The annual general meeting of shareholders of AS Silvano Fashion Group (hereinafter „SFG“) was held today, on 5 March 2010, in Tallinn, in the conference room of Reval Hotel Olümpia (Liivalaia 33) (hereinafter the „Meeting“). The Meeting started at 11.02 and ended at 12.10. The shares of the shareholders who attended the Meeting represented 24 118 034 votes, constituting 60,30% of the share capital. Therefore, the Meeting was competent to pass resolutions regarding the items on the agenda of the Meeting. The agenda of the Meeting consisted of the items indicated in the notice of the Meeting, as published in the newspaper „Eesti Päevaleht“ on 11 February 2010, on the webpage of SFG at www.silvanofashion.com and via the information system of the stock exchange. The following resolutions were passed at the Meeting: Recalling Members of the Supervisory Board The Meeting resolved to recall current members of the Supervisory Board of SFG Mr. Indrek Rahumaa and Mr. Priit Põldoja. Tabulation of votes: -------------------------------------------------------------------------------- | In favor: | 21 659 161 | 89,80% of the votes represented at the | | | votes | Meeting | -------------------------------------------------------------------------------- | Against: | 2 458 870 votes | 10,20% of the votes represented at the | | | | Meeting | -------------------------------------------------------------------------------- | Abstain: | 3 votes | 0,01% of the votes represented at the | | | | Meeting | -------------------------------------------------------------------------------- | Did not vote: | 0 votes | 0% of the votes represented at the | | | | Meeting | -------------------------------------------------------------------------------- | Invalid: | 0 votes | 0% of the votes represented at the | | | | Meeting | -------------------------------------------------------------------------------- Electing New Members of the Supervisory Board The Meeting resolved to elect the following persons as new member of the Supervisory Board: Mr. Risto Mägi, who collected 19,783,870 affirmative votes (82,03% of the votes represented at the Meeting); Mr. Stephan Balkin, who collected 18 296 966 affirmative votes (75,86% of the votes represented at the Meeting); Mr. Otto Tamme, who collected 17 840 766 affirmative votes (73,97% of the votes represented at the Meeting); and Mr. Sven Kunsing, who collected 6 307 048 affirmative votes (26,15% of the votes represented at the Meeting). The resolutions were passed at the Meeting according to the procedure of passing resolutions set forth in applicable laws and in the Articles of Association of SFG. Sergei Kusonski Member of the Management Board of AS Silvano Fashion Group Tel +375 172880770 E-mail info@silvanofashion.com