UPM's non-recurring items in October-December 2003

UPM's non-recurring items in October-December 2003

UPM-Kymmene Corporation's non-recurring income for the fourth quarter of 2003 was approx. EUR 150 million net.

The amount includes capital gains of EUR 163 million on the sale of 11.3 million Nokia shares and other capital gains of approx. EUR 8 million.

Restructuring costs, mainly related to the cost-savings programme, and other provisions are approx. EUR 21 million.

UPM-Kymmene Corporation
Corporate Communications
January 15, 2004