---

UPM Group

4-5

UPM in brief

4-5

Review by the President and CEO

6-7

Strategy

8-9

UPM as an investment

14-15

Financial targets and earnings sensitivities

16-17

Risk management

16-17

Businesses

18-19

UPM Biorefining

18-19

UPM Energy

22-23

UPM Raflatac

24-25

UPM Paper Asia

26-27

UPM Paper ENA

28-29

UPM Plywood

30-31

Innovations and R&D

32-33

Stakeholders

34-35

Creating added value through stakeholder engagement

34-35

UPM's tax policy promotes compliance, risk managment, transparency and efficiency

38-39

Continuous collaboration with customers

40-41

Suppliers are an integral part of UPM value creation

42-43

People enable company transformation

44-45

Significant change in UPM's safety culture

46-47

Responsibility

48-49

Responsibility supports business development

48-49

Taking care of the entire lifecycle

52-53

Yesterday's waste is today's raw material

52-53

Energy efficiency improved and climate actions recognised

54-55

UPM ensures that all wood and wood fibre is sustainably sourced

56-57

Responsible use of water

56-57

UPM's material balance 2014

58-59

GRI content index

60-61

Independent assurance report

62-63

Corporate governance

62-63

Corporate governance

62-63

Board of Directors

68-69

Group Executive Team

70-71

Accounts for 2014

72-73

Contents

72-73

Key financial information 2005-2014

140-141

Additional responsibility information

142-143

UPM businesses on a world map

144-145

Addresses

146-147

Annual General Meeting

148-149