At the Extraordinary General Meeting of UPM-Kymmene Corporation, held on 2 August, 2001, it was decided to authorize the Board to decide on increasing the share capital by 20,910,000 euros through the issuance of new shares in such a manner that 12,300,000 new shares with a book (equivalent) value of 1.70 euros per share will be offered for subscription, deviating from the shareholders' pre-emptive rights to subscribe for new shares. The subscription price will be 34.071 euros per share. The decision was made according to the proposal by the Board of Directors.
The new shares will be offered for subscription to certain shareholders of the company G. Haindl'sche Papierfabriken Kommanditgesellschaft auf Aktien after the agreement has been fulfilled. The authorization remains valid until 30 June, 2002.
2 August, 2001