Market announcement

Title

Correction: SILVANO FASHION GROUP Notice of convening an extraordinary general meeting of shareholders, agenda and proposals: correcting point 2.4

Message

The Management Board of AS Silvano Fashion Group, registry code 10175491,
registered address Tulika 15/17, 10613 Tallinn, (hereinafter SFG) convenes an
extraordinary general meeting of shareholders on 19 June 2019 at 10:00 (Estonian
time) in Hilton Park Hotel conference hall "Atlantic City", address Fr. R.
Kreutzwaldi 23, 10147 Tallinn, Estonia.

The registration of participants of the Extraordinary General Meeting starts at
09:30 (Estonian time) at the venue of the meeting.

I Agenda

Pursuant to the resolution adopted by the SFG Group's Supervisory Board on 24
May 2019, the extraordinary general meeting will have the following agenda:

 1. Amendments to the Articles of Association;

 1. Reduction of share capital of AS Silvano Fashion Group

To amend the articles of Association due to the reason that the share capital of
the Company will be changed:

1.1. Amend Article 2.2 of the Articles of Association and introduce it in the
following wording: "All shares of the Company are registered shares. The nominal
value of a registered share is 0.10 (ten) cents. One share gives 1 (one) vote at
the General Meeting.
1.2. To approve the new version of the Articles of Association as attached.

2. Reduction of the share capital of AS Silvano Fashion Group

Proposal of the Management Board and the Supervisory Board:

2.1. The share capital shall be reduced by a reduction of the nominal value of
the shares by EUR 0.10 per share

2.2. To reduce the share capital, make a payment to the shareholders in the
amount of EUR 0.10 per share. No payments will be made to the Company for its
own shares. The disbursement shall be made to the shareholders not earlier than
three months after entry of the reduction of share capital in the commercial
register, provided that the claims submitted by the creditors in due time are
secured or satisfied.

2.3. The share capital shall be reduced in connection with the adjustment of the
Company's capital structure and finally the Company's share capital shall be
consistent with the Company's strategic objectives. The amount of the reduced
share capital is in accordance with the requirements arising from law and the
Articles of Association of the Company. Following the decision, the new share
capital will amount to EUR 3,600,000, divided into 36,000,000 shares with a
nominal value of EUR 0.10 per share.

2.4. The list of shareholders entitled to the payment of share capital shall be
fixed on 04.07.2019. at the end of the working day. Ex-date of the rights
attached to the shares is 03.07.2019; as of that date, the acquirer is not
entitled to receive any reduction in share capital.
III Organizational questions

The list of the shareholders entitled to participate in the extraordinary
general meeting shall be fixed 7 days prior to the date of the Extraordinary
General Meeting, i.e. on 11 June 2019 as at the end of the working day of
the settlement system. (Estonian time).
At the General Meeting, a shareholder is entitled to receive information from
the Management Board about the activities of SFG. The Management Board may
decide to withhold information if there is a reason to believe that the
disclosure of information may cause significant damage to the interests of SFG.
If the Management Board refuses to disclose information, the shareholder may
demand from the General Meeting to adopt a resolution regarding to the
lawfulness of the information request or file a petition to a court of law
within two weeks of the General Meeting requesting the court for the ruling
requiring the Management Board to disclose the information.
The shareholders whose shares represent at least 1/20 of the share capital may
request for additional items to be included in the agenda of the General
Meeting, if the respective request is submitted in writing at least 15 days
prior to the General Meeting.
The shareholders whose shares represent at least 1/20 of the share capital may
present their draft resolutions to each item in the agenda in writing no later
than 3 days before the General Meeting.
Draft resolution regarding to the agenda items and other documents presented to
the General Meeting (including annual report, report of the sworn auditor,
profit distribution proposal and report of the Supervisory Board) are available
for examination on every working day as of the notification of the General
Meeting until the business day preceding the day of the General Meeting at the
headquarters of the Company at Tulika 15/17, Tallinn on business days from 10
a.m. until 3 p.m. (Estonian time).
On the day of the General Meeting the materials related to the agenda of the
General Meeting are available for examination at the venue of the General
Meeting as of the opening of registration of participants until the end of the
General Meeting. In order to examine the documents: (1) the shareholders who are
natural persons are required to present a document verifying their identity and
their representatives are additionally required to present the power of attorney
in written form; (2) the representatives of the shareholders who are legal
entities shall present (a) an extract from the registry where the legal entity
is registered; and (b) a document verifying the identity of representative; and
(c) in case of representation on the basis of proxy, also a power of attorney.
Documents and data which are disclosed according to Article 294(1) of the
Estonian Commercial Code, including the Annual Report, report of the sworn
auditor, profit distribution proposal, report of the Supervisory Board, draft
resolutions regarding to the agenda items, data on the Company's shares and
voting rights related to the shares as of the date of the notice on the
convening of the General Meeting and the templates of power of attorney are
available on the homepage of the Company: http://www.silvanofashion.com.
The following documents must be submitted to participate in the General Meeting:

-   the shareholders who are natural persons shall present a document verifying
their identity and their representatives shall present the power of attorney in
written form;
-   the representatives of the shareholders who are legal entities shall present
(a) an extract from the registry where the legal entity is registered; and (b) a
document verifying the identity of representative; (c) in case of representation
on the basis of proxy, also a power of attorney.

Unless otherwise provided by a foreign agreement, a document issued by a foreign
authority shall be duly apostilled or legalized. Documents in foreign language
should be accompanied by the translation into Estonian, verified by relevant
institution.
Prior to the General Meeting the shareholder may notify the Company of the
appointment of a representative or the revocation of the representative's
authority by sending a digitally signed e-mail message to
[email protected] or by delivering the information in person on workdays
between 10 a.m. to 3 p.m. (Estonian time) or via mail to AS Silvano Fashion
Group, Tulika 15/17, 10613 Tallinn, Estonia by 5 p.m. (Estonian time) on the
business day preceding the day of the General Meeting.
For any information regarding the general meeting of the shareholders or the
agenda items, please contact Jarek Särgava (e-mail [email protected];
phone +372 6845 000).

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