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Silvano Fashion Group decisions of the annual general meeting of shareholders

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The  annual  general  meeting  of  shareholders  of  AS  Silvano  Fashion  Group
(hereinafter SFG) was held on June 28, 2018, at 10:00 noon at Radisson Blu Hotel
Olümpia  conference hall "Gamma"  (Liivalaia 33, Tallinn, Estonia)  (hereinafter
Meeting).

The  agenda of  the Meeting  contained the  items set  out in  the notice of the
Meeting  published  on  June  5, 2018 via  the  information system of NASDAQ OMX
Tallinn and Warsaw Stock Exchange, and on June 6, 2018 on the website of SFG and
in  the daily newspaper  Eesti Päevaleht, including adoption  of the 2017 Annual
Report, distribution  of profit, election of the auditor, reduction of the share
capital, amendments to the Articles of Association and extension of authority of
the member of the supervisory board.

The  Meeting started at  10:00 and ended at  10:30. Thirty two (32) shareholders
attended  the Meeting representing  20 173 513 votes, constituting 56.04% of the
voting  rights  of  the  company.  Therefore  the  Meeting  was eligible to pass
resolutions regarding the items on the agenda of the Meeting.

The following resolutions were passed at the Meeting:

Item 1: Approval of the 2017 Annual Report of SFG

The Meeting decided:

1. To approve the Annual Report of SFG for 2017 financial year.

Tabulation of the votes:
For:                20 162 997 votes, representing 99.95% of the votes of the
AGM;
Against:          0 votes, representing 0% of the votes of the AGM;
Impartial:        0 votes, representing 0% of the votes of the AGM;
Did not vote:  10 516 votes, representing 0.05% of the votes of the AGM.


Item 2: Distribution of the 2017 profit of SFG

The meeting decided:

2.1. To  approve  the  profit  of  the  2017 financial  year  in  amount  of EUR
10 914 000;

2.2. To  make no  allocations from  the 2017 profit  of AS Silvano Fashion Group
into  the  reserve  capital       of  AS  Silvano  Fashion  Group. Following the
reduction  of the share capital, the reserve capital of AS Silvano Fashion Group
will  correspond to the requirements provided  in Article 336(2) of the Estonian
Commercial Code;

2.3.To distribute  the  profit  by  paying  dividends  to the shareholders of AS
Silvano Fashion Group as follows:

2.3.1. Shareholders  entitled  to  dividends  include  persons  entered  in  the
Company's  share register  on 17 July  2018 as at  the end of the working day of
the settlement system. The ex-date is 16 July 2018; as of this date a person who
acquired shares is not entitled to dividends for the 2017 financial year.

2.3.2. EUR  0.20.- per share shall be payable  to the entitled shareholders as a
dividend at the latest on 24 July 2018;

2.4 To  allocate the  rest of  the profit  of AS  Silvano Fashion Group from the
2017 financial year into the undistributed profit of previous periods.

Tabulation of the votes:
For:                20 173 513 votes, representing 100% of the votes of the AGM;
Against:          0 votes, representing 0% of the votes of the AGM;
Impartial:        0 votes, representing 0% of the votes of the AGM;
Did not vote:  0 votes, representing 0% of the votes of the AGM.


Item 3: Election of the auditor of AS Silvano Fashion Group for 2018 and 2019
fiscal years and determination of auditor's fee

The meeting decided:

3.1. To  elect  audit  company  Ernst&Young  Baltic AS (registry code 10877299,
address  Rävala puiestee 4, 10143 Tallinn) as the  auditor of AS Silvano Fashion
Group.

3.2. To  authorize the Management Board  of AS Silvano Fashion  Group to sign an
auditing agreement with the audit company AS Ernst&Young Baltic for the auditing
of AS Silvano Fashion Group 2018 and 2019 business activities.

Tabulation of the votes:
For:                20 166 513 votes, representing 99.97% of the votes of the
AGM;
Against:          0 votes, representing 0% of the votes of the AGM;
Impartial:        7 000 votes, representing 0.03% of the votes of the AGM;
Did not vote:   0 votes, representing 0% of the votes of the AGM.


Item 4: Extension of authority of the member of the supervisory board

The meeting decided:

4.1       To extend authority of the supervisory board member Mr. Mart Mutso for
the
             next term of authority starting from 1 July 2018 till 30 June 2023.

Tabulation of the votes:
For:                20 173 513 votes, representing 100% of the votes of the AGM;
Against:          0 votes, representing 0% of the votes of the AGM;
Impartial:        0 votes, representing 0% of the votes of the AGM;
Did not vote:  0 votes, representing 0% of the votes of the AGM.


Item 5: Amendments to the Articles of Association

The meeting decided:

5.1. To  amend the first sentence of  Section 2.1 of the Articles of Association
of the Company and approve the sentence of Section 2.1 in the following wording:

5.1.1. The minimum amount of the share capital of the Company shall be EUR three
million  six hundred  thousand(3,600,000) and  the maximum  amount of  the share
capital shall be EUR fourteen million four hundred thousand (14,400,000).

5.2. To  amend the second sentence of Section 2.2 of the Articles of Association
of  the Company and approve the second  sentence of Section 2.2 in the following
wording:

5.2.1. The nominal value of each share is 0.10 euros.

Tabulation of the votes:
For:                20 173 513 votes, representing 100% of the votes of the AGM;
Against:          0 votes, representing 0% of the votes of the AGM;
Impartial:        0 votes, representing 0% of the votes of the AGM;
Did not vote:  0 votes, representing 0% of the votes of the AGM.

Item 6: Reduction of the share capital of SFG

The meeting decided:

6.1. The share capital will be decreased by reducing the book value of the
shares by 0.20 euros per share.


6.2. Upon decrease of the share capital to make payments to the shareholders in
the  amount of 0.20 euros per share. No payments shall be made to the Company
for own shares. The payments to the shareholders shall be made no sooner than
three months after the registration of the reduction of the share capital with
the commercial register, but, at the latest, three months and 14 calendar days
after the registration of the reduction of the share capital with the commercial
register, provided that the claims of creditors who submitted their claims
during the term are secured or satisfied.


6.3.    The share capital is decreased to improve the structure of capital in
order to bring            the amount of the share capital into alignment with
the volume of business and strategic goals. The reduced amount of the share
capital is in compliance with the requirements set out by the legislation and
the articles of association.


6.4.   The list of shareholders who shall be entitled to payments as a result of
the  decreasing of  the share  capital will  be fixed  as of  17 July 2018 as at
the end of  the working  day of  the settlement  system.  The ex-date is 16 July
2018: as  of this date a person who  acquired shares is not entitled to payments
as a result of the decrease of share capital.

Tabulation of the votes:
For:                20 165 513 votes, representing 99.96% of the votes of the
AGM;
Against:          0 votes, representing 0% of the votes of the AGM;
Impartial:        500 votes, representing 0.00% of the votes of the AGM;
Did not vote:  7 500 votes, representing 0.04% of the votes of the AGM.


The  resolutions were adopted at the Meeting following the procedure for passing
of  resolutions set  forth in  laws and  in the  Articles of  Association of the
Company.

The  protocol of the meeting,  and related documents shall  be made available to
investors within 1 (one) week from the Meeting at SFG website .

Jarek Särgava?
Silvano Fashion Group?
Member of the Board
E-mail: [email protected] (mailto:[email protected])?
Tel: +372 684 5000; Fax: +372 684 5300?
Address: Tulika 15/17, 10613 Tallinn, Estonia ?
http://www.silvanofashion.com (http://www.silvanofashion.com/)