THE CONSTRUCTION WORKS OF STOCKMANN’S SHOPPING CENTRE IN ST PETERSBURG GET UNDER WAY

STOCKMANN plc RELEASE October 6, 2006 at 11.45

THE CONSTRUCTION WORKS OF STOCKMANN’S SHOPPING CENTRE IN ST PETERSBURG GET
UNDER WAY

The construction works of Stockmann’s Nevsky Center shopping centre in St
Petersburg get under way. On the basis of competitive bidding OOO Kitai
Stroi, the Russian subsidiary of China State Construction Engineering
Corporation, a construction company owned by China State, has been
selected as the main constructor. The aim is to open the shopping centre
and the Stockmann department store that will be located in it in autumn
2008.

The 10,000-odd square metre plot that Stockmann has bought for the Nevsky
Center shopping centre is located on Nevsky Prospect, St Petersburg’s high
street, next to the Vosstaniya Square underground station, in the
immediate vicinity of Moscow Station. On the plot Stockmann will erect a
shopping centre with about 100,000 square metres of gross floor space,
about 50,000 square metres of which will be retail space and office
premises. The shopping centre will comprise a full-scale Stockmann
department store as well as Seppälä, Bestseller and Nike stores operated
by Stockmann, other retail stores and an underground car park.

The contractor of the shopping centre, China State Construction
Engineering Corporation, has previously built e.g. airports, hotels and
factories for large international customers in different parts of the
world. At present the corporation’s Russian subsidiary Kitai Stroi is
erecting in Moscow a 93-storey building which, once completed, will be the
highest in Europe. This 354-metre skyscraper is part of the current Moscow
City Project.

Demolition and other preparatory construction works have already been
carried out on the Nevsky Center plot. Now that the main contract has been
signed, the works will start up at the end of October. The construction
works will be completed in autumn 2008. The interior decorating having
been completed, the shopping centre is scheduled to open for public in the
beginning of November 2008. Stockmanns total investment in the project
will be around EUR 120 million.

Further information: Jussi Kuutsa, development director for Stockmann
Group’s international operations, tel. +7 905 200 66 41

STOCKMANN plc

Hannu Penttilä
CEO

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