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 (Flagging Release) 22 March
2019 at 16:50 EET

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

UPM-Kymmene Corporation has on 22 March 2019 received an announcement under
Chapter 9, Section 5 of the Securities Markets Act, according to which
BlackRock, Inc.'s indirect holding of UPM shares and voting rights has gone
above the threshold of 5 per cent on 21 March 2019.

According to the announcement, BlackRock, Inc.'s indirect shareholding in UPM
has increased to 27,373,332 shares, corresponding to 5.12 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
5.47 per cent on 21 March 2019. 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:

+-----------------------+----------------+---------------------+---------------+
|                       |% 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 |5.12%           |0.35%                |5.47%          |
|the date on which      |                |                     |               |
|threshold was crossed  |                |                     |               |
|or reached             |                |                     |               |
+-----------------------+----------------+---------------------+---------------+
|Position of previous   |4.98%           |0.47%                |5.45%          |
|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       |             |27,373,332      |            |5.12%         |
+-------------------+-------------+----------------+------------+--------------+
|SUBTOTAL A         |             |27,373,332      |            |5.12%         |
+-------------------+-------------+----------------+------------+--------------+

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   |1,407,965 |0.26%  |
|Lent        |            |                     |           |          |       |
+------------+------------+---------------------+-----------+----------+-------+
|CFD         |N/A         |N/A                  |Cash       |463,009   |0.08%  |
+------------+------------+---------------------+-----------+----------+-------+
|Depositary  |N/A         |N/A                  |Physical   |99        |0.00%  |
|Receipt     |            |                     |           |          |       |
+------------+------------+---------------------+-----------+----------+-------+
|            |            |                     |SUBTOTAL B |1,871,073 |0.35%  |
+------------+------------+---------------------+-----------+----------+-------+


Full chain of controlled undertakings through which the voting rights and
financial instruments are effectively held:

+------------------------+-----------------+---------------------+-------------+
|Name                    |% of shares and  |% of shares and      |Total of both|
|                        |voting rights    |voting rights through|             |
|                        |                 |financial instruments|             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Japan Co.,    |                 |                     |Below 5%     |
|Ltd.                    |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Investment    |                 |                     |Below 5%     |
|Management, LLC         |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Investment    |                 |                     |Below 5%     |
|Management (UK) Limited |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Investment    |                 |                     |Below 5%     |
|Management (Australia)  |                 |                     |             |
|Limited                 |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock International |                 |                     |Below 5%     |
|Limited                 |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Institutional |                 |                     |Below 5%     |
|Trust Company, National |                 |                     |             |
|Association             |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Fund Advisors |                 |                     |Below 5%     |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Financial     |                 |                     |Below 5%     |
|Management, Inc.        |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Asset         |                 |                     |Below 5%     |
|Management North Asia   |                 |                     |             |
|Limited                 |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Asset         |                 |                     |Below 5%     |
|Management Deutschland  |                 |                     |             |
|AG                      |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Asset         |                 |                     |Below 5%     |
|Management Canada       |                 |                     |             |
|Limited                 |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Advisors, LLC |                 |                     |Below 5%     |
+------------------------+-----------------+---------------------+-------------+
|BlackRock Advisors (UK) |                 |                     |Below 5%     |
|Limited                 |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock (Singapore)   |                 |                     |Below 5%     |
|Limited                 |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+
|BlackRock (Netherlands) |                 |                     |Below 5%     |
|B.V.                    |                 |                     |             |
+------------------------+-----------------+---------------------+-------------+



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
We deliver renewable and responsible solutions and innovate for a future beyond
fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac,
UPM Specialty Papers, UPM Communication Papers and UPM Plywood. We employ around
19,000 people worldwide and our annual sales are approximately EUR 10.5 billion.
Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore - Beyond fossils.
www.upm.com

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