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

A total of 2,000 UPM stock options 2002E were used for the subscription of 4,000 shares during April 1 – November 30, 2005. The shares have been registered in the Finnish Trade Register on December 21, 2005.

As a result of the subscriptions, UPM's share capital was increased by 4,000 new shares, i.e., by EUR 6,800. After the registration, the total number of UPM shares is 523,255,130 and the share capital of the company is now EUR 889,533,721.00. 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 December 22, 2005.