Tranlin, Inc., the U.S. subsidiary of Shandong Tranlin Paper Co., Ltd. (a Chinese pulp and paper company), officially broke ground on October 22 for its first U.S. operation — a $2 billion manufacturing facility. Tranlin's investment is located in Chesterfield, Virginia and will generate more than 2,000 direct jobs in Virginia by 2020, the company said. Tranlin's Chesterfield County facility will use the company's innovative, proprietary technology to produce tree-free, natural color, straw fiber paper tissue products made exclusively from agricultural field waste such as wheat straw and corn stalks. In addition, Tranlin will produce humus-based organic fertilizer products using residues from the papermaking process.

The ramp-up of the UPM Kymi pulp mill expansion has proceeded well on schedule. The EUR 160 million UPM investment project was started in the spring of 2014 and has now proceeded to final finishing work. The new debarking plant started operation in June, the modernisation of the softwood fibre line was finished in August and the biggest project, the new pulp drying machine, started operation in August-September - approximately one month ahead of schedule. During the ramp-up, pulp production has exceeded expectations and the quality of pulp has improved.

Q3 2015 compared with Q3 2014 · Earnings per share excluding special items were EUR 0.76 (0.32) and reported EUR 0.77 (0.34) · Operating profit excluding special items was EUR 507 million, 20.0% of sales (235 million, 9.7% of sales) · Operating profit excluding special items includes a fair value increase of biological assets in Finland totalling EUR 265 million, due to adjusted long-term wood price estimates and a change in the discount rate · The profit improvement programme proceeded ahead of schedule, reaching a cost reduction impact of EUR 36 million in Q3 2015 (annualised EUR 144 million) · Operating cash flow was strong at EUR 363 million (300 million) Q1-Q3 2015 compared with Q1-Q3 2014 · Earnings per share excluding special items were EUR 1.38 (0.85) and reported EUR 1.36 (0.95) · Operating profit excluding special items was EUR 938 million, 12.4% of sales (617 million, 8.4% of sales) · Growth projects progressed well, dividends increased to EUR 373 million (319 million) and net debt decreased to EUR 2,465 million (2,726 million) · UPM started ramping up the expanded Kymi Pulp mill in Q3, started commercial deliveries of advanced renewable diesel and completed the UPM Raflatac expansions in Poland and APAC in Q2 2015 · UPM closed 800,000 tonnes of graphic paper production capacity in Europe in Q1-Q2 2015

According to the report released on October 22, 2015, total printing-writing paper shipments decreased 4 percent in September compared to September 2014. Total printing-writing paper inventory levels decreased 4 percent from August.

Q3/2015 (compared with Q3/2014) • Sales EUR 2 500 (EUR 2 514) million remained unchanged; sales excluding the structurally declining paper and divested businesses increased 4.9% primarily due to the Montes del Plata pulp mill volumes and favourable foreign exchange rates. • Operational EBIT increased by 17.1% to EUR 246 (EUR 210) million, operational EBIT margin increased to 9.8% (8.4%), mainly due to favourable foreign exchange rates, the good performance of Montes del Plata and the Nordic pulp mills, and lower fibre costs. • EPS excluding non-recurring items EUR 0.13 (EUR 0.12).

Georgia-Pacific today announced plans for $110 million in upgrades to its Alabama River Cellulose (ARC) mill. The investments include replacing one of the mill’s two existing wood yards that process incoming logs, upgrading the other wood yard and a major upgrade to one of the mill’s machines that produce pulp. The investment in ARC follows more than $2.2 billion invested by Georgia-Pacific across Alabama in the last 10 years. The ARC project will allow the mill to better serve customer needs, stay competitive in a challenging industry, preserve jobs for Alabama residents and provide ongoing support to the local and state community. In

Norske Skog's gross operating earnings (EBITDA) in the third quarter of 2015 were NOK 163 million, up from 138 million in the second quarter. The EBITDA improved from second quarter due to foreign exchange effects but was somewhat offset by lower sales prices with challenging export markets in Australasia. The weakening of Norwegian krone was the main reason for the NOK 0.9 billion non-cash increase in the net interest bearing debt in the quarter. The net loss of NOK 742 million in the third quarter of 2015 was significantly impacted by negative unrealised foreign exchange losses amounting to NOK 525 million on foreign denominated debt due to a significant depreciation of NOK. Net interest-bearing debt increased by NOK 0.9 billion from the end of second quarter 2015, from NOK 7.5 billion to NOK 8.4 billion, mainly due to unfavourable foreign exchange effects. Cash flow from operating activities before net financial items was NOK 2 million (NOK 89 million in Q2 2015). The working capital increased by NOK 134 million in the third quarter due to higher sales at Saugbrugs.

UPM is to start field tests of its novel wood-based diesel fuel in urban buses together with Helsinki Region Transport (HSL) and the VTT Technical Research Centre. The field tests are also supported by St1, Volvo and Transdev Finland. The new round of tests with UPM BioVerno fuel will start in October and run for a minimum of one year. UPM BioVerno diesel has previously been studied in several engine and vehicle tests conducted by various research centres as well as in fleet tests, all with excellent results. The studies have shown that UPM BioVerno works exactly like the best quality diesel fuels and reduces tail pipe emissions significantly compared to fossil diesel.

Executive Summary ◦Third quarter 2015 net sales of $4.7 billion decreased 7 percent compared to the year-ago period, as changes in foreign currency exchange rates reduced sales 12 percent. Organic sales rose 5 percent, including a 10 percent increase in developing and emerging markets and a 7 percent improvement in personal care in North America. ◦Diluted net income per share for the third quarter was $1.41 in 2015 and $1.50 in 2014. ◦Full-year 2015 organic sales growth is expected to be 4 to 5 percent compared to the company's prior expectation of 3 to 5 percent. Full-year 2015 adjusted earnings per share are anticipated to be $5.70 to $5.80 versus the company's previous guidance of $5.65 to $5.80.

KEY HIGHLIGHTS Net sales for the quarter was SEK 5 478 million (5 191). Earnings per share for the quarter was SEK 3.49 (1.48). Operating profit was SEK 1 026 million (450) and adjusted for non-recurring items it was SEK 683 million (518). Non-recurring items in the quarter include capital gain from the divestiture of SIA Latgran, SEK 443 million, and a provision for closure of the Tervasaari site, SEK -100 million. Net sales Jan-Sep 2015 increased 6% and operating profit, adjusted for non-recurring items, increased 25% compared to the same period last year mainly due to currency.