UPM-Kymmene (UPM) Partnership summary

Opening remarks and agenda

• UPM and Sappi announced a non-binding letter of intent to form a 50/50 joint venture focused on combining their European graphic paper businesses.

Objectives of the partnership

• The joint venture aims to transform long-term commitment to the graphic paper market into a concrete, efficient, and sustainable business.

• Ensures reliable, sustainable supply and long-term security for customers, while generating value for shareholders through synergies and operational efficiencies.

Partner introductions and roles

• Both UPM and Sappi will each own 50% of the new independent company, contributing their respective European graphic paper assets.