UPM-Kymmene - Major shareholder announcements

BlackRock's shareholding in UPM has gone above the threshold of 5 per cent

UPM-Kymmene Corporation   Stock Exchange Release   16 May 2016 at 14:15 EET

BlackRock's shareholding in UPM has gone above the threshold of 5 per cent

UPM-Kymmene Corporation has on 16 May 2016 received a notification under Chapter
9, Section 5 of the Securities Markets Act, according to which BlackRock, Inc.'s
holding of UPM shares and voting rights has gone above the threshold of 5 per
cent on 13 May 2016.

According to the notification, BlackRock, Inc.'s indirect shareholding in UPM
has increased to 27,189,731 shares, corresponding to 5.09 per cent of UPM shares
and voting rights. The total number of UPM shares and voting rights owned
directly or through financial instruments by BlackRock, Inc. and its funds was
5.71 per cent on 13 May 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 BlackRock, Inc. and its funds subject to the notification
obligation:

+-----------------------+----------------+---------------------+---------------+
|                       |% 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 |5.09%           |0.62%                |5.71%          |
|the date on which      |                |                     |               |
|threshold was crossed  |                |                     |               |
|or reached             |                |                     |               |
+-----------------------+----------------+---------------------+---------------+
|Position of previous   |4.94%           |0.59%                |5.54%          |
|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       |             |27,189,731      |            |5.09%         |
+-------------------+-------------+----------------+------------+--------------+
|SUBTOTAL A         |             |27,189,731      |            |5.09%         |
+-------------------+-------------+----------------+------------+--------------+

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   |2,035,858 |0.38%  |
|Lent        |            |                     |           |          |       |
+------------+------------+---------------------+-----------+----------+-------+
|CFD         |N/A         |N/A                  |Cash       |1,283,657 |0.24%  |
+------------+------------+---------------------+-----------+----------+-------+
|            |            |                     |SUBTOTAL B |3,319,515 |0.62%  |
+------------+------------+---------------------+-----------+----------+-------+

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

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 ENA and UPM Plywood. Our products are made
of renewable raw materials and are recyclable. We serve our customers worldwide.
The group employs around 19,600 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

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[HUG#2012937]

Attachments:

Chain of controlled undertakings - BlackRock, Inc..pdf