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PRF: Resolution of the Supervisory Board on the issue of options

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Premia Foods                   Company Announcement                   21.12.2010

PRF: Resolution of the Supervisory Board on the issue of options

The Supervisory Board of Premia Foods AS (hereinafter Premia Foods) adopted on
20 December 2010 a resolution on the issue of options to the members of
management bodies and key employees of Premia Foods and its subsidiaries. The
Supervisory Board of Premia Foods granted the Management Board of Premia Foods
the right to execute option agreements on the terms and conditions approved by
the Supervisory Board. The option agreements will be executed during January of
2011 at the latest. 

Tallinn, Estonia, 2010-12-21 16:31 CET (GLOBE NEWSWIRE) -- 

According to the initial public offering and listing prospectus (hereinafter
Prospectus) of Premia Foods, the Supervisory Board of Premia Foods was granted
the right to increase the share capital of Premia Foods by issuing up to
1,000,000 (one million) new shares in order to realize the option plan of the
management bodies and key employees of Premia Foods and its subsidiaries.
Pursuant to the Prospectus, the terms and conditions and the persons entitled
to participate in the option plan shall be determined by the Supervisory Board.
The options granted to the members of the Supervisory Board shall additionally
be approved by the General Meeting of shareholders. 

On 20 December 2010 the Supervisory Board of Premia Foods resolved the
execution of the option agreements with the members of the Management Board and
Supervisory Board of Premia Foods and the members of management bodies and key
employees of the subsidiaries of Premia Foods in order to issue options with
the average weighted price of the share of Premia Foods on 17 December 2010 as
traded on the NASDAQ OMX Tallinn Stock Exchange, which was 0.93 euro (i.e. the
average weighted price on the trading day preceding to the day of determining
the terms and conditions of the options). 

In accordance with the option plan and option agreements to be executed on the
basis of the latter as approved by the Supervisory Board of Premia Foods, each
member of the Management Board of Premia Foods and the member of the
Supervisory Board Erik Haavamäe, who is currently fulfilling the duties of CFO
in the Company, shall be entitled to subscribe for altogether up to 96,000
shares during 3-year period starting from 10 January 2012 and ending on 17
January 2014. During the same period, each member of managing body and key
employee of Premia Foods and its subsidiaries shall be entitled to subscribe
for up to 48,000 shares. As presented by the Management Board and confirmed by
the Supervisory Board, 22 persons belong to the option plan list. The final and
actual number of shares, which may be subscribed for by each member of
management body and key employee depends on achievement of targets set for
Premia Foods and each employee individually and input into activities of Premia
Foods. 

The shares of Premia Foods acquired in the course of the option plan grant the
right to dividends on the same financial year as they were acquired provided
that the list of persons entitled to dividends has not been fixed before the
acquisition of shares. 

Additional information:

Kuldar Leis

Chairman of the Management Board

+372 603 3800

[email protected]

www.premiafoods.eu