Silvano Fashion Group, registry code 10175491, located at Tulika 15/17, 10613 Tallinn, the Extraordinary General Meeting of Shareholders, which was held on 14 December 2016 further that the voting quorum is not met in the agenda item added concerning the changing the terms of own shares buy-back program.

AS Silvano Fashion Group Council and Management Board's proposal was to add to the agenda of the extraordinary shareholders' meeting point, which reads as follows:

1. AS Silvano Fashion Group, 29 June 2016 the General Meeting approved the terms of its share buyback program.

1.1. Due to the repurchase program to repurchase price cap set (2.70 euros per share) arrival, the Management Board of AS Silvano Fashion Group and of the Council proposes to establish a new maximum price at which the AS Silvano Fashion Group may repurchase program to buy back their shares. Proposal for a repurchase price for the new limit of EUR 3.30 per share

As a consequence, the point referred to the inclusion on the agenda and the voting of a decision to this point must be considered null and void.

AS Silvano Fashion Group shall inform the shareholders of the new extraordinary shareholders' meeting convened in accordance with statutory procedures referred to above in changing terms own share buyback program, in order to re-submit it for approval to the shareholders on December 14th 2016 indicated conditions.

Jarek Särgava

Silvano Fashion Group Member of the Board

E-mail: info@silvanofashion.com

Tel: +372 684 5000; Fax: +372 684 5300 Address Tulika 15/17, 10613 Tallinn

http://www.silvanofashion.com

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