Finnforest subsidiary Moelven broadens ownership base

02/06/2004


Finnforest Corporation, Metsäliitto Cooperative (Finnforest's parent company),
and Moelven Industrier ASA have sold part of their shareholdings in Moelven to
four Norwegian forest owners' associations. The ownership base of Finnforest's
Norwegian subsidiary Moelven is thus broadened with the addition of two new
owners, the Haldenvassdraget (Havass) and Agder-Telemark (AT-Skog) forest
owners' associations. The Mjøsen and Glommen forest owners' associations have
increased their holdings. 

The shares that were sold represent 12.4% of Moelven Industrier ASA's shares.
Finnforest Corporation retains a majority shareholding and Metsäliitto
Cooperative continues to be a substantial owner. The sale ensures a good return
for all the sellers and it will also have a strong positive impact on
Finnforest Corporation's cash flow. 

Ownership of Moelven Industrier ASA from 2.6.2004: 

Finnforest Corporation       51.0 % 
Glommen                      17.8 % 
Metsäliitto Cooperative      14.2 % 
Mjøsen                        9.4 % 
Agder-Telemark (AT-Skog)      4.5 % 
Haldenvassdraget (Havass)     3.0 % 
Other                         0.1 % 


Further information:
Ari Martonen, President and CEO, Finnforest Corporation, +358 50 2406
Bo Borgström, CEO, Moelven Industrier ASA, +358 500 714 311
Markko Ihamuotila, Director of Marketing and Communications, Finnforest
Corporation, +358 50 598 7014

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