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HK RUOKATALO?S OFFERING MEMORANDUM PUBLISHED

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HK Ruokatalo Oyj       STOCK EXCHANGE BULLETIN 2 Nov. 2004, at 8am


HK RUOKATALO’S OFFERING MEMORANDUM PUBLISHED

The Finnish Offering Memorandum in respect of the share offering
decided by HK Ruokatalo Oyj’s Extraordinary General Meeting on 27
October 2004 has been published today. The Offering Memorandum is
available online from today onwards at www.hk-ruokatalo.fi and
www.osuuspankki.fi/esite and in printed format at OKO Bank Group
member banks' branches offering securities services and at the
Helsinki Stock Exchange’s service point OMX Way at Fabianinkatu 14,
Helsinki.

The rights issue seeks to raise a maximum of EUR 36.2 million in new
equity. The proceeds from the offering will be principally applied to
investments relating to developing the Group’s international and
domestic business and to strengthening the capital structure.

Since 2002, HK Ruokatalo has gradually increased its stake in one of
the leading meat production and processing companies in Poland,
Sokolów S.A., which is listed on the Warsaw Stock Exchange. In August
2004, HK Ruokatalo announced that it intended to launch strategic
cooperation in Sokolów through Saturn Nordic Holding AB, a venture
jointly owned with Danish Crown of Denmark. HK Ruokatalo and Danish
Crown have agreed to own and fund the joint venture on a 50-50 basis.
The public offer expiring on 25 October 2004 and arrangements
concluded on 28 October 2004 took Saturn Nordic Holding AB’s stake in
Sokolów to 72.82 per cent. HK Ruokatalo’s investment in Saturn Nordic
Holding AB shares has a book value of EUR 38.8 million. Saturn Nordic
Holding Group will be accounted for in HK Ruokatalo’s 2004
consolidated financial statements on the basis of pro-rata ownership.

The Offering Memorandum also contains some previously unpublished
items of information that supplement the Group’s earlier published
information on the geographical distribution of Group turnover and
result before exceptional items.


TURNOVER, EUR 1000

                2003                2002                2001
----------------------------------------------------------------------
Finland      539,541   83.34%    522,825   82.54%    505,989   86.50%
The Baltics  107,894   16.66%    110,618   17.46%     78,973   13.50%
Total        647,435  100.00%    633,443  100.00%    584,962  100.00%


OPERATING PROFIT, EUR 1000

                2003                2002                  2001
----------------------------------------------------------------------
Finland       22,918   83.44%     23,387   71.53%     19,113   73.17%
The Baltics    4,547   16.56%      9,310   28.47%      7,009   26.83%
Total         27,465  100.00%     32,696  100.00%     26,122  100.00%


HK Ruokatalo’s operations in both Finland and the Baltics include a
certain amount of exports to third countries.


HK Ruokatalo Oyj


Simo Palokangas
CEO



THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR
DISTRIBUTION IN OR INTO THE UNITED STATES. THIS DOCUMENT DOES NOT
CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR TO
OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, NOR MAY THE SECURITIES
BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN
EXEMPTION FROM REGISTRATION AS PROVIDED IN THE U.S. SECURITIES ACT OF
1933, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER AND
APPLICABLE STATE LAWS. THERE IS NO INTENTION TO REGISTER ANY PORTION
OF THE OFFERING IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING
OF SECURITIES IN THE UNITED STATES.

THE INFORMATION CONTAINED HEREIN SHALL NOT CONSTITUTE AN OFFER TO SELL
OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF
THE SECURITIES REFERRED TO HEREIN IN ANY JURISDICTION IN WHICH SUCH
OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION,
EXEMPTION OF REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS
OF ANY SUCH JURISDICTION.



DISTRIBUTION:
Helsinki Exchanges
Internet: www.hk-ruokatalo.fi

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