STOCKMANN PLC: EXERCISE OF 1997 OPTIONS

STOCKMANN plc STOCK EXCHANGE ANNOUNCEMENT November 28, 2003, 10.00 a.m.

STOCKMANN PLC: EXERCISE OF 1997 OPTIONS

A total of 1,037,246 Stockmann plc Series B shares with a par value of EUR
2.00 have been 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 2,074,492. As a result of the increase, Stockmann plc’s share
capital now totals EUR 105,253,082 and the total number of Series B shares
in issue is 27,887,648. The new shares were registered on November 28,
2003. They will be listed on the Helsinki Exchanges together with the old
shares on December 1, 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 23,100 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 46,200 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