UPM sector leader in DJSI World Index

The results of the 2004 annual review of the Dow Jones Sustainability World Indexes (DJSI World) and Dow Jones STOXX Sustainability Indexes (DJSI STOXX) were recently published. For the first time UPM is listed as a sector leader in the relative positioning of companies within the DJSI World industry group 'Forest Products & Paper'. Like for the past three years, UPM has been selected as an index component for both indexes also this year.

In comparison to last year's review, UPM strengthened its position in all three dimensions - economic, environmental and social - assessed for the indexes. The most notable improvement was achieved in the environmental dimension. UPM received the highest possible score in this criterion for advanced environmental management systems and sustainable fibre and pulp sourcing.

The Dow Jones Sustainability World Index includes over 300 companies from 24 countries. The pan-European sustainability benchmark - the Dow Jones STOXX Sustainability Index - includes 167 companies from 12 countries. The companies lead their industries in terms of corporate sustainability.

For further information, please contact:
Ms. Marja Tuderman, Vice President, Environmental Affairs, tel. +358 204 15 0395

UPM
Corporate Communications
September 6, 2004