UPM applies for listing of the 2002D stock options on the main list of the Helsinki Exchanges

UPM-Kymmene Corporation applies for listing of all 2002D stock options on the main list of the Helsinki Exchanges so that the
listing commences on 1 April 2004.

The total number of D stock options is 3,800,000. Resulting from a bonus issue resolved by the Annual General Meeting of Shareholders held on 19 March 2003 the number of shares to be subscribed for with the stock options and the share subscription price have been changed. Each D stock option entitles its holder to subscribe for two UPM-Kymmene Corporation shares. In the aggregate, the D stock options entitle holders to subscribe for 7,600,000 shares. The dividends payable annually shall be deducted from the share subscription price. The share subscription price with D stock options is EUR 21.20/share from which there has not yet been deducted the proposed dividend for the year 2003.

The share subscription period with D stock options will commence on 1 April 2004 and will end on 30 April 2007.

UPM-Kymmene Corporation
Corporate Communications
March 18, 2004