Opinion of the Board of akciju sabiedrības "Talsu

Opinion of the Board of akciju sabiedrība “Talsu mežrūpniecība” on the compulsory and final expression of a stock redemption offer of Gatis Štāks

On the 20th of February 2017 akciju sabiedrība “Talsu mežrūpniecība” stockholder Gatis Štāks (personal code 260576-11140, address: „Bīrzītes”, Valgalciems, Roja parish, Roja district, LV-3284,  Latvia) expressed a compulsory and final stock redemption offer (hereinafter referred to as the Offer). The Offer was expressed in accordance with the Financial and Capital Market Commission decision No 35, dated 16^th of February 2017.

The Board of akciju sabiedrība “Talsu mežrūpniecība”, having evaluated the Offer of Gatis Štāks, provides the following an opinion:

1) Gatis Štāks owns 95.41% (ninety-five and 41/100 percent) of the total number of voting shares of akciju sabiedrība “Talsu mežrūpniecība”.

2) The Board of akciju sabiedrība “Talsu mežrūpniecība” deems the expressed Offer corresponding to provisions of the Financial Instrument Market Law.

3) The Board of akciju sabiedrība “Talsu mežrūpniecība” evaluates positively the expressed Offer of Gatis Štāks and specifies that existence of Gatis Štāks as the only stockholder will accelerate the decision making and allow akciju sabiedrība “Talsu mežrūpniecība” to focus on the main areas of activity more effectively as well as to react to market changes in a timely manner, facilitating the process for the further development of akciju sabiedrība “Talsu mežrūpniecība”.

4) In accordance with the announcement on the Offer provided for the Board of akciju sabiedrība “Talsu mežrūpniecība” and after the akciju sabiedrība „Talsu mežrūpniecība” stock redemption and stock exclusion from the regulated market, Gatis Štāks will continue commercial activity based on the approved strategy and kinds of activity provided for in the Articles of association.

The Offer of Gatis Štāks will not directly or indirectly influence on the further activity of akciju sabiedrība “Talsu mežrūpniecība” and its employment policy, strategic plans, the number of employees, the location of the commercial activity of akciju sabiedrība “Talsu mežrūpniecība”.

Yours sincerely,

the Board of akciju sabiedrība "Talsu mežrūpniecība"

Office manager

Alda Kiore

+371 63274257

tmr@tmr.lv