UPM applies for listing of the stock options 2005F on the stock exchange list of the Helsinki Exchanges

(UPM, Helsinki, September 25, 2006) – UPM applies for listing of the stock options 2005F on the stock exchange list of the Helsinki Exchanges starting from October 2, 2006.

The total number of stock options 2005F is 3,000,000. Each stock option entitles its holder to subscribe for one UPM-Kymmene Corporation share. In the aggregate, the stock options 2005F entitle holders to subscribe for 3,000,000 shares. The dividends payable annually shall be deducted from the share subscription price. The current share subscription price for stock option 2005F is EUR 16.73/share from which the dividend paid for the years 2004 and 2005, totally 1.50 euros, has been deducted.

The share subscription period with stock options 2005F will commence on 1 October 2006 and end on 31 October 2008.

Stock option 2005 terms and conditions are available on the company's website at www.upm-kymmene.com > Investor Relations > Shares > Option programs.