Metsä Board Investor presentation 1 9/ November 2017

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1 Metsä Board 1 November 2017

2 Contents Investment highlights 3 Strategy and financial targets 13 Operating environment and market position 21 Growth in the paperboard business 30 Husum investment programme and update 37 January September 2017 Results 43 Production, capacities and sourcing 57 Product development focus areas 63 Sustainability 68 Shares and owners 74 Appendix 78 Contact information /2017

3 Investment highlights

4 Metsä Board in brief A pure-play paperboard company focused on premium fresh fibre paperboards Strong market position: #1 in folding boxboard and white kraftliners in Europe #1 in coated white kraftliners globally A growth company with good profitability Global sales to over 100 countries from eight production units in Finland and Sweden Customers are brand owners, converters, merchants and manufacturers of corrugated products Strong fibre know-how and self-sufficiency in pulp 15% 25% 17 % Sales split in % 50% Sales split by region in % Folding boxboard Linerboards Market pulp Others EMEA Americas APAC 75 % 4

5 Metsä Board s paperboard offers solutions for wide variety of brand applications In pack On shelf On display On the go In graphics Packaging solutions for consumer goods Retail ready tray solutions Display and point-of-sale solutions Solutions for food service Solutions for graphical uses 5

6 Metsä Board has a broad customer base 50% of Metsä Board s folding boxboard sales are negotiated directly with brand owners BRAND OWNERS CONVERTERS MERCHANTS CORRUGATED BOX MANUFACTURERS FOLDING BOXBOARD WHITE LINERBOARDS 6

7 Metsä Board s paperboards have many competitive advantages Lightweighting Metsä Board s folding boxboard can be up to 30% lighter compared to competing grades (SBS, WLC) Purity and safety of fresh fibre paperboards Important especially for food and food service packaging Whiteness and quality - upscale consumer experience Sustainability Fresh fibres are recyclable and renewable material Wood raw material is 100% traceable to sustainably managed northern forests Strong and recognised credentials in environmental performance, water and energy efficiency and actions to combat climate change 7 1 9/2017

8 Three-layer structure makes the board light maintaining the stiffness Metsä Board s folding boxboards are produced from BCTMP or mechanical pulp, which is used in the middle layer (3) to make the board bulky and light. The two outer fibre layers (2 and 4) are made of chemical pulp, which maximizes the strength of the board. Coating layers (1) can be one or several and on top or both sides. 8

9 Strong profitability development 2016 was negatively impacted by Husum s new FBB machine ramp-up Comparable ROCE-% Comparable EBIT-% % ,4 9,1 11,3 8,1 Target over 12% 10,6 % ,2 6,8 9,0 8,0 10, / /2017 9

10 Strong improvement in productivity over time Personnel Production capacity (tonnes) / employee at current mills Capacity tn / employee Productivity (capacity) Personnel average E

11 Clearly lower capex in 2017 EUR million Investments in January September were EUR 39 million (1 9/16: EUR 119 million) Estimated capex in 2017 is EUR million E Maintenance capex Growth capex Depreciation 11 Main growth in capex in : Husum investment programme, extrusion coating line and equity investment in Metsä Fibre s bioproduct mill

12 High threshold for new producers to enter high-quality paperboard segment High investment costs Limited availability of high yield pulp (e.g. BCTMP) Global brand owners and corrugated box manufacturers not willing to change paperboard suppliers easily in the high-quality segments High speed packaging lines very quality sensitive Requirements for unified brand look and feel globally Sustainability and product safety aspects Skilled people and organizations a crucial success factor 12

13 Strategy and financial targets

14 Metsä Board s vision is to be the preferred supplier of premium paperboards creating value for customers globally Strategic cornerstones Focus Growth Profitability Values Responsible profitability Reliability Cooperation Renewal 14

15 Strategic cornerstones: Focus Focus on premium fresh fibre paperboards for consumer and retail packaging This means to us: We focus on serving customers whose quality expectations require our high quality, light and strong packaging materials Our paperboards are produced from fresh fibres Our products are used for packages at the store and from the store to the consumer 15

16 Strategic cornerstones: Profitability Profitability is based on superior cost efficiency and healthy sales prices driven by high-quality pulps and unique technical know-how This means to us: Our superior cost efficiency will be achieved by further developing productivity and efficiency of our mills, operations and people We will continue to drive down purchasing costs in all areas Our self-sufficiency in high-quality pulps together with unique paperboard making expertise helps us to improve our market position further and maintain healthy price levels 16

17 Strategic cornerstones: Growth Grow profitably together with brand owner, converter and merchant customers globally in businesses that benefit from our safe and sustainable paperboards This means to us: We grow in end-uses where our product is best suited to protecting our customers products and promoting their brands and businesses Our customer base is global, including brand owner, private label, converter and merchant customers By selecting businesses that benefit from our paperboards we can generate value for our customers and grow profitably with them 17

18 Financial targets and actuals Comparable ROCE, % Net debt / Comparable EBITDA, % Annual growth in total paperboard deliveries, % Target is to exceed relevant market growth* 6,4 9,1 11,3 Target: >12% 10,6 8,1 2,9 1,8 1,2 Target: <2.5 2,0 1,7 7% 10% 13% 12% 17% * Global fresh fibre paperboard demand growth 3-4%/a / / /17 Dividend policy: Metsä Board aims to distribute at least 50% of its result for the financial period in annual dividends to its shareholders 18

19 Main priorities and actions to achieve financial targets Grow the paperboard businesses profitably globally Ensure successful sales of new capacity Secure good price levels Keep best in class product quality and improve supply chain Develop new products for existing and new end uses Continue productivity improvements and cost savings 19

20 Dividend and EPS Metsä Board s dividend payout target is at least 50 per cent of the result for the financial period Dividend for 2016: EUR 0.19 per share Totalling EUR 68 million 0,50 0,40 0,30 0,20 0,10 EPS and DPS, EUR Corresponds to 76 per cent of EPS 0, Earnings per share Dividend per share 20

21 Operating environment and market position

22 Global trends driving growth in packaging Growing consumption Stronger demand for sustainable packaging Greater significance of resource efficiency drives circular economy and life-cycle thinking Increasing regulation brings additional obligations Social responsibility throughout the value chain 22

23 The global paperboard packaging market is about USD 260 billion The total packaging market is USD 840 billion Average annual growth rate of paperboard packaging USD bn % p.a. Paperboard packaging USD 260 bn Other wood fibre based packaging Non-fibre based packaging Roughly half is made of fresh fibres Source: Smithers Pira

24 Global cartonboard* market is 36 Mt/a of which folding boxboard market is about 9 Mt/a North America 6 Mt/a EMEA 8 Mt/a Avg. growth rate for folding boxboard is 3 4%/a Folding boxboard Other fresh fibre grades (e.g. SBS, CUK) Recycled grades Lat.Am. 2 Mt/a APAC 20 Mt/a 24 * Excluding liquid packaging board, cup & plate stock, liner and uncoated recycled board. Source: Metsä Board estimates

25 Global food service board* market is 3.5 Mt/a Avg. growth rate for food service board is 3 5%/a EMEA 0.9 Mt/a Cups Plates Americas 1.6 Mt/a APAC 1.0 Mt/a Cartons 25 * Base board (e.g. SBB or FBB) only, excl. other laminate materials such as aluminium and PE. Source: Metsä Board estimates

26 Global white linerboard market is 10.5 Mt/a Global white coated kraftliner market is 1 Mt/a White coated kraftliner White uncoated kraftliner White recycled liner Americas 3 Mt/a Americas 3 Mt/a EMEA 4,5 Mt /a APAC 3 Mt/a Global containerboard market is 155 Mt/a, of which White linerboards 7% Brown kraftliner 17% Brown testliner 37% 26 Fluting 39% Source: Metsä Board estimates

27 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: 2.1M tonnes Metsä Board 37% Metsä Board 32% Stora Enso 20% Smurfit Kappa 23% Kotkamills Oy 11% Mondi 15% Mayr-Melnhof 9% BillerudKorsnäs 11% International Paper 7% SCA 8% Others 17% Others 11% Sources: Company information, Pöyry Management Consulting Oy Q3/2017

28 Market price development in folding boxboard and white-top kraftliner in Europe EUR/ tn Folding boxboard White-top kraftliner 28 Sources: RISI, Inc. & FOEX Indexes Ltd

29 Pulp price development (PIX) EUR Softwood, USD Hardwood, USD Softwood, EUR Hardwood, EUR '10 '11 '12 '13 '14 '15 '16 '17 USD Source: Foex Indexes Ltd

30 Growth in the paperboard business

31 Metsä Board operates in growing paperboard market Annual global demand growth for folding boxboard and white kraftliners is estimated to be 3 4% PAPERBOARD 5-YEAR GROWTH FORECAST EMEA Americas APAC Folding boxboard (FBB) Food service board (FSB) Coated white kraftliner n/a Uncoated white kraftliner Other fresh fibre paperboards (e.g. SBS, CUK) Recycled paperboards (e.g. WLC) n/a +2%/a or more +1 to +2%/a -1 to +1%/a -1 to -2%/a -2%/a or more Source: RISI, CEPI, Pöyry and trade statistics among others 31

32 Metsä Board s growth clearly exceeds average market growth Metsä Board s annual paperboard deliveries, 1,000 tonnes LTM 2018 target Fresh fibre linerboard Folding boxboard

33 Most important growth area is Americas 300 Actual and targeted deliveries to Americas 300 1,000 tonnes LTM 2018 target Folding boxboard Fresh fibre linerboard 33

34 Metsä Board's regional goals GROWTH IN THE AMERICAS IN THE COMING YEARS MAINTAIN THE STRONG MARKET POSITION IN EUROPE FOCUS ON PREMIUM PAPERBOARD SEGMENTS IN THE ASIA-PACIFIC REGION AMERICAS SHARE OF SALES IN % EMEA SHARE OF SALES IN % APAC SHARE OF SALES IN % 34

35 Metsä Board's growth drivers in Europe GROWTH IN THE AMERICAS IN THE COMING YEARS AMERICAS SHARE OF SALES IN % MAINTAIN THE STRONG MARKET POSITION IN EUROPE EMEA SHARE OF SALES IN % EUROPE A leading market position with strong, FOCUS long-lasting ON customer relationships PREMIUM especially with brand PAPERBOARD owners SEGMENTS IN Safety THE is increasing ASIA-PACIFIC significance in food REGION packaging Paperboard is a strong alternative to plastics and aluminium Growing APAC e-commerce increasing SHARE OF demand SALES IN 2016 for high-end white-top 8 % kraftliners 35

36 Metsä Board's growth drivers in Americas GROWTH IN THE AMERICAS IN THE COMING YEARS AMERICAS SHARE OF SALES IN % MAINTAIN FOCUS ON THE STRONG PREMIUM AMERICAS MARKET PAPERBOARD POSITION Local production IN not able to meet rising SEGMENTS trend of IN EUROPE lightweighting THE ASIA-PACIFIC REGION Non-integrated converters looking for alternative board suppliers Paperboard a strong alternative to plastics especially in food service applications EMEA APAC SHARE Growing OF SALES e-commerce IN 2016 increasing demand SHARE OF for SALES IN high-end % white-top kraftliners 8 % 36

37 Husum investment programme and update

38 Husum investment programme Launched at the end of 2014 Two paper machines closed in 2015 One paper machine converted to produce linerboard (BM2) New folding boxboard machine (BM1) started up in February 2016 Enhancements to the pulp mill and the mill site s own port New extrusion coating line started up in April 2017 Folding boxboard production Capacity approximately 400,000 t/a Deliveries mainly to Americas and food service globally Linerboard production Capacity approximately 270,000 t/a Deliveries to Europe and Americas 38

39 Investment in PE coating EUR 38 million investment, capacity of 100,000 t/a Targeted at food packaging and food service applications PE-coated (polyethylene) paperboard is an alternative to plastics and the mainstream barrier solution today PE fulfills important barrier requirements: Good water and moisture barrier Grease barrier (short time e.g. for food service) Good heat sealing properties Husum PE coating line utilises latest technology and benefits from a fully integrated production site Supports growth in a new customer segment 39

40 The integrated mill model improves efficiency and sustainability of the supply chain Husum integrated mill: Certified wood resources Raw material Own pulp mill at the mill site Paperboard production (BM1) Extrusion coating line (EM1) Own deep water port Raw Pulp material Raw Paperboard material Raw Extrusion material Raw Logistics material 40

41 Update on Husum s folding boxboard Capacity utilisation rate in July September 2017 was 76% FY 2017 estimate is slightly below 75% Target is to have capacity in full use by the end of 2018 Annual maintenance shutdown in October Improved average price of folding boxboard Production costs per tonne are still higher than at the Finnish mills Metsä Board s FBB/FSB deliveries to Americas in up by 65% compared to corresponding period last year 41

42 Potential to improve profitability of Husum At least EUR 100 million EBIT improvement from 2016 to ,000 tonnes 2016 of pulp Efficiency >95% with 2019 production lost in 2016 Restructuring: improvement programme FBB capacity utilisation rate normal sales price + EUR 25 million + EUR 5 million + EUR >70 million 42

43 Result for January September 2017

44 January September 2017: Increasing sales and improved operating result EUR million Sales EUR million Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q : EUR 1,299 million +8% : EUR 1,397 million EUR million Comparable operating result EUR million and % ,0 % 8,5 % 7,7 % 7,8 % 10,2 % 9,2 % 10,5 % Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q : EUR 105 million +33% : EUR 139 million 12% 10% 8% 6% 4% 2% 0% 44

45 Strong growth in paperboard deliveries % Q1-Q Q1-Q ,000 tonnes White fresh fibre linerboard Folding boxboard Q Q Q Q Q Q Q Q Q Q Q FY 2015: 1,404 tonnes FY 2016: 1,569 tonnes Q1-Q3 2017: 1,375 tonnes (Q1-3/16: 1,181)

46 Q in summary (vs. Q2 2017) Higher production volumes Increased average price of folding boxboard Paperboard deliveries roughly at level of Q2 Cash flow from operations strong due to improved result and good working capital performance Stable or rising market price levels in local currencies Metsä Board announced price increases in Europe in FBB and white linerboard Metsä Fibre s new bioproduct mill started as planned in August 46

47 FX exposure and sensitivities FX rate changes including hedges had a small positive impact in Q3/17 vs. Q2/17 The positive impact from hedging will start to dilute towards the end of the year Annual sensitivities have changed due to the changes in FX rates Annual transaction exposure EUR 1.1 billion 34 % 6 % 2 % USD 58 % SEK GBP FX sensitivities excluding hedges 10% strengthening of foreign currency vs. EUR will have an impact on Metsä Board s EBIT of Currency USD, $ SEK Next 12 months EUR +64 million EUR -38 million Other currencies GBP, EUR +7 million 47 Hedging policy: 100% of balance sheet position and 50% of annual net FX flows

48 Return on capital employed, % 18% 16% 14% 12% Target >12% 10% 8% Q3/17: 11.5% 6% 4% 2% 0% Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 48 Comparable ROCE, %

49 Cash flows clearly positive Strong cash flow in Q3 due to improved result and good working capital performance EUR million Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 49 Cash flow from operations, quarterly Cash flow from operations, rolling 12 months Free cash flow, quarterly Free cash flow, rolling 12 months Free cash flow = Net cash flow from operating activities + Investments in intangible and tangible assets + Acquisition of associate company shares + Acquisition of other shares

50 Strong balance sheet 50% 40% 30% 20% 10% 0% Equity ratio, % 48% 51% 46% 41% 39% / % 70% 60% 50% 40% 30% 20% 10% 0% Net gearing, % 70% 51% 44% 39% 32% / Net debt, EUR million and Net debt / Comparable EBITDA 2,9 1,8 1,2 2, /2017 Net debt, EUR million 1, Net debt/ebitda (rolling 12 months) 50

51 Debt structure and liquidity 30 September 2017 Interest-bearing debt, total EUR 651 million Available liquidity, total EUR 412 million Bonds 315 *) Loans from financial institutions Pension loans Finance leases and other loans Other short-term loans Cash and cash equivalents Revolving credit facility Unraised pension loans *) Of which EUR 248 million due 2027 and EUR 67 million due Average maturity of long-term loans on 30 September 2017 was 5.4 years.

52 Debt maturity lengthened due to new 10-year bond Total interest-bearing debt on 30 September was EUR 651 million In September, Metsä Board issued new 10-year EUR 250 million bond with 2.75% annual coupon. At the same time, the company made a tender offer for the old EUR 225 million bond due in 2019 (EUR 158m tendered) In August, Moody s upgraded Metsä Board s credit rating from Ba2 to Ba1 Metsä Board s credit ratings Rating agency Standard & Poor s Rating and outlook Last update BB+ (positive) 02/2017 Moody s Ba1 (stable) 08/2017 Upgrade from Ba2 250 Interest-bearing debt maturity profile EUR million Bonds Loans from financial institutions Pension loans Other loans

53 Increased financial costs due to the financing arrangements in September EUR million % 60 5,0 50 4,6 4,5 40 4,2 30 3,8 4,0 20 3,3 3,5 10 3, , /2017 Net financials in 1-9/2017 were EUR -29 million (1-9/16: EUR -21 million) Q3 financial expenses include EUR 11 million of costs related to the early repurchase of the bond maturing in 2019 Net financial costs, EUR million Average interest rate at the end of period, % 53

54 Debt programmes 30 September 2017 Metsä Board s significant debt securities issued and outstanding at 30 September 2017 Long-term borrowings Total amount, EUR million Outstanding, EUR million Average interest rate* ), % Maturity EUR 250 million bond issued EUR 225 million bond issued Syndicated credit facility EUR 51 million bilateral loans EUR 22 million finance leases EUR 213 million pension loans * ) The average interest rate take into account outstanding interest rate swaps and amortised arrangement fees. The average interest rate of all Metsä Board interest bearing net liabilities incl. interest rate derivatives per 30 September 2017 is 3.2%. Metsä Board s principal long-term liquidity reserves at 30 September 2017 Long-term borrowings Total amount, EUR million Outstanding, EUR million Average interest rate* ), % Maturity Revolving credit facility Pension loan facilities Short-term funding programmes Metsä Group internal short-term limit months Metsä Group Treasury funding programmes EUR 150 million domestic CP programme months 54

55 Near-term outlook Metsä Board s Q4 paperboard delivery volumes are expected to decline due to seasonality. Target is to further increase average price in paperboards Pulp market is expected to remain in balance. Metsä Fibre s new bioproduct mill is expected to have positive impact on Metsä Board s Q4 result Annual maintenance shutdown in Husum mill in Q4 Positive hedging impact from USD will dilute towards the year-end Impacts from price increases expected to be visible mainly from Q onwards 55

56 Profit guidance Mainly due to the maintenance shutdown at the Husum integrated mill, Metsä Board s comparable operating result in the fourth quarter of 2017 is expected to weaken slightly from the third quarter of

57 Production, capacities and sourcing

58 Metsä Board s production units 58 Integrated mills Husum, Sweden Kemi 400,000 t/a folding boxboard 270,000 t/a white linerboard 730,000 t/a chemical pulp 410,000 t/a white linerboard 620,000 t/a chemical pulp by Metsä Fibre Äänekoski Joutseno 240,000 t/a folding boxboard 1,300,000 t/a chemical pulp by Metsä Fibre 320,000 t/a BCTMP 690,000 t/a chemical pulp by Metsä Fibre Non-integrated mills Kyro (Kyröskoski) Simpele 190,000 t/a folding boxboard 280,000 t/a folding boxboard Tako (Tampere) Kaskinen 210,000 t/a folding boxboard 340,000 t/a BCTMP Husum Taking into account Metsä Group s pulp production, Metsä Board s pulp balance in 2017 is 400,000 t/a long Kemi Äänekoski Kaskinen Simpele Tako Joutseno Kyro

59 Paperboard capacity Town Country Machines Folding boxboard White fresh fibre linerboard Total Tampere (Tako) Finland Kyröskoski (Kyro) Finland Äänekoski Finland Simpele Finland Kemi Finland Husum Sweden Total 8 1, ,000 59

60 Pulp capacity Metsä Board pulp mills Country Chemical pulp BCTMP Total Husum Sweden Joutseno Finland Kaskinen Finland Total ,390 Metsä Fibre pulp mills Country Chemical pulp BCTMP Total Äänekoski Finland 1,300 1,300 Kemi Finland Rauma Finland Joutseno Finland Total 3,250 3,250 60

61 Deliveries by region in 2016 Folding boxboard Fresh fibre linerboard 11% 1% 16% 48% 32% 60% 25% Western Europe 7% Eastern Europe Americas 61 Asia and Pacific

62 Sourcing 2016 Electricity sourcing (total 2,438 GWh) Primary energy used (total 12.0 TWh) Wood sourcing by country (total 4.6 million cubic metres) Purchased energy 45% Outsourced generation 3% Own generation 20% Hydro 4% Gas 7% Peat Coal 2% Oil 2% 2% Russia 13% Baltic countries 18 % Sweden 38% Through PVO shareholding 32% Nuclear power 22% Woodbased 60% Finland 31% 62

63 Product development focus areas

64 Key product development focus areas Sustainable lightweighting Improved BCTMP Microfibrillated cellulose (MFC) Strength additives Barrier board PE extrusion coated products Dispersion barriers Bio-based raw materials 64

65 Lighter-weight paperboards: Better with Less SBB Solid bleached board Average FBB Folding boxboard Metsä Board lightweight paperboard WLC White lined chipboard 65

66 Metsä Board barrier boards roadmap Bio based barrier Bio based light barrier Bio based barrier Non bio-based barrier Outsourced PE extrusion coating Own PE extrusion coating

67 Barrier boards types BIODEGRADABLE RENEWABLE Bio based, bio-degradable coating, i.e. starch, PLA etc. Bioplastic coating, i.e. green PE Oil based, bio-degradable coating Latex based dispersion coating PE extrusion coating NON-RENEWABLE Metsä Board s baseboard is bio based, biodegradable and compostable. NON-BIODEGRADABLE 67

68 Sustainability

69 The circular economy of a durable and safe package Pure paperboard helps to store the packaged product safely. Fresh fibre is a pure and safe, renewable raw material. Our paperboards are recyclable and biodegradable, or they can be used for energy production. Durable paperboard protects the packaged product effectively. We only use carefully selected and safe raw materials in our products. We follow good manufacturing principles (GMP). All of our products meet the requirements of relevant international legislation. 69

70 Metsä Board uses water efficiently Rain waters the forest Metsä Board has decreased its CO 2 emissions by 45% since 2009 and the use of water by 14% since % of water used in the production process is returned back to the waterways Also lakes and seas are a source of recreation Forests are a source of recreation Metsä Board s board production is mostly integrated in pulp production Waste waters are always carefully cleaned before returned back to the waterways Light weight boards are resource efficient both for us as well as for our customers Bark is utilised as a bio-energy source Metsä Board only uses surface water in its production Metsä Board s paperboards can be recycled, depending upon local recycling services

71 Metsä Board s sustainability targets WOOD THE SHARE OF CERTIFIED WOOD >80% PERFORMANCE % BIOENERGY SHARE OF TOTAL PURCHASED ENERGY 51% WELL-BEING SICKNESS ABSENTEEISM <3% PERFORMANCE % CLIMATE FOSSIL CO 2 EMISSIONS PER PRODUCT TONNE % PERFORMANCE % LOGISTICS ENSURE THE SUSTAINAINABILITY OF MAIN LOGISTIC FLOWS PERFORMANCE % SAFETY AT WORK -10% LOST-TIME ACCIDENTS FREQUENCY ANNUALLY PERFORMANCE % ENERGY ENERGY EFFICIENCY IMPROVEMENT PERFORMANCE % RESOURCE EFFICIENCY 12% -17% PROCESS WATER USE PER PRODUCT TONNE PERFORMANCE % 71

72 Metsä Board is recognised as a global leader in sustainability practices 2017 CDP Metsä Board chosen to the Water A List and Climate A List Leadership status on Forest programme Metsä Board participated on CDP Supply chain programme together with its customers 2017 EcoVadis Metsä Board achieved the Gold rating for its Corporate Social Responsibility practices by EcoVadis in 2017 Overall Metsä Board was ranked in the top 1% of suppliers assessed by EcoVadis across all categories 72

73 Increased regulation to ensure product safety EU Commission Announced plans to regulate printed food contact materials (FCMs) on EU level Food Contact Material legislation in Switzerland Part of Swiss Food law Recycled paper cannot be used as FCM, if direct contact with food products Concentration limits of certain polyaromatic hydrocarbons micrograms/kg food has been set Draft German mineral oil regulation 4th ordinance draft published in March 2017 The draft focuses on mineral oil migration from recycled fibre based packaging materials to food 73

74 Shares and owners

75 Market cap and ownership distribution Metsä Board shares (METSB, METSA) are listed on Nasdaq Helsinki Market cap and foreign owners 30 September 2017 Ownership distribution 30 September 2017 EUR million % / % 18 % Metsäliitto Cooperative 22 % 42 % Domestic institutional investors Domestic private investors * Foreign owners Market cap, EUR million Share of foreign owners, % * Metsäliitto Cooperative has 61% of voting rights 75

76 Ownership structure on 30 September 2017 Shares, % (total no. of shares 355,512,746) 4 % 2 % 3 % 12 % 42 % Metsäliitto Cooperative Foreign owners* Households Public sector organisations Votes, % (total no. of votes 1,037,530,115) 11 % 3 % 7 % 2 % 1 % Metsäliitto Cooperative Public sector organisations Households Foreign owners* 19 % 18 % Finance and insurance companies Non-profit organisations 15 % 61 % Non-profit organisations Finance and insurance companies Other companies * incl. nominee registered Other companies 76 Metsä Board has two series of shares: 35,886,682 A-shares and 319,626,064 B-shares. A-share entitles to 20 votes and B-share entitle to 1 vote at a General Meeting.

77 Transformation has increased shareholder value Enterprise value, EUR million Dividend and payout ratio % EUR mill EUR 0,20 0,16 0,12 0,08 0,04 90% 75% 60% 45% 30% 15% , % Net debt Market capitalization Dividend, EUR Dividend/EPS, % 77

78 Appendix

79 Metsä Board Corporate Management Team Mika Joukio CEO Chairman of CMT since 2014 MG employee since 1990 Share ownership: 261,884 Jussi Noponen CFO Member of CMT since 2016 MG employee since 2000 Share ownership: 50,000 Sari Pajari SVP, Marketing and Sales Member of CMT since 2011 MG employee since 2007 Share ownership: 45,740 Ari Kiviranta SVP, Development Member of CMT since 2014 MG employee since 1993 Share ownership: 16,236 Harri Pihlajaniemi SVP, Production Member of CMT since 2017 MG employee in and since 2017 Share ownership: no ownership Susanna Tainio SVP, HR Member of CMT since 2015 MG employee since 2011 Share ownership: 20, Share ownerships are B-shares. MG = Metsä Group

80 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 TISSUE METSÄ WOOD METSÄ BOARD METSÄ FIBRE Wood Supply and Forest Services Tissue and cooking papers Wood Products Paperboard Pulp and Sawn Timber Sales: EUR 1.5 billion Personnel: 860 Sales: EUR 1.0 billion Personnel: 2,700 Sales: EUR 0.5 billion Personnel: 1,520 Sales: EUR 1.7 billion Personnel: 2,500 Sales: EUR 1.6 billion Personnel: 1,230 Metsäliitto Cooperative holding 100% Metsäliitto Cooperative holding 100% Metsäliitto Cooperative holding 100% Metsäliitto Cooperative holding 42%, 61% of votes Metsäliitto Cooperative holding 50.2%, Metsä Board 24.9%, Itochu Corporation 24.9% 80

81 Metsä Fibre s new Bioproduct Mill INVESTMENT, EUR 1.2 billion WOOD USAGE, m 3 /a 6.5 million CERTIFIED WOOD 90 percent CAPACITY, tonnes/a 1.3 million METSÄ BOARD INVESTED EUR 24.9 MILLION IN EQUITY COMPANY S PULP BALANCE WILL GROW BY 200,000 TONNES/A. ELECTRICITY, Wh/a 1.8 tera ELECTRICITY SELF SUFFICIENCY 240 percent START UP August

82 Metsä Board s credit rating 8 BBB- / Baa3 7 BB+ / Ba16 BB / Ba25 BB- / Ba34 B+ / B13 B / B22 B- / B31 CCC+ / Caa BBB- / Baa3 BB+ / Ba1 BB / Ba2 BB- / Ba3 B+ / B1 B / B2 B- / B3 CCC+ / Caa1 Moody's Standard & Poors Investment Grade 82

83 Restructuring to a pure-play paperboard company from 2005 onwards - From 26 to 8 production units - Paper capacity from 5 million tonnes to zero - Paperboard capacity from 1.1 million tonnes to 2.0 million tonnes - Major divestments incl. Graphic Papers and Map Merchants - Paperboard (incl. market pulp) 100% of sales from 2017 onwards - Major improvement in profitability and financial position Today strong position and growing - #1 producer of folding boxboard in Europe - #1 producer of coated white-top kraftliner globally - Husum investment programme enabling significant growth steps 83

84 M&A activity Acquisitions Biberist Paper Mill Simpele Mill UK Paper Modo Paper Zanders Kemiart Liners (53 %) Chemicals Business Divestments 84 Botnia Wood Corrugated Packaging MD Papier Albbruck Metsä Tissue Savon Sellu Forestia PSM 8% in Botnia 9% in Botnia Carton plants Map New Thames Graphic Papers B2 shares in PVO MB Uruguay Part of Reflex Hallein mill Rest of Reflex 0.5% in PVO Alizay mill Lielahti real estate 7.3 % in Metsä Fibre Gohrsmühle mill

85 Significant Divestments EUR 3.7 billion in assets divested since 2001 Year Divestiture Enterprise Value, EUR million 2015 Gohrsmühle mill in Germany neg Lielahti real-estate Alizay property and other estates % stake in Metsä Fibre % stake in PVO Hallein Metsä-Botnia s Uruguayan operations 300* 2008 Graphic Papers ,000 shares in PVO New Thames mill 82** 2007 Map Merchant Group Folding carton plants Botnia (9%) Botnia (8%) Savon Sellu Forestia (95%) Metsä Tissue Papierfabrik Albbruck MD Papier Noviant (19%) 41 3, * Cash portion **Incl. pension liabilities

86 Sales and EBIT-% development ,6 6,8 9,0 8,0 9,0 7,0 % ,2 5, ,8 1,1 2,4 3,6 3,0 1,0 1, ,1 6, ,0 5,0 7,0 Sales, EUR million Comparable EBIT % 86

87 Contact information Katri Sundström Vice President, Investor relations Tel

88

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