Sale and purchase of shares and business operations

UPM-Kymmene has sold during April-June, 1998 a total of 6.2 million Nokia shares. The total selling price of the shares amounted to FIM 2,262 million, of which the pre-tax gain to be booked in the 1998 second quarter's profit totals FIM 2,137 million. After these sales UPM-Kymmene owned at the end of June 8.1 million Nokia shares.
UPM-Kymmene's Annual General Meeting authorized the company to purchase a maximum of 13.4 million, i.e. 5 percent of its own shares. Since the beginning of April, 1998 the company has purchased a total of 5,386,705 of its own shares at an average price of FIM 150. Of these, a total of 665,705 shares were used as a payment of an acquisition. Consequently the company at the present holds a total of 4,721,000 of its own shares.
UPM-Kymmene agreed, as earlier announced, in April on selling Oy Nautor Ab and the envelope and corrugated container businesses, and in June on selling the stationery operation. These business operations generate a combined annual turnover of FIM 750 million. The ownership of Nautor was transferred to the new owners in May, and the transfer of ownership of the others will take place during the third quarter of 1998.