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UPM's associated company Pohjolan Voima sells Fingrid shares to the State of Finland and Ilmarinen

Stock Exchange Release 19.4.2011 10:10 EEST

UPM-Kymmene Corporation   Stock exchange release  19 April 2011  at 10:10 EET

The energy company Pohjolan Voima Oy, the State of Finland and the Mutual Pension Insurance Company Ilmarinen today signed a contract on the sale of Pohjolan Voima's 25% shareholding of Fingrid, the Finnish electricity transmission system operator. The transaction will be closed today.

The State acquires approximately 81% of the shares and Ilmarinen approximately 19% of the shares owned by Pohjolan Voima. The transaction price is EUR 325 million, and Pohjolan Voima will record a capital gain of EUR 200 million for the transaction.

UPM owns 43.12% of Pohjolan Voima. UPM will recognise a special income of EUR 86 million from the sale in the associated company results in the second quarter.

UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Corporate Communications

UPM, Corporate Communications
Media Desk, tel. +358 40 588 3284
media@upm.com

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