UPM-Kymmene - Major shareholder announcements

Disclosure under Chapter 9, Section 10 of the Securities Markets Act

UPM-Kymmene Corporation   Stock Exchange Release   30 November 2015 at 16:00 EET

Disclosure under Chapter 9, Section 10 of the Securities Markets Act

UPM-Kymmene Corporation has on 27 November 2015 received an announcement under
Chapter 9, Section 5 of the Securities Markets Act from BlackRock, Inc. as a
result of the implementation of changes to the transparency directive in the
Finnish Securities Market Act.

According to the announcement, the total number of UPM shares owned directly or
through financial instruments by BlackRock, Inc. and its funds was 5.13 per cent
of UPM's total number of shares and voting rights on 26 November 2015. UPM's
registered total number of shares and voting rights amounting to 533,735,699 has
been used in the calculation of percentages for the announcement.

Total positions of BlackRock, Inc. and its funds subject to the notification:

+-----------------------+----------------+---------------------+---------------+
|                       |% of shares and |% of shares and      |Total of both  |
|                       |voting rights   |voting rights through|in %           |
|                       |(total of A)    |financial instruments|(A + B)        |
|                       |                |(total of B)         |               |
+-----------------------+----------------+---------------------+---------------+
|Resulting situation on |4.89%           |0.24%                |5.13%          |
|the date on which      |                |                     |               |
|threshold was crossed  |                |                     |               |
|or reached             |                |                     |               |
+-----------------------+----------------+---------------------+---------------+
|Position of previous   |Below 5%        |Below 5%             |Below 5%       |
|notification (if       |                |                     |               |
|applicable)            |                |                     |               |
+-----------------------+----------------+---------------------+---------------+

Notified details of the resulting situation on the date on which the threshold
was crossed or reached:

A: Shares and voting rights

+-------------------+-------------+----------------+------------+--------------+
|Class/type of      |Number of    |Number of shares|% of shares |% of shares   |
|shares             |shares and   |and voting      |and voting  |and voting    |
|                   |voting rights|rights          |rights      |rights        |
+-------------------+-------------+----------------+------------+--------------+
|ISIN code (if      |Direct (SMA  |Indirect (SMA   |Direct (SMA |Indirect (SMA |
|possible)          |9:5)         |9:6 and 9:7)    |9:5)        |9:6 and 9:7   |
+-------------------+-------------+----------------+------------+--------------+
|FI0009005987       |             |26,115,328      |            |4.89%         |
+-------------------+-------------+----------------+------------+--------------+
|SUBTOTAL A         |             |26,115,328      |            |4.89%         |
+-------------------+-------------+----------------+------------+--------------+

B: Financial Instruments according to SMA 9:6a

+------------+------------+---------------------+-----------+----------+-------+
|Type of     |Expiration  |Exercise/Conversion  |Physical or|Number of |% of   |
|financial   |date        |period               |cash       |shares and|shares |
|instrument  |            |                     |settlement |voting    |and    |
|            |            |                     |           |rights    |voting |
|            |            |                     |           |          |rights |
+------------+------------+---------------------+-----------+----------+-------+
|Securities  |N/A         |N/A                  |Physical   |488,124   |0.09%  |
|Lent        |            |                     |           |          |       |
+------------+------------+---------------------+-----------+----------+-------+
|CFD         |N/A         |N/A                  |Cash       |785,816   |0.15%  |
+------------+------------+---------------------+-----------+----------+-------+
|            |            |                     |SUBTOTAL B |1,273,940 |0.24%  |
+------------+------------+---------------------+-----------+----------+-------+

Full chain of controlled undertakings through which the voting rights and
financial instruments are effectively held starting with the ultimate
controlling natural person or legal entity is presented in the enclosed Annex.


UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Stakeholder Relations

UPM, Media Relations
9.00-16.00 EET
tel. +358 40 588 3284
media@upm.com

www.twitter.com/UPM_News
www.facebook.com/UPMGlobal
www.linkedin.com/company/upm-kymmene

UPM
Through the renewing of the bio and forest industries, UPM is building a
sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM
Raflatac, UPM Paper Asia, UPM Paper Europe and North America and UPM Plywood.
Our products are made of renewable raw materials and are recyclable. We serve
our customers worldwide. The group employs around 20,000 people and its annual
sales are approximately EUR 10 billion. UPM shares are listed on NASDAQ OMX
Helsinki. UPM - The Biofore Company - www.upm.com


[HUG#1970193]

Attachments:

Chain of controlled undertakings - BlackRock, Inc..pdf