UPM-Kymmene - Major shareholder announcements

Holding of JPMorgan Chase & Co. in UPM has gone below the threshold of 5 per cent

UPM-Kymmene Corporation   Stock Exchange Release   7 December 2016 at 13:30 EET

Holding of JPMorgan Chase & Co. in UPM has gone below the threshold of 5 per
cent

UPM-Kymmene Corporation has on 6 December 2016 received an announcement under
Chapter 9, Section 5 of the Securities Markets Act, according to which the
holding of JPMorgan Chase & Co. in UPM shares and voting rights has gone below
the threshold of 5 per cent on 5 December 2016.

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 JPMorgan Chase & Co.:

+---------------------+------------------+-------------------+-----------------+
|                     |% of shares and   |% of shares and    |Total of both in |
|                     |voting rights     |voting rights      |%                |
|                     |(total of A)      |through financial  |(A + B)          |
|                     |                  |instruments (total |                 |
|                     |                  |of B)              |                 |
+---------------------+------------------+-------------------+-----------------+
|Resulting situation  |Below 5% threshold|Below 5% threshold |Below 5%         |
|on the date on which |                  |                   |threshold        |
|threshold was crossed|                  |                   |                 |
|or reached           |                  |                   |                 |
+---------------------+------------------+-------------------+-----------------+
|Position of previous |6.56%             |0.06%              |6.62%            |
|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      |% of shares |% of shares and|
|shares             |shares and   |shares and     |and voting  |voting rights  |
|                   |voting rights|voting 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       |             |Below 5%       |            |Below 5%       |
|                   |             |threshold      |            |threshold      |
+-------------------+-------------+---------------+------------+---------------+
|SUBTOTAL A         |Below 5% threshold           |Below 5% threshold          |
+-------------------+-----------------------------+----------------------------+

B: Financial Instruments according to SMA 9:6a

+------------+------------+---------------------+------------+--------+--------+
|Type of     |Expiration  |Exercise/Conversion  |Physical or |Number  |% of    |
|financial   |date        |period               |cash        |of      |shares  |
|instrument  |            |                     |settlement  |shares  |and     |
|            |            |                     |            |and     |voting  |
|            |            |                     |            |voting  |rights  |
|            |            |                     |            |rights  |        |
+------------+------------+---------------------+------------+--------+--------+
|            |            |                     |            |        |        |
+------------+------------+---------------------+------------+--------+--------+
|            |            |                     |            |        |        |
+------------+------------+---------------------+------------+--------+--------+
|            |            |                     |SUBTOTAL B  |        |        |
+------------+------------+---------------------+------------+--------+--------+

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:

+----------------------+-----------------+-------------------+-----------------+
|Name                  |% of shares and  |% of shares and    |Total of both    |
|                      |voting rights    |voting rights      |                 |
|                      |                 |through financial  |                 |
|                      |                 |instruments        |                 |
+----------------------+-----------------+-------------------+-----------------+
|J.P. Morgan           |Below 5%         |                   |Below 5%         |
|International Bank    |threshold        |                   |threshold        |
|Limited               |                 |                   |                 |
+----------------------+-----------------+-------------------+-----------------+
|J.P. Morgan Investment|Below 5%         |Below 5% threshold |Below 5%         |
|Management Inc.       |threshold        |                   |threshold        |
|                      |                 |                   |                 |
|J.P. Morgan Trust     |                 |Below 5% threshold |                 |
|Company of Delaware   |Below 5%         |                   |Below 5%         |
|                      |threshold        |                   |threshold        |
+----------------------+-----------------+-------------------+-----------------+
|JPMorgan Asset        |Below 5%         |                   |Below 5%         |
|Management (Taiwan)   |threshold        |                   |threshold        |
|Limited               |                 |                   |                 |
+----------------------+-----------------+-------------------+-----------------+
|JPMorgan Asset        |Below 5%         |Below 5% threshold |Below 5%         |
|Management (UK)       |threshold        |                   |threshold        |
|Limited               |                 |                   |                 |
+----------------------+-----------------+-------------------+-----------------+
|JPMorgan Chase Bank,  |Below 5%         |Below 5% threshold |Below 5%         |
|National Association  |threshold        |                   |threshold        |
|                      |                 |                   |                 |
|J.P. Morgan (Suisse)  |                 |                   |                 |
|SA                    |Below 5%         |                   |Below 5%         |
|                      |threshold        |                   |threshold        |
+----------------------+-----------------+-------------------+-----------------+


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

UPM, Media Relations
Mon-Fri 9:00-16:00 EET
tel. +358 40 588 3284
media@upm.com

UPM
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