UPM's President and CEO Jussi Pesonen comments on the current year at the Annual General Meeting:

"Paper deliveries for the whole 2005 are forecast to increase, although deliveries in the first quarter fall behind from the first quarter in 2004. Price increases in various paper grades have mainly materialised as estimated in the beginning of February, with the exception of fine papers in Europe. Converted products and plywood continue to be in good demand. Sawn timber markets are still oversupplied. We expect profitability in 2005 to be better than that of last year", said Jussi Pesonen.

UPM
Corporate Communications
March 31, 2005