SHARES SUBSCRIBED WITH PANOSTAJA'S 2006 CONVERTIBLE SUBORDINATED LOAN


Panostaja Oyj        Stock Exchange Bulletin, 8.5.2008,   9.00                  

SHARES SUBSCRIBED WITH PANOSTAJA'S 2006 CONVERTIBLE SUBORDINATED LOAN           

Panostaja Oyj's 2006 convertible subordinated loan has been used to subscribe   
for 875,000 new Panostaja Class B shares. The shareholders' rights attached to  
the shares subscribed for with convertible bonds include voting rights in       
accordance with the Articles of Association and other rights, except for the    
rights to receive dividends. The new shares will confer the right to receive    
dividends for the first time for that financial year during which they are      
converted.                                                                      

The EUR 105,000 increase in share capital has been entered in the Trade Register
on 8.5.2008. The company has applied for listing of the subscribed shares on the
Helsinki Stock Exchange. The shares will become available for trading on the    
Helsinki Stock Exchange on around 12.5.2008. The total number of Panostaja's new
2007 Class B shares is 875,000.                                                 

Panostaja Oyj's share capital amounts to EUR 5,529,081.60. The number of issued 
Class A shares is 17,256,595 and the number of issued Class B shares is         
28,819,085 (27,944,085 old and 875,000 new shares).                             


Panostaja Oyj                                                                   


Juha Sarsama                                                                    

CEO                                                                             


For further information, please contact Mr. Juha Sarsama, CEO, tel. +358 (0)3   
263 4300.