CORRECTION: UPDATE ON BUY-BACK

29 Mar 2019 15:00

CORRECTION: UPDATE ON BUY-BACK

14:45 London, 16:45 Helsinki, March 29, 2019 - Afarak Group Plc ("Afarak" or "the Company")

CORRECTION: UPDATE ON BUY-BACK

In the release published on March 28, 2019 there was some differences between the language versions and both language versions refer to a wrong date when they refer to Extraordinary Shareholders meeting.

The Extraordinary Shareholders Meeting was held on November 12, 2018 (not on February 12, 2019).

There were several conditions for the authorization of the Board (they were communicated prior to the Extraordinary Shareholders meeting and after that). It was the intention of Afarak to repeat the most important ones in a release giving an update /summary on the process. However, the English version contained more information than the Finnish language version.

In the Finnish language version there should be added two additional points (coming from original proposals and decisions) and they should read as follows:

English version:

The share offer price to be paid by Afarak in the Takeover Bid shall be EUR 1.015 per share. (“Share Offer Price”). Each shareholder of Afarak shall also have the right not to participate in the Takeover Bid and to continue as a shareholder in Afarak. The total amount of cash consideration in the Takeover Bid to be paid by Afarak shall be limited to EUR 28,404,000.00.The payment of the Share Offer Price shall take place by the end of March 2019, if practically possible.The authorisation is proposed to include the right for the Board to decide on all other matters related to the Takeover Bid.The authorisation is proposed to remain valid until 31 May 2019.

Finnish version:

Afarakin Ostotarjouksessa maksama hinta on 1,015 euroa per osake (”Osakkeen Myyntihinta”). Kullakin Afarakin osakkeenomistajalla on myös oikeus olla osallistumatta Ostotarjoukseen ja jatkaa Afarakin osakkeenomistajana. Ostotarjouksessa Afarakin rahana maksaman korvauksen yhteismäärän ylärajaksi asetetaan 28.404.000,00 euroa.Tarjousvastikkeen maksun tulee tapahtua maaliskuun 2019 loppuun mennessä, mikäli käytännössä mahdollista.Valtuutuksessa annetaan hallitukselle myös oikeus päättää kaikista muista Ostotarjoukseen liittyvistä seikoista.Valtuutuksen ehdotetaan pysyvän voimassa 31. toukokuuta 2019 asti.

The Board has authority to make a decision on the buy-back up and until May 31, 2019.

The Board of DirectorsAfarak Group

For additional information, please contact:

Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.comJean Paul Fabri, PR Manager, +356 2122 1566, jp.fabri@afarak.com

Financial reports and other investor information are available on the Company's website: www.afarak.com.

Afarak Group is a specialist alloy producer focused on delivering sustainable growth with a Speciality Alloys business in southern Europe and a FerroAlloys business in South Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).

Distribution:NASDAQ HelsinkiLondon Stock ExchangeMain media

www.afarak.com