AS Silvano Fashion Group (registry code 10175491, address Tartu mnt 2, 10145 Tallinn) calls the annual general meeting of shareholders on 19 May 2009, at 11.00 at Akadeemia tee 33, Tallinn. The agenda of the annual general meeting will be as follows: 1. Procedural issues; 2. Approval of the annual report; 3. Distribution of profit/covering loss; 4. Amendment of the Articles of Association and the registered address; 5. Recalling a member of the Supervisory Board; 6. Appointment of auditor and determining the auditor's remuneration procedure. The Supervisory Board of AS Silvano Fashion Group (hereinafter SFG) has approved the agenda of the general meeting proposed by the Management Board and will make the following proposals to the shareholders: 1. Approval of the Annual Report The Supervisory Board of SFG proposes to the general meeting of SFG to vote for the approval of the annual report of SFG on the financial year 1 January 2008 - 31 December 2008. 2. Distribution of Profit/Covering Loss The Supervisory Board of SFG proposes to the annual general meeting of SFG to vote for covering the loss of the financial year 1 January 2008 - 31 December 2008 in the amount of 7 603 000 EEK by the undistributed profit of previous periods. 3. Amendment of the Articles of Association and the Registered Address The Supervisory Board of SFG proposes to the annual general meeting of SFG to vote for amending the registered address of SFG, to determine Akadeemia tee 33, Tallinn 12618 as the new registered address of SFG, to amend the articles of association of SFG accordingly and to approve the new wording of the articles of association. 4. Recalling a Member of the Supervisory Board The Supervisory Board of SFG proposes to the annual general meeting of SFG to vote for recalling a current member of the Supervisory Board Zinaida Valehha. 5. Election of the Auditor The Supervisory Board of SFG proposes to the annual general meeting of SFG to vote for electing the current auditor of SFG, Tiit Raimla from KPMG Baltics AS, as the auditor of SFG and to determine the auditor's remuneration procedure in accordance with the valid price list and price offer of KPMG Baltics AS. The list of shareholders having the right to vote at the general meeting will be fixed on 9 May 2009 at 23.59. Registration for the meeting shall start at 10.30 on the day of the meeting at Akadeemia tee 33, Tallinn. To participate in the meeting, a representative of a shareholder that is a legal person is requested to submit documents evidencing his/her representation rights, i.e. a member of the management board of a legal person will have to submit a copy of the Commercial Register registration card, and an authorised representative will have to submit a power of attorney issued by the management board or a body replacing the management board together with a copy of the Commercial Register registration card. The representative shall also submit an identity document. We kindly ask a shareholder who is a natural person to submit an identity document and a representative is also requested to submit a power of attorney. It is possible to examine the annual report and the new wording of the Articles of Association as of 28 April 2009 on the company's webpage at http://www.silvanofashion.com and on working days between 9.00 and 17.00 at Akadeemia tee 33, Tallinn. Questions on the points in the agenda of the general meeting can be submitted by e-mail info@silvanofashion.com or by calling +372 671 0700. Management Board of AS Silvano Fashion Group