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2016-05-16

UPM: BlackRock's shareholding in UPM has gone above the threshold of 5 per cent

UPM-Kymmene Corporation Stock Exchange Release 16 May 2016 at 14:15 EET

BlackRock's shareholding in UPM has gone above the threshold of 5 per cent

UPM-Kymmene Corporation has on 16 May 2016 received a notification under
Chapter 9, Section 5 of the Securities Markets Act, according to which
BlackRock, Inc.'s holding of UPM shares and voting rights has gone above the
threshold of 5 per cent on 13 May 2016.

According to the notification, BlackRock, Inc.'s indirect shareholding in UPM
has increased to 27,189,731 shares, corresponding to 5.09 per cent of UPM
shares and voting rights. The total number of UPM shares and voting rights
owned directly or through financial instruments by BlackRock, Inc. and its
funds was 5.71 per cent on 13 May 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 BlackRock, Inc. and its funds subject to the notification
obligation:

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| % of shares and voting rights (total of A) % of shares and voting rights through financial instruments Total of both in % |
| (total of B) |
| (A + B) |
| Resulting situation on the date on which threshold was crossed or 5.09% 0.62% 5.71% |
|reached |
| Position of previous notification (if applicable) 4.94% 0.59% 5.54% |
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 shares Number of shares and voting rights Number of shares and voting rights % of shares and voting rights % of shares and voting rights |
| ISIN code (if possible) Direct Indirect Direct Indirect |
| (SMA 9:5) (SMA 9:6 and 9:7) (SMA 9:5) (SMA 9:6 and 9:7) |
| FI0009005987 27,189,731 5.09% |
| SUBTOTAL A 27,189,731 5.09% |
-----------------------------------------------------------------------------------------------------------------------------------------------------------------
B: Financial Instruments according to SMA 9:6a

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| Type of financial instrument Expiration date Exercise/Conversion period Physical or cash settlement Number of shares and voting rights % of shares and voting rights |
| Securities Lent N/A N/A Physical 2,035,858 0.38% |
| CFD N/A N/A Cash 1,283,657 0.24% |
| SUBTOTAL B 3,319,515 0.62% |
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Full chain of controlled undertakings through which the voting rights and
financial instruments are effectively held starting with the ultimate
controlling natural person or legal entity is presented in the enclosed
Annex.

UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Stakeholder Relations

UPM, Media Relations

9.00-16.00 EET
tel. +358 40 588 3284
media@upm.com

UPM

Through the renewing of the bio and forest industries, UPM is building a
sustainable future across six business areas: UPM Biorefining, UPM Energy,
UPM Raflatac, UPM Paper Asia, UPM Paper ENA and UPM Plywood. Our products are
made of renewable raw materials and are recyclable. We serve our customers
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 - The Biofore Company -www.upm.com

Follow UPM onTwitter|LinkedIn|Facebook|YouTube|Instagram

Chain of controlled undertakings - BlackRock, Inc.
http://hugin.info/165629/R/2012937/745851.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: UPM via Globenewswire

HUG#2012937

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