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NOTE 38

Subsidiary disposals

2009

• Real estate sold to a pension insurance company and the Kesko Pension Fund. Their aggregate contribution to the cash flow was €52.3 million.

2008

The aggregate cash flow contribution from subsidiary disposals was €121.3 million and it consisted of the following subsidiary disposals:

• K-Rahoitus Oy, transaction completed on 31 January 2008
• Tähti Optikko Group Oy, transaction completed on 31 March 2008
• Kauko-Telko Ltd, transaction completed on 30 April 2008
• In addition the Kesko Group, the Kesko Pension Fund and Valluga-Sijoitus Oy sold 23 of their retail store properties in different parts of Finland to Aberdeen Property Fund Finland 1 Ky on 30 September 2008.