Presentation held at the Shareholder's Annual General Meeting 2018 in Helsinki, Finland.

1. AHLSTROM-MUNKSJÖ OYJ
ANNUAL GENERAL MEETING 2018
JAN ÅSTRÖM
PRESIDENT AND CEO
March 21, 2018
Helsinki

2. Highlights of 2017
Agenda
• Merger and integration successfully
implemented
• Strong financial performance
• Good demand across most markets
and product segments globally
• Sustainability framework established
2

3. A global leader in fiber-based solutions
• 6,000 employees
• 41 production and converting facilities
in 14 countries
• Worldwide network of sales offices
• Pro forma sales EUR 2.2 bn
• Market capitalization EUR 1.6 bn
Merger and integration successfully implemented
3

4. BUSINESS
AREA
SHARE OF NET
SALES, %
PRODUCTS
DECOR
• Decor paper
• Thin print papers
FILTRATION AND PERFORMANCE
• Oil filters
• Fuel filters
• Air intake filters
• Gas turbine filters
• Industrial filters
• Glassfiber tissue for flooring and
reinforcement for wind mill blades
• Wallcovers
• Specialty nonwovens
• Flushable wipes
INDUSTRIAL SOLUTIONS
• Abrasive backings
• Electrotechnical insulation
• Release liners
• Thin papers
• Specialty pulp
• Balancing foils
• Fine art and printing papers
SPECIALTIES
• Food and beverage packaging
• Packaging papers
• Graphical papers
• Medical fabrics
• Metallized labels
• Tape
• Laboratory filters and life
science diagnostics
• Water purification
• Printed and coated products
Our business areas and product portfolio
17%
29% 28%
26%
Merger and integration successfully implemented
4

5. • Ahlstrom-Munksjö is considered leading supplier in
nearly all of its customer segments, i.e. in line with its
strategy to be #1 or #2 in each segment
• Over 80% of customers have a positive attitude towards
Ahlstrom-Munksjö
• Almost 90% of customers are likely to choose Ahlstrom-
Munksjö again
• Product quality and service are most important
purchasing criteria, fitting well to our positioning as a
solution provider
• Ahlstrom-Munksjö’s main strengths are personal
contact, service and product quality
Source: Voice of the Customer survey by Opticom
Decor
Filtration
Nonwovens
Building &
WindRelease
Liners
Insulation
Abrasive
Coated
Specialties
Foodpack
Beverage
& Casing
ALT*
Medical
Tape
Share of sales by business units
Leading position in many segments
*Advanced Liquid Technologies
Merger and integration successfully implemented
5

6. Synergy benefits estimated to be above EUR 40 million
• Annual synergies are estimated to be
above EUR 40 million
– Initial target was EUR 35 million
• Non-recurring costs to achieve the synergy savings are
about EUR 30 million, of which EUR 19.1 million have been
taken by year end 2017
• Almost all of the 874 integration projects completed
• Annual synergy achievement run rate
EUR 19.3 million at the end of 2017
– Majority from SG&A costs
• Work continue to achieve remaining benefits by Q2/2019
– Sourcing and fixed costs
– Integration of the former Graphics and Packaging
business area into Specialties to develop a combined
product and service offering
– Incremental sales
– Production optimization
– Product mix improvement
0
5
10
15
20
25
30
35
40
45
Synergy target Achieved run rateEURm
Merger and integration successfully implemented
6

7. Key figures* 2017 vs 2016
• Net sales
EUR 2,233 million (2,148)
• Comparable EBITDA
EUR 290.4 million
(EUR 268.7m)
• Comparable EBITDA margin
13.0% (12.5)
• EPS EUR 0.91 (0.51)
• Comparable return on
operating capital (12.3)
• Net debt EUR 375.3 million
(432.4 April 1, 2017)
• Gearing 36.2%
(40.7 April 1, 2017)
• Dividend proposal EUR 0.52
(EUR 0.47 ***)
+4.6**%
+21.7m
+0.5pp
+0.40euro
13.2%
-5pp
-57.1m
+0.05euro
* Pro forma except for net debt, gearing, comparable return on
operating capital and dividend
‘* At constant currency rates
*’* Converted by using the same number of shares as in 2017
Strong financial performance
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8. Net sales increased
Strong growth
• In most segments such as Filtration, Decor,
Release Liners, Coated Specialties, and Tape
• Price increases implemented to compensate for
higher raw material costs
• Headwind from weaker USD
Comparable net sales rose by 4.6% in
constant currency rates to EUR 2,232.6
million
MEUR
Net Sales
2,125.0 2,147.9
2,232.6
0
500
1000
1500
2000
2500
2015 2016 2017
Figures are pro forma
Strong financial performance
+85
8

9. Profitability improved
EBITDA margin maintained at a good level
Strong volumes and lower fixed costs
• Headwind from raw material costs
– Mainly related to pulp and titanium dioxide
• Price increases implemented to compensate
for higher raw material costs
Comparable EBITDA improved by EUR
22 million to EUR 290.4 million,
resulting in a margin of 13.0%
MEUR
203.0 268.7 290.4
9.6%
12.5%
13.0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
25
50
75
100
125
150
175
200
225
250
275
300
2015 2016 2017
Comparable EBITDA and margin
Target: EBITDA margin above 14% over a business cycle
Figures are pro forma
Strong financial performance
9

10. Business area profitability development
42.6 53.7 33.8
11.4%
14.7%
8.9%
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
10
20
30
40
50
60
2015 2016 2017
MEUR Decor
72.7
94.0
120.6
12.2 %
15.2 %
18.1 %
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0,0
20,0
40,0
60,0
80,0
100,0
120,0
140,0
2015 2016 2017
MEUR Filtration and Performance
68.8
93.1
108.511.2%
15.1%
16.9%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0,0
20,0
40,0
60,0
80,0
100,0
120,0
140,0
2015 2016 2017
MEUR Industrial Solutions
51.3
64.5
52.9
8.8%
11.2%
9.2%
0%
2%
4%
6%
8%
10%
12%
14%
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
2015 2016 2017
MEUR Specialties
Profitability impacted by significant
increase in raw material costs
Profitability improved due to higher sales
volumes and prices, and a more favorable mix
Profitability improved due to higher sales
volumes and improved operational efficiency
Profitability was negatively impacted by lower sales prices and
higher raw material costs, more than offsetting the positive
impact of higher volumes and lower fixed costs
Strong financial performance
10

11. Good demand in most geographies and product segments
Decor
papers
Food
packaging -
vegetable
parchment
Release
liners
Filtration
Tape
Abrasive
backings
Good demand across markets and segments
11

12. Our sustainability priorities
Sustainability Framework Priority Areas of Focus Metrics & Targets
People
• Human rights
• Community engagement
• Employee well being
Planet
• Supply chain
• Energy, water, and waste
• Carbon dioxide
Prosperity
• Profitability
• Innovation
• Business ethics
Sustainability framework established
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13. We advance the capabilities of fibers…
Sustainability framework established
We source the right quality and mix of high
performance materials - mainly natural fibers
(biodegradable/compostable), and also synthetic
fibers when so is required for a sustainable product
performance
Adding further value
• We run efficient production based on
specialized equipment and deep know-
how
• We provide our customers with tailored
services and support
• We collect and build on in-depth
customer insight
• We tailor products to individual customer
needs and sustainability demands,
innovating and advancing the capabilities
of what fiber-based materials can do
13

14. …and turn them into sustainable solutions
Food &
Beverage
Energy
Formaldehyde free decor paper Filters for a sustainable function Compostable release liner
Insulation paper for improved energy efficiency Biodegradable teabags
Sustainability framework established
14

15. Outlook for 2018*
Demand for Ahlstrom-Munksjö’s fiber-based products is expected to remain stable at the current good level
for most of the product segments and to reflect the seasonal pattern. Selling price increases will continue to
be implemented to mitigate cost inflation in raw materials.
The cash flow effect of current capital expenditure of fixed assets as well as strategic investments is
expected to be higher than in 2017 (EUR 89.7 million). The strategic growth and profitability enhancement
investments include the previously announced projects at Arches, Madisonville and Saint Severin sites.
Comparable EBITDA in 2018 is expected to be approximately at the previous year’s level (pro forma EUR
290.4 million), or slightly below. In the first-half of 2018, comparable EBITDA is expected to be lower than in
the comparison period and to gain momentum in the second half of the year.
Market Outlook
EBITDA
Capital Expenditure
(*Published on February 13, 2018
15

16. Summary
• Merger and integration successfully implemented, creating a global leader in fiber-
based solutions
• Strong financial performance in 2017, record high EBITDA margin of 13%
• Annual synergies are estimated to be above EUR 40 million, well above initial
target of EUR 35 million
• A new sustainability framework was established
• Performance during the first year as Ahlstrom-Munksjö clearly underlines the
strategic rationale behind the combination
16