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Silvano Fashion Group decisions of the annual general meeting of shareholders

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Tallinn, 2012-06-30 14:00 CEST (GLOBE NEWSWIRE) --
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The annual general meeting of shareholders of AS Silvano Fashion
Group (hereinafter SFG) was held on June 30, 2012, at 12:00 noon at Radisson
Blu Hotel Olümpia conference hall “Epsilon” (Liivalaia 33, Tallinn, Estonia) 
(hereinafter Meeting).</span></span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The agenda of the Meeting contained the items set out in the
notice of the Meeting published on June 6, 2012 via the information system of
NASDAQ OMX Tallinn and Warsaw Stock Exchange, on the website of SFG at
http://www.silvanofashion.com/investors/shareholders-meetings.html, and on June
7, 2012 in the daily newspaper Eesti Päevaleht, </span>including approving the
annual report for the previous financial year, deciding on the distribution of
profit, appointing an auditor, cancellation of own shares, amendment of the
Articles of Association, election of the new supervisory board member instead
of the resigned member, and Supervisory board remuneration.</span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The Meeting started at 12:00 and ended at 13:10. Thirty eight (38)
shareholders attended the Meeting representing 23 067 952 votes, constituting
58.40% of the share capital. Therefore the Meeting was eligible to pass
resolutions regarding the items on the agenda of the Meeting.   </span></span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The following resolutions were passed at the Meeting:  
</span></span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">1. Item: 2011 Approval of the 2011 Annual Report 
Decided:
• To approve the 2011 Annual Report of SFG.     </span></span>

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">2. Item: Profit Distribution 
Decided:
• To approve the profit of the 2011 financial year in amount of 21 501 000
euros; 
• To allocate 1 075 000 euros to the compulsory reserve;
• To distribute the profit among the shareholders as follows:
- The list of shareholders entitled for profit distribution shall be determined
as at 11:59 p.m. on July 13th 2012. 
- 0.25 euros per share is payable as a dividend to the entitled shareholders
latest by July 20th, 2012  </span></span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">3. Item: Appointment of Auditor 
Decided:
• To appoint AS PricewaterhouseCoopers to serve as the auditor of SFG whose
authority is valid until the next annual general meeting. 
• To authorise the management board to enter into the audit services agreement
to audit the business activities of SFG in 2012 according to the offer of the
audit company.     </span></span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">4. Item: Cancellation of own shares 
Decided:
• To cancel 100 000 own shares acquired in the framework of the share buy-back
program, adopted according to the shareholders’ resolution from June 30th,
2011.  </span></span> 

<strong style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; ">5.
Item: Amendment of the Articles of Association 
<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">Decided: 
• To adopt the Articles of Association in the redaction according to the
proposal of the SFG Shareholder, presented on 26.06.12.  </span></span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">6. Item: Election of the new supervisory board member to replace
the resigned member 
Decided:
• To acknowledge the letter of resignation of Otto Tamme from the supervisory
board, dated 05.04.2012; 
• To elect Toomas Tool as the new supervisory board member of SFG. 
</span></span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">7. Item: Supervisory board remuneration 
Decided:
• To amend the remuneration policy of the supervisory board members, approved
by the shareholders’ meeting on 30.06.2011 as follows: 
- To assign monthly gross remuneration of 2 500 euros for the chairman of the
supervisory board; 
- To retain the previous remuneration of the supervisory board members, i.e. a
monthly gross remuneration of 1 000 euros.    </span></span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">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.</span></span> 

<span style="font-size:10pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">The protocol of the meeting, and related documents shall be made
available to investors within 1 (one) week from the Meeting at SFG website
http://www.silvanofashion.com/investors/shareholders-meetings.html.</span></span
> 

<span style="font-size:10pt;">Märt Meerits
Member of board of 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</span>