UPM-Kymmene - Corporate Action

Change in the number of UPM's shares based on subscriptions with stock options 2002E

UPM-Kymmene Corporation   Stock Exchange Release  22 May, 2008  at 9:40 
Between 1 March 2008 and 30 April 2008, a total of 3,687,884 UPM-Kymmene        
Corporation's stock options 2002E were used for the subscription of 7,375,768   
UPM shares. The share subscription period for the stock options 2002E ended on  
30 April 2008. The new shares have been registered in the Finnish Trade Register
on 22 May 2008.                                                                 

As a result of the subscriptions, the number of UPM's shares increased by       
7,375,768 new shares. After the registration, the total number of UPM shares is 
519,968,088. During the entire share subscription period, a total of 3,703,834  
stock options 2002 E-were used for the subscription of 7,407,668 UPM shares,    
which represent 1.4% of the total number of UPM shares after the registration.  
At the end of the share subscription period, the share subscription price for   
the stock option 2002E was EUR 10.52 per share.                                 

Dividend rights and other shareholder rights began when the increase of the     
number of shares was registered on the Trade Register of Finland. An application
has been submitted for listing the new shares together with the old shares at   
the stock exchange list of the OMX Nordic Exchange Helsinki as of 23 May 2008.  

UPM-Kymmene Corporation                                                         
Pirkko Harrela                                                                  
Executive Vice President, Corporate Communications                              

DISTRIBUTION                                                                    
OMX Nordic Exchange Helsinki                                                    
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www.upm-kymmene.com                                                             


UPM, Corporate Communications                                                   
Media Desk, tel. +358 40 588 3284                                               
communications@upm-kymmene.com