The Board of Directors of UPM-Kymmene Corporation approved distribution of stock options

The Board of Directors of UPM-Kymmene Corporation has approved the distribution of the stock options directed to the key personnel of the UPM-Kymmene Group, issued by the Annual General Meeting of Shareholders on 19 March, 2002.

A total of 3,580,900 2002D stock options were distributed to the key personnel of approximately 400 people of the UPM-Kymmene Group. The rest, 219,100 stock options, such as all 2002E stock options, were distributed to Unicarta Oy, a wholly-owned subsidiary of UPM-Kymmene Corporation, to be further distributed to the present and future key personnel of the UPM-Kymmene Group.

The maximum number of UPM-Kymmene Corporation shares that can be subscribed for with the stock options is 7,600,000. The share subscription price for stock option 2002D shall be the trade volume weighted average quotation of the UPM-Kymmene Corporation share on the Helsinki Exchanges between 15 April and 15 May, 2002 with an addition of ten (10) per cent, i.e. EUR 43.90, and for stock option 2002E the trade volume weighted average quotation of the UPM-Kymmene Corporation share on the Helsinki Exchanges between 15 April and 15 May, 2003 with an addition of ten (10) per cent. From the share subscription price shall be deducted the amount of the dividend decided after the end of the period for determination of the share subscription price but before share subscription.

The share subscription period for stock option 2002D shall be 1 April, 2004 to 30 April, 2007 and for stock option 2002E 1 April, 2005 to 30 April, 2008.


UPM-Kymmene Corporation
Corporate Communications
18 June, 2002