INCREASING OF KESKO FOOD LTD’S AND KESWELL LTD’S SHARE CAPITAL AGAINST PROPERTY GIVEN AS SUBSCRIPTION IN KIND

As part of the incorporation of Kesko Corporation’s business operations, Kesko Food Ltd’s and Keswell Ltd’s Extraordinary General Meetings made decisions, on 21 March 2001, to increase the companies’ share capital against property given as subscription in kind. According to the decisions, Kesko Corporation pays for the new shares by assigning, as property given as subscription in kind, the assets, liabilities and depreciation reserve related to the food business to Kesko Food Ltd and related to the home and speciality goods business to Keswell Ltd in accordance with the situation on 31 March 2001.

A continuation meeting of Kesko Food Ltd’s Extraordinary General Meeting has today approved the share subscription made by Kesko Corporation, in which 29,990 new shares with a nominal value of EUR 1,000 have been subscribed for. The share subscription price confirmed was the amount of the net subscription in kind in accordance with a calculation based on the property assigned divided by the number of new shares. When the amount of the net subscription in kind was EUR 62,014,438.94190, the subscription price determined was EUR 2,067.83724 per share. After the increase in the share capital has entered in register, the share capital of Kesko Food Ltd entered in the Trade Register is EUR 30,000,000.

A continuation meeting of Keswell Ltd’s Extraordinary General Meeting has today approved the share subscription made by Kesko Corporation, in which 19,0990 new shares with a nominal value of EUR 1,000 have been subscribed for. The share subscription price confirmed was the amount of the net subscription in kind in accordance with a calculation based on the property assigned divided by the number of new shares. When the amount of the net subscription in kind was EUR 93,093,270.52187, the subscription price determined was EUR 4,656.99202 per share. After the increase in the share capital has entered in register, the share capital of Keswell Ltd entered in the Trade Register is EUR 20,000,000.

Further information: Kesko Food Ltd’s President Kalervo Haapaniemi, telephone +358 10 5311 and Keswell Ltd’s President Matti Laamanen, telephone +358 10 5311 and Vice President Paavo Rönkkö, Corporate Financial Controller, telephone +358 1053 22569.

Kesko Corporation
Corporate Communications

Erkki Heikkinen
Senior Vice President

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