American Forest & Paper Association Releases November 2020 Packaging Papers Monthly Report

First quarter 2022 net income from continuing operations was $16.5 million (0.49 per diluted share) compared to net income from continuing operations of $9.6 million ($0.29 per diluted share) in the first quarter of 2021. Net income from ongoing operations, which excludes special items, was $16.9 million ($0.50 per diluted share) in the first quarter of 2022 compared with $10.1 million ($0.30 per diluted share) in the first quarter of 2021. First Quarter Financial Results Highlights *Earnings before interest, taxes, depreciation and amortization ("EBITDA") from ongoing operations for Aluminum Extrusions of $23.9 million was $10.6 million higher than the first quarter of 2021 *EBITDA from ongoing operations for PE Films of $7.0 million was $0.2 million lower than the first quarter of 2021 *EBITDA from ongoing operations for Flexible Packaging Films of $5.0 million was $4.6 million lower than the first quarter of 2021

Fourth Quarter and Fiscal Year Highlights: *Net sales growth of 22% and 18% in the quarter and fiscal year, respectively *Fiscal year organic volume growth of 4%; HHS +5%, CPNA +4%, EM +4% and CPI +3% *Fiscal year net income per share (EPS) up 28% to $5.30 and adjusted EPS up 20% to $5.80 ($7.21 including amortization of intangibles from acquisitions) *Cash flow from operations and free cash flow of $1.6B and $904M, respectively

UPM Specialty Papers is responding to the growing pet food market’s need to transform traditional packaging solutions by offering paper-based alternatives for plastics and packages that contain soon to be phased out PFAS chemicals. “As PFAS chemicals are expected to be banned in the EU, UPM Specialty Papers can support converters and brand owners in this change. UPM’s barrier papers can achieve excellent grease resistance without the use of PFAS chemicals,” says Kalle Luomi, Senior Manager, Product Stewardship, UPM Specialty Papers. Depending on customer requirements, the company offers a wide range of packaging papers for pet food packaging. One example is the UPM Asendo™ Pro barrier paper that combines recyclability and grease resistance with excellent print properties.