For implementation of their fine paper alliance, UPM-Kymmene and APRIL, the Singapore-based Asian group, have signed agreements on marketing, technology cooperation and development of the environmental affairs. Simultaneously the companies agreed on the implementation of the cross-ownership of the new companies, UPM-Kymmene Fine Paper and APRIL Fine Paper. The agreements cover marketing cooperation in fine paper both in Asia and Europe, technology cooperation in the start-ups and effective running of the constructed paper mills, and development of the environmental affairs. Concerning the last mentioned, APRIL has publicized its own Environmental Policy. The companies have also agreed on the timing and conditions of the share swap. The date for the transaction of the shares will be the commercial start-up date of the last one of the APRIL's three paper machines under construction. This fine paper machine is scheduled to get its start-up during the first quarter of 1999. The remaining agreements covering the cooperation are expected to be signed in the first quarter of 1998. ENCL. The Environmental Policy of APRIL APRIL'S ENVIRONMENTAL POLICY As a responsible corporate citizen, APRIL is committed to the following environmental standards. We will: 1. Comply with all relevant environmental laws and regulations and make them an integral part of our strategic planning and decision making process. 2. Ensure that personnel are trained to understand environmental issues and assume personal responsibility for them both on the job and in their local community. 3. We commit to the concept of sustainable forestry. This means managing and sustaining the development of forest concessions by adopting a land stewardship ethic which uses the best practices to balance the silviculture and harvesting of trees with effective environmental management. 4. Actively provide information concerning the environmental and social impact of all the Group activities. Promptly respond to public inquiries about these issues which involve the company, and initiate communications with others who might potentially be affected by them. 5. Manage our processes and products to be consistent with internationally recognised environmental standards using the best available technology and management practices. 6. Manage our activities to safeguard the health, safety and welfare of our personnel and local communities. Actively promote the social and economic development of the areas in which we operate.