HKScan Corporation STOCK EXCHANGE RELEASE 23 September 2008, at 9.30am HKSCAN TO ISSUE EUR 20 MILLION HYBRID BOND HKScan Corporation has resolved to issue a EUR 20 million hybrid bond aimed at its majority shareholders and with a coupon rate of 8.5% p.a. The bond has no maturity date but the company may call the bond after six years. The bond will be treated as equity in HKScan's IFRS financial statements. The dates of interest payment are at the discretion of the company. The payment can be made either in cash or as HKScan's Series A shares. The right of exchange only applies in the first six years. The payment of interest as new shares will dilute the shareholding of the company's current shareholders over six years by no more than 1 190 160 A Shares, equal to 3.5% of all A Shares and 3.0% of all shares. The rate of exchange is calculated according to a share price of EUR 8.57. The bond issue will support the aim of increasing the equity ratio announced by the company and also reduce gearing ratio and financing expenses. No application for public listing of the bond will be made. Subscription of the bond is to take place during the current week. Sampo Bank plc has acted as the lead manager of the bond issue. A hybrid bond is an equity bond that is subordinated to the company's other debt obligations but senior to its other equity instruments. The dates of interest payment are at the issuer's discretion. Hybrid bond holding does not confer the right to vote at shareholder meetings. The Board of Directors holds the authorisation granted by the Annual General Meeting on 22 April 2008 to resolve on an issue of shares, share options as well as other equity instruments as referred to in Chapter 10, section 1 of the Limited Liability Companies Act. This authorisation concerns a maximum of 5 500 000 A Shares, corresponding to ca. 14.0% of all registered shares in the company. To date, the Board of Directors has not exercised this authorisation. HKScan Corporation Kai Seikku CEO Further information is available from CFO Matti Perkonoja. Please leave any messages for him to call with Marjukka Hujanen on +358 (0)10 570 6218 DISTRIBUTION: OMX Nordic Exchange Main media www.hkscan.com