STOCKMANN PLC: EXERCISE OF 1997 OPTIONS

STOCKMANN plc STOCK EXCHANGE ANNOUNCEMENT November 14, 2003, 10.00 a.m.

STOCKMANN PLC: EXERCISE OF 1997 OPTIONS

A total of 71 750 Stockmann plc Series B shares with a par value of EUR
2.00 were subscribed for as a result of an exercise of the Company’s 1997
options. The corresponding increase in the Company’s share capital was EUR
143,500. As a result of the increase, Stockmann plc’s share capital now
totals EUR 103,178,590 and the total number of Series B shares in issue is
26,850,402. The new shares were registered on November 14, 2003. They will
be listed on the Helsinki Exchanges together with the old shares on
November 17, 2003.

A total of 1,260,000 new Series B shares with a par value of EUR 2.00 can
be subscribed with the 1997 options listed on the Helsinki Exchanges main
list. As a result of the exercise of the 1997 options not yet subscribed,
a total of 1,060,346 new Series B shares can be subscribed, deviating from
the subscription right of the shareholders. The corresponding increase in
the Company’s share capital can amount to EUR 2,120,692 at the most, and
as a result of this, the Company’s share capital can total EUR 105,299,282
at the most. The subscription price is EUR 13.21 per share and the
subscription period continues till January 31, 2004.

STOCKMANN plc

Hannu Penttilä
CEO

DISTRIBUTION
Helsinki Exchanges
Principal media