Invalidating own shares, redominating the share capital into euros

According to the decision of the UPM-Kymmene Annual General Meeting, held on 23 March, 1999, the company's own shares held by the company, i.e. a total of 12 762 082 shares are invalidated. The invalidating of the shares has today, on 29 March, 1999, been registered in the Trade Register. The number of shares has therefore been reduced from 277 606 069 shares to 264 843 987 shares. This number of shares will be on public trading on the Helsinki Stock Exchange as of 30 March, 1999.
According to additional decision of the UPM-Kymmene Annual General Meeting, the company's share capital is redominated into the euro currency, and the company's shares are converted into no par value shares. This amendment of Article 3 of the Articles of Association will be registered in Trade Register on 30 March, 1999. According to the company's amended Articles of Association the minimum share capital of the company shall be 250 million euros and its maximum share capital 1 000 million euros, within the limits of which the share capital may be raised or lowered without amending the Articles of Association. The minimum number of the company's shares shall be 150 million and the maximum number of shares 600 million shares.