Correction: INTEGRATION OF RESTAMAX AND ROYAL RAVINTOLAT PROGRESSES - GROUP ADMINISTRATION TO BE COMBINED AND OPERATING MODEL RENEWED

Restamax Plc

STOCK EXCHANGE RELEASE 21 SEPTEMBER 2018 at 10:55am

Correction: INTEGRATION OF RESTAMAX AND ROYAL RAVINTOLAT PROGRESSES - GROUP ADMINISTRATION TO BE COMBINED AND OPERATING MODEL RENEWED

Correction to the Stock Exchange Release published by Restamax Plc on 21 September 2018 at 9:30am EEST concerning the progress of the integration of Restamax and Royal Restaurants.

The estimate at the end of the Finnish and English Stock Exchange Release on the synergy benefits to be achieved in 2019 is at least MEUR 6, not some MEUR 6.

Below the corrected Stock Exchange Release in its entirety:

INTEGRATION OF RESTAMAX AND ROYAL RAVINTOLAT PROGRESSES - GROUP ADMINISTRATION TO BE COMBINED AND OPERATING MODEL RENEWED

After Restamax Plc's purchase of the share capital of RR Holding Oy ("Royal Ravintolat") on 1 June 2018, the Group aims to achieve significant synergy benefits and to improve profitability by reorganising operations and doing away with overlapping functions. It is being planned to combine the Group management, administration and support functions, which will have an impact on the position, duties and number of staff.

To combine and reorganise functions, Restamax Plc is to begin negotiations under the Act on Co-operation within Undertakings, concerning the personnel of RR Holding Oy and its subsidiaries (Royal Ravintolat Oy, Royal Konseptiravintolat Oy, Sushi World Oy). The negotiations will not concern restaurant managers and chefs responsible for business results.

The negotiations will cover structural changes of the organisation to combine functions and to reorganise duties and tasks. It is being planned to alter the functions of restaurant units and the terms and conditions of employment relationships to more flexibly meet the fluctuation of demand typical of the field. The aim is to ensure a quality customer service level, adjusting to demand. The plan is to implement the new operating model separately at each restaurant and in cooperation with the personnel, following the applicable cooperation principle.

The first negotiations concerning restaurant staff will be held on 26 September 2018. The estimated duration of the cooperation negotiations is six weeks. Negotiations concerning Group administration have been started earlier in September. The measures to be discussed in the negotiations may result in the reorganisation of the personnel's duties and tasks, shift to part-time work, laying off, or termination of employment. The impact of the negotiations will be updated in more detail as the process progresses.

With the discharging of overlapping functions, economies of scale in purchasing and procurement volume and the improvement of staff efficiency, Restamax Plc estimates that it will achieve synergy benefits of at least MEUR 6 in 2019.

Additional information:
Aku Vikström, CEO, Restamax Plc, tel. +358 44 011 1989
Jarno Suominen, CFO, Restamax Plc, tel. +358 40 721 5655

Distribution:
NASDAQ Helsinki
Major media
www.restamax.fi

Restamax Plc is a Finnish restaurant business and labour hire services group established in 1996. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 220 restaurants, nightclubs and entertainment centres all over Finland. The company also has restaurant business operations in Denmark. In June 2018, the company purchased Royal Restaurants. Well-known restaurant concepts of the Group include Stefan's Steakhouse, Viihdemaailma Ilona, Classic American Diner, Hanko Sushi, Sandro, Savoy and Teatteri. In 2017, Restamax Plc's turnover was MEUR 185.9 and EBITDA MEUR 22.4. Depending on the season, the Group employs approximately 3,500 people converted into full-time workers. Restamax's subsidiary Smile Henkilöstöpalvelut Oy employs approximately 9,000 people per month.

Restamax company website: www.restamax.fi, Restamax consumer website: www.ravintola.fi, Royal Restaurants: www.royalravintolat.fi, Smile Henkilöstöpalvelut: www.smilepalvelut.fi