The Swedish tax authority decided in December 2003 to raise Holmen AB's taxable income by some MSEK 2,600, which would involve an increase of more than MSEK 700 in the company's tax charge. This decision related to the capital reduction and dividend paid by the Group's French operations that were taken up in the company's tax return for 2001. Holmen appealed against the decision to the County Administrative Court.

The Swedish tax authority has now revised its decision and announced that it no longer maintains its earlier decision but accepts the way in which Holmen has treated the capital reduction and dividend in its accounts.

As Holmen has not made any provision in its accounts for this tax charge, the tax authority's revised decision will not have any effect on the result.

For further information, please contact CFO Anders Almgren, tel. +46 8 666 21 00.

Holmen AB, P.O. Box 5407, SE-114 84 Stockholm, Sweden.

Visiting address: Strandvägen 1, Stockholm.

Tel: +46 8 666 21 00   E-mail: info@holmen.com

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