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UPM Concludes Sale of Assests in Miramichi, Canada
Helsinki, Finland, 15 January 2009 – UPM has sold its former paper mill and related assets in Miramichi, New Brunswick, Canada, to Umoe Solar AS of Norway. The sale includes the paper mill, a groundwood pulp mill, woodlands operations, and two sawmills located nearby in Bathurst and Blackville. The parties have agreed not to disclose the sale price. UPM records an income of approximately EUR 20 million on the sale as a special item in the first quarter of 2009.

The Miramichi paper mill, with an annual production capacity of 450,000 metric tons of light-weight coated magazine paper, was permanently closed in December 2007. The disabled paper machines can no longer be used for paper production.

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