UPM Applies for Stock Options 2005H Listing

Helsinki, Finland, 26 September 2008 – UPM has applied for listing of the stock options 2005H on the stock exchange list of the OMX Nordic Exchange Helsinki, starting from 01 October 2008.

The total number of stock options 2005H is 3,000,000. Each stock option entitles its holder to subscribe for one UPM-Kymmene Corporation share. In the aggregate, the stock options 2005H entitle holders to subscribe for 3,000,000 shares.

The dividends payable annually shall be deducted from the share subscription price. The current share subscription price for stock option 2005H is EUR 20.15 per share. The subscription prices will be recorded in the invested nonrestricted equity fund. The share subscription period with stock options 2005H will commence on 01 October 2008 and end on 31 October 2010.

Stock option 2005 terms and conditions are available on the company's Web site at www.upm-kymmene.com under Investor Relations > Shares > Option programs.