UPM-Kymmene - Corporate Action

Share subscriptions based on UPM stock options 2007B

(UPM, Helsinki 22 December 2011 at 11:00 EET) - A total of 2150 UPM-Kymmene
Corporation new shares were subscribed for by 5 December 2011 under the
company's stock option rights 2007B. The entire subscription price of EUR
13,416 will be entered in the invested unrestricted equity reserve. As a result
of the share subscriptions, the number of UPM's shares will increase to
524,972,838. 

The shares subscribed for under the stock options were registered in the Trade
Register on 22 December 2011, as of which date the new shares will establish
shareholder rights. 

Trading in the new shares will begin on NASDAQ OMX Helsinki on 23 December 2011.

The share subscription period for stock options 2007B is between 1 October 2011
and 31 October 2013. On 22 December 2011, a total of 4,383,050 stock option
rights 2007B remained unexercised. 

The terms and conditions of UPM's stock options 2007 with additional
information are available on the company's website www.upm.com. 

For further information, please contact:
Mika Mikkola, Vice President, Investor Relations, tel. +358 2041 50376

UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Corporate Communications

DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
www.upm.com