UPM Annual Report 2021

GOVERNANCE

UPM

BEYOND FOSSILS

STRATEGY

BUSINESSES

RESPONSIBILITY

ACCOUNTS FOR 2021

GROUP EXECUTIVE TEAM

President and CEO •M.Sc. (Eng.) •Born 1960, Finnish citizen

General Counsel •LL.M. •Born 1962, Finnish citizen

President and CEO of UPM-Kymmene Corporation since 2004. COO of UPM Paper Divisions and Deputy to the President and CEO 2001–2004. Several management positions in UPM Paper Divisions 1987–2001. Deputy Chair of the Board of the Finnish Forest Industries Federation (FFIF). Board member of the Confederation of European Paper Industries (CEPI) and the East Office of Finnish Industries Oy.

Group General Counsel since 2005. Positions as legal counsel and senior legal counsel at KONE Corporation 1997–2004. Several positions in law firms 1991–1996.

•Member of the Group Executive Team since 2001, employed by the UPM Group since 1987 •UPM shares 529,549

•Member of the Group Executive Team since 2008, employed by the UPM Group since 2005 •UPM shares 88,895

Supervisory Board member of Kemijoki Oy.

Jussi Pesonen

Juha Mäkelä

Executive Vice President, Corporate Communications 2004–2013. Vice President, Corporate Communications of UPM 2003. Several positions in Communications at Finnpap and UPM Paper Division 1985–2002. Board member of the Finnish Forest Industries Federation (FFIF). Member of S-Group’s CSR and Sustainability Advisory Group. Member of the Board of Trustees for WWF Finland. Member of the Advisory Board of Deutsch-Finnische Handelskammer. Board member of the Satalinna Foundation. Chair of the Board of UPM-Kymmene Cultural Foundation. Member of the Board of Governors of the Association for Finnish Work. Senior Vice President, EMEIA, UPM Raflatac 2014–2016. Senior Vice President, Head of Global Operations, Amer Sports 2012–2014. Chief Development Officer, member of the Group Executive Board, Amer Sports 2009–2014. Several management positions at Stora Enso in Finland, Sweden and the UK 2004–2009. Engagement Manager & Associate, McKinsey & Company 2002–2004. Business Operations Manager, Nokia Networks in Finland and Italy 1998–2001. Financial Analyst, Enso Group 1997–1998. CFO since 2010. President, Energy and Pulp Business Group 2008–2010. Vice President, Corporate Development and Senior Vice President, Strategy, UPM 2005–2008. Several management positions at Jaakko Pöyry Consulting in Finland and North America 1991–1998 and 1999–2005, A.T. Kearney in Finland 1998–1999 and McKinsey & Company in Sweden 1988–1990. Chair of the Board of Pohjolan Voima Oy. Vice Chair of the Board of Kemijoki Oy. Board member of Teollisuuden Voima Oyj. Supervisory Board member of Varma Mutual Pension Insurance Company. Executive Vice President, UPM Biorefining, Executive Vice President, UPM Specialty Papers 2016–2019. Executive Vice President, UPM Paper ENA 2013–2016. Senior Vice President, Supply Chain, Paper Business Group 2008–2013. President, UPM Kymmene Inc. North America 2005–2008. Several management positions at UPM Nordland Papier 1998–2005. Senior Process Engineer, International Paper Co. 1996–1998. Supervisory Board member of Johann Bunte Bauunternehmung GmbH & Co. KG. Advisory Board member of Meyer Turku Oy.

Chief Financial Officer, Executive Vice President, UPM Energy •M.Sc. (Tech.), MBA •Born 1963, Finnish citizen •Member of the Group Executive Team since 2008, employed by the UPM Group since 2005 •UPM shares 195,624

Executive Vice President, UPM Communication Papers •M.Sc. (Eng.) •Born 1969, Italian citizen •Member of the Group Executive Team since October 2021, employed by the UPM Group since 2017 •UPM shares 4,675 Executive Vice President, UPM Specialty Papers •M.Sc. (Eng.), eMBA •Born 1967, Finnish citizen •Member of the Group Executive Team since July 2019, employed by the UPM Group since 1995 •UPM shares 7,790

Senior Vice President, UPM Specialty Papers ENA 2018–2019. Vice President, APAC Sales, UPM Fine and Specialty Papers, China 2012–2017. Vice President, Converters, Paper Business Group, Finland 2011–2012. Area Sales Director, APAC Converters, Paper Business Group, Hong Kong 2005–2011. Production manager, Fine and Specialty Papers 2001–2005. Technical Customer Service Manager, Fine and Specialty Papers 1995–2000. Analyst, Jaakko Pöyry Consulting 1993–1995.

Tapio Korpeinen

Jaakko Nikkilä

Executive Vice President, UPM Fibres •Ph.D. (Eng.) •Born 1965, German citizen

Senior Vice President, UPM Raflatac EMEIA 2017–2021. Several senior business positions at Kimberly-Clark Corporation 1995-2017.

•Member of the Group Executive Team since 2013, employed by the UPM Group since 1998 •UPM shares 113,036

Bernd Eikens

Massimo Reynaudo

Executive Vice President, Stakeholder Relations •M.A. •Born 1960, Finnish citizen

Executive Vice President, Human Resources •M.Sc. (Econ.) •Born 1964, Finnish citizen

Senior Vice President, Human Resources at Elcoteq Network Corporation 2001–2004. Senior Vice President, Human Resources at Raisio Group 2000– 2001. Human Resources Manager at Nokia Mobile Phones, Salo Operations 1995–2000. Human Resources positions at ABB 1990–1994. Supervisory Board member of the Ilmarinen Mutual Pension Insurance Company. Member of the Work, Education and Skills Committee of the Finland Chamber of Commerce. Executive Vice President, UPM Communication Papers 2016–October 2021. Senior Vice President, Newspaper Publishing, UPM Paper ENA 2013–2016. Several leadership positions in the UPM paper business 2001–2013. Project Manager, Investments, Haindl Papier GmbH 1993–2001. Project Engineer, Hoerbiger Automotive 1991–1992. Chair of the Board of the German Pulp and Paper Association (VDP). Vice Chair of the Board of the Bavarian Industry Association (VBW). Board member of the Confederation of European Paper Industries (CEPI) and the Federation of German Industries (BDI). Senior Vice President, Corporate Strategy 2010–2013. Director, M&A, UPM Kymmene Corporation 2007–2010. Investment Manager at Finnish Industry Investment Ltd. 2006–2007. M&A Advisor at JP Capital International Limited in the UK 2000–2006. Management Consultant at Jaakko Pöyry Consulting Oy. 1998–2000.

•Member of the Group Executive Team since 2004, employed by the UPM Group since 1985 •UPM shares 77,265

•Member of the Group Executive Team since 2004, employed by the UPM Group since 2004 •UPM shares 24,928

Pirkko Harrela

Riitta Savonlahti

Executive Vice President, UPM Raflatac •M.Sc. (Eng.), M.Sc. (Econ.), MBA •Born 1972, Finnish citizen •Member of the Group Executive Team since 2016, employed by the UPM Group since 2014 •UPM shares 46,201 Executive Vice President, UPM Plywood •B.Sc. (Eng.) •Born 1969, Finnish citizen •Member of the Group Executive Team since October 2021, employed by the UPM Group since 1994 •UPM shares 1,400

Executive Vice President, Technology and UPM Biorefining •Dipl. Eng. (FH) •Born 1965, German citizen •Member of the Group Executive Team since 2016, employed by the UPM Group since 2001 •UPM shares 71,262

Board member of Vaisala Corporation.

Antti Jääskeläinen

Winfried Schaur

Executive Vice President, Strategy •M.Sc. (Eng.) •Born 1971, Finnish citizen

Vice President, Productions & Operations, UPM Plywood 2013–2021. Director Spruce Mills & Operations, UPM Plywood 2011–2013. Mill Manager, UPM Plywood 2007–2011. Several operations managerial positions at UPM Plywood 1994–2007. Board member of the Federation of the Finnish Woodworking Industries. Chairman of the Board, Järvi-Suomen Voima Oy

•Member of the Group Executive Team since 2013, employed by the UPM Group since 2007 •UPM shares 56,972

Vice Chair of the Board of Steveco Oy.

Mika Kekki

Kari Ståhlberg

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UPM ANNUAL REPORT 2021

UPM ANNUAL REPORT 2021