UPM will close the unexplained gender pay gap that cannot be explained for example by person's performance, work experience, job grade or job location, i.e. the factors that typically determine a person’s salary and its development. The pay equity review, carried out this year,

applies to all of UPM's operating countries and is part of the company’s fair remuneration policy. The review starts with a salary analysis of salaried employees and continues later this year with the wages of production workers. UPM’s merit and promotion related salary increases and short-term incentives are fully equitable between the genders. The increases to close unexplained gender pay gaps will take place during 2021. UPM uses the expertise of an independent third-party in the pay equity review.