UPM initiates share buyback

UPM has today decided to buy back a maximum of 10 million of its own shares as authorised by the Annual General Meeting on March 24, 2004.

The share buyback will be completed by March 21, 2005.

For further information, please contact:
Mr Olavi Kauppila, Senior Vice President, Investor Relations, +358 204 15 0658

UPM
Corporate Communications
February 1, 2005