UPM General Brochure EN

Business area returns and long-term targets

ROCE %* ) UPM Biorefining

ROCE %* ) UPM Energy*** )

18.2

14.6

12.6

10.6

7.6

6.9 6.5 6.7

5.0 4.0

13

14 15 16 17

13

14 15 16 17

■ Long-term return target

■ Long-term return target

UPM Specialty Papers * ) ROCE % = Return of capital employed excluding items affecting comparability. ** ) Free cash flow after investing activities (investments and/or divestments) and restru *** ) Shareholdings in UPM Energy valued at fair value. FCF/CE %** ) UPM Paper ENA ROCE %* ) 31.0

24.3

17.2

12.9

12.6

12.1

9.1

5.5

4.6

4.7

13

14 15 16 17

13

14 15 16 17

■ Long-term return target

■ Long-term return target

UPM Plywood ROCE %* )

UPM Raflatac ROCE %* )

27.2

25.5

23.1

22.6

20.9

17.6

16.5

15.0 14.1

7.3

13

14 15 16 17

13

14 15 16 17

■ Long-term return target

■ Long-term return target

■ Pitkän aikavälin tuottotavoite * ) ROCE % = Return of capital employed excluding items affecting comparability. ** ) Free cash flow after investing activities (investments and/or divestments) and restructuring costs. *** ) Shareholdings in UPM Energy valued at fair value. Long-term retur target

13