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PRF: Saaremere Kala AS, subsidiary of AS PRFoods, acquired the majority share in Osaühing REDSTORM

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On 3 July 2018 Saaremere Kala concluded the contract for the acquisition of the
majority of shares (51%) of 2040 euros in Osaühing REDSTORM (registry code
11228060). Osaühing REDSTORM operates in Saaremaa. The fields of the activities
of the company are the fish farming and processing and its storage. Pursuant to
the conclusion of the transaction Saaremere Kala AS, subsidiary of PRFoods, owns
51% (the share of 2040 euros) and Osaühing Fodiator 49% (the share of 1960
euros) of the share capital of Osaühing REDSTORM (share capital is 4000 euros).
The date of conclusion of the transaction is 6 July 2018.

The aim of the acquisition of the share by Saaremere Kala AS is the establishing
of fish farm in Estonia and its expansion in the future and by that ensuring the
availability of quality raw material for the group of AS PRFoods. Osaühing
REDSTORM has earlier provided the fish freezing and storage service to Osaühing
Vettel belonging to the group of AS PRFoods.

The acquisition of the right to offshore fish farming is an important step in
the development of AS PRFoods. Firstly, the group can offer especially fresh
local fish to its customers in Estonia and Finland, as the Saaremaa factory of
the group is only one hour away from the new fish farm. In addition to quality
also important savings on transport shall occur. Secondly, AS PRFoods plans to
expand significantly its fish farming potential in Estonia, in addition to its
existing fish farms in Finland and Sweden. Fish farming is an environmentally
efficient and very high value-added food industry. Estonia has a great potential
to develop it both in terms of domestic consumption and export potential.

As a result of the conclusion of the transaction Riho Kilumets and Margus Rebane
are chosen the members of the management board of Osaühing REDSTORM on 6 July
2018.

Margus Rebane has been employed as the financial director of the group in
Saaremere Kala AS since May 2007 and he is also a member of the management board
of Saaremere Kala AS since 2009. Since November 2013 Margus Rebane is further
liable for the development and management of fish farms of the whole group of AS
PRFoods. Margus rebane belongs to the management boards of the following
companies: Saaremere Kala AS, Heimon Kala Oy and Överumans Fisk AB. Margus
Rebane owns 11 500 shares of AS PRFoods.

Riho Kilumets has actively participated in the daily management of Osaühing
REDSTORM and Osaühing Fodiator within the last three years. Riho Kilumets
belongs to the management board of Osaühing REDSTORM, Osaühing Fodiator,
Osaühing Politeia, Jaht & Sport OÜ, Guidir OÜ, Jäger OÜ, Mittetulundusühing
Veere Vanasadam and Mittetulundusühing Veere Vesi. Riho Kilumets has no shares
of AS PRFoods.

In the meaning of clause 7.12 of Nasdaq Tallinn Rules and Regulations this is
not a major transaction of acquisition. The transaction does not constitute a
transaction with related party and the members of the supervisory board and
management board of AS PRFoods and Saaremere Kala AS are not personally
otherwise interested in the transaction.

Additional information: Indrek Kasela, member of the management board of
Saaremere Kala AS: +372 452 1470, e-mail: [email protected]
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Indrek Kasela
AS PRFoods
Member of the management board
Phone: +372 452 1470
E-mail: [email protected]
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www.prfoods.ee
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