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

DISTRIBUTION Helsinki Exchanges Principal media





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