Market announcement

Title

CORRECTION: Notice to convene the Annual General Meeting of Nordic Fibreboard AS

Message

Nordic Fibreboards AS amends the 10.07.2020 notice of calling the Annual General
Meeting. Items 4 and 5 about introducing no par value shares and reduction of
share capital are added to the agenda. The aforementioned resolutions were
already adopted at the extraordinary general meeting held on 26.06.2020,
however, the company has now decided to further amend the new book value of one
share. Therefore the reduction of share capital will be put to voting at the
10.08.2020 general meeting and the proposed amount of capital decrease will be
adjusted. As no share capital changes have been effected based on the
resolutions adopted on 26.06.2020, then the new voting on reduction of share
capital does not change the rights of shareholders. Nordic Fibreboard AS will
not enforce the share capital changes based on 26.06.2020 resolutions and will
follow the decisions to be adopted at the 10.08.2020 Annual General Meeting.

The  Annual General Meeting  of Nordic Fibreboard  AS (registry code: 11421437,
address:  Suur-Jõe 48, Pärnu 80042, hereinafter the Company) will be held on the
10(th) of August 2020 at 9.am at Suur-Jõe 48, Pärnu.

The agenda of the General Meeting with the proposals of the Supervisory Board:

 1. Approval of the Annual Report 2019

Proposal of the Supervisory Board: To approve the Annual Report of the Company
for 2019, which exposes the consolidated balance sheet value of 9 045 035 euros
as at 31.12.2019 and the net loss of the financial year of 1 398 130 euros.

 1. 2019 Loss allocation proposal

Proposal of the Supervisory Board: To transfer the consolidated net loss in the
amount of 1 398 130 euros to the loss of previous periods.

 1. Appointment and remuneration principles of auditor for the financial year
    2020

Proposal of the Supervisory Board: To appoint AS PricewaterhouseCoopers
(registry code: 10142876, address: Pärnu mnt 15, 10141 Tallinn) as the auditor
of the Company for the financial year 2020. Public accounting services will be
paid for in accordance with the contract to be drawn up with the auditor.

 1. Introducing no par value shares and amendment of the articles of association

Proposal of the Supervisory Board:

1)       Introduce no par value shares.

2)       In connection with introducing no par value shares, amend clauses
2.1, 2.2 and 2.3 of the articles of association of the Company and confirm their
new wording as follows:

2.1 The minimum share capital of the company is EUR 250,000 (two hundred and
fifty thousand) and the maximum share capital is EUR 1,000,000 (one million).

2.2 The minimum number of no par value shares is 2,500,000 and the maximum
number is 10,000,000. Each share grants one vote at the general meeting of
shareholders. The company only has one class of shares - no par value registered
shares.

2.3 The general meeting shall resolve the increase or reduction of share
capital. The resolution about increasing share capital shall be adopted in case
it receives at least two thirds of the votes represented at the general
meeting. Upon increasing share capital the shareholders have a pre-emptive right
to subscribe for the new shares in proportion to the sum of the book value of
the shareholder's shares. The pre-emptive right of the shareholders may be
barred by a resolution of the general meeting which receives at least three-
quarters of the votes represented at the general meeting.

3)       As a result of introducing a no par value share, the Company will have
4,499,061 no par value shares, whereas each share grants the shareholder one
vote at the general meeting of shareholders. As a result of adopting the
resolution specified in clause, the book value of a share of the Company will be
EUR 0.10.

4) To approve the new Articles of Association.

 1. Reduction of share capital to cover unallocated losses from previous periods

After the use of all reserves, at the end of 2019 the Company had 1,242,300.66
euros not covered by retained earnings from previous periods.

Proposal of the Supervisory Board:

In order to cover the losses after the use of all reserves in the amount of
1,242,300.66 euros, to reduce the share capital of the Company after the entry
into force of amendments to the Articles of Association in a simplified way on
the following conditions:

1)       Reduce the share capital of the Company by EUR 2,249,530.54, from EUR
2,699,436.60 to EUR 449,906.1;

2)       The share capital will be reduced by decreasing the book value of the
shares: as a result of reduction, the book value of the Company's share will
decrease to EUR 0.10, from EUR 0.60, the number of shares will remain the same
(4,499,061) and the new amount of share capital will be EUR 449,906.1;

5)       The list of shareholders participating in the reduction of share
capital shall be fixed 24(th) August 2020 as at end of the working day of the
Nasdaq CSD securities settlement system.

The  documents of Annual Report of Nordic Fibreboard AS, the proposal for profit
allocation  and auditor's report to the  Annual Report 2019 will be available at
the  office  of  the  Company  at  Rääma  31, Pärnu  and  on  Company's web site
https://group.nordicfibreboard.com/en/investor/general-meetings

Information  on  the  procedure  for  exercising  the  rights  specified  in the
Commercial Code § 287, § 293 (2) and (2(1)) and § 293(1) (4) is published on the
website          of         the         Company         www.nordicfibreboard.com
(http://www.nordicfibreboard.com).

As  of the date of  publishing of the announcement,  the share capital of Nordic
Fibreboard  AS is 2,699,436.60 euros. The  company has 4,499,061 shares and each
share gives one vote.

The  date of  closing the  list of  shareholders entitled  to vote at the Annual
General  Meeting  will  be  03.08.2020, at  the  end  of  the working day of the
settlement system..

Registration of the participants in the meeting will begin at 08:45.

To register yourself as a participant in the general meeting, please present:

  * a shareholder who is a sole proprietor - an identity document
  * a representative of a shareholder who is a sole proprietor - an identity
    document and a written authorization document
  * a representative of a shareholder who is a legal person - valid certified
    copy of the registry card (for legal persons in Estonia, certified no
    earlier than 7 days ago), which entitles the person to represent the
    shareholder, and an identity document of the representative, or an
    authorization document prepared as required and an identity document of the
    representative. We request prior legalization or apostille certification of
    documents of a legal person registered in a foreign country, unless stated
    otherwise in the international agreement. Nordic Fibreboard AS may register
    a shareholder who is a legal person of a foreign country as a participant in
    the general meeting also in case all required data on the legal person and
    the representative are included in the notarized authorization document
    issued to the representative in a foreign country and the authorization
    document is acceptable in Estonia. If a shareholder has deposited his/her
    shares on a nominee account, a respective certificate issued by the account
    administrator shall be submitted, certifying the right of ownership of the
    shares as of 03.08.2020.
  * Please present your passport or identity card as an identification document.

A  shareholder may notify the Company of  the appointment of a representative or
withdrawal  of  authorization  by  a  representative  by  submitting  respective
information  to the  Management Board  of Nordic  Fibreboard AS  (in a digitally
signed  format  which  can  be  reproduced  in  writing  on the following e-mail
address:  Torfinn.Losvik@  nordicfibreboard.com,  or  in  writing by mail at the
following  address: Nordic Fibreboard AS,  Suur-Jõe 48, Pärnu, Estonia) no later
than on 07.08.2020 (inclusive).

For  the appointment  of a  representative or  withdrawal of  authorization by a
representative,  a shareholder  may use  the forms  available on  the website of
Nordic Fibreboard AS www.nordicfibreboard.com (http://www.nordicfibreboard.com).

Torfinn Losvik

CEO & Chairman of the Management Board

Phone: + 372 56 99 09 88

E-mail: [email protected]