The corporate management's share options subscribed

The UPM-Kymmene Annual General Meeting decided on 25 March, 1998 that a total of 6,000,000 share options will be offered to members of corporate management. All these 6,000,000 share options has been subscribed and the corresponding registration into tne Trade Register has been made on 22 May, 1998.
The share options entitle to subscription of a total of 6,000,000 million UPM-Kymmene shares. The company's share capital may rise as a consequence for these subcriptions by FIM 60,000,000. The share subcription period with series A will be from 1 April, 2001 to 30 April, 2005. The share subscription period with series B and C will be from 1 April, 2003 to 30 April, 2005.