SKN: Changes in the Management Board of Skano Group AS

OREANDA-NEWS. October 11, 2016. Skano Group AS informs that the Supervisory Board convened and decided the following:

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

Effective from November 10^th, 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 10^th, 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.

2. 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 10^th, 2016, the total remaining outstanding options entitle to the subscription of 133,333 shares.