UPM Annual Report 2023

GOVERNANCE

UPM

BEYOND FOSSILS

BUSINESSES

RESPONSIBILITY

ACCOUNTS FOR 2023

GROUP EXECUTIVE TEAM

President and CEO (as of 1 January 2024) •M.Sc. (Eng.) • Born 1969, Italian citizen

Executive Vice President, UPM Specialty Papers •M.Sc. (Eng.), eMBA • Born 1967, Finnish citizen

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.

Executive Vice President, UPM Communication Papers 2021–2023. Senior Vice President, UPM Raflatac 2017–2021. Several senior business positions at Kimberly Clark Corporation 1995–2017.

•Member of the Group Executive Team since 2019, employed by the UPM Group since 1995 •UPM shares 33,979

•Member of the Group Executive Team since 2021, employed by the UPM Group since 2017 •UPM shares 15,832

Massimo Reynaudo

Jaakko Nikkilä

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. 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. Advisory Board member of Deutsch-Finnische Handelskammer. Chair of Kymi Corporation 100 Years Anniversary Foundation. 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.

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 227,457

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. Nomination Committee member of Finland's Unicef association.

•Member of the Group Executive Team since 2004, employed by the UPM Group since 2004 •UPM shares 22,802

Tapio Korpeinen

Riitta Savonlahti

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

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 101,489

Executive Vice President, UPM Communication Papers 2016–2021. 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.

•Member of the Group Executive Team since 2004, employed by the UPM Group since 1985 •UPM shares 93,666

Pirkko Harrela

Winfried Schaur

Executive Vice President, UPM Raflatac and Interim Executive Vice President, UPM Communication Papers •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 72,390

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

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 2013, employed by the UPM Group since 2007 •UPM shares 78,983

Vice Chair of the Board of Steveco Oy.

Board member of the Vaisala Corporation.

Antti Jääskeläinen

Kari Ståhlberg

Executive Vice President, UPM Plywood • B.Sc. (Eng.) • Born 1969, Finnish citizen

Executive Vice President, UPM Fibres •M.Sc. (Econ.) and Executive MBA • Born 1977, Finnish citizen •Member of the Group Executive Team since December 2023, employed by UPM Group since 2003 •UPM shares 5,437

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.

Senior Vice President, Business Control and Finance Operations 2021–2023. Senior Vice President, UPM Timber business 2019–2020. Vice President, Business Control UPM Fibres Business Area 2013–2019. Various finance positions at UPM in Finland and in France 2003–2013.

• Member of the Group Executive Team since 2021, employed by the UPM Group since 1994 • UPM shares 10,978

Board member of the Federation of the Finnish Woodworking Industries.

Mika Kekki

Aki Temmes

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

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 2008, employed by the UPM Group since 2005 •UPM shares 106,259

Supervisory Board member of Kemijoki Oy.

Juha Mäkelä

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UPM ANNUAL REPORT 2023

UPM ANNUAL REPORT 2023