MADISON, ME, September 27, 2001 – Leroy J. Barry, President and Chief Executive Officer of Madison Paper Industries, a leading North American manufacturer of high-quality supercalendered paper, today announced the promotion of three corporate executives. Advancing to newly established corporate-level posts are E. Russell Drechsel, Executive Vice President and Chief Operating Officer; Francis X. Flood, Executive Vice President and Chief Financial Officer; and Christopher C. Bean, Vice President Engineering, Maintenance and Utilities. In announcing the promotions, Mr. Barry noted, "Each one of these executives is a key member of our management team here at Madison who has played a vital role in the success of our company. These promotions advance them to new executive positions that strengthens our leadership team and will support Madison's continued growth in the years ahead." E. Russell (Russ) Drechsel Executive Vice President and Chief Operating Officer Prior to his promotion, Mr. Drechsel had been Director of Operations for Madison Paper Industries since July, 2000. He was Director of Paper Production from 1993-2000. He joined the company in 1980 as a Project Engineer for the design and installation of the mill's P.M. #3. He was later named Technical Assistant to P.M. Superintendent and in 1982 advanced to Product/Process Development Manager of the mill. In 1990, Mr. Drechsel was tapped to be project manager for major installations in the mills of Madison affiliates in Germany – Lang Papier and Papierfabrik Albbruck. He was appointed Manager Project/Process Engineering of Madison in 1992. Mr. Drechsel is a graduate of the University of Maine at Orono where he earned a BS degree with highest distinction, a fifth-year Pulp and Paper Certificate and an MS degree. He recently completed the Stanford University Senior Executive Management Program. Mr. Drechsel is a member of TAPPI, CPPA, University of Maine Pulp and Paper Foundation and PIMA. Francis X. (Frank) Flood Executive Vice President, Chief Financial Officer Mr. Flood assumes his new post following 22 years at Madison Paper Industries. He joined the company as Chief Financial Officer in 1979, following its joint acquisition by Myllykoski Oy of Finland and The New York Times Company where he had been Assistant Controller since 1971. In 1981 he was promoted to Director of Finance. Mr. Flood began his financial career in 1966 as a Certified Public Accountant with Haskins & Sells (now Deloitte & Touche). A native of Brooklyn, New York, he holds a BBA degree in Accounting from St. John's University. He has also completed the Stanford University Professional Development Program for Executives. Mr. Flood is a member of the American Institute of Certified Public Accountants and the New York State Society of CPA's. He also is a member of the Maine Pulp and Paper Association Taxation committee and the Maine Chamber of Commerce Taxation Committee. He has served on the Board of Directors of the Maine Chamber of Commerce, the Western Mountain Alliance, and as a member of the Finance Committee of the American Forest and Paper Association. Christopher C. (Chris) Bean Vice President Engineering, Maintenance and Utilities From 1994 until his current promotion, Mr. Bean held the post of Director of Maintenance, Engineering and Utilities for Madison Paper Industries. He joined the company in 1980 as a Plant Engineer, advancing to Utilities Superintendent and Manager of Engineering and Utilities. In 1992, he was named Director of Quality and Training. Prior to Madison, he began his paper industry career in 1973 as Project Engineer with Lincoln Pulp & Paper Company, advancing to Maintenance Superintendent. A native of Thomaston, Maine, Mr. Bean earned a B.S. Degree in Marine Engineering at the Maine Maritime Academy. In 1991, he completed the Pulp and Paper Industry Executive Development Institute program at Auburn University and the University of Alabama. He is a member of TAPPI and PIMA. Madison Paper Industries A partnership of Myllykoski Corp. of Finland and The New York Times Company (NYSE:NYT), Madison Paper Industries has its headquarters and production facilities in Madison, Maine. The company's sales organization, Madison International Sales Company, has offices in Norwalk, Connecticut; Elk Grove Village, Illinois; and Montreal, Canada.