CHANGES IN THE ORGANIZATION OF HOBBY HAL

STOCKMANN plc PRESS RELEASE March 23, 2004, 12.00 noon

CHANGES IN THE ORGANIZATION OF HOBBY HALL

The commercial director of the Hobby Hall Division of the Stockmann Group,
Pekka Polvinen, has given his notice and resigned on March 23, 2004.

As Hobby Hall’s marketing director effective April 1, 2004, has been
appointed Markku Holm, M.Sc.(Econ.), with responsibility for the
division’s Customer Relationship Management and marketing as well as
development of the Online business. He has long served Oy Valitut Palat –
Reader’s Digest Ab in marketing management positions. His latest position
has been in Vizor Oy as development director of TV 5 Finland. Markku Holm
reports to Henri Bucht, Managing Director of Hobby Hall, and is a member
of Hobby Hall’s management group.

In the new organization, Niina Nenonen, purchasing manager of the Hobby
Hall Division, reports to Henri Bucht, Managing Director, and she will be
a member of Hobby Hall’s management group.

With the aim to boost efficiency it has been decided to incorporate Hobby
Hall’s and Stockmann Department Store Division’s purchasing functions of
consumer electronics, telephones, home office products and large home
appliances under Jarmo Salmi, buying manager, Department Store Division,
as from March 23, 2004. This does not affect the present number of staff.

As administrative manager for the Hobby Hall Division effective April 19,
2004, has been appointed Markku Niemi, M.Sc.(Econ.). He has previously
worked for, e.g., Ford Credit, Sonera and Xerox Credit and his latest post
was as the chief financial officer for CRF Box Oy. Markku Niemi will be
responsible for the finance, personnel management, information technology
as well as the credit and customer invoicing departments of the Hobby Hall
Division. The heads of these departments will continue in their present
positions. Markku Niemi will report to Henri Bucht, Managing Director, and
will be a member of Hobby Hall’s management group.

STOCKMANN plc

Hannu Penttilä
CEO

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