UPM President and CEO Jussi Pesonen: The paper price trend is up

UPM's President and CEO Jussi Pesonen, speaking at the UBS Global Paper & Forest Products Conference in New York today, commented on the development of paper prices:

"The demand for paper has continued brisk and our order books are strong. The paper price trend is up. Due to the small share of non-contractual business and the cost pressures in certain oil-based raw materials, the positive price development has, however, little effect on the 2004 second half results."

For further information, please contact
Mr Kari Toikka, Executive Vice President and CFO, tel. +358 204 15 0014

UPM
Corporate Communications
September 22, 2004