The extraordinary shareholders meetings of UPM-Kymmene and Champion

UPM-Kymmene Corporation and Champion International Corporation announced today that they will hold special shareholder meetings on June 14, 2000. Champion International has established April 25, 2000 as the shareholder record date. In the meetings shareholders of both companies will decide upon the proposed merger of UPM-Kymmene Corporation and Champion International.
Upon approval by the shareholders of both UPM-Kymmene and Champion, and assuming all remaining required regulatory approvals are received, it is anticipated that the closing of the merger will occur shortly thereafter. Under the terms of the merger agreement, Champion shareholders will receive 1.99 UPM-Kymmene American Depositary Shares or, at their election, 1.99 UPM-Kymmene ordinary shares for each share of Champion common stock.
Impact of merger on UPM-Kymmene Corporation's treasury shares
As a change to the earlier information UPM-Kymmene management now estimates that there is no need to sell to the market approximately 3 million ordinary shares currently held in treasury.
For more information, please contact:
Mr Olavi Kauppila, Vice President, Investor Relations, tel. +358 204 15 0658 or +358 40 700 3421.