Transfennica's Sale To Finnlines Cancelled

Maritime Activity Reports, Inc.

December 18, 2000

On 28 June, 2000, an agreement was signed between the shareholders of Transfennica Ltd. and Finnlines Plc to sell Transfennica's shares to Finnlines. The sale required the approval of the relevant competition authorities. However, the conditions presented by the competition authorities, were such that Finnlines could not accept them. The partners have therefore decided to cancel the sale of the shares. Transfennica's shareholders are UPM-Kymmene Corporation ( 49.9% holding), Metsä-Serla Corporation (32.7%), Myllykoski Paper Oy (9%) and Oy Metsä-Botnia Ab (8.4%).
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