UPM Timber has completed employee consultation process

Effective with shipments on or after May 20, 2018, Flambeau River Papers will increase the transaction prices for the following grades of paper: • FRP Converting and Envelope Papers • FRP Specialty Papers • FRP Glacier and Torchglow Opaque and Pastel Papers • FRP Reply Card Papers • FRP Index, Vellum Bristol and Tag Papers • FRP Tradebook and Endleaf Papers • FRP InkJet Papers • FRP MOCR and Ledger Papers • FRP 100 Papers. All current standard upcharges and differentials will remain in effect.

UPM Pulp, UPM Communication Papers and the Paper Workers' Union have reached a negotiation outcome in the collective labour agreement negotiations concerning UPM's Finnish pulp and printing paper mills. "We are pleased that we have reached a negotiated outcome on the new collective agreements and would like to thank the Paper Workers’ Union for the constructive and good spirit negotiations. The contents of the negotiation outcomes now achieved create a good basis for the development of our business in Finland," say Aki Temmes, Executive Vice President of UPM Fibres and Antti Hermonen, Senior Vice President, Operations of UPM Communication Papers. The new collective agreements will have a two-year contract period and will enter into force upon approval by the Paper Workers’ Union’s Board. The union has announced that their Board will discuss the negotiation outcomes at its meeting on 5 June 2024. Negotiations on the collective labour agreements for UPM Specialty Papers, UPM Raflatac and UPM Biofuels will continue.

Overview • Q1 2024 operating loss of $86 million; shareholder net loss of $65 million, or $0.54 per share • Sustained pressure on global lumber markets and pricing, especially for Southern Yellow Pine (“SYP”) • Solid earnings from Europe; US South results directly impacted by weak SYP lumber pricing; Western Canadian results remained challenging despite uplift in Western Spruce/Pine/Fir lumber pricing • Modest uptick in NBSK pulp unit sales realizations, 7% increase in pulp production quarter-over-quarter • Ongoing constraints accessing economically viable fibre in British Columbia impacting lumber and pulp operating rates in the near-term and through the balance of 2024