AS Silvano Fashion Group (SFG) established a new subsidiary in Estonia under the name OÜ Linret EST. The share capital of the new subsidiary is EEK 40,000 (approximately EUR 2,556), 100% of which is held by SFG. The reason for establishing the new subsidiary is the structural development of SFG's retail network and the need for a clearer separation between retail and management functions within the group. The establishment of OÜ Linret EST will not have significant impact on the economic activities of SFG. The establishment does not qualify as a transaction with a related person within the meaning of the Tallinn Stock Exchange Rules. The members of SFG's management board and supervisory council do not have personal interest in the incorporation of the company. Peeter Larin Member of the management board Silvano Fashion Group Tel +372 67 10 700 E-mail: info@silvanofashion.com www.silvanofashion.com