UPM's share capital increase based on subscriptions for stock options

(UPM, Helsinki, February 15, 2006) - A total of 100 UPM stock options 2002E were used for the subscription of 200 shares during December 1, 2005 – January 31, 2006. The shares have been registered in the Finnish Trade Register on February 15, 2006.

As a result of the subscriptions, UPM's share capital was increased by 200 new shares, i.e., by EUR 340. After the registration, the total number of UPM shares is 523,255,330 and the share capital of the company is now EUR 889,534,061.00. The book equivalent value of one share is EUR 1.70.

Dividend rights and other shareholder rights shall begin when the increase of the share capital 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 Helsinki Stock Exchange’s Main List as of February 16, 2006.

UPM-Kymmene Corporation

Pirkko Harrela
Executive Vice President, Corporate Communications