UPM to take part in bidding and engineering phase of OL4 nuclear power plant unit in Finland, share of financing to reach Euro 90 million

HELSINKI, Dec. 7, 2011 (Press Release) - UPM's participation in the bidding and engineering phase of the Olkiluoto 4 nuclear power plant unit of Teollisuuden Voima Oyj (TVO) is confirmed. TVO's Extraordinary General Meeting decided today to start the first phase. UPM's share of the financing is about EUR 90 million. The amount will be allocated over several years. UPM's participating in the financing corresponds to its share of the 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.