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Management Side
UPM Stock Option Changes
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Helsinki, Finland, 19 November 2008 -- Between 01 March 2008 and 31 October 2008, a total of 2000 UPM-Kymmene Corporation's stock options 2005F were used for the subscription of 2000 UPM shares. The share subscription period for the stock options 2005F ended on 31 October 2008. After the registration, the total number of UPM shares increased by 2000 shares to 519,970,088. The new shares have been registered in the Finnish Trade Register on 19 November 2008.

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 NASDAQ OMX Helsinki Ltd as of 20 November 2008.

During the entire share subscription period, 4000 stock options 2005F were used for the subscription of 4000 UPM shares, which represent 0.0008% 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 2005F was EUR 15.23 per share. Through the authorisation in force to issue shares and through share option programs, the number of shares may increase to a maximum of 790,970,088.
 


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