UPM-Kymmene - Major shareholder announcements

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

UPM-Kymmene Corporation   Stock Exchange Release   5 December 2016 at 18:15 EET

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

UPM-Kymmene Corporation has on 5 December 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 below the threshold of 5 per cent on 2 December 2016.

According to the announcement, Norges Bank's holding in UPM has decreased to
26,487,024 shares, corresponding to 4.96 per cent of UPM shares and voting
rights. The total number of UPM shares and voting rights owned directly by
Norges Bank was 4.96 per cent on 2 December 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:

+-----------------------+----------------+---------------------+---------------+
|                       |% 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 |4.96%           |0%                   |4.96%          |
|the date on which      |                |                     |               |
|threshold was crossed  |                |                     |               |
|or reached             |                |                     |               |
+-----------------------+----------------+---------------------+---------------+
|Position of previous   |5.31%           |2.23%                |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      |26,487,024      |              |4.96%       |              |
+------------------+----------------+--------------+------------+--------------+
|SUBTOTAL A        |26,487,024      |              |4.96%       |              |
+------------------+----------------+--------------+------------+--------------+

B: Financial Instruments according to SMA 9:6a

+------------+------------+---------------------+------------+--------+--------+
|Type of     |Expiration  |Exercise/Conversion  |Physical or |Number  |% of    |
|financial   |date        |period               |cash        |of      |shares  |
|instrument  |            |                     |settlement  |shares  |and     |
|            |            |                     |            |and     |voting  |
|            |            |                     |            |voting  |rights  |
|            |            |                     |            |rights  |        |
+------------+------------+---------------------+------------+--------+--------+
|N/A         |N/A         |N/A                  |            |N/A     |N/A     |
+------------+------------+---------------------+------------+--------+--------+
|            |            |                     |            |        |        |
+------------+------------+---------------------+------------+--------+--------+
|            |            |                     |SUBTOTAL B  |N/A     |N/A     |
+------------+------------+---------------------+------------+--------+--------+

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
Mon-Fri 9:00-16:00 EET
tel. +358 40 588 3284
media@upm.com

UPM
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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
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