Skano Group Changes board/management/auditors 10.10.2016

Changes in the Management Board of Skano Group AS

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

Skano Group AS informs that the Supervisory Board convened on October 10th,
2016 and decided the following:

1. Changes to the Management of Skano Group AS (including all the Group's

Effective from November 10th, 2016, Gregory Devine Grace is recalled from the
Management Board of the Skano Group. Current Management Board Member of Skano
Furniture division Lauri Treimann will take over the responsibilities as a
Chairman of the Management Board of Skano Group AS as of November 10th, 2016.

Gregory Grace, subject to agreeing terms and conditions, will stay involved in
developing new client relationships in agreed markets.

Lauri Treimann has been working at the Skano Group for 10 years. Lauri has
worked in both the Fibreboard and Furniture divisions of Skano Group in sales
and marketing and recently as the COO of the Furniture division of the Group.

1. Gregory Devine Grace’s agreement on Skano Group AS share options

In connection with the departure, the share option agreement with Gregory
Devine Grace ends and according to the agreement, Gregory Devine Grace is
entitled to keep 1/3 of the options.

As of November 10th, 2016, the total remaining outstanding options entitle to
the subscription of 133,333 shares.

Ülo Adamson
Chairman of the Supervisory Board
Phone +372 513 94 24
E-mail This email address is being protected from spambots. You need JavaScript enabled to view it.