Policies

Charter / policy	Approved by	Originally approved	Last amended
Articles of Association	General Meeting of Shareholders	31 October and 1 November 1995 ^*)	22 March 2010
UPM Code of Conduct	Board of Directors	31 May 2006	2 February 2016
Board Charter	Board of Directors	31 May 2006	13 December 2016
Audit Committee Charter	Board of Directors	31 May 2006	13 December 2016
Remuneration Committee Charter	Board of Directors	31 May 2006	13 December 2016
Nomination and Governance Committee Charter	Board of Directors	31 May 2006	13 December 2016
Risk Management Policy	Board of Directors	1 February 2007	6 April 2009
Disclosure Policy	Board of Directors	24 July 2008	26 May 2016
Group Treasury Policy	Board of Directors	1996	25 April 2017
Treasury Policy for Subsidiaries and Businesses	Board of Directors	1996	25 April 2017
Insider Policy	Board of Directors	31 October 2006	26 May 2016
Acceptance Policy	Board of Directors	5 February 2009	13 December 2016
Internal Audit Charter	Board of Directors	1 February 2010	-

^*)Approved in the general meetings of merging companies Repola Oy and Kymmene Oy.