Shareholders have an obligation to notify both the Financial Supervisory Authority (FSA) and UPM of changes in their holdings. UPM has an obligation to publicly disclose the shareholder's notification.

Under the provisions of the Securities Markets Act, changes in holdings must be disclosed when the holding reaches, exceeds or falls below 5, 10, 15, 20, 25, 30, 50, 66.7 (2/3) or 90 per cent of the voting rights or the number of shares of the company. Notifications of changes in holdings must be made without undue delay.

Please find more information on the Financial Supervisory Authority's web page.

The flagging notifications to UPM can be sent by email to notifications(at)upm.com .