Our first year as Ahlstrom-Munksjö was exciting and we made good progress in terms of financial performance and integration.

1. Q4/2017 & Financial
Statements Release 2017
JAN ÅSTRÖM, PRESIDENT AND CEO
PIA AALTONEN-FORSELL, CFO
Helsinki, February 13, 2018

2. Agenda
• Q4/2017 in brief
• Business area reviews
• Financials
• Update on synergies
• Outlook

3. Key takeaways from Q4/2017
Organic net sales growth at 7.3%
Excellent organic growth continued with stable profitability
• Demand continued to be good for most products across many regions
• Business units managed well keeping margins intact despite continued cost inflation
• Performance driven by Filtration with record annual profitability, growth in Release Liners as well as good
improvement in Coated Specialties in Brazil
Synergy benefits are clearly visible
• Well on-track to achieve annual synergy benefits of above EUR 40 million
• Currently achieved annual run rate of about EUR 19.3 million, impact on Q4/2017 result about EUR 4.1 million
Looking forward
• Rapid increase in raw materials prices in Q4/17 reflected in outlook
– Time-lag to compensate for increased raw material costs
– Further pricing initiatives on-going, particularly in Decor
• Results from the process to address the challenges in coated one-sided business expected to be gradually
visible during 2018
3

4. Key figures
Strong sales growth
4
EUR MILLION Q4/2017 Q4/2016 CHANGE, % 2017 2016 CHANGE, %
Net Sales
547.1 527.5 3.7 2,232.6 2,147.9 3.9
Comparable EBITDA
63.1 61.3 3.0 290.4 268.7 8.1
Comparable EBITDA margin,% 11.5 11.6 13.0 12.5
EBITDA
52.7 55.4 -4.9 266.6 239.9 11.1
Items affecting comparability
included in EBITDA
-10.4 -5.9 -23.8 -28.8
Net result 19.3 13.5 42.6 88.5 49.8 77.6
Earnings per share, EUR 0.20 0.14 43.1 0.91 0.51 78.7
Comparable EPS excluding
merger related items (PPA),
EUR
0.37 0.20 85.0 1.29 0.96 34.4
Net debt** 375.3 N/A N/A 375.3 N/A N/A
Gearing, %** 36.2 N/A N/A 36.2 N/A N/A
Cash generated from operating
activities
77.2 75.6 2.2 212.9 232.1 -8.3
*Fair valuation of EUR 11 million inventory adjustment excluded as already included in pro forma 2016 figures
**No comparative balance sheet figures on pro forma basis available

5. Strong organic sales growth in Q4/2017
Net sales EUR 547.1 million in Q4/17 (EUR 527.5
million)
• Net sales +3.7%
• Comparable net sales +7.3% at constant
currency rates
– Higher selling prices and volumes as well as
improved product mix
– Strong growth in Filtration, Decor, Release
Liners, Coated Specialties, and Tape
• Price increases to fight raw material inflation
• Sales predominately in euro, other main
currencies are USD, CNY and SEK
– Translation effect from stronger EUR on net
sales
MEUR
535.9
561.0
523.5 527.5
566.9 576.9
541.6 547.1
0
100
200
300
400
500
600
700
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
MEUR
Net Sales
Net Sales
5
2,125,. 2,147.9
2,232.6
0
250
500
750
1000
1250
1500
1750
2000
2250
2500
2015 2016 2017

6. EBITDA margin maintained at a good level in Q4/2017
Comparable EBITDA EUR 63.1 million in Q4/17
(EUR 61.3 million)
• Margin at 11.5% (11.6%)
• Supported by higher volumes and lower fixed
costs
• Negative impact of EUR 15 million from higher
raw material costs
– Mainly related to pulp and titanium dioxide
– Price increases implemented to fight raw
material inflation in 2017
• Figure impacted by EUR 4 million related to
annual maintenance stop at Aspa (in 2016,
occurred in Q3)
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
MEUR
Comparable EBITDA and margin
6
59.9 77.3 70.2 61.3 79.4 77.4 70.4 63.1
11.2%
13.8% 13.4%
11.6%
14.0%
13.4%
13.0%
11,5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
10
20
30
40
50
60
70
80
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
Target : EBITDA margin above 14% over a business cycle
Comparable EBITDA and margin

7. Business area reviews

8. Decor
Net sales EUR 94.2 million in Q4/17 (EUR 88.7 million)
• Net sales +6.2%
• Continued good demand in all segments
• Higher selling prices, volumes in line with the
comparison period
Comparable EBITDA EUR 8.6 million in Q4/17 (EUR
11.4 million)
• Higher selling prices
– However, did not yet fully compensate for the
rapid increase in titanium dioxide and pulp
costs
– Further price increases on-going
• Figure was positively impcated by about EUR 2
million related inventory adjustment and energy
subsidy
8
93.2
97.8
84.9 88.7
95.4 98.2
90.5 94.2
0
20
40
60
80
100
120
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
MEUR Net sales
13.7
17.6
11.0 11.4 11.3
8.1
5.8
8.6
14.7%
18.0%
13.0% 12.9%
11.8%
8.2%
6.4%
9.2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
5
10
15
20
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
MEUR Comparable EBITDA and margin

9. Filtration and Performance
Net sales EUR 159.9 million in Q4/17 (EUR 149.5
million)
• Net sales +6.9%
• Growth was driven by the higher sales of
filtration, nonwoven and wallcover products
• Higher selling prices, partially off-set by an
adverse currency effect
Comparable EBITDA EUR 24.6 million in Q4/17
(EUR 19.5 million)
• Higher volumes
• Improved operational efficiency
• Full-year comparable EBITDA margin at a
record high of 18.1%
9
20.0
24.9
29.7
19.5
31.8
33.1
31.1
24.6
13.2%
15.6%
19.0%
13.0%
18.8% 19.0% 19.2%
15.4.%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
MEUR
Comparable EBITDA and margin
151.9
159.2 156.5
149.5
169.0 174.3
162.0 159.9
0
20
40
60
80
100
120
140
160
180
200
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
MEUR Net sales

10. Industrial Solutions
Net sales EUR 158.7 million in Q4/17 (EUR 155.5
million)
• Net sales +2.0%
• Higher sales of Release Liners and Coated
Specialties products
• Higher selling prices in most segments
Comparable EBITDA EUR 25.3 million in Q4/17
(EUR 28.7 million)
• Higher selling prices and sales volumes as well
as improved product mix
• Negative effect from the higher material costs:
price spread between soft- and hardwood pulp
narrowed
• The figure impacted by EUR 4 million related to
annual maintenance stop at Aspa pulp mill (in
2016, carried out in Q3)
10
152.7
161.7
148.4
155.5
163.7 162.5 155.9 158.7
0
20
40
60
80
100
120
140
160
180
200
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
MEUR Net sales
19.0
23.5
21.9
28.7 28.4 27.9
26.8
25.3
12.4%
14.5% 14.8%
18.4%
17.4% 17.2% 17.2%
16.0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
MEUR Comparable EBITDA and margin

11. Specialties
Net sales EUR 138.9 million in Q4/17 (EUR 139.8
million)
• Net sales in-line with the comparison period
• Higher sales of tape, medical as well vegetable
parchment products
• Lower sales of coated one-sided products, tea bag
materials
Comparable EBITDA EUR 10.2 million in Q4/17 (EUR
13.2 million)
• Higher raw material costs
• Operational challenges in the coated one-sided
business
– Results from a process to address the
challenges expected to be gradually visible
during 2018
• Positive impact from increased volumes and lower
fixed costs
11
147.3 149.5
141.2 139.8
145.9 151.1
138.3 138.9
0
20
40
60
80
100
120
140
160
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
MEUR Net sales
15.7
19.1
16.5
13.2
17.5
14.7
10.4 10.2
10.7%
12.8%
11.7%
9.4%
12.0%
9.7%
7.5% 7.3%
0%
2%
4%
6%
8%
10%
12%
14%
0,0
5,0
10,0
15,0
20,0
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
MEUR Comparable EBITDA and margin

12. Synergies are clearly visible
Benefits estimated to be above EUR 40 million
• Annual synergies are estimated to be above EUR 40 million
• Annual synergy achievement run rate was about EUR 19.3 million at the end of 2017, majority from
SG&A costs
– Non-recurring costs estimated at EUR 30 million, of which EUR 19.1 million have been taken by the
end of 2017
– Cash flow effect was EUR -3.6 million in Q4/17 and EUR -10.9 million in 2017
• Integration of the former Graphics and Packaging business area into Specialties to develop a combined
product and service offering
12

13. Financials

14. Strong financials and good liquidity
EUR million Dec. 31, 2017 April, 1, 2017*
Total non-current assets 1,604.2 1,750.2
Operative net working capital 267.8 N/A
Cash and cash equivalents 245.9 200.6
Equity 1,038,0 1,062.6
Net debt 375.3 432.4
Net debt / EBITDA** 1.3x 1.5x
Gearing, % 36.2 40.7
Liquidity
• Total cash position EUR 245.9 million. In addition,
undrawn committed credit facilities and committed
cash pool overdrafts of EUR 212.5 million available
Refinancing implemented in 2017
• EUR 100 million hybrid bond redeemed in May 2017
• Five-year EUR 250 million bond issued with 1.875%
coupon in June 2017
• To repay EUR 100 million bond with 4.125% coupon
and refinance part of term loan borrowings
* Pro forma
** Comparable

15. Operating cash flow
Q4/2017 vs Q4/2016
• Up 2.2%, driven by improved operational result.
Negatively impacted by higher cash taxes.
2017 vs 2016
• Impacted by higher cash taxes related to
accumulated payments from previous years as well
the process to achieve the targeted synergy
benefits
15
-4.6
89.1
72.0 75.6
42.9 41.2
51.6
77.2
-20
0
20
40
60
80
100
Q1/16 Q2/16 Q3/17 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
124.7
232.1
212.9
0
50
100
150
200
250
2015 2016 2017
MEUR
MEUR

16. Funding structure
108
202
250
Term Loan 3y
Term Loan 5y
Bond
DEBT FACILITY STRUCTURE, DRAWN1
• Term Loans
− 3 year: EUR 108 million (maturity 2020)
− 5 year: EUR 72 million, EUR 40 million, SEK 600 million,
USD 35 million (maturity 2022)
• Bond
- EUR 250 million bond (maturity 2022)
• RCF
- 5 year: EUR 200 million, undrawn (maturity 2022)
• Other
- Local WC facilities of approx. EUR 57 million
- Local undrawn WC facilities of approx. EUR 62 million
- No active issuances in the CP market at the moment
- Cash pool limits of EUR 13 million (committed) and
EUR 11 million (uncommitted)
-
FUNDING STRUCTURE, AVAILABLE FACILITIES
DEBT FACILITY MATURITY PROFILE, INCL.
UNDRAWN1
MEUR
MEUR
1) Local facilities not represented
16
0
100
200
300
400
500
600
700
2018 2019 2020 2021 2022
Term Loan Bond RCF

17. Dividend proposal: EUR 0.52 per share
To be paid in two installments
0.25
0.30
0.47
0.52
0
0,5
1
1,5
2
2,5
3
3,5
4
0,00
0,10
0,20
0,30
0,40
0,50
0,60
2014 2015 2016** 2017*
Return on equity / Dividend Yield, %
%
* Proposal to the AGM
** Converted by using the same number of shares as in 2017
EUR

18. Outlook
18
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

19. Further information, please contact
Juho Erkheikki
Investor Relations Manager
Tel: +358 50 413 4583
juho.erkheikki@ahlstrom-munksjo.com
UPCOMING EVENTS IN 2018
• Interim report January-March 2018 to be published
on April 24
• Annual General Meeting 2018 on March 21
• Half-year report January-June 2018 to be published
on July 26
• Interim report January-September 2018 to be
published on October 30

20. Key raw material price trends
Pulps
USD/ton
Source: Foex, Bloomberg, Ahlstrom-Munksjö
Titanium dioxide
EUR/ton
20
400
500
600
700
800
900
1000
1100
1200
Hardwood pulp (NKHP) Softwood pulp (NKSK)
0
500
1 000
1 500
2 000
2 500
3 000
3 500
2008/01
2008/06
2008/11
2009/04
2009/09
2010/02
2010/07
2010/12
2011/05
2011/10
2012/03
2012/08
2013/01
2013/06
2013/11
2014/04
2014/09
2015/02
2015/07
2015/12
2016/05
2016/10
2017/03
2017/08
DEC 2016:
EUR 2,180
DEC 2017:
EUR 2,845
+31% y/y