UPM-Kymmene Oyj — Earnings Release 2011

Oct 14, 2011

Lower pulp and fine paper deliveries in Europe had an adverse impact on UPM's operating profit

Lower pulp and fine paper deliveries in Europe had an adverse impact on UPM's operating profit

- Q3 operating profit excluding special items was EUR 137 million

UPM-Kymmene Corporation Stock exchange release 14 October 2011 at 12:00

Lower pulp and fine paper deliveries in Europe had an adverse impact on UPM's
operating profit - Q3 operating profit excluding special items was EUR 137
million

UPM's pulp deliveries and fine paper deliveries in Europe during Q3 2011 were
lower than expected and had a negative impact on the company's operating
profit.

Fine paper demand continued to be low in Europe and deliveries did not recover
in September from the seasonal summer slowdown.

However, stable demand continued in publication papers and the integration of
Myllykoski and Rhein Papier proceeded well.

During Q3 2011, UPM's operating profit excluding special items was
approximately EUR 137 million and EBITDA approximately EUR 330 million. Sales
were EUR 2.6 billion.

Following the lower than expected Q3 results and the continuing uncertainty in
pulp and fine paper markets, UPM's full-year 2011 operating profit is expected
to be somewhat lower than last year. Previously, the full year 2011 operating
profit was expected to improve from last year.

UPM will publish its Q3 2011 results on October 26, 2011.

For more information, please contact:
Mika Mikkola, Vice President, Investor Relations, UPM, tel. +358204150376

UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Corporate Communications

UPM, Corporate Communications
Media Desk, tel. +358 40 588 3284
media@upm.com

DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main media
www.upm.com