Annual General Meeting 2005

Year 2004 in Brief

Main Events in 2004

Income Statement

Balance Sheet

Earnings per Share and Cash Earnings per Share

Change in EPS from 2003 to 2004

Debt/Equity

Capital Expenditure and Depreciation

North America profit Enhancement Programme

Western Europe Near-term Market outlook

North America Neat-term Market outlook

Summary

Improving Profitability

Dividend Proposal

Earnings per Share and Dividend

Proposed Distribution of Profit

Remuneration for Members of the Board of Directors

Remuneration for Members of the Board Committees

Proposed Board Members

Gunnar Brock

Birgitta Kantola

Matti Vuoria

Proposed Auditor

Appointment of Nomination Committee

Reduction of Share Capital by Cancellation of Shares

Authorisation to Repurchase Shares in the Company

Authorisation to Dispose of Shares in the Company

Proposal by the Shareholders Matti Liimatainen and Annina Käppi

Annual Report 2004