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The Swedish tax authority has decided to raise Holmen AB's taxable profit by approximately MSEK 2,600, which would represent a tax charge of more than MSEK 700. The decision is based on the capital reduction and dividend from the Group's French operations reported by the company in the tax return for 2001.

The company considers the decision by the tax authority legally unfounded and intends to appeal against it to the county administrative court.

For questions, please contact Anders Almgren, Holmen's CFO, tel. +46 8 666 21 00.

The Holmen Group

Holmen is a forest industry group that manufactures printing paper, paperboard and sawn timber and runs forestry and energy production operations. The company’s extensive forest holdings and its high proportion of energy production are strategically important resources for its future growth.

Holmen AB

Tel: 08-666 21 00

E-post: info@holmen.com

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