UPM-Kymmene - Major shareholder announcements

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

UPM-Kymmene Corporation   Stock Exchange Release   22 April 2016 at 17:15 EET

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

UPM-Kymmene Corporation has on 21 April 2016 received an announcement under
Chapter 9, Section 5 of the Securities Markets Act, according to which Norges
Bank's (The Central Bank of Norway) holding of UPM shares and voting rights has
gone above the threshold of 5 per cent on 20 April 2016.

According to the announcement, Norges Bank's shareholding in UPM has increased
to 28,362,935 shares, corresponding to 5.31 per cent of UPM shares and voting
rights. The total number of UPM shares and voting rights owned directly or
through financial instruments by Norges Bank was 7.54 per cent on 20 April
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 Norges Bank 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 |5.31%           |2.23%                |7.54%          |
|the date on which      |                |                     |               |
|threshold was crossed  |                |                     |               |
|or reached             |                |                     |               |
+-----------------------+----------------+---------------------+---------------+
|Position of previous   |2.58%           |4.96%                |7.54%          |
|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 shares|Number of     |% of shares |% of shares   |
|shares            |and voting      |shares and    |and voting  |and voting    |
|                  |rights          |voting rights |rights      |rights        |
+------------------+----------------+--------------+------------+--------------+
|ISIN code (if     |Direct (SMA 9:5)|Indirect (SMA |Direct (SMA |Indirect (SMA |
|possible)         |                |9:6 and 9:7)  |9:5)        |9:6 and 9:7)  |
+------------------+----------------+--------------+------------+--------------+
|FI0009005987      |28,362,935      |              |5.31%       |              |
+------------------+----------------+--------------+------------+--------------+
|SUBTOTAL A        |28,362,935      |              |5.31%       |              |
+------------------+----------------+--------------+------------+--------------+

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 |
+------------+------------+--------------------+-----------+-----------+-------+
|Shares on   |N/A         |At any time         |           |11,903,627 |2.23%  |
|Loan (right |            |                    |           |           |       |
|to recall)  |            |                    |           |           |       |
+------------+------------+--------------------+-----------+-----------+-------+
|            |            |                    |SUBTOTAL B |11,903,627 |2.23%  |
+------------+------------+--------------------+-----------+-----------+-------+

Person subject to the notification obligation is not controlled by any natural
person or legal entity and does not control any other undertaking(s) holding
directly or indirectly an interest in the (underlying) issuer.


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

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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 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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