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

The share subscription period for UPM-Kymmene Corporation stock options 2002D ended on April 30, 2007.

A total of 2,853,645 UPM Kymmene Corporation share options 2002D was used for the subscription of 5,707,290 shares from April 1, 2007 to April 30, 2007. The shares have been registered in the Finnish Trade Register on May 14, 2007.

As a result of the subscriptions, the number of shares of UPM increased by 5,707,290 new shares. After the registration, the total number of UPM shares is 528,969,320.

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 Helsinki Exchanges as of May 15, 2007.