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UPM Applies for Stock Options Listing
Helsinki, Finland, 25 September 2006 -– UPM has applied for listing of the stock options 2005F on the Helsinki Exchanges, starting 02 October 2006.

The total number of stock options 2005F is 3,000,000. Each stock option entitles its holder to subscribe for one UPM-Kymmene Corporation share. In the aggregate, the stock options 2005F 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 2005F is EUR 16.73/share from which the dividend paid for the years 2004 and 2005, totally EUR 1.50, has been deducted.

The share subscription period with stock options 2005F will commence on 01 October 2006 and end 31 October 2008.

Stock option 2005 terms and conditions are available at www.upm-kymmene.com > Investor Relations > Shares > Option programs.


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