INVITATION TO THE EXTRAORDINARY GENERAL MEETING

INVITATION TO THE EXTRAORDINARY GENERAL MEETING

Afarak Group SE invites shareholders to the Extraordinary General Meeting to be held on 22 April 2024, starting at 10:00 a.m. (Finnish time) at Union Square Auditorium (Floor K1) Unioninkatu 22, 00130 Helsinki, Finland.

Registration begins at 9:30 a.m.

A. MATTERS ON THE AGENDA OF THE EXTRAORDINARY GENERAL MEETING:

1. Opening of the meeting
2. Calling the meeting to order
3. Approval of the Agenda
4. Election of persons to scrutinize the minutes and to supervise the counting of votes
5. Recording the legality and quorum of the meeting
6. Recording the attendance at the meeting and adoption of the list of votes
7. Presentation of the report of the special audit
   
   

The special audit report, dated 18 March 2024, has been prepared by Jussi Savio (Authorised Public Accountant). The conclusion on the conduced audit states as follows:

• As a whole, we have not identified any concrete issues on account of which a special audit was ordered due to suspicions.
• The revenue generated by ore sales is low, especially relative to the Group's revenue as a whole.
• Ore has not been sold to Hino Resources Co. Ltd.
• Ore has not been sold to parties which are with certainty known or suspected to belong to Danko Koncar's immediate circle. However, the audit does not allow to establish with certainty which companies are definitely closely associated with Danko Koncar.
• The audit did not reveal any sales where ore would have been sold at a price lower than the world market price. In our view, it is not possible to conduct this review and draw conclusions completely unequivocally, due, inter alia, to the possible freight costs affecting the pricing of the ore and their impact on the selling price.
• The audit did not reveal payments for unfounded complaints by ATL to the suspected companies closely associated with Danko Koncar or to any other companies.
• During the 2017 financial period, ATL paid a total of approximately EUR 11 million through various offsetting procedures to the closely associated companies. The Company has provided us with explanations regarding the basis and background of these payments, as described in the audit report from page 32 onwards. Despite these clarifications, we felt that we did not have full clarity as to why such offsetting procedures had been implemented. However, we did not find any wrongdoings in these payments. 

  8. Closing of the Meeting