Notification on a Change in Holding referred to in Chapter 2, Section 10 of the Securities Markets Act

Vaahto Group Plc Oyj Stock exchange release           14.12.2010 at 16.20

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

The Annual General Meeting of Vaahto Group Plc Oyj resolved on 14 December 2010 in accordance with the Board of Directors’ proposal on the combination of the company’s two share classes and on the directed free share issue to the holders of class K shares. According to information received by Vaahto Group, the resolution will 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 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 resolution of the Annual General Meeting of Vaahto Group Plc Oyj on 14 December 2010 regarding the combination of the share classes and the related directed free share issue.

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:

The resolution of the Annual General Meeting of Vaahto Group Plc Oyj on 14 December 2010 regarding the combination of the company’s two share classes and on the directed free share issue to the holders of class K shares. 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 on or about 17 December 2010.

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 shares	Number of shares	% of shares	Number of voting rights	% of votes
Combined share class	352,836	11.82%	352,836	11.82%
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 resolution of the Annual General Meeting of Vaahto Group Plc Oyj on 14 December 2010 regarding the combination of the share classes and the related directed free share issue.

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:

The resolution of the Annual General Meeting of Vaahto Group Plc Oyj on 14 December 2010 regarding the combination of the company’s two share classes and on the directed free share issue to the holders of class K shares. The exceeding of 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 on or about 17 December 2010.

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 shares	Number of shares	% of shares	Number of voting rights	% of votes
Combined share class	435,483	14.58%	435,483	14.58%
Total	435,483	14.58%	435,483	14.58%

In Lahti on 14 December 2010

VAAHTO GROUP PLC OYJ

Anssi Klinga

CEO

Further information:

Anssi Klinga

CEO, Vaahto Group Plc Oyj

tel. +358 50 4661470