Panostaja Oyj - Company Announcement

HELSINKI ADMINISTRATIVE COURT GAVE ITS RULING CONCERNING THE TAXATION OF PANOSTAJA OYJ'S FIXED ASSET SHARES

Panostaja Oyj              22nd June 2011   time 10.30

HELSINKI ADMINISTRATIVE COURT GAVE ITS RULING CONCERNING THE TAXATION OF
PANOSTAJA OYJ'S FIXED ASSET SHARES 

In spring 2008 The Tax Office for Major Corporations decided in its advance
ruling concerning the refund of Panostaja Oyj's capital in natura (in Takoma
Oyj's shares)that Panostaja Oyj is a capital investor as stated in the Business
Income Tax Act (section 6). Gains from the sale of fixed asset shares are
taxable income for capital investors. 

Due to the above-mentioned advance ruling The Tax Office for Major Corporations
regarded Panostaja Oyj as a capital investor in the standard annual assessment
for 2007 and levied tax on the gains of certain fixed asset shares. Panostaja
Oyj appealed against the annual assessment to Assessment Adjustment Board and
claimed for exemption for the gains of fixed asset shares. The Assessment
Adjustment Board rejected Panostaja Oyj's claim for adjustment in August 2009.
Panostaja Oyj appealed against this decision to Helsinki Administrative Court. 

Panostaja Oyj has been informed of the rejective decision by Helsinki
Administrative Court concerning the company's appeal. The Administrative Court
has regarded Panostaja Oyj as a capital investor as stated in the Business
Income Tax Act. Panostaja Oyj will apply for a permit to appeal to the Supreme
Administrative Court against the decision by the administrative court. 

Panostaja Oyj
Juha Sarsama
Chief Executive Officer
Additional Information:
Chief Executive Officer Juha Sarsama 040 774 2099