The annual general meeting of shareholders of AS Silvano Fashion Group (hereinafter „SFG“) was held today, on 19 May 2009, at Akadeemia tee 33, Tallinn (hereinafter „Meeting“). The Meeting started at 11.05 and ended at 11.25. The shares of the shareholders who attended the Meeting represented 22 918 156 votes, constituting 57,3% 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 25 April 2009, 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: Approval of the annual report for the financial year 1 January 2008 - 31 December 2008 The Meeting resolved to approve the annual report for the financial year 1 January 2008 - 31 December 2008. Tabulation of votes: In favor: 22 918 156 votes 100% of the votes represented at the Meeting Against: 0 votes 0% of the votes represented at the Meeting Impartial: 0 votes 0% 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 Distribution of profit/covering loss The Meeting resolved to approve the proposal not to distribute profit and to cover the loss of the financial year 1 January 2008 - 31 December 2008 in the amount of EUR 7 603 000 by the undistributed profit of previous periods. Tabulation of votes: In favor: 22 918 156 votes 100% of the votes represented at the Meeting Against: 0 votes 0% of the votes represented at the Meeting Impartial: 0 votes 0% 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 Amendment of the Articles of Association and the Registered Address The Meeting resolved to approve to determine Akadeemia tee 33, Tallinn, as the new registered address of SFG, and to amend article 1.2 of the Articles of Association of SFG as follows: „The seat and address of the Company are: the Republic of Estonia, Tallinn, Akadeemia tee 33.“ Tabulation of votes: In favor: 22 918 156 votes 100% of the votes represented at the Meeting Against: 0 votes 0% of the votes represented at the Meeting Impartial: 0 votes 0% 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 Recalling a Member of the Supervisory Board The Meeting resolved to recall a current member of the Supervisory Board of SFG Zinaida Valeha. Tabulation of votes: In favor: 22 918 156 votes 100% of the votes represented at the Meeting Against: 0 votes 0% of the votes represented at the Meeting Impartial: 0 votes 0% 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 Appointment of Auditor and Establishing its Terms of Remuneration The Meeting resolved to elect Taivo Epner from KPMG Baltics AS as the auditor of SFG for one (1) year (until the next annual general meeting of shareholders) and to determine the auditor's term so f remuneration in accordance with the valid price list and price offer of KPMG Baltics AS. Koosolek otsustas valida üheks (1) aastaks (kuni järgmise aktsionäride korralise üldkoosolekuni) audiitorkontrolli läbiviijaks audiitor Taivo Epner audiitorühingust KPMG Baltics AS ja määrata audiitori tasustamistingimused vastavalt KPMG Baltics AS kehtivale hinnakirjale ning hinnapakkumisele. Tabulation of votes: In favor: 22 918 156 votes 100% of the votes represented at the Meeting Against: 0 votes 0% of the votes represented at the Meeting Impartial: 0 votes 0% 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 The resolutions were passed at the Meeting following the procedure for passing of resolutions set forth in laws and in the Articles of Association of SFG. Additional information: Peeter Larin Member of the management board Silvano Fashion Group Tel +372 67 10 700 E-mail: info@silvanofashion.com www.silvanofashion.com