Change in the number of shares of UPM based on subscriptions with share options

(UPM, Helsinki, March 14, 2008 at 9:30) – The following number of UPM-Kymmene Corporation shares has been subscribed with stock options 2002E and 2005F: share options 2002D were used for the subscription of 21,000 shares and share options 2005F were used for the subscription of 2,000 shares. The shares have been registered in the Finnish Trade Register on March 14, 2008.

As a result of the subscriptions, the number of shares of UPM increased by 23,000 new shares. After the registration, the total number of UPM shares is 512,592,320.

Dividend rights and other shareholder rights shall begin when the increase of the number of shares has been 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 March 17, 2008.