REDEMPTION CLAIM UNDER CHAPTER 14, SECTION 20 OF THE FINNISH COMPANIES ACT.

(From Hugin)

Tamro Corporation STOCK EXCHANGE RELEASE 16 December 2003 Tamro Corporation ("Tamro") has been informed by Phoenix International Beteiligungs GmbH ("PHOENIX") that PHOENIX has decided to exercise its redemption right under the Finnish Companies Act and to redeem the shares held by other shareholders in Tamro.

According to the notification PHOENIX holds, together with its wholly owned subsidiary Meco Holding A/S (the "Subsidiary"), more than nine tenths (9/10) of the shares and votes in Tamro. As a consequence of the exceeding of said threshold, PHOENIX has the right, based on Chapter 14, Section 19 of the Finnish Companies Act, to redeem the …