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2016-03-14

UPM: UPM closes Madison Paper Industries and plans to sell related hydro power assets in the U.S.

(UPM, Helsinki, 14 March 2016 at 16:00 EET) - UPM-Kymmene Inc. and Northern SC
Paper Corp., a subsidiary of the New York Times Company, announced today the
dissolution of their partnership, Madison Paper Industries, in the USA. The
partnership's paper business will end and paper production is expected to
conclude by the end of May at the latest. Hydro power assets located at the
mill site will be sold.

With the closure of the mill, UPM will reduce production of a total of 195,000
tons of its supercalendered paper capacity.

The closure will impact approximately 214 employees located at the mill site.
Some employees will remain beyond May to maintain buildings, operate the
hydro generating facilities and support activities related to the closing.
All employment related actions will be handled in accordance with federal and
state statutory requirements.

"Despite everyone's best efforts, the difficult decision has been made to
cease paper production at Madison. Demand for SC papers declined
significantly in 2015 and the decline is expected to continue. The Madison
mill is not cost-competitive and has lost a significant amount of sales in
the recent past," saysRuud van den Berg
, Senior Vice President of UPM Paper ENA.

For more information, please contact:

Ruud van den Berg, Senior Vice President, UPM Paper ENA, tel. +49 151 1215
8310
Russ Drechsel, President and CEO, Madison Paper Industries, tel.
+1-207-696-1228

UPM, Media Relations

9.00-16.00 EET
tel. +358 40 588 3284
media@upm.com

www.twitter.com/UPM_Papers

www.twitter.com/UPM_News

www.facebook.com/UPMGlobal

www.linkedin.com/company/upm-kymmene

About Madison Paper Industries

Madison Paper Industries is a partnership of UPM and Northern SC Paper Corp.,
a subsidiary of the New York Times Company, producing approximately 195,000
tons of supercalendered paper on one paper machine. The mill employs more
than 200 employees and is located in Maine, in the USA. The assets include 2
hydro power plants.

UPM Paper ENA
(Europe&North America) is the world's leading producer of graphic papers,
serving customers in Magazine Publishing&Advertising, Merchants, Home&Office,
and Newspaper Publishing. A leader in sustainable and high performance
papers, UPM Paper ENA's production is located in Finland, Germany, the United
Kingdom, France, Austria, and the United States. With headquarters in
Germany, UPM Paper ENA employs approximately 9,500 people. To learn more
about UPM Paper ENA visit:www.upmpaper.com

UPM

Through the renewing of the bio and forest industries, UPM is building a
sustainable future across six business areas: UPM Biorefining, UPM Energy,
UPM Raflatac, UPM Paper Asia, UPM Paper Europe and North America and UPM
Plywood. Our products are made of renewable raw materials and are recyclable.
We serve our customers worldwide. The group employs around 19,600 people and
its annual sales are approximately EUR 10 billion. UPM shares are listed on
NASDAQ OMX Helsinki. UPM - The Biofore Company -www.upm.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: UPM via Globenewswire

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