Change in the number of UPM's shares based on subscriptions with stock options 2002E

(UPM, Helsinki, 22 May, 2008 at 9:40) - Between 1 March 2008 and 30 April 2008, a total of 3,687,884 UPM-Kymmene Corporation's stock options 2002E were used for the subscription of 7,375,768 UPM shares. The share subscription period for the stock options 2002E ended on 30 April 2008. The new shares have been registered in the Finnish Trade Register on 22 May 2008.

As a result of the subscriptions, the number of UPM's shares increased by 7,375,768 new shares. After the registration, the total number of UPM shares is 519,968,088. During the entire share subscription period, a total of 3,703,834 stock options 2002 E-were used for the subscription of 7,407,668 UPM shares, which represent 1.4% of the total number of UPM shares after the registration. At the end of the share subscription period, the share subscription price for the stock option 2002E was EUR 10.52 per share.

Dividend rights and other shareholder rights began when the increase of the number of shares was registered on the Trade Register of Finland. An application has been submitted for listing the new shares together with the old shares at the stock exchange list of the OMX Nordic Exchange Helsinki as of 23 May 2008.