Interim Review January-June 2015: Strong start for Automation as part of Valmet - profitability reached the targeted range in Q2/2015. Presentation material at the news conference on July 30, 2015.

1. Strong start for Automation as
part of Valmet
– profitability reached the
targeted range in Q2/2015
Interim Review,
January–June 2015
July 30, 2015
Pasi Laine, President and CEO
Markku Honkasalo, CFO

2. Agenda
Q2/2015 in brief
Business lines’ development
Financial development
Summary of Interim Review Q2/2015
Appendix
1
2
3
5
6
Interim Review, January–June 2015
Guidance and short-term market outlook4

3. Q2/2015 in brief

4. • Orders received decreased from the high level in Q2/2014 in Pulp and Energy, and Paper business lines
• Net sales increased in Paper and remained at the previous year’s level in Pulp and Energy
Orders received decreased and net sales increased in capital business
• Orders received increased in Services compared with Q2/2014, strong quarter in Automation
• Net sales increased in Services compared with Q2/2014, strong quarter in Automation
Orders received and net sales increased in stable business
July 30, 2015 © Valmet4
Q2/2015 in brief
1) EBITA = Earnings before interest, taxes and amortization and non-recurring items
• EBITA1 more than doubled to EUR 54 million
• EBITA1-margin increased to 6.9 percent
Good development in profitability
Net debt increased due to Automation acquisition
• Net debt EUR 238 million, and gearing 29%
• Cash flow provided by operating activities EUR 17 million
• Order backlog EUR 144 million higher than at the end of Q1/2015
Order backlog at EUR 2.2 billion
• Acquisition of Process Automation Systems was completed on April 1, 2015
• Automation became Valmet’s fourth business line – Q2/2015 the first reported quarter for Automation
• Positive feedback from customers and employees
Strong start for Automation as part of Valmet

5. Net sales split in Q2/2015
July 30, 2015 © Valmet5
21%
9%
43%
10%
17%
39%
9%
29%
23%
Net sales split by
geographic area
Net sales split by
business lineOrders received
EUR 781 million
Net sales
EUR 779 million
EBITA before NRI1
EUR 54 million
Employees
12,524
1) NRI = non-recurring items
Stable business net sales EUR 371 million
Services
Automation
Pulp and Energy
North America
EMEA
South America
Asia-Pacific
ChinaPaper

6. Key figures Q2/2015
July 30, 2015 © Valmet6
1) At the end of period
2) Before non-recurring items
3) After non-recurring items
4) Annualized
EUR million Q2/2015 Q2/2014 Change Q1–Q2/2015 Q1–Q2/2014 Change
Orders received 781 1,023 -24% 1,360 2,124 -36%
Order backlog1 2,208 2,406 -8% 2,208 2,406 -8%
Net sales 779 588 33% 1,340 1,107 21%
EBITA2 54 22 >100% 73 26 >100%
% of net sales 6.9% 3.7% 5.5% 2.3%
EBIT3 32 16 96% 46 9 >100%
% of net sales 4.1% 2.8% 3.4% 0.8%
Earnings per share, EUR 0.14 0.07 97% 0.19 0.03 >100%
Return on capital employed (ROCE), before taxes4 9% 3%
Cash flow provided by operating activities 17 46 -63% -3 89
Gearing1 29% -7% 29% -7%
Non-recurring items: EUR -12 million in Q2/2015 (EUR 0 million in Q2/2014), EUR -12 million in Q1–Q2/2015 (EUR -6 million in Q1–Q2/2014). Costs
related to acquisition of Automation amounted to approximately EUR 10 million in Q2/2015.

7. 267 273 242 273 293 307
85
622 560
96 66
138
259
212
190
128 142
149
129
1,101
1,023
466 480
580
781
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
200
400
600
800
1,000
1,200
1,400
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Services (LHS) Automation (LHS)
Pulp and Energy (LHS) Paper (LHS)
Last 4 quarters (RHS)
185
82 135 88
189 196
24 194 23 40
50 38
437
567
189 277
202
443
35
121
54
35 54
45
420
59
66 41 85
58
1,101
1,023
466 480 580
781
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
200
400
600
800
1,000
1,200
1,400
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
North America (LHS) South America (LHS)
EMEA (LHS) China (LHS)
Asia-Pacific (LHS) Last 4 quarters (RHS)
Growing trend in orders received – stable
business orders received EUR 392 million
• Orders received increased in Services: The increased focus is showing results
• Orders received EUR 85 million in Automation
• Orders received decreased in Pulp and Energy: One large pulp order in Q2/2015
• Orders received decreased in Paper: Increase in Tissue, decrease in Board and Paper
• Orders received increased in North America
July 30, 2015 © Valmet7
Orders received (EUR million),
by business line
Orders received (EUR million),
by area

8. 1,972
2,406 2,312
1,998 2,064
2,208
0
500
1,000
1,500
2,000
2,500
3,000
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Order backlog at EUR 2.2 billion
• About 60% of the order backlog is currently expected to be realized as sales
during 2015
• Approximately 30% of the order backlog relates to stable business
July 30, 2015 © Valmet8
Order backlog (EUR million)
~30%
~70%
Stable business Capital business
Structure of order backlog

9. 224 251 235 278 242
371
519
588 590
777
561
779
0.7%
3.7% 5.5%
6.1%
3.5%
6.9%
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Capital business
Stable business
EBITA-%
EBITA target 6–9%
EBITA-margin reached the targeted range
July 30, 2015 © Valmet9
Net sales and EBITA before NRI (EUR million)
• Net sales and profitability increased compared with both Q2/2014 and Q1/2015
- Profitability improved due to the higher level of net sales, improved gross profit, and the acquisition of the
automation business
- Changes in foreign exchange rates1 increased net sales by EUR 31 million and EBITA by EUR 2 million
EBITA before
NRI (EUR million)
194 22 32 48
1) Compared with the exchange rates for April–June, 2014
54

10. Good development in gross profit
July 30, 2015 © Valmet10
Gross profit (EUR million and % of net sales)
• Gross profit increased, also when excluding the impact of Automation
• Selling, general & administrative (SG&A) expenses under control
• Further actions to improve gross profit through Must-Win implementation
SG&A (EUR million and % of net sales)
23%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
20
40
60
80
100
120
140
160
180
200
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
EUR million (LHS) % of net sales (RHS)
17%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
20
40
60
80
100
120
140
160
180
200
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
EUR million (LHS) % of net sales (RHS)

11. Key Must-Win objectives to increase the
profitability
July 30, 2015 © Valmet11
Improve project
and service
margin
 Harmonization of
processes
 Localization of
competencies
 Better selection of
sales cases
 Development in
project
management
 Common quality
development
approach
 Quality tools and
processes
 Highlight the
importance of
quality initiatives
and accountability
Reduce quality
costs and lead
times
 Increase sourcing
from cost
competitive
countries
 Increase use of
sub-contracting
 Consolidation of
shipment and
warehouse
network
Savings in
procurement
Improve product
cost
competitiveness
to increase gross
profit
 Focus on cost
efficient design
 Modularity and
standardization

12. Business lines’
development

13. Growth in orders received and net sales in
Services
July 30, 2015 © Valmet13
Net sales (EUR million)Orders received (EUR million)
• Services orders received increased compared with Q2/2014
- Orders received increased in China, South America and Asia-Pacific, and
remained stable compared with Q2/2014 in EMEA and North America
- Orders received decreased in Mill Improvements, and increased in all other
business units
- Changes in foreign exchange rates1 increased orders received by
approximately EUR 16 million
• Net sales increased compared with Q2/2014
1) Compared with the exchange rates for April–June, 2014
267 273
242
273
293 307
0
200
400
600
800
1,000
1,200
1,400
0
50
100
150
200
250
300
350
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Orders received (LHS)
Orders received, last 4 quarters (RHS)
224
251 235
278
242
304
0
200
400
600
800
1,000
1,200
1,400
0
50
100
150
200
250
300
350
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Net sales (LHS)
Net sales, last 4 quarters (RHS)
Q1–Q2/2014:
EUR 540 million
Q1–Q2/2015:
EUR 600 million
Q1–Q2/2014:
EUR 475 million
Q1–Q2/2015:
EUR 546 million

14. 85
10
84
62
95
0
20
40
60
80
100
120
140
160
Average quarter
in 2014
Q1/15 Q2/15
Orders received, internal (from other business lines)
Orders received, reported
Orders received, total (including internal)
68
11
74
55
79
0
20
40
60
80
100
120
140
160
Average quarter
in 2014
Q1/15 Q2/15
Net sales, internal (from other business lines)
Net sales, reported
Net sales, total (including internal)
Strong start for Automation as part of Valmet
July 30, 2015 © Valmet14
Net sales2 (EUR million)Orders received1, 2 (EUR million)
• Orders received EUR 95 million in Q2/2015
- Internal orders received amounted to EUR 10 million
- EMEA accounted for ~60% and North America for ~20% of orders received
- Pulp and Paper accounted for ~70% and Energy and Process for ~30% of
orders received
• Net sales EUR 79 million in Q2/2015
- Internal net sales amounted to EUR 11 million
1) Q1/2015 orders received is calculated from Metso’s reported figures and pro forma figures excluding Process Automation
Systems and are therefore indicative only. Q2/2015 figures are Automation business line figures.
2) Average quarter has been calculated by dividing 2014 figures by 4 (in 2014, orders received EUR 336 million and net sales
EUR 297 million).

15. Pulp and Energy orders received EUR 259 million,
net sales stable
July 30, 2015 © Valmet15
Net sales (EUR million)Orders received (EUR million)
• Orders received decreased compared with Q2/2014
- Orders received increased in North America, and decreased in other areas
- Orders received decreased in both Pulp and Energy
• Net sales remained stable compared with Q2/2014
622
560
96 66
138
259
0
200
400
600
800
1,000
1,200
1,400
1,600
0
100
200
300
400
500
600
700
800
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Orders received (LHS)
Orders received, last 4 quarters (RHS)
181
229 234
312
222 231
0
200
400
600
800
1,000
1,200
1,400
1,600
0
50
100
150
200
250
300
350
400
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Net sales (LHS)
Net sales, last 4 quarters (RHS)
Q1–Q2/2014:
EUR 1,182 million
Q1–Q2/2015:
EUR 397 million
Q1–Q2/2014:
EUR 410 million
Q1–Q2/2015:
EUR 453 million

16. Paper orders received EUR 129 million, net
sales increased
July 30, 2015 © Valmet16
Net sales (EUR million)Orders received (EUR million)
• Orders received decreased compared with Q2/2014
- Orders received increased in North America, remained stable compared
with Q2/2014 in EMEA, South America and Asia-Pacific, and decreased in
China
- Orders received increased in Tissue, and decreased in Board and Paper
• Net sales increased compared with Q2/2014
212
190
128 142 149
129
0
150
300
450
600
750
900
0
50
100
150
200
250
300
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Orders received (LHS)
Orders received, last 4 quarters (RHS)
114 108 120
186
97
177
0
150
300
450
600
750
900
0
50
100
150
200
250
300
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Net sales (LHS)
Net sales, last 4 quarters (RHS)
Q1–Q2/2014:
EUR 402 million
Q1–Q2/2015:
EUR 278 million
Q1–Q2/2014:
EUR 222 million
Q1–Q2/2015:
EUR 273 million

17. Financial development

18. 43 46
117
30
-20
17
-40
-20
0
20
40
60
80
100
120
140
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
Cash flow provided by operating activities
July 30, 2015 © Valmet18
• CAPEX excluding business acquisitions (EUR -9 million) less than depreciation (EUR -15 million)
Cash flow provided by operating activities (EUR million)

19. -257 -249 -345 -353 -355 -265
1,101 1,023
466 480 580
781
-20%
-10%
0%
10%
20%
30%
-1,000
-500
0
500
1,000
1,500
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
Orders received (LHS)
Net working capital (LHS)
Net working capital/rolling 12 months orders received (RHS)
Net working capital development
July 30, 2015 © Valmet19
• Net working capital EUR -265 million, which equals -11% of rolling 12 months orders received
Net working capital and orders received (EUR million)
Net working
capital has been
on average -9%
of rolling 12
months orders
received

20. -39
-54
-158 -166 -134
238
-5% -7%
-20% -21%
-17%
29%
-35%
-25%
-15%
-5%
5%
15%
25%
35%
-350
-300
-250
-200
-150
-100
-50
0
50
100
150
200
250
300
350
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Net debt (EUR million) Gearing (%)
Net debt increased due to Automation acquisition
July 30, 2015 © Valmet20
• Gearing (29%) and net debt (EUR 238 million) increased due to acquisition
• Equity to assets ratio increased from Q1/2015 but decreased from Q2/2014 due to acquisition
Net debt (EUR million) and gearing (%) Equity to assets ratio (%)
40% 40% 41% 42%
34% 35%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15

21. 0
50
100
150
200
250
300
350
400
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Structure of loans and borrowings
July 30, 2015 © Valmet21
Amount of outstanding interest-bearing debt
(EUR millions)
• Average maturity of long-term loans is 3.8 years
- Average interest rate is 1.3%
Main financing sources
Back-up facilities
Interest-bearing debt EUR 428 million as at June 30, 2015
EUR 129 million
EUR 100 million
European Investment Bank
Skandinaviska Enskilda Banken
Nordic Investment Bank
Amount Lender
EUR 70 million Swedish Export Kredit
EUR 95 million
EUR 0 million
EUR 200 million
domestic commercial
paper program
EUR 200 million
syndicated revolving
credit facility
Amount Outstanding
EUR 30 million

22. Guidance and short-
term market outlook

23. Guidance and short-term market outlook
23 July 30, 2015 © Valmet
Good
Pulp and
Energy
Paper
Satisfactory
Pulp
Energy
Board and Paper
Tissue
Guidance for
2015
Services
Short-term market outlook
Guidance for 2015 (as given on February 6, 2015)
Satisfactory
Satisfactory
Good
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Good
Satisfactory
Q3/2014 Q4/2014
Satisfactory
Good
Weak
Good
Satisfactory
Q1/2015
Satisfactory
Weak
Good
Satisfactory
Q2/2015
Valmet estimates that, including the acquisition of Process Automation
Systems, net sales in 2015 will increase in comparison with 2014 (EUR
2,473 million) and EBITA before non-recurring items in 2015 will increase in
comparison with 2014 (EUR 106 million).
- - Satisfactory SatisfactoryAutomation

24. Summary of Interim
Review Q2/2015

25. July 30, 2015 © Valmet25
Q2/2015 in brief
1) EBITA = Earnings before interest, taxes and amortization and non-recurring items
• Orders received decreased from the high level in Q2/2014 in Pulp and Energy, and Paper business lines
• Net sales increased in Paper and remained at the previous year’s level in Pulp and Energy
Orders received decreased and net sales increased in capital business
• Orders received increased in Services compared with Q2/2014, strong quarter in Automation
• Net sales increased in Services compared with Q2/2014, strong quarter in Automation
Orders received and net sales increased in stable business
• EBITA1 more than doubled to EUR 54 million
• EBITA1-margin increased to 6.9 percent
Good development in profitability
Net debt increased due to Automation acquisition
• Net debt EUR 238 million, and gearing 29%
• Cash flow provided by operating activities EUR 17 million
• Order backlog EUR 144 million higher than at the end of Q1/2015
Order backlog at EUR 2.2 billion
• Acquisition of Process Automation Systems was completed on April 1, 2015
• Automation became Valmet’s fourth business line – Q2/2015 the first reported quarter for Automation
• Positive feedback from customers and employees
Strong start for Automation as part of Valmet

26. Interim Review
January–
September 2015
October 28, 2015
www.valmet.com/investors
Upcoming site visits:
Sundsvall, Sweden
September 10, 2015
Shanghai, China
September 24, 2015

27. Appendix

28. © Valmet28 July 30, 2015
Largest shareholders on June 30, 2015
Based on the information given by Euroclear Finland Ltd.
# Shareholder name Number of shares % of shares and votes
1 Solidium Oy1
16,695,287 11.14%
2 Varma Mutual Pension Insurance Company 4,208,465 2.81%
3 Nordea Funds 3,994,491 2.67%
4 Skagen Global Verdipapirfond 3,106,627 2.07%
5 Ilmarinen Mutual Pension Insurance Company 3,092,126 2.06%
6 The State Pension Fund 1,520,000 1.01%
7 Keva 1,502,166 1.00%
8 Mandatum Life Insurance Company Limited 1,217,307 0.81%
9 OP Funds 979,300 0.65%
10 Skagen Global II Verdipapirfond 968,463 0.65%
10 largest shareholders, total 37,284,232 24.87%
Other shareholders 112,580,387 75.13%
Total 149,864,619 100.00%
Largest shareholders
1) A holding company that is wholly owned by the Finnish State
• The holding of Franklin Templeton Institutional, LLC decreased on June 9, 2015 to 7,196,324 shares (previously 7,517,629
shares), corresponding to an ownership of 4.80% (previously 5.02%) of Valmet’s shares.
• The holding of Capital Partners Ltd. decreased on February 12, 2015 to 10,323,191 shares (previously 20,813,714 shares),
corresponding to an ownership of 6.89% (previously 13.89%) of Valmet’s shares.

29. © Valmet29 July 30, 2015
1) A holding company that is wholly owned by the Finnish State
Ownership structure on June 30, 2015
Sector Number of shareholders % of total shareholders Number of shares % of shares
Nominee registered and non-Finnish holders 295 0.6% 80,959,438 54.0%
Finnish institutions, companies and foundations 2,591 5.5% 31,225,221 20.8%
Solidium Oy1
0 0 16,695,287 11.1%
Finnish private investors 44,694 93.9% 20,984,673 14.0%
Total 47,580 100.0% 149,864,619 100.0%
The ownership structure is based on the classification of sectors determined by Statistics Finland.
54.0%
20.8%
11.1%
14.0%
Nominee registered and non-Finnish holders
Finnish institutions, companies and foundations
Solidium Oy
Finnish private investors

30. © Valmet30 July 30, 2015
Share of non-Finnish holders and number of
shareholders
47,000
49,000
51,000
53,000
55,000
57,000
59,000
44%
46%
48%
50%
52%
54%
56%
12/2013
01/2014
02/2014
03/2014
04/2014
05/2014
06/2014
07/2014
08/2014
09/2014
10/2014
11/2014
12/2014
01/2015
02/2015
03/2015
04/2015
05/2015
06/2015
Non-Finnish holders (LHS) Total number of shareholders (RHS)

31. Paper, board, and tissue production trends
July 30, 2015 © Valmet31
Source: RISI
North America (million tonnes) Europe (million tonnes)
China (million tonnes) Asia-Pacific (million tonnes)
10
20
30
40
4
6
8
10
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue (LHS) Newsprint (LHS)
Printing & Writing (RHS) Containerboard (RHS)
Cartonboard (RHS)
10
15
20
25
30
35
40
5
7
9
11
13
15
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue (LHS) Newsprint (LHS)
Printing & Writing (RHS) Containerboard (RHS)
Cartonboard (RHS)
5
15
25
35
45
55
2
4
6
8
10
12
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue (LHS) Newsprint (LHS)
Printing & Writing (RHS) Containerboard (RHS)
Cartonboard (RHS)
5
10
15
20
25
30
35
40
3
4
5
6
7
8
9
10
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue (LHS) Newsprint (LHS)
Printing & Writing (RHS) Containerboard (RHS)
Cartonboard (RHS)

32. Paper, board, and tissue operating rates
July 30, 2015 © Valmet32
Source: RISI
North America Europe
China Asia-Pacific
75%
80%
85%
90%
95%
100%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue Newsprint Printing & Writing
Containerboard Cartonboard
80%
85%
90%
95%
100%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue Newsprint Printing & Writing
Containerboard Cartonboard
70%
80%
90%
100%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue Newsprint Printing & Writing
Containerboard Cartonboard
75%
80%
85%
90%
95%
100%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue Newsprint Printing & Writing
Containerboard Cartonboard

33. Paper and board consumption growth trends
July 30, 2015 © Valmet33
Population growth in
emerging markets is
larger than in
developed markets
Level of consumption
per capita in
emerging markets
clearly below that in
developed markets
This offers us long-
term growth potential
Paper and board consumption per capita vs. population
Average global consumption: 53 kg per capita
Source: RISI
0
500
1,000
1,500
2,000
2,500
0
50
100
150
200
250
EasternEurope
WesternEurope
NorthAmerica
LatinAmerica
Japan
China
RestofAsia
Oceania
Africa
MiddleEast
Consumption per capita, kg (LHS) Population, million (RHS)

34. 0
5
10
15
20
25
0
500
1,000
1,500
2,000
2,500
EasternEurope
WesternEurope
NorthAmerica
LatinAmerica
Japan
China
RestofAsia
Oceania
Africa
MiddleEast
Population, million (LHS) Consumption per capita, kg (RHS)
Tissue consumption growth trends
July 30, 2015 © Valmet34
New products and
consumption models
based on tissue are
helping increase
consumption in
developed markets
Consumption in
emerging markets is
still low, but growing
Offers us long-term
growth potential in
both developed and
emerging markets
Tissue consumption per capita vs. population
Average global consumption: 4.5 kg per capita
Source: RISI

35. 0
200
400
600
800
1,000
1,200
1-Dec-07
1-Mar-08
1-Jun-08
1-Sep-08
1-Dec-08
1-Mar-09
1-Jun-09
1-Sep-09
1-Dec-09
1-Mar-10
1-Jun-10
1-Sep-10
1-Dec-10
1-Mar-11
1-Jun-11
1-Sep-11
1-Dec-11
1-Mar-12
1-Jun-12
1-Sep-12
1-Dec-12
1-Mar-13
1-Jun-13
1-Sep-13
1-Dec-13
1-Mar-14
1-Jun-14
1-Sep-14
1-Dec-14
1-Mar-15
1-Jun-15
Eucalyptus pulp (USD/t) Northern bleached softwood pulp (USD/t)
Uncoated (USD/t) Copy paper (EUR/t)
Testliner (EUR/t)
Pulp and paper price trends
July 30, 2015 © Valmet35
Source: Bloomberg

36. 0
10
20
30
40
50
60
70
80
90
100
0
20
40
60
80
100
120
140
160
180
1-Jan-10 1-Jul-10 1-Jan-11 1-Jul-11 1-Jan-12 1-Jul-12 1-Jan-13 1-Jul-13 1-Jan-14 1-Jul-14 1-Jan-15
CIF ARA steam coal (USD/t) (LHS) Brent crude oil (USD/barrel) (LHS) Natural gas spot price NBP (GBP/therm) (RHS)
0
20
40
60
80
100
120
0
20
40
60
80
100
1-Jan-10 1-Jul-10 1-Jan-11 1-Jul-11 1-Jan-12 1-Jul-12 1-Jan-13 1-Jul-13 1-Jan-14 1-Jul-14 1-Jan-15
European Energy Exchange, Phelix (EUR/MWh) (LHS) Nordpool Power (EUR/MWh) (LHS)
UK Baseload (GBP/MWh) (RHS)
Crude oil, steam coal, natural gas and electricity
July 30, 2015 © Valmet36
Source: Bloomberg
Europe

37. 0
1
2
3
4
5
6
7
0
20
40
60
80
100
120
140
1-Jan-10 1-Jul-10 1-Jan-11 1-Jul-11 1-Jan-12 1-Jul-12 1-Jan-13 1-Jul-13 1-Jan-14 1-Jul-14 1-Jan-15
FOB steam coal Richards Bay (USD/t) (LHS) WTI crude oil (USD/barrel) (LHS) Henry Hub gas (USD/MMBtu) (RHS)
70
75
80
85
90
0
50
100
150
200
1-Jan-10 1-Jul-10 1-Jan-11 1-Jul-11 1-Jan-12 1-Jul-12 1-Jan-13 1-Jul-13 1-Jan-14 1-Jul-14 1-Jan-15
Electricity spot price, PJM (USD/MWh) (LHS) Electricity spot price, NEPOOL (USD/MWh) (LHS)
US utility capacity utilization rate (RHS)
Crude oil, steam coal, natural gas and electricity
July 30, 2015 © Valmet37
Source: Bloomberg
United States

38. 0
1
2
3
4
5
6
7
8
9
2-Nov-12
2-Dec-12
2-Jan-13
2-Feb-13
2-Mar-13
2-Apr-13
2-May-13
2-Jun-13
2-Jul-13
2-Aug-13
2-Sep-13
2-Oct-13
2-Nov-13
2-Dec-13
2-Jan-14
2-Feb-14
2-Mar-14
2-Apr-14
2-May-14
2-Jun-14
2-Jul-14
2-Aug-14
2-Sep-14
2-Oct-14
2-Nov-14
2-Dec-14
2-Jan-15
2-Feb-15
2-Mar-15
2-Apr-15
2-May-15
2-Jun-15
2-Jul-15
European Energy Exchange (EEX) spot price (EUR/t)
European Carbon Emission Allowance
July 30, 2015 © Valmet38
Source: Bloomberg

39. Important notice
July 30, 2015 © Valmet39
IMPORTANT: The following applies to this document, the oral presentation of the information in this document by Valmet (the “Company”) or any person on behalf of the Company,
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No securities of the Company are being offered or sold, directly or indirectly, in or into the United States and no shares in the Company have been, or will be, registered under the
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