The sale is a continuation of the dissolution of the partnership that was announced in March 2016. The hydro power assets located at the mill site are currently being marketed separate of today's transaction.

About Madison Paper Industries

Madison Paper Industries is a partnership of UPM and Northern SC Paper Corp., a subsidiary of the New York Times Company. The assets include two hydro power plants and numerous properties.

UPM Paper ENA

UPM Paper ENA (Europe and North America) is the world's leading producer of graphic papers, offering an extensive product range for advertising and publishing as well as home and office uses.

The high performing papers and service concepts of UPM add value to our customers' businesses, while actively fulfilling demanding environmental and social responsibility criteria. With headquarters in Germany, UPM Paper ENA employs approximately 9,000 people. To learn more about UPM Paper ENA visit: www.upmpaper.com


UPM

Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Paper ENA (Europe and North America) and UPM Plywood. Our products are made of renewable raw materials and are recyclable. We serve our customers worldwide. The group employs around 19,600 people and its annual sales are approximately EUR 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM - The Biofore Company - www.upm.com