UPM Raflatac’s Pressure Sensitive Labels Earn First-ever APR Certification for Recyclability on Natural HDPE

KPLP Q3 2021 Business and Financial Highlights • Revenue increased by $22.3 million or 6.0% to $391.4 million in Q3 2021 compared to $369.1 million in Q3 2020. • Adjusted EBITDA was $40.3 million in Q3 2021 compared to $46.2 million in Q3 2020, a decrease of 12.8%, and improved sequentially from $37.3 million in Q2 2021. • TAD Sherbrooke continues to run above the expected start-up curve. • Declared a quarterly dividend of $0.18 per share to be paid on January 17, 2022

UPM has signed an agreement to sell 100% of the shares of its Austrian subsidiary UPM Kymmene-Austria GmbH to the HEINZEL GROUP, a leading pulp, packaging and paper producer and trader in Central and Eastern Europe. The transaction comprises the UPM Steyrermühl site with approx. 400 employees, including the newsprint paper machine with an annual capacity of 320,000 tonnes and the Steyrermühl sawmill operations with an annual timber capacity of 370,000 cubic meters. The parties have agreed not to disclose the value of the deal. Closing of the transaction and end of newsprint production at UPM Steyrermühl are planned for the end of 2023. HEINZEL is planning to take over responsibility for the mill after closing. Until then, all operations continue as is. HEINZEL plans to operate the UPM Steyrermühl site outside of graphic papers as an integrate together with its Laakirchen mill, which is located in the same communicaty. HEINZEL is considering the production of packaging materials to complement their existing product portfolio.

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