After a successful first rebuild stage of the paper machine 5 in Oberkirch, Germany – with the installation of the Voith SpeedSizer film press and contactless qDryPro Compact high‐performance drying system – Koehler Paper has confirmed its confidence in Voith. Hartmut Felsch, plant manager at Koehler, Oberkirch, Germany: “"In Voith, we have found a strong and reliable partner with the highest quality standards for all areas of paper production.” Thorsten Heidt, Senior Sales Manager at Voith also confirms: “We have a long‐standing, successful business relationship with Koehler. Just recently, Koehler was able to achieve a world speed record with the new production line 8 at the Kehl location thanks to our successful cooperation and continuous optimization. We are very pleased that Koehler has again opted for our leading technologies and that our solution convinced in all points.” Koehler has selected the full‐line supplier to deliver the second modernization stage, focusing on the much‐proven NipcoFlex shoe press. The aim is to achieve an optimal production result.

Fourth Quarter and Full Year 2020 Highlights: *Fourth quarter and full year income from continuing operations was $9 million, and $0 million, respectively, $66 million and $119 million higher than comparable periods in 2019, respectively *Fourth quarter Adjusted EBITDA from continuing operations of $53 million was up $44 million from the comparable quarter in 2019 primarily driven by higher lumber and High Purity Cellulose prices *Full year 2020 Adjusted EBITDA from continuing operations of $153 million improved $78 million from the prior year primarily driven by strong demand for lumber and reduced costs across segments as a result of improved reliability *Generated $73 million of Free Cash Flow through the year ended December 31, 2020 driven by prudent management of capital expenditures and improved working capital; expect $55 million from cash tax refunds during 2021 *Completed refinancing in December to extend maturities, remove financial maintenance covenants and enhance liquidity

UPM will permanently cease production at its Chapelle newsprint mill in Grand-Couronne, France today. The consultation process with employee representatives was completed on June 15th, 2020 according to French legislation and approved by French authorities on July 15th, 2020. The closure impacts 228 people. UPM offers support to employees in order to alleviate the effects caused by staff reductions in relation to the closing of the mill. With the closure of the mill UPM will reduce a total of 240.000 tonnes of its newsprint paper capacity.