Consumer Tissue business in Spain The Navigator Company completed the acquisition of Gomà-Camps Group’s Consumer Tissue business, including the acquisition of Spanish company GOMÀCAMPS CONSUMER, S.L.U. and French company GOMÀ-CAMPS FRANCE SAS (hereinafter referred to as "GC Consumer"). This acquisition is part of an ambitious plan for diversification and development of the Navigator Group, strengthening the Group’s position as the second largest Iberian producer of tissue, with an annual production capacity that now stands at 165,000 tonnes.

UPM Raflatac has received a new certificate of validity from leading international assurance service provider, DEKRA, for its RafCycle™ recycling service. Going forward, this certification validates the credibility of the CO2 impact assessments provided by RafCycle in Europe and the US. As a result, customers can communicate their environmental contributions in the labeling value chain with increased assurance. “With DEKRA validated CO2 calculation method, RafCycle partners now have access to credible information on the potential benefits of the RafCycle service.This information helps companies make informed decisions and convey their sustainability efforts to stakeholders”, states Juha Virmavirta, RafCycle Director, UPM Raflatac. The global waste issue is significant, with the linear use of materials contributing to climate change. Stricter sustainability regulations and changing consumer preferences are driving the need for better waste management. Despite this, there is still room to improve label release liner recycling rates worldwide.

Fourth Quarter 2020 Highlights: *Revenue of $783 million *Income from operations of $94 million; Net income from continuing operations of $57 million *TiO2 selling prices remained level, benefiting from margin stability initiatives, and sales volumes increased 8 percent versus fourth quarter 2019 driven by improved market demand globally *Zircon volumes increased 48 percent versus fourth quarter 2019 driven primarily by strong demand in China. Full Year 2020 Highlights: *Revenue of $2,758 million *Income from operations of $271 million; Net income from continuing operations of $995 million *Total acquisition synergies of $243 million achieved, exceeding run rate synergy target of $220 million set at Investor Day in 2019; $193 million reflected in EBITDA, exceeding $183 million target set on third quarter 2020 earnings call *Cash flow provided by operating activities of $355 million; *$200 million discretionary debt repayment made in December 2020