UPM General Brochure EN

Strong cash flow Operating cash flow EUR 1,558m –8%

Attractive dividend Dividend (proposal) EUR 613m +21%

Net debt reduction EUR 957m –85%

Industry-leading balance sheet

Net debt/EBITDA 0.11x

Focused investments Capital expenditure EUR 329m attractive returns with disciplined and effective investments

% Comparable ROE Target: 10%

EURm Comparable EBIT

12 10

1,500

Target: EBIT growth

1,200

8 6 4 2 0

900

600

300

0

12 13 14 15 11 Comparable figures for 2014–2017, excluding special items for earlier years

17 16

11

12 13 14 15

17 16

Net debt and net debt to EBITDA

EUR per share Cash flow-based dividend

%

EURm

1.15 *)

1.2 1.0 0.8 0.6 0.4 0.2 0

120 100

5,000

5

4,000

4

80 60 40 20 0

3,000

3

2,000

2

1,000

1

0

0

11

12 13 14 15

17 16

08

11 10 09

12 13 14 15 16 17

% of operating cash flow per share * ) 2017: Board’s proposal

■ Net debt Net debt to EBITDA

11