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Pealkiri

Results of the Public Offering of Secured Notes of AS PRFoods

Teade

The public offering of secured notes of AS PRFoods (hereinafter "PRFoods"), with
the nominal value of EUR 100 per note, interest rate of 6.25% per annum and
maturity date on 22 January 2025 (hereinafter the "Notes") ended on Monday, 30
March 2020.

The  maximum volume of  the public offering  (i.e. the maximum aggregate nominal
value of the Notes offered in the public offering) was EUR 1,890,400. Altogether
133 investors  participated in the public  offering, who in aggregate subscribed
for 3,978 Notes with the aggregate nominal value of EUR 397,800.

Based  on  the  PRFoods  opinion  investors'  interest  in  participating in the
offering  was  negatively  affected  by  the  developments  in the spread of the
coronavirus  Covid-19 which took place during the offering period. The emergency
situation  declared in Estonia  and other countries  in relation thereto and the
extraordinary   high   volatility   in   financial   markets,   caused   by  the
aforementioned. Due to that, PRFoods decided to itself subscribe for 4,926 Notes
with  the aggregate  nominal value  of EUR  492,600. PRFoods intends to hold the
Notes  subscribed until the stabilisation of  the financial markets and increase
of the demand from investors and sell the Notes thereafter.

In  the public offering,  altogether (together with  the notes subscribed for by
PRFoods)  8,904 Notes were  subscribed with  the aggregate  nominal value of EUR
890,400 i.e.  approximately 47.10% of the  maximum volume of  the offering, were
subscribed  for.  As  the  subscription  undertakings submitted by investors and
PRFoods  did  not  exceed  the  maximum  volume  of  the  public  offering,  all
subscription  undertakings which were  submitted were satisfied  in full. In the
extent  exceeding the volume  of Notes subscribed  by investors and PRFoods, the
offering was cancelled, and the Notes were not allocated.

In  accordance with  the terms  of the  Notes, PRFoods  is not  required to make
payment  for the Notes  subscribed by it  and payments related  to the principal
outstanding  on the Notes held by PRFoods  shall be made only after the payments
of  principal due on Notes held by other noteholders. Notes held by PRFoods will
also  not  be  taken  into  account  in  determining  the quorum for meetings of
noteholders  and votes  represented by  such Notes  will also  not be taken into
account  upon  deciding  on  any  decisions  which  require  the approval of the
majority of noteholders.

The  public offering was the  second part of the  issue of the Notes. In January
2020, PRFoods  carried  out  a  private  placement  of  the  Notes and issued to
investors  91,069 Notes,  with  the  aggregate  nominal value of EUR 9,109,600.
Together  with the Notes issued in the private placement and the Notes which are
to be issued as a result of the public offering, the total number of Notes shall
be 100,000 Notes with the aggregate nominal value of EUR 10,000,000.

The  Notes to be issued to  investors on the basis of  the results of the public
offering  (in accordance with the allocation approved by the management board of
PRFoods)  will be transferred to the investors on or about 3 April 2020. Trading
in  the  Notes  on  the  Baltic  Bond  List  of Nasdaq Tallinn Stock Exchange is
expected to commence on 6 April 2020.

The CEO of PRFoods, Indrek Kasela, commented on the results of the Note issue as
follows:  "Considering  that  the  offering  coincided  with  the time where the
world's  attention is on combating the  coronavirus, it is clear that investors'
focus  is currently elsewhere.  The initial plan  of PRFoods was  to carry out a
private  placement to issue  notes in amount  of EUR 8.5 million  and as we were
able  to already raise  EUR 9.1 million in  private placement, our objective was
already  fulfilled by the private  placement. As soon as  there are signs of the
markets  becoming calmer  and the  support measures  for the economy have become
clear,  we will  decide whether  to carry  out an  additional private placement.
Currently,  we  do  not  see  a  need  for  it. We are grateful for all Estonian
investors who subscribed for our notes."

PRFoods  is advised by Advokaadibüroo COBALT OÜ  on legal aspects and by Redgate
Capital AS on financial matters relating to the issuance of the Notes.

Important information:

This  announcement is not  to be construed  as an offer  or solicitation for the
purchase  of the Notes, nor shall  the sale or offer of  the Notes take place in
any  jurisdiction where such offer, invitation or sale would be unlawful without
the  exception  or  qualification  of  law,  prior  to  the  registration of the
prospectus.

The  information  contained  in  this  notice  is  not intended to be published,
distributed  or transmitted, in whole or in part, directly or indirectly, in the
United  States,  Australia,  Canada,  Hong  Kong, Japan, New Zealand, Singapore,
South Africa, or in any other country or circumstance where publication, sharing
or transmission would be unlawful.

Additional information:
Indrek Kasela
AS PRFoods
Member of the management board
+372 452 1470
[email protected] (https://www.globenewswire.com/Tracker?data=O1IEIbNG-
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