Appointment of a New Chief Financial Officer, Changes in the Composition of the Management Board

AS Silvano Fashion Group (“SFG”) has named Ms. Baiba Gegere as the new Chief    
Financial Officer of the group, replacing Ms. Dace Markevica. Ms. Gegere was    
appointed to the Management Board of SFG by a council decision adopted on 4     
March 2009, effective immediately. Ms. Markevica's authorities as a Management  
Board member will expire on 31 March 2009.            
                          
Ms. Gegere graduated from the Vidzeme University in Valmiera, Latvia with a     
diploma in Business Administration and is a member of the Association of        
Chartered Certified Accountants (ACCA) from 2004. From 2002 to 2006, Ms. Gegere 
worked for KPMG Baltics (Latvia) in Audit and Financial Advisory Services       
departments. From 2006 to 2007, Ms. Gegere was employed as a corporate          
development manager with Lattelekom, the largest Latvian telecommunications     
firm. Prior to her appointment to the Management Board of SFG, Ms. Gegere worked
as a deputy CFO of the Alta Capital Partners group, a Baltic private equity     
investment firm.                  
                                              
Ms. Gegere is a member of the Supervisory Board of Mieszko S.A. She does not own
any shares in SFG.      
                                                        
In addition to the above, SFG's council removed Mr. Remigiusz Pilat from the    
Management Board with immediate effect in connection with the previously        
disclosed changes in the structure of SFG's Polish operations.                  

Dmitry Ditchkovsky                                                              
Chairman of the Management Board                                                
AS Silvano Fashion Group                                                        
Tel +372 6 710 700