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Revaluation of the value of the Company's assets.

Teade

The Management Board of FON SE headquartered in Tallinn, hereby informs that in connection with works being carried out on the financial report for the financial year 2019/2020, the Management Board of the Issuer on July 9, 2020 decided to make a revaluation of the Company's financial assets as at 30/06/2020.

As at the balance date 30/06/2020 the Issuer held 12.899 stocks of IFEA Sp. z o. o., that consisted of 44,58% of the share capital and granted 12.899 votes consisting of 44,58% of the total number of votes at the general meeting of IFEA Sp. z o.o.

On July 9, 2020 the Issuer decided to revaluate the Issuer's assets in the 6th quarter of the financial year 2019/2020 due to decrease in the value of stocks of IFEA Sp. z o. o. by the value PLN 15 276 867,41.

The value of 12.899 stocks of IFEA Sp. z o. o. presented in the annual financial report of the Issuer as at December 31, 2018 was PLN 15.276 867,41.

The Management Board decided to make a revaluation write-off of this asset due to liquidation of IFEA Sp. z o. o.