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

UPM-Kymmene Corporation applies for listing of all 2002E stock options on the main list of the Helsinki Exchanges so that the listing commences on 1 April 2005.

The total number of 2002E 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 have been changed. Each E stock option entitles its holder to subscribe for two UPM shares. In the aggregate, the E stock options entitle holders to subscribe for 7,600,000 shares. The dividends payable annually shall be deducted from the share subscription price. The current share subscription price for two shares with E stock options is EUR 27.04 from which the proposed dividend for the year 2004 has not yet been deducted.

The share subscription period with 2002E stock options will commence on 1 April 2005 and will end on 30 April 2008.

Terms and conditions of the stock options 2002 are available on the company's web site at www.upm-kymmene.com > Investor Relations > Shares > Option Programs.

UPM
Corporate Communications
23 March 2005