Vaahto Group Plc Oyj - Major shareholder announcements

NOTIFICATION ON A CHANGE IN HOLDINGS REFERRED TO IN CHAPTER 2, SECTION 10 OF THE SECURITIES MARKETS ACT

VAAHTO GROUP PLC OYJ STOCK EXCHANGE RELEASE 17.11.2010 at 9.15 

NOTIFICATION ON A CHANGE IN HOLDINGS REFERRED TO IN CHAPTER 2, SECTION 10 OF THE
SECURITIES MARKETS ACT                                                          

Vaahto Group Plc Oyj has on 16 November 2010 published the Board of Directors'  
proposal to combine the company's two share classes. According to information   
received by Vaahto Group, the proposal would when completed lead to the voting  
rights of Heikki Vaahto falling below the 3/20 (15%) threshold and the voting   
rights of Mikko Laakkonen exceeding the 1/10 (10%) threshold.                   

The share capital of Vaahto Group Plc Oyj comprises a total of 2,872,302 shares 
(1,452,751 class A shares and 1,419,551 class K shares), said shares entitling  
to a total of 29,843,771 votes. No more than 113,564 new shares will be issued  
in the directed free share issue in connection with the proposed combination of 
share classes.                                                                  

The notifications on changes in holdings submitted to Vaahto Group Plc Oyj are  
as follows:                                                                     

HEIKKI VAAHTO, NOTIFICATION ON A CHANGE IN HOLDINGS                             

1 Identification data of the share issuer:                                      
Vaahto Group Plc Oyj, business identity number 0520181-3                        

2 Grounds for the notification:                                                 
The proposal published by Vaahto Group Plc Oyj on 16 November 2010 according to 
which the company's two share classes be combined such that the company will    
have only one share class after the combination and each share would confer one 
vote on its holder and entail equal rights in all other respects.               

3 Full names of the entities under obligation to notify:                        
Heikki Sakari Vaahto                                                            

4 Date of transaction and date on which number of shares and voting rights fell 
below the threshold for notification:                                           
Vaahto Group Plc Oyj has on 16 November 2010 issued a stock exchange release    
concerning the proposal to the ordinary shareholders' meeting to resolve on     
combining the company's share classes. The decrease under the threshold for     
notification will take place when the share to be issued in the directed free   
share issue and the combination of the share classes have been registered with  
the trade register.                                                             

5 Threshold for notification which the number of shares and voting rights has   
fallen below:                                                                   
Fallen below 3/20 (15 %)                                                        

The shareholdings have been calculated so that the amount of new shares to be   
issued to Heikki Vaahto in the directed free share issue has been taken into    
account in his shareholding and the total amount of new shares to be issued in  
the directed free share issue has been taken into account in Vaahto Group Plc   
Oyj's total amount of shares.                                                   

6 Information to be notified:                                                   
The shares and the voting rights attached thereto upon the implementation of the
arrangement                                                                     

Situation before the arrangement that leads to the change of holdings           

--------------------------------------------------------------------------------
| Class of shares        | Number of shares         | Number of voting rights  |
--------------------------------------------------------------------------------
| Class A shares         | 0                        | 0                        |
--------------------------------------------------------------------------------
| Class K shares         | 326,700                  | 6,534,000                |
--------------------------------------------------------------------------------
| Total                  | 326,700                  | 6,534,000                |
--------------------------------------------------------------------------------

Situation after the arrangement that leads to the change of holdings            
--------------------------------------------------------------------------------
| Class of     | Number of     | % of shares   | Number of     | % of votes    |
| shares       | shares        |               | voting rights |               |
--------------------------------------------------------------------------------
| Class A      | 352,836       | 11.82%        | 352,836       | 11.82%        |
| shares       |               |               |               |               |
--------------------------------------------------------------------------------
| Total        | 352,836       | 11.82%        | 352,836       | 11.82%        |
--------------------------------------------------------------------------------

MIKKO LAAKKONEN, NOTIFICATION ON A CHANGE IN HOLDINGS                           

1 Identification data of the share issuer:                                      
Vaahto Group Plc Oyj, business identity number 0520181-3                        

2 Grounds for the notification:                                                 
The proposal published by Vaahto Group Plc Oyj on 16 November 2010 according to 
which the company's two share classes be combined such that the company will    
have only one share class after the combination and each share would confer one 
vote on its holder and entail equal rights in all other respects.               

3 Full names of the entities under obligation to notify:                        
Mikko Kalervo Laakkonen                                                         
4 Date of transaction and date on which number of shares and voting rights      
exceeded the threshold for notification:                                        
Vaahto Group Plc Oyj has on 16 November 2010 issued a stock exchange release    
concerning the proposal to the ordinary shareholders' meeting to resolve on     
combining the company's share classes. The exceeding under the threshold for    
notification will take place when the share to be issued in the directed free   
share issue and the combination of the share classes have been registered with  
the trade register.                                                             

5 Threshold for notification which the number of shares and voting rights has   
exceeded:                                                                       
Exceeded 1/10 (10%)                                                             

The shareholdings have been calculated so that the amount of new shares to be   
issued to Mikko Laakkonen in the directed free share issue has been taken into  
account in his shareholding and the total amount of new shares to be issued in  
the directed free share issue has been taken into account in Vaahto Group Plc   
Oyj's total amount of shares.                                                   

6 Information to be notified:                                                   
The shares and the voting rights attached thereto upon the implementation of the
arrangement                                                                     

Situation before the arrangement that leads to the change of holdings           

--------------------------------------------------------------------------------
| Class of shares        | Number of shares         | Number of voting rights  |
--------------------------------------------------------------------------------
| Class A shares         | 352,860                  | 352,860                  |
--------------------------------------------------------------------------------
| Class K shares         | 76,503                   | 1,530,060                |
--------------------------------------------------------------------------------
| Total                  | 429,363                  | 1,882,920                |
--------------------------------------------------------------------------------

Situation after the arrangement that leads to the change of holdings            
--------------------------------------------------------------------------------
| Class of     | Number of     | % of shares   | Number of     | % of votes    |
| shares       | shares        |               | voting rights |               |
--------------------------------------------------------------------------------
| Class A      | 435,483       | 14.58%        | 435,483       | 14.58%        |
| shares       |               |               |               |               |
--------------------------------------------------------------------------------
| Total        | 435,483       | 14.58%        | 435,483       | 14.58%        |
--------------------------------------------------------------------------------


In Lahti on 17 November 2010                                                    

VAAHTO GROUP PLC OYJ                                                            
Anssi Klinga                                                                    
CEO                                                                             

Further information:                                                            
Anssi Klinga                                                                    
CEO, Vaahto Group Plc Oyj                                                       
tel. +358 50 4661470