CHANGES IN STOCKMANN’S VW-AUDI BUSINESS

STOCKMANN plc PRESS RELEASE June 1, 2004, at 15.30

CHANGES IN STOCKMANN’S VW-AUDI BUSINESS

The business operations of Stockmann’s VW-Audi car dealership in
Helsinki’s Herttoniemi district will be transferred to Kesko Corporation’s
subsidiary VV-Auto Oy on July 1, 2004. In July, Stockmann will open
Finland’s first full-service Audi dealership at Suomenoja in Espoo. The
Merituuli outlet nearby will concentrate on developing Stockmann’s VW
functions.

In line with an agreement made between Stockmann and Kesko Corporation’s
subsidiary VV-Auto Oy, the business operations of the VW-Audi car
dealership in Herttoniemi, Helsinki, will be transferred to Helsingin VV-
Auto Oy on July 1, 2004. The sales by the dealership topped EUR 100
million in 2003. The staff, amounting to 134 persons, will be taken over
by the new owner.

The transaction will affect the Stockmann Group’s sales estimate for 2004.
The full-year sales are estimated to amount to about EUR 1.75 billion. The
earnings estimates the Group presented in the Interim Report of April 23,
2004, remain unchanged. The Group’s second-quarter profit on ordinary
operations is anticipated to improve on the previous year’s figure, and
the target is for profit before extraordinary items in 2004 to be higher
than the figure reported for 2003.

A new Audi car dealership to be opened at Suomenoja in Espoo

Stockmann will go on developing the VW-Audi business further in the
metropolitan area. The servicing centre in the Stockmann-owned property at
Martinkuja 6 in Espoo’s Suomenoja has been enlarged and converted into
Finland’s first full-service Audi car dealership that has been designed in
accordance with the recommendations of the Audi manufacturer. Serving the
metropolitan area and its surroundings, the dealership grants excellent
opportunities for increasing the Audi sales and developing Stockmann’s VW
functions at the outlet in the Merituuli shopping centre nearby. The
annual sales by the new Audi car dealership are estimated to top EUR 30
million. The dealership will have a staff of 25 people, and its director
will be Mr Harri Buddas.

STOCKMANN plc

Hannu Penttilä
CEO

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