UPM-Kymmene - Major shareholder announcements

BlackRock’s holding in UPM has gone below the threshold of 5 per cent

UPM-Kymmene Corporation   Stock Exchange Release   23 March 2015 at 16:40 EET

BlackRock's holding in UPM has gone below the threshold of 5 per cent

UPM-Kymmene Corporation has on 23 March 2015 received an announcement under
Chapter 9, Section 5 of the Securities Markets Act, according to which
BlackRock, Inc.'s indirect holding in UPM has gone below the threshold of 5 per
cent on 20 March 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. 

According to the announcement, BlackRock, Inc.'s chain of controlled
undertakings is as follows: 

Chain of controlled undertakings                           
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BlackRock Advisors, LLC                                    
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BlackRock Financial Management, Inc.                       
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BlackRock Institutional Trust Company, National Association
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BlackRock Investment Management, LLC                       
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BlackRock Investment Management (Australia) Limited        
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BlackRock Investment Management (UK) Ltd                   
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BlackRock (Netherlands) B.V.                               
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BlackRock Advisors (UK) Limited                            
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BlackRock Asset Management Canada Limited                  
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BlackRock Asset Management Deutschland AG                  
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BlackRock Asset Management North Asia Limited              
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BlackRock (Singapore) Limited                              
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BlackRock Fund Advisors                                    
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BlackRock International Limited                            
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BlackRock Japan Co., Ltd.                                  
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UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Stakeholder Relations

UPM, Media Desk
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

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