Panostaja Oyj - Company Announcement

SHARES SUBSCRIBED WITH PANOSTAJA’S 2004 CONVERTIBLE SUBORDINATED LOAN

Panostaja Oyj        Stock Exchange Bulletin, 22 February 2007                  

SHARES SUBSCRIBED WITH PANOSTAJA'S 2004 CONVERTIBLE SUBORDINATED LOAN           

Panostaja Oyj's 2004 convertible subordinated loan has been used to subscribe   
for 3,358,000 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. After the above mentioned share subscription, Panostaja Oyj's 2004   
convertible subordinated loan has been fully subscribed for shares.             

The EUR 402,960 increase in share capital has been entered in the Trade Register
on 22 February 2007. 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 26 February 2007. The total    
number of Panostaja's new 2007 Class B shares is 3,386,000.                     

Panostaja Oyj's share capital amounts to EUR 3,974,468.64. The number of issued 
Class A shares is 17,256,595 and the number of issued Class B shares is         
15,863,977 (12,477,977 old and 3,386,000 new shares).                           


Panostaja Oyj                                                                   


Olli Halmevuo                                                                   

CEO                                                                             


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