UPM-Kymmene (UPM) Partnership summary

Opening remarks and agenda

• Announcement of a non-binding letter of intent for a 50/50 joint venture between two major graphic paper businesses in Europe.

• The joint venture will combine both parties' European graphic paper operations and restate their long-term commitment to the market.

Objectives of the partnership

• Transform stated commitments to the graphic paper market into concrete action via a new company, ensuring long-term viability and reliable supply for customers.

• Establish an efficient, adaptable, and sustainable graphic paper business positioned for value creation and improved profitability.

Partner introductions and roles

• Both partners will contribute significant assets: one party provides eight mills (Finland, Germany, UK, US), the other four mills (Austria, Germany, Finland, Netherlands).

• Each partner will hold a 50% equity stake in the joint venture, which will include UPM Communication Papers and Sappi's European graphic paper business.