UPM Annual Report 2020, Corporate Governance Statement and Remuneration Report published

Stock Exchange Release 2.3.2021 9:45 EET

UPM-Kymmene Corporation       Annual Financial Report             2 March 2021 at 9:45 EET

UPM Annual Report 2020, Corporate Governance Statement and Remuneration Report published

UPM's Annual Report 2020 has been published online at www.upm.com and www.upm.fi. The Annual Report including the company's Financial Statements and the Report of the Board of Directors for the period 1 January - 31 December 2020 is available in English and Finnish on the corporate website.

UPM has also published its Corporate Governance Statement 2020 and the Remuneration Report. The Remuneration Report for governing bodies presents the remuneration of the Board of directors and the President and CEO for the financial year 2020. The Remuneration Report 2020 will be presented to the Annual General Meeting 2021. The Corporate Governance Statement and the Remuneration Report are available on the corporate website at www.upm.com/governance (the Investors section under Governance). The Annual Report, the Corporate Governance Statement and the Remuneration Report can be downloaded as PDF files in English and Finnish and they are also attached to this release.

In accordance with the European Single Electronic Format (ESEF) reporting requirements, UPM has also published for the first time the Board of Directors' report and the financial statements as an XHTML file. In line with the ESEF requirements, the primary statements of the consolidated financial statements have been labelled with XBRL tags. XBRL tags are not audited. The XHTML file is available on the corporate website in English and Finnish (the Investors section under Reports and presentations).

Biofore strategy drives our growth and transformation as a bioeconomy frontrunner. Performance, innovation and responsibility continue to be the cornerstones we build on. The Annual Report 2020 highlights our focus on securing employee safety and ensuring performance in the exceptional circumstances caused by the global pandemic. Our transformative growth projects in Uruguay and in Germany proceeded on budget and on schedule.

In 2020, we also committed to UN’s Business Ambition for 1.5°C pledge which aims to limit global temperature rise. UPM can mitigate climate change through climate-positive forestry, significant reductions in carbon dioxide emissions and innovative products that replace fossil materials. Our products respond to growing demand for renewable products and we enable our customers and consumers to make more sustainable choices. Our purpose is to create a future beyond fossils.

All material information related to 2020 has been integrated into this one, third-party assured entirety and no separate responsibility report is published.

The printed Annual Report will be published on the week beginning on 15 March. The printed report can be ordered at www.upm.com/investors/subscribe-to-the-annual-report/ .

UPM Annual Report 2020
Corporate Governance Statement 2020
Remuneration Report

UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Stakeholder Relations

UPM, Media Relations
Mon-Fri 9:00-16:00 EET
tel. +358 40 588 3284

We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 18,000 people worldwide and our annual sales are approximately EUR 8.6 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.com

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