UPM withdraws from planned joint venture in China

UPM has announced its withdrawal from the planned joint venture company in Zhanjiang, Guangdong Province, in China. According to a letter of intent signed in 2003, the task of the joint venture company was to investigate and make preparations for wood supplies for a possible future pulp mill. The decision to withdraw was made after studies of the local conditions and the availability and cost of wood for a modern large-scale pulp mill.

For further information, please contact:
Mr Heikki Sara, Executive Vice President, Strategic Development, UPM, tel. +358 204 15 0040

UPM
Corporate Communications
November 15, 2004