Option programme (2001) 

The Board of Directors decided to continue the rolling incentive programme including an option programme introduced in 1999. The 2001 option programme will cover approximately 500 participants. The strike price is EUR 11.70, based on the average price for the Series R shares on the Helsinki Stock Exchange in the period 8-14 February 2001 plus a premium of 10%. The programme will include a total of 4,800,000 options/synthetic options, which will be financially hedged and will not dilute existing shares. The seven-year options/synthetic options, which may be exercised between 1 April 2004 and 31 March 2008, entitle participants to either cash compensation in the form of the difference between the strike price and the prevailing share price or shares (not new), depending on the legal restrictions in each country. The options/synthetic options are not transferable and expire if the employee leaves the company.