UPM to participate in bidding, engineering phase of TVO's Olkiluoto 4 nuclear power plant unit in Finland, in the event TVO decides to commence phase

HELSINKI , October 31, 2011 (press release) – UPM will participate in the bidding and engineering phase of the Olkiluoto 4 nuclear power plant unit of Teollisuuden Voima Oyj (TVO), in the event TVO decides to commence the phase. UPM would participate in the financing in line with its share of ownership in TVO through Pohjolan Voima Oy.

The objective of the bidding and engineering phase is to carry out the competitive bidding process, select a plant unit that is safe and meets all the latest safety requirements.

In July 2010, the Finnish Parliament ratified the favourable decision-in-principle made by the Government concerning TVO’s application to construct its fourth nuclear power plant unit OL4. According to the decision-in-principle, the application for a building permit for the OL4 must be filed latest in June 2015. After the bidding and engineering phase TVO will have the prerequisites to apply for a building permit from the Government.

For more information, please contact:
Mr Tapio Korpeinen, CFO, UPM, tel. +358 204 15 0004

UPM leads the integration of bio and forest industries into a new, sustainable and innovation-driven future. Our products are made of renewable raw materials and are recyclable. UPM consists of three Business Groups: Energy and pulp, Paper, and Engineered materials. The Group employs around 24,500 people and it has production plants in 16 countries. UPM's annual sales exceed EUR 10 billion. UPM's shares are listed on the Helsinki stock exchange. UPM – The Biofore Company – www.upm.com

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