UPM seeks efficiency improvement in its global functions

2020 highlights *Sales decreased by 16% to EUR 8,580 million (10,238 million in 2019) due to lower deliveries of graphic papers and lower pulp and paper prices *Comparable EBIT was EUR 948 million, 11.1% of sales (1,404 million, 13.7%), down 32% year-over-year *Operating cash flow was EUR 1,005 million (1,847 million) *Net debt was EUR 56 million (-453 million) *Cash funds and unused committed credit facilities totalled EUR 3.2 billion at the end of 2020 *The COVID-19 containment measures significantly decreased demand for graphic papers, while UPM Raflatac and UPM Specialty Papers achieved record earnings *UPM's transformative pulp project in Uruguay and biochemicals project in Germany are well on track with the planned start-up timeline *Closures of UPM Kaipola and UPM Chapelle paper mills and UPM Jyväskylä plywood mill, streamlining in several businesses and functions

Monadnock Paper Mills, Inc. is pleased to announce its HP Indigo Solutions Portfolio of 100% Post-Consumer Waste (PCW) paper, packaging, and environmental graphics materials. The product portfolio, complete with a comprehensive listing of available weights, sizes, and properties, is now featured in a comprehensive Stock Guide publication. Either certified or optimized for use on HP Indigo printers, all portfolio offerings are made with Forest Stewardship Council-certified 100% PCW recycled fiber, manufactured carbon neutral and made with 100% Green-e certified wind powered electricity. Additionally, the recycled paper is processed chlorine free, and the entire production process operates under third-party Certified ISO 14001 Environmental and ISO 9001 Quality Management Systems.

•August uncoated free sheet (UFS) paper shipments increased year-over-year for the first time since August 2016. The August shipments of UFS also hit the highest monthly total since March 2016. Imports of UFS decreased by 28% year-over-year in July – the second consecutive decrease of 20% or more. Meanwhile, exports of UFS papers increased 30% year-over-year in July, which is the third consecutive increase of 20% or more. •August shipments of coated free sheet (CFS) papers declined. And while shipments of coated two-sides #1-#2 also decreased year-over-year in August, they still reached the highest monthly total thus far in 2017. U.S. imports of CFS papers decreased 13% year-over-year in July; it is the first year-over-year decline in 2017. Exports of CFS papers increased 11% year-over-year in July, the fifth increase in the past seven months. •Coated mechanical (CM) paper shipments declined year-over-year in August, but reach third highest level in 2017. Imports of CM increased in July, up 11% compared to July 2016, while exports of CM decreased 20% in July. •While shipments of uncoated mechanical (UM) papers declined year-over-year in August, the export data registered a year-over-year increase in July. Imports of UM decreased 3% year-over-year in July while exports of UM increased 10% year-over-year in July – the fourth year-over-year increase in the first seven months of 2017. Click Read More below for additional detail.