Changes in the Management Board of Skano Group AS and decisions of the Supervisory Board of Skano Group AS

Skano Group AS informs that the Supervisory Board convened on December 16th, 2016 and decided the following:

1. Changes to the Management of Skano Group AS

Effective January 02, 2017, Torfinn Losvik is appointed to the position of Chairman of the Management Board of Skano Group. Lauri Treimann will continue as a management board member of Skano Group AS (including the group's commercial subsidiaries).

Torfinn Losvik is a Norwegian citizen, active in the Estonian business scene since 1998. Torfinn has extensive management experience from manufacturing related companies, such as CEO positions at Marat AS (2003-2014) and Finnwear OY (1998-2002) and Chairman of the Board at Patricia Group OY (since 2002), and has nearly ten years of corporate finance experience from Smith Barney (now part of Citigroup), Bankers Trust (now part of Deutsche Bank) and Lazards. Torfinn is also the Chairman of Norwegian-Estonian Chamber of Commerce since 2013.

1. Resignation of a Management Board member of Skano Group AS (including all the Group's subsidiaries)

Following the application of resignation by Gert Kuus, Management Board member of Skano Group, Supervisory Board approved the resignation, with effect from December 26th.

1. Gert Kuus' agreement on Skano Group AS share options

In connection with the departure, the share option agreement with Gert Kuus ends and the departing member loses the right to use share options.

As of December 16th, 2016, the total remaining outstanding options entitle to the subscription of 33,333 shares.

Ülo Adamson
Chairman of the Supervisory Board
Phone +372 513 94 24
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