TVO confirms a settlement agreement signed on OL3 EPR project completion and related disputes

(UPM, Helsinki, 11 March 2018 at 19:30 EET) - Teollisuuden Voima Oyj (TVO) confirms that it has signed a comprehensive settlement agreement concerning the completion of the OL3 EPR project and related disputes with OL 3 EPR (OL3) plant supplier consortium companies Areva NP, Areva GmbH and Siemens AG as well as with Areva Group parent company Areva SA, a company wholly owned by the French State. According to TVO the entry into force of the settlement agreement is subject to certain conditions that are currently expected to be met during March 2018. It is not certain, therefore, that the settlement agreement takes effect.

The agreement as announced by TVO is not expected to have material impact on UPM's result or the fair value of its indirect shareholding in the OL3 project.

Further information on this agreement can be read from TVO's release.

TVO is in the process of constructing a third nuclear power plant unit, OL3, at the Olkiluoto site. UPM participates in OL3 through its shareholding in Pohjolan Voima Oyj (PVO), which is the majority shareholder in TVO. UPM's indirect share of OL3 is approximately 31%.

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Tapio Korpeinen, Chief Financial Officer, UPM

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