HSE: ASPRO OCIO S.A.´S MANDATORY TENDER OFFER FOR ALL SHARES IN PUUHARYHMÄ OYJ COMMENCES ON 27 March 2007

Aspro Ocio S.A.	          STOCK EXCHANGE RELEASE 23 March 2007 

ASPRO OCIO S.A.´S MANDATORY TENDER OFFER FOR ALL SHARES IN PUUHARYHMÄ OYJ
COMMENCES ON 27 March 2007 

Aspro Ocio S.A. (“Aspro” or “Offeror”) has today made an announcement to
Puuharyhmä Plc (“Puuharyhmä”) that Aspro's mandatory public tender for all
shares in Puuharyhmä (the “Tender Offer”) commences on 27 March 2007. 

The Finnish Financial Supervision Authority has today, 23 March 2007, approved
the Finnish version of the Tender Offer document relating to the Tender Offer.
The Tender Offer document will be available no later than 27 March 2007 onwards
at the headquarters of Aspro, calle Oquendo, 23, 28006 Madrid, Spain, at the
information office of the Helsinki Stock Exchange, OMX way, Fabianinkatu 14,
00130 Helsinki, Finland and at the branch offices of Aktia Savings Bank plc.
Furthermore, the Tender Offer document will be available on the Internet at
www.aktia.fi (item: osakkeet/pääomajärjestelyt). 
 
Subsequent to the share purchase of 2 March 2007 Aspro´s holding exceeded two
thirds (2/3) of the voting rights carried by the shares of Puuharyhmä. After
the above acquisition Aspro continued the purchasing of the shares in public
trading from the stock exchange. On 6 March 2007 Aspro's shareholding rose to
356.888 shares, which represented - excluding the own shares owned by
Puuharyhmä and its subsidiary - approximately 90,3 percent of all shares of
Puuharyhmä. 

As a result of the share purchase of 2 March 2007 Aspro became obliged to make
a mandatory tender offer for the remainder of Puuharyhmä´s shares in accordance
with the Securities Markets Act. 

As a result of the above acquisitions of the shares of Puuharyhmä, Aspro's
total shareholding exceeded nine tenths (9/10) of the shares of Puuharyhmä and
the voting rights attached thereto, whereupon Aspro has under Chapter 18
Section 1 of the Companies Act (624/2006) the right to redeem the shares of the
remaining shareholders. Aspro has initiated the redemption proceedings in
accordance with the Companies Act by an application filed on 13 March 2007.
Aspro offers in the redemption proceedings according to the Companies Act a
consideration of EUR 95.00 per share. As of 21 March 2007 Aspro holds 385.275
shares, which represent approximately 97,5 percent of all shares and votes of
Puuharyhmä (excluding the own shares held by Puuharyhmä and its subsidiaries). 

The following is a summary of the terms and conditions of the Tender Offer. The
full terms and conditions of the Tender Offer (the ”Tender Offer Conditions”)
are attached to this stock exchange release in the Finnish language. 

Aspro will pay a cash consideration of EUR 95.00 for each share in Puuharyhmä.
According to Chapter 6, Section 11 of the Securities Markets Act the
consideration paid with regard to the mandatory bid shall be an equitable
price. In determining an equitable price, the starting point shall be the
highest price paid for the shares by the offeror or a person, organization or
foundation related to the offeror as stipulated in Chapter 6, Section 10,
subsection 2 of the Securities Markets Act during a period of six (6) months
preceding the arising of the obligation to launch a bid. 

Aspro has during the six (6) months prior to the arising of the obligation to
make a Tender Offer not acquired shares of Puuharyhmä save for through the
share acquisition on 2 March 2007 that triggered the obligation to make the
Tender Offer. Entities related to the Offeror as defined in Chapter 6, Section
10, subsection 2 of the Securities Markets Act have not acquired any shares of
Puuharyhmä. 

The consideration offered in accordance with this Tender Offer, i.e. EUR 95.00
for each share, corresponds therefore to the highest price paid by the Offeror
for the shares of Puuharyhmä as required under the Securities Market Act. 

The offer consideration of EUR 95,00 corresponds to a premium of 45,88 percent
compared with the closing price on the day preceding the announcement of
Aspro´s obligation to make the Tender Offer. The premium compared with the
vol¬ume-weighted average price during the three (3) months preceding the
announcement of Aspro's obligation to make the Tender Offer is 66,37 percent,
and the premium compared with the volume-weighted average price during the 12
months preceding Aspro´s announcement of its obligation to make a Tender Offer
is 88,60 percent. 

The consummation of the Tender Offer is not subject to any preconditions. 

The Tender Offer will be funded through Aspro's own reserves or partly through
loan facilities already available to Aspro. The financing is not subject to any
condition that will affect the consummation of the Tender Offer. The offer
period will commence on 27 March 2007 at 9.30 a.m. (Finnish time) and end on 5
May 2007 at 4.00 p.m. (Finnish time), unless the offer period is extended in
accordance with the Tender Offer Conditions. 

The preliminary results of the Tender Offer will be announced by a stock
exchange release on the first banking day following the end of the offer
period. The Tender Offer will be completed with respect to all Puuharymä´s
shareholders who have validly accepted the Tender Offer no later than on the
fourth banking day following the end of the offer period, i.e. preliminarily on
10 May 2007. 

The offer consideration will be paid to a Puuharyhmä´s shareholder who has
accepted the Tender Offer into the bank account notified by such shareholder,
his/her book-entry account operator or asset manager, or if the Shares are
nominee-registered, into the bank account defined in the acceptance form. The
offer consideration will be paid on or about the third banking day following
the date of the completion trade. Account operators will send instructions and
a Tender Offer acceptance form to those customers that are Puuharyhmä´s
shareholders. Should Puuharyhmä´s shareholders not receive instructions or an
acceptance form from their account operator, the shareholders can also obtain
an acceptance form from the branch offices of Aktia Savings Bank plc or at the
Internet address www.aktia.fi (item: osakkeet/pääomajärjestelyt) or by
telephone at +358 10 247 6394 or by e-mail at arvopaperit@aktia.fi. 

Ernst & Young Oy Transaction Advisory Services acts as financial advisor to
Aspro and Ernst & Young Oy Legal Services acts as legal advisor. 

Aspro Ocio S.A.
BOARD OF THE DIRECTORS


Further information:
Mr. Juan Carlos Smith, the Chairman of the group, tel: ++34 91 5625010
For further information on Aspro, please visit to: http://www.aspro-ocio.es/


DISTRIBUTION
Helsinki Stock Exchange
Main media


This stock exchange release or tender offer may not directly or indirectly be
distributed or made public in the United States of America, Canada, Australia,
Japan, Hong Kong or South Africa. The legislation of certain other
jurisdictions may also set restrictions on the distribution or publication of
this stock exchange release or tender offer and it may therefore not be
distributed or made public in any jurisdiction or in any connection in which
the distribution or publication of the stock exchange release or tender offer
would violate the laws of that jurisdiction or require action in compliance
with other than Finnish law. Those persons who have gained possession of this
stock exchange release or tender offer are required to obtain appropriate
information on the above-mentioned restrictions and to abide by them. This
stock exchange release or tender offer does not constitute an offer in those
countries, where such offer or request for an offer would be illegal. 

APPENDIX: TERMS AND CONDITIONS OF THE TENDER OFFER




This is an unofficial translation from Finnish into English of the original
Tender Offer Conditions. In the event of any discrepancy between the Finnish
text and the English text, the Finnish text shall govern. 

TERMS AND CONDITIONS OF THE TENDER OFFER

Object of the Tender Offer

With this Tender Offer, Aspro offers to purchase, subject to the terms and
conditions mentioned hereinafter, all Shares issued by Puuharyhmä (“the
Shares”). The Tender Offer does not include Shares owned by Puuharyhmä or its
subsidiaries. 

Tender Offer Period

The Tender Offer is valid between 27.3.2007, 9.30 a.m. (Finnish time) and
4.5.2007, 4 p.m. (Finnish time) dur¬ing which time Puuharyhmä´s shareholders
can accept the Tender Offer, if the Tender Offer Period is not extended or
discontin¬ued as described later. The acceptance form concerning the acceptance
of the Tender Offer must be received by the recipient before the termination of
the Tender Offer Period. 

Aspro reserves the right to extend the Tender Offer Period once or several
times at a time to be specified later, however in a way that the Tender Offer
Period will not exceed 10 weeks, by announcing such extension with a stock
exchange release at the latest three (3) banking days prior to the ending of
the Tender Offer Period. 

The Offeror may suspend the extended Tender Offer Period. The Offeror will
announce the decision on the suspension of the extended Tender Offer Period as
soon as possible after such decision has been taken and, in any case, no later
than two (2) weeks prior to the end of the suspended Tender Offer Period. If
the Offeror suspends the extended Tender Offer Period, the Tender Offer Period
will end, at the announced by the Offeror, earlier time on the announced date. 

Offer Consideration

The Offer Consideration for each Share in the Tender Offer is EUR 95.00 in cash.

Increase and Compensation Obligation

Aspro reserves the right to also acquire Shares during the Tender Offer Period
in public trading in the Helsinki Stock Exchange. Should the Offeror or another
entity related to the Offeror as stipulated in Chapter 6, Section 10,
subsection 2 of the Securities Markets Act acquire Shares during the Tender
Offer Period at a higher price than the Offer Consideration or otherwise on
better terms, the Offeror shall in accordance with the Securities Markets Act,
Chapter 6, Section 13 amend the terms and conditions of this Tender Offer to
correspond with the acquisition on better terms (increase obligation). In this
case the Offeror shall publish the increase obligation without delay and will
pay the difference between this higher price and the Offer Con¬sideration to
those shareholders that have accepted the Tender Offer in connection with the
consummation of the Tender Offer. 

Should the Offeror or another entity related to the Offeror as stipulated in
Chapter 6, Section 10, subsection 2 of the Securities Markets Act acquire
Shares within nine (9) months of the termination of the Tender Offer Period at
a higher price than the Offer Consideration or otherwise on better terms, the
Offeror shall in accordance with the Securities Markets Act, Chapter 6, Section
13 pay the difference between this higher price and the Offer Consideration
(compensation obligation). In this case the Offeror shall publish the
compensation obligation without delay and will pay the difference between this
higher price and the Offer Consideration within one (1) month of the date when
the compensation obligation arose for those shareholders that accepted the
Tender Offer. 

Tender Offer Acceptance Procedure

The Tender Offer may be accepted by a shareholder registered during the Tender
Offer Period in Puuharyhmä´s shareholder register. Puuharyhmä´s shareholders
providing an acceptance must have an account in a financial institution
operating in Finland. Shareholders may only approve the Tender Offer
unconditionally. Acceptance of the Tender Offer must be provided for each
book-entry account. Acceptance of the Tender Offer applies to all Puuharyhmä´s
Shares that are in the book-entry accounts mentioned in the shareholder's
acceptance form at the time of the registration of the transfer restrictions or
the sales reservation with respect to the Shares in connection with the
acceptance. 

An acceptance for the Tender Offer cannot be cancelled by a shareholder.
Notwithstanding the aforesaid, a shareholder may cancel the acceptance in
accordance with Chapter 6, Section 8 of the Securities Markets Act, should a
competing tender offer be published by a third party during the Tender Offer
Period. 

Account operators will send instructions and a Tender Offer acceptance form to
those customers that are Puuharyhmä´s shareholders. Should Puuharyhmä´s
shareholders not receive instructions or an acceptance form from their account
operator, the shareholders can also obtain an acceptance form from the offices
of  Aktia Savings Bank plc or at the internet address www.aktia.fi (item:
osakkeet/pääomajärjestelyt) or by telephone at +358 10 247 6394 or by e-mail at
 arvopaperit@aktia.fi. 

Those Puuharyhmä´s shareholders whose Shares are nominee-registered and who
wish to approve the Tender Offer must provide their acceptance in accordance
with the instructions given by the administrator of their nominee
registrations. Aspro will not send an acceptance form or any other documents
related to the Tender Offer to these Puuharyhmä´s shareholders. 

With respect to pledged Shares, acceptance of the Tender Offer requires the
consent of the pledge holder. Acquiring this consent is the responsibility of
the relevant Puuharyhmä´s shareholder. The pledge holder's consent must be
delivered to the account operator in writing. 

Those Puuharyhmä´s shareholders that accept the Tender Offer must complete,
sign and return the acceptance form duly signed to the account operator that
manages their book-entry account according to the instructions given by the
account operator or, if the relevant account operator will not receive the
acceptance form, to the offices of Aktia Savings Bank plc. Aspro reserves the
right to reject any acceptance forms that have been completed erroneously or
deficiently. 

The acceptance form must be delivered so that it will be received within the
Tender Offer Period taking into account, however, the instructions given by the
account operator. Shareholders can deliver the acceptance forms in the way they
see fit at their own responsibility, and the acceptance form will be considered
as delivered only when an account operator or Aktia Savings Bank plc has
effectively received it. 

By accepting the Tender Offer Puuharyhmä´s shareholders authorize Aktia Savings
Bank plc or their account operator to enter into their book-entry account
transfer restrictions or a sales reservation with respect to the Shares.
Furthermore, those holders of Puuharyhmä´s Shares that accept the Tender Offer
authorize Aktia Savings Bank plc or their account operator to perform any other
neces¬sary entries and undertake any other measures needed for the technical
execution of the Tender Offer and to sell all Shares held by the shareholder to
Aspro in accordance with the terms and conditions of the Tender Offer. 

Those shareholders of Puuharyhmä who have validly accepted the Tender Offer in
accordance with the terms and conditions of the Tender Offer are not permitted
to sell or otherwise control the Shares they hold. The transfer restrictions or
a sales reser¬vation will be entered into the shareholders' book-entry account
with respect to the Shares in the way described below under the section
"Technical Consummation of the Tender Offer" after the shareholder has
delivered the acceptance form. 


Technical Consummation of the Tender Offer

When an account operator or Aktia Savings Bank plc has received an acceptance
form with respect to the Shares conforming with the terms and conditions of the
Tender Offer, the account holder or Aktia Savings Bank plc will enter a sales
reservation or a restriction on the right of disposal in the relevant
book-entry account. In connection with the clearing of the consummation
transaction of the Tender Offer, the sales reservation or the restriction on
the right of disposal will be revoked and a cash consideration will be paid to
the Puuharyhmä´s shareholders. 

If a competing tender offer is published by a third party during the Tender
Offer Period and the shareholder exercises his/her right to cancel the
acceptance of the Tender Offer pursuant to Chapter 6 Section 8 of the
Securities Markets Act, any sales reservations or restrictions on the right of
disposal with respect to the Shares will be revoked within an estimated three
(3) banking days from receipt of a cancel notification. In this case, no
compensation will be paid to Puuharyhmä´s shareholders. 


Notification of Final Offer Outcome

The preliminary outcome of the Tender Offer will be notified by stock exchange
release on the banking day following the termination of the Tender Offer Period
(estimate). The final outcome of the Tender Offer will be notified on or about
the fourth (4th) banking day following the termination of the Tender Offer
Period. In connection with the notification of the final outcome, the number of
those Puuharyhmä´s Shares for which the Tender Offer has been accepted will be
confirmed. 

Consummation of the Tender Offer, Terms of Payment, Settlement and             
                         Delivery of Offer Consideration 

The Tender Offer will be completed with respect to all Puuharyhmä´s
shareholders who have validly accepted the Tender Offer no later than on the
fourth (4th) banking day following the end of the Offer Period, i.e.
preliminarily on 10.05.2007 at the latest. If possible, the completion trades
will be executed on the Helsinki Stock Exchange. The completion trades will be
settled on the third (3rd) banking day following the completion trades, i.e.
preliminarily on 15.5.2007 at the latest. 

The Offer Consideration will be paid to a Puuharyhmä´s shareholder who has
accepted the Tender Offer into the bank account notified by such shareholder,
his/her book-entry account operator or asset manager, or if the Shares are
nominee-registered, into the bank account defined in the acceptance form. The
Offer Consideration will be paid on or about the third (3rd) banking day
following the date of the completion trade. If the bank account of a
Puuharyhmä´s shareholder is at a different bank than his/her book-entry
account, the Offer Consideration will be paid into such bank account
approximately at the latest two (2) banking days later in accordance with the
schedule for payment transactions between financial institutions. 

Transfer of Title

Title to the Shares with respect to which the Tender Offer has been accepted
will pass to the Offeror against payment of the Offer Consideration. 

Transfer Tax and Other Payments

Aspro will pay any transfer tax that may be charged in Finland in connection
with the sale of the Shares. 

Each Puuharyhmä´s shareholder is liable for payments which, based on an
agreement made with the shareholder, the account operator may charge for the
transfer to the book-entry securities system of any Shares not transferred to
the book-entry secu¬rities system and for the fees and commissions charged by
account operators, custodians, administrators of nominee¬-registered Shares or
other parties related to the release of collateral or the revoking of any other
restrictions preventing the sale of Shares. 

Aspro is liable for other normal costs caused by the registration of entries in
the book-entry system required by the Tender Offer or the execution of trades
pertaining to the Shares in compliance with the Tender Offer. Should a
competing tender offer be published by a third party during the Tender Offer
Period and should the shareholder exercise his/her right to cancel the
acceptance of the Tender Offer pursuant to Chapter 6, Section 8 of the
Securities Markets Act, some account operators may charge the shareholder
separately for the registration of the relevant entries regarding the
acceptance and cancellation. 

Other Conditions

Aspro reserves the right to amend the terms and conditions of this Tender Offer
in accordance with Chapter 6, Section 7 of the Securities Markets Act. 

Should a competing tender offer be published by a third party during the Tender
Offer Period, Aspro reserves the right to decide upon extension of the Tender
Offer Period as stipulated in Chapter 6, Section 8 of the Securities Markets
Act. 

Aspro will decide on all other matters related to the Tender Offer.

The Tender Offer will not be made directly or indirectly in areas in which
making the Tender Offer would violate the law. The Tender Offer Document or its
related acceptance forms will not be distributed or forwarded, nor may they be
distributed or forwarded in any way, such as by post, fax, email or telephone,
or in any other way, to or from areas where it would vio¬late the law. The
Tender Offer will not be made directly or indirectly in the United States,
Canada, Australia, Japan, South Africa or Hong Kong nor to those countries, and
nor will the Tender Offer Document or its related information be sent to the
United States, Canada, Australia, Japan, Hong Kong or South-Africa.