Panostaja Oyj

Major Shareholding Notification • Dec 21, 2010

Disclosure 283332

Panostaja Oyj - Major shareholder announcements

NOTIFICATION ON A CHANGE IN HOLDINGS REFERRED TO IN CHAPTER 2, SECTION 10 OF THE SECURITIES MARKETS ACT

Panostaja Oyj STOCK EXCHANGE RELEASE 21 December 2010 4:25 pm NOTIFICATION ON A CHANGE IN HOLDINGS REFERRED TO IN CHAPTER 2, SECTION 10 OF THE SECURITIES MARKETS ACT Panostaja Oyj has today received an announcement from Etera Mutual Pension Insurance Company according to which Etera Mutual Pension Insurance Company's ownership of the shares and voting rights in Panostaja will increase above the level of 1/10, after the shares subscribed by Etera Mutual Pension Insurance Company are registered into the Trade Register. Panostaja Oyj has today announced that the Board of Directors has approved the subscriptions for the shares subscribed based on a share issue the Board of Directors decided on 16 December 2010. Percentages of shares and voting rights have been calculated in proportion to the number of shares and voting rights in the company if Etera Mutual Pension Insurance Company uses its conversion right of the convertible capital loan 2011 to full extent, i.e. in proportion to the following number of shares and voting rights: 53,221,292. Name of the target company: Panostaja Oyj Ownership prior to the change: 3,318,182 shares and votes, i.e. 6.74 % (current shares as well as the shares that may be received by converting the note units of the convertible subordinated loan 2006). The Board of Directors of Panostaja Oyj decided on 16 December 2010 on a share issue. The Board of Directors has approved the subscriptions 21 December 2010. The ownership will change after the shares are registered into the Trade Register. Ownership after the change: 6,077,182 shares and votes(current shares as well as the shares that may be received by converting the note units of the convertible capital loan 2011) Percentage of shares and voting rights: 11.42 % PANOSTAJA OYJ Juha Sarsama CEO Additional information: CEO Juha Sarsama + 358 40 774 2099