Vesa Vainio to continue as Chairman of UPM Board of Directors

At UPM-Kymmene Corporation's Board of Directors assembly meeting, Mr. Vesa Vainio was re-elected as Chairman. Mr. Jorma Ollila and Mr. Gustaf Serlachius were elected as Vice Chairmen.

In addition, the Board of Directors elected from its members an Audit Committee with Mr. Michael C. Bottenheim as Chairman, and Mr. Martti Ahtisaari and Ms. Françoise Sampermans as members. A Human Resources Committee was elected with Mr. Vesa Vainio as Chairman, and Mr. Berndt Brunow and Mr. Georg Holzhey as members. Furthermore, a Nomination Committee was elected with Mr. Gustaf Serlachius as Chairman, and Mr. Karl Grotenfelt and Mr. Jorma Ollila as members.

The Board members are independent of the company except for Mr. Georg Holzhey, who has been employed by the company during the last three years. Mr. Georg Holzhey was a member of UPM's Executive Team in 2002.

UPM-Kymmene Corporation
Corporate Communications
March 24, 2004