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WARRANTS EXERCISED FOR SHARE SUBSCRIPTIO

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HK Ruokatalo Oyj  STOCK EXCHANGE ANNOUNCEMENT, 15 Dec. 2003, at 11am


WARRANTS EXERCISED FOR SHARE SUBSCRIPTION

Warrants attached to HK Ruokatalo’s 1998 Employee Shares has been
exercised between 3 and 28 November 2003, increasing the number of the
company’s A Shares by 2,225. The corresponding increase of EUR
3,782.50 in subscribed capital has today been entered in the Finnish
Trade register. As a result of the increase HK Ruokatalo’s share
capital rose from EUR 42,924,090.50 to EUR 42,927,873.00.

Share capital by share class before the increase

                 Shares        %            Votes        %
A Shares     19,849,465    78.61       19,849,465    15.53
K Shares      5,400,000    21.39      108,000,000    84.47
Total        25,249,465   100.00      127,849,465   100.00

Share capital by share class subsequent to the increase

                 Shares        %            Votes        %
A Shares     19,851,690    78.62       19,851,690    15.53
K Shares      5,400,000    21.38      108,000,000    84.47
Total        25,251,690   100.00      127,851,690   100.00

Each A Share conveys one (1) vote. K Shares are not listed and each K
Share conveys 20 votes. All shares have a nominal value of EUR 1.70.
All shares convey equal dividend rights. HK Ruokatalo shares joined
the book-entry securities system on 31 October 1997.

The 2,225 new A Shares issued in connection with the increase in share
capital convey the same dividend and other shareholder rights as
existing A Shares do. The new shares will be entitled to receive any
future dividend payable commencing with the 2003 financial year.

The new A Shares will be traded on the Main List of the Helsinki
Exchanges from 16 December 2003 together with existing HK Ruokatalo A
Shares. The Finnish Financial Supervision Authority has, on 28 March
2003, granted HK Ruokatalo permission (No. 22/271/2003) to not publish
an offering circular in connection with the increases in share
capital, which derive from exercising warrants of the 1998 Employee
Offering.


1998 EMPLOYEE OFFERING

Between 1 April and 6 April 1998, HK Ruokatalo Oyj issued an Employee
Offering where there were warrants attached to the shares subscribed.
For each Employee Share subscribers received five gratuitous warrants.
One warrant gives entitlement to subscribe five new A Shares between 1
February 2002 and 31 January 2004 at a price fixed in the terms of
Offering. During 3 and 28 November 2003 price was EUR 5.94 per share.

There are 139,435 warrants still to be exercised after subscriptions
made now and conversions of share class taken place during previous
years. A maximum of 697,175 new A Shares can be subscribed and the
share capital may be raised by a maximum of EUR 1,185,197.50.

The 1998 Employee Offering totalled FIM 1.5 million (appr. EUR 0.25
mill.). The warrants attached to the Employee Shares are in possession
of about 150 persons.


HK Ruokatalo Oyj



Simo Palokangas
Chief executive officer



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

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