This is Metsä Board 2.2.2017 19/09/2018 Presentation name / Author

Production of bioenergy 22.3 TWh Metsä Group | Sales EUR 4.7 billion | Personnel 9,300 Metsäliitto cooperative | Group’s parent company | Owned by 104,000 Finnish forest owners Metsä Forest Metsä Fibre Metsä Wood Metsä Board Metsä Tissue Wood Supply and Forest Services Sales: EUR 1.5 billion Personnel: 900 Pulp and Sawn Timber Sales: EUR 1.6 billion Personnel: 1,250 Wood Products Sales: EUR 0.5 billion Personnel: 1,500 Paperboard Sales: EUR 1.7 billion Personnel: 2,500 Tissue and cooking papers Sales: EUR 1.0 billion Personnel: 2,750 Metsäliitto Cooperative holding 100% Metsäliitto Cooperative holding 50.2%, Metsä Board 24.9%, Itochu Corporation 24.9% Metsäliitto Cooperative holding 100% Metsäliitto Cooperative holding 41.8%, 61.5% of votes Metsäliitto Cooperative holding 100% Production of bioenergy 22.3 TWh Metsäliitto Cooperative is the parent company of Metsä Group, consisting of its two businesses Metsä Forest and Metsä Wood, and three associated companies Metsä Tissue, Metsä Board and Metsä Fibre. Metsä Forest is responsible for supplying wood to Metsä Group companies and provides the owner-members of the Metsäliitto Cooperative with forest management services Metsä Wood focuses on the wood products business Metsä Fibre focuses on the pulp and sawn timber business Metsä Board focuses on the paperboard business Metsä Tissue focuses on the tissue and cooking paper business Metsäliitto Cooperative is Metsä Group's parent company. Metsäliitto Cooperative has approximately 104,000 members, who own nearly half of the private forest area in Finland. Metsä Group's ownership base and business structure differentiate it positively from its competition and provide a long-term perspective to its operations. Through Metsäliitto Cooperative's owner-members, Metsä Group has access to a considerable reserve of premium-quality raw material, providing it with a stable, long-term foundation for the development of its operations and production units.

100% traceable wood from northern forests Every part of the tree is used for the purpose it suits best Wood supply and forest services Paperboard Tissue and cooking papers Wood products Pulp 100% traceable wood from northern forests Forest energy and by-products Roundwood Pulpwood

Metsä Board strategy Focus on premium fresh forest fibre paperboards for consumer and retail packaging. Grow profitably together with brand owner, converter and merchant customers globally in businesses that benefit from our safe and sustainable paperboards. Profitability is based on superior cost efficiency and healthy sales prices driven by high-quality pulps and unique technical know-how.

Metsä Board in numbers 2016 2015 2014 Sales (EUR million) 1,720 2,008 Operating result (EUR million) 137 180 Operating profit, % 8.0 9.0 6.8 ROCE, % 8.1 11.3 9.1 Equity ratio, % 48 46 39 Personnel on average (FTE) 2,588 2,851 3,200 8 production units Paperboard capacity over 2.0 million t/a

A leading European producer of folding boxboards and white linerboards made from fresh fibres. 19/09/2018 Presentation name / Author

Production units PAPERBOARD MILLS PULP MILLS HUSUM ÄÄNEKOSKI SIMPELE TAKO KYRO JOUTSENO KASKINEN KEMI Production units PAPERBOARD MILLS Husum, Sweden - 400 000 t/a FBB - 270 000 t/a linerboard Kemi, Finland - 410 000 t/a linerboard Kyro, Finland - 190 000 t/a FBB Simpele, Finland - 280 000 t/a FBB Tako, Finland - 210 000 t/a FBB Äänekoski, Finland - 240 000 t/a FBB PULP MILLS Husum, Sweden - 730 000 t/a bleached kraft pulp Joutseno, Finland - 320 000 t/a BCTMP Kaskinen, Finland - 340 000 t/a BCTMP

Sales network NEARLY 50 SALES OFFICES AND REPRESENTATIVES serving customers globally DELIVERIES TO MORE THAN 100 COUNTRIES worldwide

Metsä Board has a strong position in Europe Largest Folding Boxboard Producers in Europe Total capacity: 3.6M tonnes Largest White Fresh Fibre Linerboard Producers in Europe Total capacity: 2.2M tonnes Sources: Company information, Pöyry Management Consulting Oy Q1 2017

Lightweight paperboards and fit for purpose services 19/09/2018 Presentation name / Author

Our boards support brands from the store to the consumer CONSUMER GOODS RETAIL- READY FOOD SERVICE 19/09/2018 Presentation name / Author

Services optimise packaging performance Packaging recommendations Converting and packaging consulting Packaging services Research and product development Sustainability and safety Availability of board

Benefits of Metsä Board paperboards Lightweight Wood from known origin Printability and runnability Bioenergy Purity and safety Lightweight – even 30% lighter than competing grades Good performance – excellent printability and good runnability in converting and packing lines Purity and safety – fresh forest fibre is naturally pure raw material. Our raw materials are traceable. Bioenergy – 62% of the energy we use is bioenergy Wood from known origin - The fibres used in our production are sourced from sustainably managed northern forests

Metsä Board’s sustainability targets Min 75 % WOOD THE AMOUNT OF CERTIFIED WOOD PERFORMANCE 2016 75% <3% WELL-BEING SICKNESS ABSENTEEISM PERFORMANCE 2016 4.1% -30% CLIMATE FOSSIL CO2 EMISSIONS PER PRODUCT TONNE 2009−2020 PERFORMANCE 2016 -45% BIOENERGY SHARE OF TOTAL PURCHASED ENERGY 51 % LOGISTICS ENSURE SUSTAINANABILITY OF MAIN LOGISTICS FLOWS 2016−2017 SAFETY LOST-TIME ACCIDENTS FREQUENCY ANNUALLY PERFORMANCE 2016 -18.9% -10% ENERGY ENERGY EFFICIENCY IMPROVEMENT 2009−2020 PERFORMANCE 2016 7.8% 12% -17% RESOURCE EFFICIENCY PROCESS WATER USE PER PRODUCT TONNE 2010−2020 PERFORMANCE 2016 -14%

Metsä Board scored high again in CDP 2016 For the second year in a row, Metsä Board was awarded a position in CDP’s Water A List. Metsä Board was the only global forest company to achieve the A listing Metsä Board got also on CDP’s 2016 Climate A List Only 9% of the companies made it to the exclusive A List Metsä Board achieved leadership status in the materials sector of the CDP’s 2016 Forest programme According to L’Oréal, Metsä Board is the best performer for their packaging material supplier in the CDP Supply chain programme in 2015 CDP, formerly Carbon Disclosure Project, is an international, not-for-profit organization providing the global system to measure, disclose, manage and share vital environmental information

The wood needed for one tonne of board grows in less than one second in Finland. 19/09/2018 Presentation name / Author

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19/09/2018 Presentation name / Author