Panostaja Oyj Stock Exchange Bulletin, 17th March 2010, 03:30 p.m. Panostaja Oyj has today gained knowledge of the following notification under Chapter 2, Section 9 of the Finnish Securities Market Act regarding a change of holdings in the company, according to which the potential future holding of Fennia Mutual Insurance Company in Panostaja Oyj is, as a result of the subscription of convertible bonds made on 15 January 2007, in total 4,324,576 shares and votes if Fennia Mutual Insurance Company would exercise its conversion rights relating to Panostaja Oyj's Exchangeable capital loan 2006 in full. The holding corresponds to 8.74 percent of all the shares and votes in Panostaja Oyj after the conversion taking into account the number of shares issued by the date of this release. Notification by Fennia Mutual Insurance Company under Chapter 2, Section 9 of the Finnish Securities Market Act: 1. Issuer of shares Panostaja Oyj, Business ID: 0585148-8 2. Shareholder under obligation to notify Fennia Mutual Insurance Company Identification information: Business ID: 0196826-7 Address: Televisiokatu 1, 00017 Fennia 3. Grounds for the notification Agreement / other arrangement which, when effected, will result in acquisition of shares or votes. 4. Threshold for notification which will be exceeded in the event the agreement / arrangement is effected The portion of shares and votes of Fennia Mutual Insurance Company exceeds 5 percent. 5. Information to be notified 5.A. The current portion of shares and votes of Fennia Mutual Insurance Company: 2,262,076 shares and votes(ISIN code FI0009800379) in Panostaja Oyj, i.e. the portion of Fennia Mutual Insurance Company is 4.77 percent of the number of shares and votes. 5.B. Agreement or other arrangement Fennia Mutual Insurance Company has on 15 January 2007 subscribed for Panostaja Oyj's Exchangeable capital loan 2006. The right to convert the bonds into shares ends 31 January 2012. The number of shares and votes that Fennia Mutual Insurance Company can receive by using its conversion right: 2,062,500 shares and votes, i.e. 4.17 percent of the number of shares and votes. The portions have been calculated in relation to the number of shares and votes in the company that would exist provided that Fennia Mutual Insurance Company would exercise its conversion rights relating to the exchangeable capital loan 2006 in full, i.e. in relation to the following number of shares and votes: 49,465,610. 5.C. The aggregate current and potential future holding of Fennia Mutual Insurance Company (5.A + 5.B) The number of shares and votes 4,324,576, i.e. 8.74 percent of the number of shares and votes. The portions have been calculated in relation to the number of shares and votes in the company that would exist provided that Fennia Mutual Insurance Company would exercise its conversion rights relating to the exchangeable capital loan 2006 in full, i.e. in relation to the following number of shares and votes: 49,465,610. PANOSTAJA OYJ Juha Sarsama CEO For further information, please contact Juha Sarsama +358 40 774 2099