STOCKMANN’S ANNUAL GENERAL MEETING ON MA

STOCKMANN plc STOCK EXCHANGE BULLETIN March 25, 2003, 19.00 p.m.

STOCKMANN’S ANNUAL GENERAL MEETING ON MARCH 25, 2003

Stockmann’s Annual General Meeting held in Helsinki on March 25, 2003,
approved the financial statements for the financial year January 1-
December 31, 2002, and granted release from liability to those responsible
for the accounts. The Annual General Meeting resolved to pay a dividend of
EUR 0.70 per share for the 2002 financial year as well as a bonus dividend
of EUR 0.20 per share in honour of the company’s 140-year jubilee.

CEO’s review

In his review at Stockmann’s Annual General Meeting in Helsinki on March
25, 2003, the company’s CEO Hannu Penttilä stated that – in regard to the
outlook for 2003 – the company’s management is convinced that the Group is
operating on strategically correct market areas. Consumers’ confidence in
the outlook for their own finances has, despite all the economic
instability, remained exceptionally high, compared with many other
European countries. On the other hand, the Stockmann Group has operations
in the Baltic countries and Russia, where the growth of the economy has
been markedly faster than in Finland and the rest of Europe.

The Stockmann Group’s target is for sales in 2003 to top EUR 1.7 billion
and for earnings to improve further. Mr Penttilä says that the sales in
the first two months indicate that the company has got a good start for
the year.

Dividends EUR 0.90 per share

The Annual General Meeting resolved that for the 2002 financial year be
paid a dividend of EUR 0.70 per share as well as a bonus dividend of EUR
0.20 in honour of the company’s 140-year jubilee or a total dividend of
EUR 0.90 per share. The aggregate dividends to be paid amount to EUR 45.9
million. Dividend will be paid on April 4, 2003, to those shareholders who
on the record date, March 28, 2003, have been entered in the Shareholder
Register kept by Finnish Central Securities Depository Ltd.

The members of the Board of Directors due to resign were re-elected

The members of the Board of Directors due to resign were Lasse Koivu,
managing director, Eva Liljeblom, professor, and Christoffer Taxell,
LL.M.. All three were re-elected to seats on the Board of Directors for
the next three-year term.

At its organization meeting on March 25, 2003, the Board of Directors re-
elected Lasse Koivu as its chairman and Erkki Etola as its vice chairman.

Auditors

Re-elected as regular auditor was Wilhelm Holmberg, Authorized Public
Accountant, KPMG Wideri Oy Ab. As new regular auditor was elected Henrik
Holmbom, Authorized Public Accountant, as KPMG Wideri Oy Ab. KPMG Wideri
Oy Ab will continue to act as the deputy auditor.

STOCKMANN plc

Hannu Penttilä
CEO

DISTRIBUTION
Helsinki Exchanges
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