Credit investor presentation May 2017 Agenda Our business and - - PowerPoint PPT Presentation

May 2017

Credit investor presentation

Investor presentation Agenda

• Our business and strategy (slides # 5-14)
• Key metrics for credit investor (# 15-19)
• Potential bond transaction (# 20-21)
• Appendix – Q1 2017 and other materials (# 22-46)

Disclaimer

Credit Investor Presentation - May 2017 3 IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Kemira Oyj (the “Company”) or any person on behalf

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Company representatives

Petri Castrén

CFO

Pauliina Paatelma

VP, Group Treasurer

Olli Turunen

VP, Investor Relations

Our business and strategy

Kemira today

Kemira is a global chemicals company serving customers in water-intensive industries

Credit Investor Presentation - May 2017

2.4

Revenue in EUR billion (FY 2016)

63

Manufacturing sites

Pulp & Paper

#1–2 in all regions

12.8%

Operative EBITDA margin (FY 2016)

110

Ship-to-countries

Oil & Mining

#2 globally1

4 771

Personnel

2.2x

Net debt / operative EBITDA (FY 2016)

Municipal & Industrial

#1 in Europe and North America2

6

1 Polyacrylamide polymers 2 Raw and waste water treatment chemicals

Stable business and sustainable profitability improvement

Revenue

EUR million

2,241 2,229 2,137 2,373 2,363 2012 2013 2014 2015 2016

Operative EBITDA and operative EBITDA margin

EUR million

249 252 253 287 303 2012 2013 2014 2015 2016

Credit Investor Presentation - May 2017 7

11.1% 11.3% 11.8% 12.1% 12.8%

Our strategy for profitable growth

Credit Investor Presentation - May 2017 8

Targets: Above-market revenue growth & operative EBITDA margin

• f 14-16%

Growth

• Investments in

capacity expansions

• Seize opportunities

in growth pockets

• Recovery of shale
• il & gas business
• CEOR and oil sands
• R&D, new products

Acquisitions

Very selective approach

• Strategic fit
• Accretive to

profitability

• Modest valuation

Efficiency

• Site footprint
• ptimisation
• BOOST
• Organizational

efficiencies with new structure

Cost discipline

Prudent cost culture

Organic growth supported by selective acquisitions and efficient operations

Drivers for profitability improvement

Positives – Major company actions to support profitability

• Synergy capture
• Full contribution of the new site in Brazil
• New chlorate line in Finland (Q4 2017)
• BOOST program (e.g. logistics)
• Capacity utilization
• Internal efficiency

Uncertainties

• Macroeconomic and political

uncertainties

• Raw material prices and currencies

Outlook for 2017: Kemira expects its operative EBITDA to increase from the prior year

Credit Investor Presentation - May 2017 9

253 287 303

2014 2015 2016

Operative EBITDA and operative EBITDA margin

EUR million 11.8% 12.1% 12.8%

Our key actions for higher margins

2014 2015 2016 Acquisition synergies Group Pulp & Paper BOOST -

• perational

excellence Oil & Mining Municipal & Industrial Mid- to long- term target

Mid- to long-term targets: Above-the-market growth, operative EBITDA 14-16%, gearing below 60%

Credit Investor Presentation - May 2017 10

12.8% Operative EBITDA margin 14-16%

New investments (Brazil and Finland), New TCM contracts Optimization

• f operations:

e.g. Logistics, Sourcing, Manufacturing Chemical Enhanced Oil Recovery &

• il sands

Advanced Water Treatment

11.8%

Efficiencies from new two segment structure

12.1%

Estimated end of 2017 run-rate 100% 100%

• Approx. 50%

Low Low Low Full run-rate by End of 2017 End of 2017 2018 2-3 yrs 3-5 yrs 3-5 yrs AkzoNobel’s paper chemicals business

Kemira to streamline segments and

• rganisational structure

Oil & Mining and Municipal & Industrial will merge into Industry & Water as of June 1, 2017 Our focus continues to be on pulp & paper, oil & gas, mining and water treatment and we are dedicated in serving these customer industries Cost savings of EUR 15-20 million with full run-rate by the end of 2017 Revenue for oil & gas business will be disclosed separately

Credit Investor Presentation - May 2017 11

Pulp & Paper

Operative EBITDA margin

13.4%

Industry & Water

11.8%

In bleaching, process and functional chemicals

#1

In water treatment chemicals in Europe and North America

#1 #2

In dry and emulsion polyacrylamides

Operative EBITDA margin EUR 1,457 million revenue EUR 906 million revenue

Segment figures as of FY2016

Geographies Customer examples

Pulp & Paper

FY2016: Revenue EUR 1,457 million, Operative EBITDA EUR 195 million and margin 13.4%

Credit Investor Presentation - May 2017 12

35%

Americas

50%

EMEA

15%

APAC Customer mills

40%

Board & tissue production

40%

Pulp production

10%

Other

Note: Revenue by industry, product and geography rounded to the nearest 5%

20%

Paper production

Products

10%

Polymers

20%

Defoamers, dispersants, biocides and other process chemicals

25%

Sizing & strength

35%

Bleaching and pulping

Revenue

EUR million

Operative EBITDA

EUR million 171 195 48 46

2015 2016 Q1 2016 Q1 2017

1,417 1,457 362 372

2015 2016 Q1 2016 Q1 2017

Geographies

13

40%

Americas

55%

EMEA

5%

APAC

Note: Revenue by industry, product and geography rounded to the nearest 5%

10%

Other applications

75%

Water treatment

Application split

15%

Oil & Gas

Municipal (40% of sales),

customer examples

Industrial (60% of sales),

customer examples

Credit Investor Presentation - May 2017

Industry & Water (effective as of June 1, 2017)*

FY2016: Revenue EUR 906 million, Operative EBITDA EUR 107 million and margin 11.8%

EMEA

• Amsterdam
• Barcelona
• Berlin
• Frankfurt
• London
• Oslo
• Paris
• Stockholm

* Oil & Mining and Municipal & Industrial segments will be merged into Industry & Water segment

Americas

• Las Vegas
• Los Angeles
• Miami
• Montreal
• New York City
• Toronto

APAC

• Melbourne
• Shanghai
• Singapore

45%

Coagulants

20%

Other products such as defoamers and biocides

35%

Polymers

Products

Revenue

EUR million

Operative EBITDA

EUR million 116 107 25 23

2015 2016 Q1 2016 Q1 2017

956 906 220 238

2015 2016 Q1 2016 Q1 2017

Global trends favor Kemira

Kemira Capital Markets Day 2016 14

How Kemira benefits from the trend Higher usage of tissue, board and paper Increasing need for packaging material More chemicals required for stronger paper/board With chemistry water can be purified better With polymers increasing amount

• f oil can be

extracted from current and new oil fields Growing middle class in Emerging Markets Online shopping Recycling Regulation driving better water quality Finding oil reservoirs becoming harder Trends Pic Pic Pic Pic Pic

Growing middle class in Emerging Markets Online shopping Recycling Regulation driving better water quality Finding oil reservoirs becoming harder

Key metrics for credit investor

42% 42% 41% 54% 54% 59%

2012 2013 2014 2015 2016 Q1 2017

Balance sheet ratios and maturity profile

Credit Investor Presentation - May 2017 16

1.9x

Net debt / operative EBITDA and Gearing Gross debt maturity profile, end of Q1 2017

EUR million

2.1x

Net debt 532m Net debt 661m

2.2x

Net debt 456m Net debt 486m

2.1x

Gearing target below 60%

1.8x 2.2x

Net debt 634m Net debt 642m

2017 2018 2019 2020 2021 2022

EIB NIB Bilaterals Existing bonds Undrawn RCF Others CP

144 83 210 205 150

400

Debt portfolio well diversified

Credit Investor Presentation - May 2017 17

• Gross debt EUR 792 million
• Cash and cash equivalents

EUR 132 million

• Average cost of debt 2.0%

41% 44% 15%

Loans from banks and financial institutions EUR 327 million Bonds EUR 350 million Other EUR 115 million

• EUR 200 million at 2.5%,

maturing May 2019

• EUR 150 million at 2.25%,

maturing May 2022

Gross debt EUR 792 million

Status as of March 31, 2017

176 200 74 248 271 26 12

2012 2013 2014 2015 2016 Q1 2016 Q1 2017

Cash flow generation improving – H2 weighted

• Cash flow shows positive trend driven

by net working capital and improved profitability

• Cash flow has strong seasonality

mainly due to changes in net working capital

Credit Investor Presentation - May 2017 18

Cash flow from operations

EUR million Cash flow from operations in 2014-2016

14%

Q1

11%

Q2

35%

Q3

40%

Q4

Capital expenditure – Investments into growth

Largest investments in 2015-2017

• New chlorate plant in Brazil
• New chlorate line in Joutseno, Finland
• Capacity additions due to acquisition of

AkzoNobel paper chemicals business

• Polymer capacity additions in Italy and UK

Capital expenditure excluding acquisitions

EUR million

In 2017 capital expenditure is expected to be approximately EUR 200 million

Credit Investor Presentation - May 2017 19

134 139 146 182 213 31 37

2012 2013 2014 2015 2016 Q1 2016 Q1 2017

CAPEX split in 2014-2016 45%

Expansion

27%

Improvement

28%

Maintenance

Potential bond transaction

Contemplated transaction

Credit Investor Presentation - May 2017 21

New issue

Indicative terms and conditions Issuer Kemira Oyj Status Senior, unsecured Amount EUR 200 million expected Tenor 7 years Coupon Fixed, annual Documentation Stand-alone, under Finnish law Covenants Change of control, Cross default, Negative pledge (capital markets) Clearing Euroclear Finland Listing Nasdaq Helsinki Denominations EUR 100,000 + 1,000 Bookrunners Nordea and OP

• Kemira is planning to issue a new 7 year

bond to partially refinance its senior unsecured bond due in 2019 and the remaining proceeds are planned to be used for general corporate purposes

• The contemplated transaction size is

envisaged to be EUR 200m

• Indicative terms and conditions are subject

to market conditions

• Nordea is undertaking, on behalf of Kemira,

a tender offer of the 2019 notes in conjunction with the envisaged new issue. Tendering accounts are to receive priority in the new issue allocation

• Tender price is 1,049.86 per EUR 1,000.00

in nominal amount of the Notes. Priority allocation is available.

Appendix – Q1 2017

Financial highlights Q1 2017

Q1 2017

• Revenue increased +5%

– Organic growth +2%, Oil & Mining +16%

• Operative EBITDA was under pressure

– Sales volumes at good level but sales prices below prior year level – Sudden increases in ethylene and propylene leading to higher raw material prices – Supply distractions resulting in higher costs and asset under utilization

• Earnings per share EUR 0.12

– EPS impacted by lower profitability but also by higher items affecting comparability and finance costs

Credit Investor Presentation - May 2017 23

EUR million (except ratios) Q1 2017 Q1 2016 Δ%

Revenue 610 583 +5% Operative EBITDA 69 73

• 5%
• f which margin, %

11.3 12.5 Operative EBIT 35 41

• 15%
• f which margin, %

5.7 7.0 Net profit to equity owners 18 25

• 26%

EPS, EUR 0.12 0.16

• 26%

• Stable market environment on broad scale

– APAC and South America driving growth, North America sluggish while EMEA stable – Supply shortage of chlorinated fatty acid hindering growth in APAC

• Synergy capture from AkzoNobel’s paper chemicals

acquisition on track

– Two major manufacturing agreements left to terminate in Q2 – EUR 20 million synergy run-rate to be reached by the end of year

• Largest investments have proceeded well

– New bleaching chemical plant in Brazil up and running flat out – Expansion of sodium chlorate in Finland on schedule, expected to be operational in Q4 2017

Pulp & Paper – Volume growth continued

Credit Investor Presentation - May 2017 24

Oil & Mining – Shale oil & gas market has rebounded

• Shale oil & gas fracking activity

continued to recover

– Volumes for polymers used in fracking have doubled from the bottom – Profitability remains under pressure due to lower sales prices, product mix and higher raw material prices

• Revenue for oil sands increasing,

business ramping up based on new contracts

• CEOR field trial ongoing with one major
• il company

Credit Investor Presentation - May 2017 25

30 60 90 120 150 500 1,000 1,500 2,000 2,500

March 31: 824 9/2014: 1,931 5/2016: 404 US Oil & Gas Rotary Rigs

WTI Oil Price ($/bbl)

2013 2014 2015 2016 1-3/17 Avg 1,761 1,862 978 509 742 Y-o-Y

• 8%

+6%

• 47%
• 48%

+46%

• With 6,000 municipal and 3,000 industrial customers stable

business to operate

• Volume growth of 3%, sales prices under pressure
• North American business improved performance due to

revenue growth and improved cost control

• Fire at Huntsman Pigments in Pori, Finland impacting

Kemira

– Raw material supplier to Municipal & Industrial for iron coagulant production – Sizeable customer to Pulp & Paper, main products electricity, steam, caustic soda, and hydrochloric acid

Municipal & Industrial – Stable revenue development

Credit Investor Presentation - May 2017 26

400 450 500 550 600 650

Group’s organic revenue grew driven by Oil & Mining

Q1 2017 Results

Q1 2017

• Group’s organic growth 2%, volume growth increased to 5%
• Sales volumes grew in Oil & Mining more than 20%
• Operative EBITDA -5% to EUR 69 million due to lower sales prices and higher costs
• Fire at Huntsman Pigments in Finland impacting our financials in Q1 and in the future

66.4 74.7 78.2 68.0 72.8 78.9 80.8 70.0 69.0

12.0% 12.6% 12.5% 11.3% 12.5% 13.4% 13.6% 11.7% 11.3%

20 40 60 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017

Kemira Group revenue bridge Q1 2017

EUR million

Operative EBITDA and operative EBITDA margin trend

EUR million

Q1 2016 Q1 2017 M&A Currency impact Sales prices Sales volumes

583 +5% +2% 0% 610

• 3%

27 April 26, 2017

315 351 379 372 362 361 365 369 372 100 200 300 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017

Pulp & Paper – Revenue growth impacted by supply constraint and force majeure

Q1 2017 Results

• Force majeure, lower sales prices and chlorinated fatty acid shortage hindering revenue growth
• Profitability below prior year level due to lower sales prices and higher fixed costs
• Organic growth in APAC bounced back to good level despite the raw material supply issue,

South America also at mid-single digit growth

36.1 41.3 46.7 46.9 47.9 49.3 51.8 46.3 46.0

11.5% 11.8% 12.3% 12.6% 13.2% 13.7% 14.2% 12.6% 12.4%

10 20 30 40 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017

Revenue and organic revenue growth (y-on-y)

EUR million

Operative EBITDA and operative EBITDA margin trend

EUR million +4% +5% +3% +2% +3% +1%

28

• 4%
• 2%

April 26, 2017

0%

Oil & Mining – Strong demand in shale lifted revenue

94 90 90 76 76 73 80 82 90 20 40 60 80 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017

Q1 2017 Results

• Oil & Gas driving the segment’s revenue organic growth to 16%

– The improvement is mainly driven by higher sales volumes in shale oil & gas business

• Sales volumes in Mining grew at low double-digit rate
• Disappointing profitability caused primarily by delay in passing rising input costs to

sales prices

11.1 11.4 7.4 3.6 6.5 4.5 4.2 3.2 5.3

11.8% 12.7% 8.2% 4.7% 8.6% 6.2% 5.3% 3.9% 5.9%

4 8 12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017

Revenue and organic revenue growth (y-on-y)

EUR million

Operative EBITDA and operative EBITDA margin trend

EUR million

• 11%
• 20%
• 15%
• 25%
• 19%
• 17%

29

• 12%

April 26, 2017

+5% +16%

Municipal & Industrial – Stable revenue development

145 154 156 152 145 154 151 146 148 40 80 120 160 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017

Q1 2017 Results

• Organic growth bounced back to growth driven by sales volume growth of 3%
• Profitability impacted by lower sales prices, currencies and higher fixed costs had

negative impact as well

• Solid cash flow generation continued

19.2 22.0 24.1 17.5 18.4 25.1 24.8 20.5 17.6

13.3% 14.3% 15.5% 11.6% 12.7% 16.3% 16.4% 14.0% 11.9%

5 10 15 20 25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017

Revenue and organic revenue growth (y-on-y)

EUR million

Operative EBITDA and operative EBITDA margin trend

EUR million

• 1%

+3% +2% +2% +1% +2%

30

• 2%

April 26, 2017

• 3%

+1%

Input cost increase now visible

Changes in oil, propylene and ethylene prices

March 2017 vs. December 2016

Variable cost vs sales price trend

Credit Investor Presentation - May 2017 31

• 150
• 100
• 50

50 100 150 200 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Brent oil, USD Sales prices* Variable costs*

* 12-month rolling change vs previous year in EUR million

12% 19%

• 4%
• 7%

68%

• 5%

Ethylene Propylene Oil (Brent) Ethylene Propylene Oil (WTI)

Europe US

Source: IHS and ICIS

Revenue and cost distribution per currency

• Currency exchange rates had EUR +1.6 million impact on the operative EBITDA in Q1 2017.
• Guidance: 10% change in our main foreign currencies would approximately have EUR 10 million

impact on operative EBITDA on an annualized basis

EUR 42% USD 36% CAD 4% BRL 3% CNY 3% Others 12% EUR 40% USD 31% CAD 5% SEK 8% CNY 5% Others 11% Kemira revenue distribution Q1 2017 Kemira cost distribution Q1 2017

Credit Investor Presentation - May 2017 32

Summary – Q1 2017

Credit Investor Presentation - May 2017 33

Strong revenue, profitability disappointing but we are working on to improve profitability BOOST moving forward with the roll-out of road transportation Major investments proceeding according to plans Execution of new organisation underway –

• perational as of 1 June

Appendix – Other materials

Key figures and ratios – 5-year summary

EUR million (except ratios) 2012* 2013 2014 2015 2016 Revenue 2,240.9 2,229.1 2,136.7 2,373.1 2,363.3 Operative EBITDA 249.4 251.9 252.9 287.3 302.5

• f which margin

11.1% 11.3% 11.8% 12.1% 12.8% Operative EBIT 155.5 164.2 158.3 163.1 170.1

• f which margin

6.9% 7.4% 7.4% 6.9% 7.2% Cash flow from operations 176.3 200.3 74.2 247.6 270.6 Capital expenditure, excluding acq. 134.1 133.5 140.6 181.7 212.6 Gearing at period-end 42% 41% 42% 54% 54% Inventories 182 170 197 207 217 Personnel at period-end 4,857 4,453 4,248 4,685 4,818

* Restated figures reflect the change of IAS 19, Employee Benefits

Credit Investor Presentation - May 2017 35

Pulp & Paper

EUR million 2014 2015 2016 Revenue 1,170 1,417 1,457 Operative EBITDA 137.2 171.0 195.3

• f which margin

11.7% 12.1% 13.4% Operative EBIT 85.8 96.8 111.6

• f which margin

7.3% 6.8% 7.7% Capital expenditure 83.0 240.1 125.1 Cash flow after investing activities

• 10.1
• 63.2

105.7

Key financials

* Restated figures reflect the change of IAS 19, Employee Benefits

Credit Investor Presentation - May 2017 36

Oil & Mining

EUR million 2014 2015 2016 Revenue 382.2 350.1 309.5 Operative EBITDA 48.4 33.5 18.4

• f which margin

12.7% 9.6% 5.9% Operative EBIT 29.9 11.1

• 3.8
• f which margin

7.8% 3.2%

• 1.2%

Capital expenditure 26.3 30.7 38.0 Cash flow after investing activities 20.6 10.7

• 19.9

Key financials

* Restated figures reflect the change of IAS 19, Employee Benefits

Credit Investor Presentation - May 2017 37

Municipal & Industrial

EUR million 2014 2015 2016 Revenue 564.7 605.7 596.5 Operative EBITDA 68.1 82.8 88.8

• f which margin

12.1% 13.7% 14.9% Operative EBIT 43.3 55.2 62.3

• f which margin

7.7% 9.1% 10.4% Capital expenditure 35.2 34.2 47.5 Cash flow after investing activities 34.3 38.2 55.6

Key financials

* Restated figures reflect the change of IAS 19, Employee Benefits

Credit Investor Presentation - May 2017 38

Our customers and competitors

Customers (examples) Competitors (examples)

Credit Investor Presentation - May 2017

+ ~6000 municipalities in water treatment

39

Geographies Customers, examples

Oil & Mining (to be merged into Industry & Water)

FY2016: Revenue EUR 310 million, Operative EBITDA EUR 18 million, margin 5.9%

Credit Investor Presentation - May 2017

65%

Americas

35%

EMEA

Customers

40%

Oil & Gas

35%

Process chemicals to

• ther industries

Products

Note: Revenue by industry, product and geography rounded to the nearest 5%

25%

Minerals & Metals

60%

Polymers

40%

All others

40

Geographies Customers, examples

Municipal & Industrial (to be merged into Industry & Water)

FY2016: Revenue EUR 596 million, Operative EBITDA EUR 89 million, margin 14.9%

Credit Investor Presentation - May 2017

30%

Americas

65%

EMEA

5%

APAC

Customer split

60%

Municipalities

40%

Industrial customers

Products 65%

Coagulants

20%

Polymers

15%

Other products such as defoamers and biocides

London Frankfurt New York City Shanghai Singapore Los Angeles Philadelphia Montreal Toronto San Diego Birmingham Miami Melbourne Hamburg Amsterdam Barcelona Washington DC Edinburgh Berlin Paris Stockholm Oslo Las Vegas

Note: Revenue by industry, product and geography rounded to the nearest 5% 41

Income statement (IFRS)

EUR million 2016 2015 Revenue 2,363.3 2,373.1 Other operating income 5.1 7.1 Operating expenses

• 2,084.2
• 2,116.4

Depreciations, amortizations and impairments

• 137.2
• 131.2

Operating profit 147.0 132.6 Finance costs (net)

• 19.1
• 30.8

Share of profit or loss of associates 0.1 0.3 Profit before tax 128.0 102.1 Income taxes

• 30.1
• 24.9

Net profit for the period 97.9 77.2 Equity owners of the parent 91.8 71.0 Non-controlling interests 6.1 6.2 Earnings per share for net profit attributabe to the equity owners of the parent company (EUR per share) 0.60 0.47

Credit Investor Presentation - May 2017 42

Balance sheet (IFRS)

Credit Investor Presentation - May 2017 43

EUR million 2016 2015 Goodwill* 522 518 Other intangible assets 116 135 Property, plant and equipment 916 815 Shares and other investments 268 357 Inventories* 217 207 Receivables 409 411 Cash and cash equivalents 173 152 Total assets 2,621 2,595 Equity 1 183 1 193 Interest-bearing liabilities 807 794 Interest-free liabilities 631 608 Total equity and liabilities 2,621 2,595

* Key audit matter

Cash Flow statement (IFRS)

Credit Investor Presentation - May 2017 44

EUR million 2016 2015 Net profit for the period 98 77 Total adjustments 187 189 Change in net working capital 30 21 Finance expenses

• 20
• 27

Income taxes paid

• 23
• 12

Net cash generated from operating activities 271 248 Purchases of subsidiaries and business acquisitions 2

• 123

Capital expenditure

• 213
• 182

Proceeds from sale of assets 37 3 Change in long-term loan receivables 1 Free cash flow 98

• 54

Kemira – largest shareholders and Board of Directors

% of shares

• 1. Oras Invest

18.2%

• 2. Solidium (owned by State of

Finland)

16.7%

• 3. Varma Mutual Pension Insurance

Company

5.3%

• 4. Ilmarinen Mutual Pension

Insurance Comp.

2.7%

• 5. Kemira Oyj

1.9% Total number of shares 155,342,557 Foreign ownership of shares 26.2% Total number of shareholders 32,730

Shareholders on April 30, 2017 Kemira Board of Directors

Jari Paasikivi, Chairman Member since 2012 Oras Invest Oy, CEO

Kerttu Tuomas Vice Chairman Member since 2010 Wolfgang Büchele Member in 2009-2012 and since 2014 Kaisa Hietala Member since 2016 Timo Lappalainen Member since 2014

Credit Investor Presentation - May 2017

Shirley Cunningham Member since 2017

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Kemira’s Management Board

Credit Investor Presentation - May 2017

Pulp & Paper Kim Poulsen Operational Excellence Esa-Matti Puputti Human Resources Eeva Salonen Industry & Water Antti Salminen CFO Petri Castrén CTO Heidi Fagerholm President and CEO Jari Rosendal

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Jukka Hakkila, Chief Legal Officer, acts as secretary of Management Board and Board of Directors