#1Kemira years of 100 Chemistry FEBRUARY 11, 2021 Kemira Investor Presentation Chemistry for a resource-efficient future INVESTOR PRESENTATION#2INVESTOR PRESENTATION Content 1. Kemira in brief 2. Investment highlights 3. Kemira as a sustainable investment 4. Pulp & Paper 5. Industry & Water 6. Recent progress 7.Appendix Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 2#3INVESTOR PRESENTATION Kemira in brief Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 3#4OUR PURPOSE We enable our customers to improve their water, energy and raw material efficiency GLOBAL TRENDS CHANGING DEMOGRAPHICS Higher use of water, energy, tissue & board GROWING ENVIRONMENTAL AWARENESS New materials to enable circular economy Material and resource efficiency OUR CUSTOMERS Pulp & Paper Water Treatment Oil & Gas O AW OUR OFFERING We provide expertise, application know- how and chemicals that improve our customers' product quality, process and resource efficiency. OUR VISION Our vision is to be the first choice in chemistry for water intensive industries OUR STRATEGY Kemira is a great product company with chemistry and selling of chemicals at the core of our business. We win with best suited products and tailored services that improve our customers product quality, process and resource efficiency. Our target is to grow above-the-market with an operative EBITDA margin of 15-18%. Kemira OUR VALUES We drive performance and innovation. We are dedicated to customer success. We care for people and the environment. We succeed together. FEBRUARY 11, 2021 INVESTOR PRESENTATION 4#5Kemira in brief 2020: REVENUE EUR 2,427 MILLION, OPERATIVE EBITDA EUR 435 MILLION, OPERATIVE EBITDA MARGIN 17.9%, OPERATIVE ROCE 12.1% 10% APAC 1. China Korea 3. Indonesia PRODUCTS 20% Other: e.g. defoamers, dispersants, and biocides 15% Sizing and strength 20% Polymers 25% Bleaching and pulping O 20% Coagulants SEGMENT SPLIT ■40% Industry & Water #1 in water treatment in NA and Europe GEOGRAPHIES ■60% Pulp & Paper 35% #2 globally AMERICAS 2. South O #2 in friction reduction in North American shale oil & gas CUSTOMERS Several thousand customers TOP 10 customers are -25% of revenue TOP 50 customers are ~50% of revenue 1. USA 2. Canada 3. Brazil 55% EMEA 1. Finland 2. Sweden 3. UK Revenue by geographies and product category represent FY 2020. EXAMPLES OF LARGEST CUSTOMERS Municipalities, e.g. Frankfurt, Berlin, New York, Paris, Shanghai, Singapore Klabin storaenso Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION INTERNATIONAL PAPER Schlumberger BRENNTAG UPM Metsä HALLIBURTON Chevron Carlsberg Note: Revenue by industry, product and geography rounded to the nearest 5% 5#6Global reach – local excellence 63 MANUFACTURING SITES Regional HQ Atlanta, USA R&D Atlanta, USA AMERICAS 36% EUR 862 MILLION UNITS IN 40 COUNTRIES SALES IN OVER 100+ COUNTRIES 20 1,467 Polymers and other process chemicals (24) Bleaching and pulping (10) Coagulants (29) Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION KEMIRA HQ Helsinki, Finland R&D Espoo, Finland EMEA 54% EUR 1,305 MILLION 2,530 Employees R&D and technology centers ## good Regional HQ Shanghai, China R&D Shanghai, China ASIA PACIFIC 11% EUR 259 MILLION 924 6#7We have transformed the company several times over the past 100 years 1972 1985-1992 STATE- OWNED 1950 Development of first chemicals for paper applications 1961 Name changed to Rikkihappo Oy (Sulfuric acid Ltd.) The "Kemira❞ name adopted Expansion continues in Europe e.g. Belgium and Spain 1994 Kemira is listed on the Helsinki stock exchange 2008 Water chemistry established as the focus of strategy FERTILIZERS AS CORE STRATEGY CONGLOMERATE 1920 Establishment of the state-owned sulphuric acid and phosphorous fertilizer plants Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION PUBLICLY TRADED COMPANY 2015 Acquisition of Akzo Nobel's paper chemicals business WATER AS CORE STRATEGY 1982 First expansion abroad to the UK 1989 Kemira expands to Asia through joint venture in Japan 2004 GrowHow listed on the Helsinki Stock Exchange 2009 Tikkurila listed on the Helsinki Stock Exchange 2020 Kemira centennial anniversary 7#8Pulp & Paper - strong business with solid track record REVENUE AND OPERATIVE EBITDA EUR million REVENUE BY CUSTOMER TYPE AND MARKET GROWTH 1,520 1,523 1,457 1,477 1,458 1,417 40% Pulp 260 218 195 198 192 171 REVENUE BY PRODUCT CATEGORY 40% Board & tissue 20% Printing & writing papers 5% Other 10% Polymers 20% Defoamers, dispersants, biocides and other process chemicals O 40% Bleaching & pulping Market growth* 1% 2% -1-2% 2015 2016 2017 2018 2019 2020 25% Sizing & strength MARKET ENVIRONMENT Solenis (paper)* REVENUE BY GEOGRAPHIES AND MARKET GROWTH BY REGION CUSTOMER EXAMPLES #1 50% Kemira (pulp and paper) m.s. ~16% #2 EMEA 15% 35% Americas APAC UPM APP Κ Klabin Nouryon (pulp) #3 BILLERUDKORSNÄS INTERNATIONAL PAPER mondi Ecolab (paper) #4 Market Kurita (paper) #5 1% 1% 2-3% Metsä Kimberly-Clark growth* storgenso * Solenis-BASF combined entity *chemical market growth in 2021-2026 Note: Revenue by industry, product and geography rounded to the nearest 5% Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 8#9Industry & Water - strong positions in chosen categories REVENUE AND OPERATIVE EBITDA EUR million 956 1,009 1,073 1,136 970 906 175 192 131 116 107 114 REVENUE BY APPLICATION TYPE AND MARKET GROWTH 75% Water treatment Municipal Industrial REVENUE BY PRODUCT CATEGORY 15% Other 15% 10% Oil & Gas Other products such as defoamers 2015 2016 2017 2018 2019 2020 2015-2016 figures are pro forma; combination of Municipal & Industrial and Oil & Mining segments Market growth* 2-3% and biocides 5-6% 2-3% 35% Polymers 50% Coagulants MARKET ENVIRONMENT WATER TREATMENT OIL & GAS Market share ~30% in coagulants and ~20% in polymers Main competitors in coagulants: . Feralco (Europe) . Kronos (Europe) Market share ~25% in polymers used in shale oil & gas Main peers in polymers (also in water treatment): REVENUE BY GEOGRAPHIES AND MARKET GROWTH BY REGION 55% EMEA • SNF • Solenis* Market growth* 3-4% • Solvay (only O&G) 1 40% Americas Chemtrade (NA) USAICO (NA) Kemira * Solenis-BASF combined entity *chemical market growth in 2021-2026 FEBRUARY 11, 2021 INVESTOR PRESENTATION CUSTOMER EXAMPLES 5% APAC MUNICIPAL customer examples Amsterdam Los Angeles Barcelona Montreal New York City Toronto Melbourne Shanghai INDUSTRIAL customer examples Carlsberg Orkla Chevron BAKER HUGHES a GE company UNIVAR Frankfurt Berlin Oslo 3-4% 5-6% Paris BRENNTAG Stockholm Singapore HALLIBURTON FRAC-CHEM Note: Revenue by industry, product and geography rounded to the nearest 5% 9#10Kemira's financial targets FINANCIAL TARGETS AND HISTORICAL FIGURES Targets 2018 2019 IFRS 16 impact in 2019 2020 Revenue MEUR 2,593 Change +4% Operative 12.5% MEUR 2,659 Change +3% 15.4% MEUR 2,427 Financial target Above-market Change -9% growth Around +1.3 %-point 17.9% 15-18% EBITDA* Gearing* 62% 66% Around +11 %-points 63% Below 75% * Targets updated in February 2019 due to IFRS 16 accounting change. 2018 figures are PRE IFRS 16. KEY FACTORS TO WATCH FOR Factors Sales price vs raw material price development Organic growth through volume and sales price increases Growth investments - Polymer capacity expansion in Netherlands (2019- 2020), AKD sizing Joint Venture in China (2019-2020), Polymer capacity expansion in the US (2021), bleaching expansion in Uruguay (2022-2023) Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 2020 comments Good management of fixed and variable costs, including lower raw materials and electricity costs. Group's organic growth -4%, excl. Currencies and Oil & Gas -2%. Investments in China and the Netherlands contributed positively to EBITDA in 2020 (impact double-digit millions). 10#11INVESTOR PRESENTATION Investment highlights Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 11#12Why invest in Kemira 1 2 3 Strong profitability improvement track record Focus on profitable sustainable growth Operative EBITDA margin improved to 17.9% and Operative EBIT to 9.8% in 2020 Attractive dividend Updated dividend policy: competitive and over-time increasing dividend Dividend proposed to be increased to EUR 0.58 (0.56) Sustainability at the core of strategy Kemira will become the leading provider of sustainable chemical solutions for water-intensive industries Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 12#13Strategy and Equity Story in summary HOW KEMIRA CREATES VALUE ° OUR MARKET FOCUS Chemicals for Pulp & Paper, Oil & Gas and Water Treatment #1 or #2 in our core markets Market growth estimated to be 3-4% p.a. supported by higher use of fiber-based products, resource efficiency and regulation BUILDING A GREAT CHEMICALS COMPANY Great products: 4 core areas are polymers, coagulants, sizing and bleaching chemicals which meet our customers' needs incl. resource efficiency Great operations: Deliver reliably with consistent quality Great people: Deep application expertise and innovation capability EXECUTION VALUE - OVER VOLUME Improving product and market mix Focusing on capital efficiency Investing selectively in core product areas with higher return on capital employed FINANCIAL TARGETS Above-market revenue growth . Operative EBITDA 15-18% • Gearing below 75% Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 13#14- Global megatrends largely favor Kemira – sustainability becoming a key driver for the long term CHANGING DEMOGRAPHICS Growing middle-class and urbanization GROWING ENVIRONMENTAL AWARENESS Changing lifestyles with growth in e- More efficient use of scarce natural resources commerce Focus on biobased and recyclable materials for our customers Tightening environmental regulation Climate change mitigation Higher use of water and tissue Higher use of packaging and board Chemicals to support circular economy needs Alternatives to fossil fuel based solutions Increased need for water treatment Increased need for water treatment Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 14#15Healthy market growth for Kemira's relevant markets KEMIRA RELEVANT MARKET EUR billion PULP & PAPER RELEVANT MARKET EUR billion 27 22 CAGR: 3-4% 2019 2025 Americas EMEA ■ APAC Source: Management estimation based on various sources Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 9 CAGR: 1-2% 10 2019 2025 Pulp ■ Printing & writing ■Board & tissue INDUSTRY & WATER RELEVANT MARKET EUR billion 18 13 CAGR: 5-6% 2019 2025 Water treatment Oil & Gas ■Other 15#16Good profitability improvement track record REVENUE EUR million EUR +290 million Revenue declined due to COVID-19 pandemic +4.5% 2,593 2,659 2,486 2,373 2,363 2,427 2,137 OPERATIVE EBITDA OPERATIVE EBITDA MARGIN EUR million EUR +182 million 435 +7.2% 410 17.9% 303 311 323 287 15.4% 253 12.8% 12.5% 12.5% 12.1% 11.8% 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 PRE IFRS 16 2017 2018 2019 2020 Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 16#17Strengthening the foundation and improving profitability Organic growth / expansion of site Start-up of Ortigueira sodium chlorate site (BR) Bradford polymer expansion (UK) San Giorgio polymer expansion (IT) Acquisition Chevron CEOR deal & Botlek expansion Start-up of Joutseno chlorate expansion (FI) Major oil sands tailings water treatment deal (CA) Operational efficiencies Closure of site / divestment AKD wax manufacturing JV deal closed (CN) Start-up of new AKD wax site (CN) Polymer investment decision, Mobile (US) Joint Venture - Dry polymers (SK) Ramp-up of of new AKD wax site (CN) Ramp-up of of Botlek polymer facility (NL) Eastover Bleaching extension start-up (US) 2020 Operative 2019 Operative EBITDA 2015: 12.1% 2016 Transportation agreement with Odyssey Botlek modernization (NL) BOOST operational excellence program launch Closures of Ottawa (CA) and Zaramillo (ES), coagulants 2017 Two segment structure operational Odyssey go-live in North America 2018 'Value over volume' initiated Odyssey go-live in Europe Closing of ECOX detergent production (SWE) Move from 'Value over volume' to 'Active price management' Cost savings in Pulp & Paper Divestment of coagulant asset (IT) Divestment of Kemira Operon (water treatment facility operations, FI) EBITDA 2020: 17.9% Chlorate and peroxide expansion on-going in Fray Bentos (UY) - Goole coagulant expansion (UK) on-going Raw material flexibility: Coagulants to Magnetite - Bradford AN purification Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 17#18The dividend policy has been updated Fresh safe Takeaway Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION KEMIRA'S NEW DIVIDEND POLICY Competitive and over-time increasing dividend No fixed payout ratio We have a solid dividend track record Dividend per share O Dividend yield 0.58* 0.56 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.48 5.8% 5.4% 5.4% 4.9% 4.5% 4.1% (4.4% 4.4% 4.6% 4.5% (4.2% 2010 2011 2012 2013 2014 2015 2016 *BoD prosposal to the AGM 2021 to be paid in two installments in May and November. 2017 2018 2019 2020 18#19We invest in core products globally KEY INVESTMENT FOCUS ON CORE PRODUCT GROUPS SINCE 2016 Bleaching chemicals New chlorate plant in Brazil New chlorate line in the U.S. New chlorate line and peroxide capacity in Finland Freed peroxide capacity from ECOX closure in Sweden Chlorate and peroxide expansion in Uruguay (2022-2023) Polymer capacity additions • Italy UK Aberdeen, USA Netherlands South Korea (start 2021) Mobile, USA (start 2021) Sizing chemicals - capacity additions due to integration of acquisitions (Akzo Nobel and China AKD wax) • Coagulants Goole, UK (start 2022) PRODUCTS 20% Other: e.g. defoamers, dispersants, and biocides 15% Sizing* and strength 20% Polymers Revenue EUR 2,427 million (2020) Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION *Sizing = Resistance against water absorption 25% Bleaching and pulping 20% Coagulants Note: Revenue by product rounded to the nearest 5%. 19#20We continued to invest in product development in 2020 Innovation We innovate together with our customers to improve water, energy and raw material efficiency. Research and development expenses totaled EUR 29 million euros in 2020, representing around 1.2% of the revenue. Achievements in 2020 New product launches: 7 New patent filings: 37 . Patent families: 367 • Patents: 1,726 Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 20 20#21INVESTOR PRESENTATION Kemira as a sustainable investment Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 21 21#22We have a strong commitment to sustainability FIVE THEMES AS SUSTAINABILITY FOCUS AREAS SAFETY Safe production and use of our products throughout their lifecycle, strong safety culture PEOPLE Strong company culture, diversity and commitment to people WATER We help ensure safe clean water for people and nature Solutions to provide safe clean water with water-related risks managed effectively CIRCULARITY We are making the circular bioeconomy a reality Improve customer resource efficiency; increase biobased and recycled raw material use CLIMATE Kemira will help build a carbon neutral society Ambition to be carbon neutral by 2045, and -30% CO2 emissions by 2030 (Scope 1 and Scope 2 emissions) GOLD CDP DISCLOSURE INSIGHT ACTION 2019 ecovadis CSR Rating Kemira Chemical sector average Kemira Chemical sector average ISS ESG‣ SUSTAINALYTICS Kemira Kemira MSCI Chemical sector average Kemira Chemical sector Chemical sector average average Tincludes people operations (environment) and chemical safety Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 222#23Sustainability targets renewed in February 2021 SAFETY High safety PEOPLE Foster strong company culture performance fundamental to business and commitment to people WATER Ensure water- related risks are managed effectively CIRCULARITY Improve customer resource efficiency Increase biobased and recycled raw material use CLIMATE Reduce costs with renewables and energy efficiency Low carbon product offering NEW KPIS TRIF 1.5 by 2025 and 1.1 by 2030 Reach top 10% cross industry norm for Diversity & Inclusion by 2025 Continuously improve freshwater use intensity Reduce waste intensity by 15% by 2030 Biobased products >500 million EUR revenue by 2030 Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION Scope 1&2 emissions -30% by 2030 23#2452% of revenue generated from products that improve customer resource-efficiency PULP & PAPER Kemira's chemicals improve the manufacturing process and enable better resource-efficiency. For example Our chemistry is helping to improve recycled fiber quality and content, energy and water efficiency in paper mills Case: Lightweight packaging: with our strength chemicals, our customers can make their packaging lighter yet stronger. Lighter weight results in lower logistics cost and thus environmental footprint. INDUSTRY & WATER WATER TREATMENT Municipal and industrial water treatment: chemical water treatment provides the most compact plant and smallest possible environmental footprint Case: Sludge de-watering: with our chemicals, our customers are able to reduce the water content in sludge. As a result, demand for logistics is lower resulting in better environmental footprint OIL & GAS Shale: Our chemicals reduce friction and improve energy efficiency of shale producers Oil sands tailings: Wastewater treatment of oil sands tailings ponds CEOR: Our chemicals reduce friction and enable a better yield from existing wells Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 24#25SUSTAINABILITY WILL BE A KEY DRIVER FOR FUTURE GROWTH Customer behavior is changing with an increased focus on sustainability Pulp & Paper Customers desire for biodegradable and recyclable products growing need for biobased chemicals - Customer product portfolio will evolve when going further into the bioeconomy totally new uses for fiber Industry & Water Overall sustainability focus driven by consumers Growing market for circular products with high share of recycled content TO SUPPORT OUR CUSTOMERS IN THE SHIFT TOWARDS HIGHER SUSTAINABILITY, WE WILL: Address growing recyclability and biodegradability demand for products Gradually transform our product portfolio to more biobased ed Reduce the use of fossil-fuel based carbon as raw material TO INCREASE THE SUSTAINABILITY OF OUR OPERATIONS, WE WILL: Increase the share of recycled material in our products Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 25#26WE WANT TO ENSURE PROFITABLE GROWTH BY BECOMING THE LEADING PROVIDER OF SUSTAINABLE CHEMICAL SOLUTIONS FOR WATER-INTENSIVE INDUSTRIES CURRENT REVENUE TARGET REVENUE IN 2030 100 MEUR >500 MEUR FROM BIOBASED PRODUCTS FROM BIOBASED PRODUCTS CURRENT SHARE 12% OF RENEWABLE CARBON OF ALL CARBON CONTAINING RAW MATERIALS TARGET SHARE IN 2030 40% OF RENEWABLE CARBON OF ALL CARBON CONTAINING RAW MATERIALS Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 26#27What will the sustainability focus mean for our businesses? Pulp & Paper Increase focus on circularity as customers are demanding recyclability and biodegradability Focus investments in sustainable pulp, packaging and tissue applications. Limit investments in declining printing & writing applications. Explore new competencies, e.g. barrier solutions to capture market growth opportunities Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION · Industry & Water Increase focus and investments on water treatment In Oil & Gas, direct focus to growing and less volatile CEOR and oil sands tailings businesses Explore new markets for water treatment, particularly in APAC Explore new competencies and product lines. within water treatment 27 27#28We will increase focus on water treatment to further improve sustainability of I&W portfolio 24% of current raw materials from recycled sources Already up to 80% of raw materials from recycled sources in coagulants Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION WE WILL CREATE AN ACTION PLAN TO FURTHER IMPROVE THE SUSTAINABILITY PROFILE OF THE I&W PORTFOLIO Further improve the circularity of our business by increasing share of recycled materials Start building a biobased polymer portfolio Increase segment focus on water treatment applications and capabilities Increase Oil & Gas focus on growing and less volatile businesses, i.e. CEOR and Oil Sands tailings. Expected recovery in shale provides near-term growth opportunities. 28#29Corporate sustainability performance Q4 2020 1/2 Priority KPI+Target Sustainable products and solutions Product sustainability At least 50% of Kemira's revenue generated through products improving customers' resource efficiency. Workplace safety Performance 53% 52% 51% 49% Baseline average 2018 2019 2020 2016-2017 Comments Three new R&D projects were started in Q4 2020 and all of them are planned to improve customer phase resource efficiency. During year 2020 we started totally 12 new R&D projects out of which 10 are planned to improve resource efficiency. At the same time we have commercialized 7 R&D projects and all of them are improving resource efficiency at customer phase. Progress AHEAD OF TARGET Achieve zero injuries on long term; TRIF* 1.9 by end of 2021. 3,9 3,5 55 Responsible operations and supply chain Climate change Reduce combined Scope 1 and Scope 2 greenhouse gas emissions by 30% by 2030, compared to the 2018 baseline (0.93m t CO2eq). Ambition to be carbon neutral by 2045 Supplier Management Share of direct key suppliers screened through sustainability assessments and audits (cumulative %). The target includes five sustainability audits for the highest-risk** suppliers every year, and cumulatively 25 audits by 2020. Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 2,1 2,2 1,9 After good safety performance in H1 2020, the second half was not satisfactory and we totalled one incident more than in 2019. As a result, we were not on target for our YTD safety goal (TRIF 2.2 vs. 2.0). 2017 2018 2019 2020 Target 2021 100 98,6 95,2 70 2018 2019 2020 We continue to work with behavioral safety to continuously improve our safety performance. BEHIND TARGET Target 2030 2020 shows a 4.8% reduction in actual annualized emissions compared to our baseline of 2018. This is a significant improvement, as the modelling when setting Kemira's 2030 target expected a 4% increase for 2020, before declining. ON TARGET 90% 100% 50 74% 75% 80% 69% 40 60% 30 16 17 40% 20 11 20% 10 0% 0 Baseline 2018 2019 2020 Target 2021 % of key suppliers # of audits (cumul.) Supplier sustainability assessments continued as planned. During 2020 we completed 60 new supplier assessments with an average score of 52/100. An additional 10 suppliers have been invited to take an assessment. Supplier assessments and audits are part of sourcing processes and Sourcing function target setting and are monitored on monthly basis. In 2020, supplier assessment target was met but we were not able to conduct targeted number of audits mainly due to covid-19 and related restrictions. IN PROGRESS * TRIF = Number of Total Recordable Injury Frequency per million hours, Kemira + contractor, year-to-date Suppliers with lowest sustainability assessment score ** 29#30Corporate sustainability performance Q4 2020 2/2 Priority People and integrity KPI+target Employee engagement index based on bi-annual MyVoice survey Keep the index at or above the external industry norm. Leadership development activities provided, average Two leadership development activities per people manager position during 2016-2020. The cumulative target is 1,500 by 2020. Integrity index KPI to measure compliance with the Kemira Code of Conduct. The target is to maintain the Integrity Index level above industry benchmark of 77%. Performance 81 75 81 Participation Engagement ■2020 Target 1 839 1 533 1 500 1 036 494 2016 2017 2018 2019 Target 2020 81% 80% 2020 Integrity Index Participation Comments In Q4, we completed the MyVoice 2020. Based on the MyVoice our employee engagement score had increased to 81, which is six above the external manufacturing benchmark of 75. The participation rate was 81%, increasing by 14% points since 2019. During 2020, we continued our continuous feedback and listening model for prioritized areas with our new, agile methods of engagement measurement, benchmarking and taking action. During 2020, we experimented with more digital learning and this continued in Q4. Examples includes development for leaders in manufacturing, commercial and functions. We also ran two Talent Journey programs virtually for our nominated Talents. Progress ON TARGET AHEAD OF TARGET Integrity has been measured in the MyVoice Pulse survey 2020 using a new method (it is called 'Speak My Mind', which is one single item Index). Therefore, it is not directly comparable to the previous 2018 results. In 2020 the Integrity Index score is 80 points, 10 points above manufacturing benchmark ON TARGET Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 30 30#31INVESTOR PRESENTATION Pulp & Paper Driving growth as market leader Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 31#32Pulp & Paper chemicals market estimated to grow 1-2% REVENUE AND OPERATIVE EBITDA • EUR million 1,520 1,523 1,457 1,477 1,458 1,417 260 218 195 198 192 171 2015 2016 2017 2018 2019 REVENUE BY CUSTOMER TYPE 40% Pulp 2020 20% Printing & Pulp & Paper chemicals market drivers - 40% writing papers - Board & tissue Market growth 1% 2% -1-2% • Hardwood and softwood pulp demand increasing driven by growth of packaging needs (e-commerce, non-plastic solutions), growing tissue demand and lack of recycled fiber Demand increase continues for packaging, driven by online shopping, last-mile delivery, product safety and non-plastic solutions Growth in tissue demand driven by increasing wealth in emerging countries Ongoing digitalization of media drives decline of graphic paper demand Growth areas, pulp and board & tissue, represent over 80% of our Pulp & Paper revenue - Ongoing capacity additions suit well for the need of growing demand Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 32#33Markets impacted by COVID-19 in the short term, long-term drivers remain solid SHORT TERM IMPACT OF COVID-19 Graphic Paper Demand declined, particularly advertising-driven paper consumption and office paper demand ☐ Tissue Packaging Pulp Printing & Writing demand expected to decline by up to 20% in 2020 High demand in H1/2020 Increased demand for more high-quality virgin fiber based (at-home) tissue and hygiene products Strong demand for online and packaged daily consumer goods. Higher consumer demand will only partly offset the falling demand for industrial and B2B-transport packaging Pulp demand solid Wastepaper collection and sorting interrupted LONG TERM IMPACT OF COVID-19 Structural decline and digitalization likely to accelerate Some recovery on print advertisement and office paper possible after situation normalizes Resilient demand Megatrends (growing middle-class, growing GDP of emerging countries) remain intact E-commerce growth to accelerate Other megatrends (plastics replacement, growing urban middle class) remain unchanged Demand supported by packaging and tissue demand Efficient pulp mills coming online forcing high cost and old pulp mills out of market EXPECTED CAGR 2020-2026* -2-3% +2-3% +2-3% +1-2% Sources: RISI, Hawkins Wright, Pöyry, management estimation *End market Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 33 33#34From our existing markets, we see growth opportunities in Asia-Pacific and in Pulp ASIA-PACIFIC Customer demand to shift increasingly to Asia-Pacific with most of new board and paper production capacity expected in the region Big customers expected to capture larger share of the region's market; emerging sustainability focus of consumers to benefit larger suppliers Fragmented chemical market with many small and local producers provides opportunities for further consolidation PULP • Growth in pulp expected to be driven by increasing need for packaging and tissue Demand to shift more towards market pulp and recycled pulp New investments expected to concentrate in Northern Europe and South America KEMIRA POSITION Focused on larger and financially healthy producers Customer market consolidation could create opportunities for Kemira to differentiate with full product portfolio offering KEMIRA POSITION Well-positioned to capture selected growth opportunities in Northern Europe and South America through existing strong customer relationships Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 34 =4#35New AKD wax investment in China fully operational Construction started in 2017, manufacturing facility fully operational with positive EBITDA contribution in 2020 Produces mainly AKD wax and its key raw material fatty acid chloride (FACL) AKD is sizing chemical used in board and paper to create resistance against liquid absorption Plans to produce coagulants for water treatment • Kemira strengthens its position and secures supply of key raw material for AKD wax ACQUIRED ASSET FULFILLS OUR KEY CRITERIA FOR ACQUISITIONS: GROWTH - End-products in growing markets SUPPLY - Backward integr. & self-sufficiency (FACL) LOCATION - Close to our existing production APAC - Enables profitable growth in APAC SUSTAINABILITY - FACL from renewable material PROFITABILITY - Accretive after ramp-up JOINT-VENTURE Tiancheng with Kemira holding 80% investment of around EUR 70 million Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 55 35#36Upcoming investments will further strengthen our long-term performance BLEACHING EXPANSION IN URUGUAY . Multi-year agreement with UPM-Kymmene includes bleaching capacity to existing Fray Bentos mill as well as new 2.1 million ton pulp mill in Paso de los Toros. Expansion of both sodium chlorate and hydrogen peroxide at the existing Fray Bentos chemical island site The extension will support long-term growth in bleaching, one of Kemira's strategic focus areas Financial contribution expected as of 2023, investments to take place in 2021-2022 SOUTH KOREA . • Joint Venture with Yongsan Chemicals, Kemira minority shareholder Polymer investment in a growing market; efficiency improvement from backward- integration Premium dry polymer products: paper and packaging mills in APAC and water treatment facilities as end customers Will support strengthening competitive position in APAC Scheduled opening in H1 2021, ramp-up by the end of 2021. INVESTMENT AROUND USD 30 MILLION Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION EQUITY INVESTMENT AROUND EUR 5 MILLION 36#37We are looking to transform our portfolio more towards biobased products CUSTOMERS SEEKING ADDED VALUE FROM SUSTAINABILITY AND BIOMATERIALS Maximizing biocontent in end-products to differentiate from plastic applications -> recyclability of products key Pulp & Paper companies making increasing investments to renew and broaden wood- based end-product portfolio Many Pulp & Paper customers announcing ambitious sustainability targets related to CO₂ emission reduction and more efficient water usage WE WILL BECOME THE LEADING PROVIDER OF SUSTAINABLE CHEMICAL SOLUTIONS FOR WATER- INTENSIVE INDUSTRIES . Kemira's aim is to improve customer resource efficiency, particularly in pulp and packaging 12% of all carbon containing raw materials used in Kemira is already renewable Ambition to create a green portfolio in the long term Key product lines strength, sizing and barriers as well as retention chemicals Kemira's current biobased solutions: e.g. sizing agents, such as Sunflower ASA and AKD wax, and rosin Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 37#38Our focus is to maintain profitability while increasing focus on growth ON-GOING • • Disciplined price and cost management Increase share of customer wallet . Continued complexity reduction Capitalize on new facilities in China and the U.S. and upcoming investment in South Korea FURTHER PROFITABILITY IMPROVEMENT Continuous performance and cost-structure enhancement, particularly in Process & Functional chemicals Restructuring of Pulp & Paper Americas organization PROFITABILITY & CASH FLOW Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION PRIORITIZED GROWTH ACTIONS • • . . Shift current portfolio more towards packaging and tissue Capture growth in Asia-Pacific In Pulp applications, seize growth opportunities in Europe and South America. Focus on growing biobased. market organically or through M&A, particularly in barriers GROWTH 38#39INVESTOR PRESENTATION Industry & Water Stronger platform for profitable growth Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 39#40Industry & Water relevant chemicals market estimated to grow 3-4% REVENUE AND OPERATIVE EBITDA EUR million 1,136 1,073 1,009 956 970 906 175 192 131 116 114 107 2015 2016 2017 2018 2019 2015-2016 figures are pro forma; combination of Municipal & Industrial and Oil & Mining segments REVENUE BY APPLICATION 75% Water treatment Market growth 2-3% 2020 • 15% Oil & Gas 10% Other • 5-6% 2-3% Demand for water treatment chemicals expected to increase due to - - Higher demand for water driven by industrial growth and population growth More stringent discharge limits for waste water Better dewatering of sludge Phosphorus recovery Water reuse Higher demand for Oil & Gas solutions expected - Shale friction reducer market expected to grow due to higher energy demand and increasing number of wells fracked Oil sands operators face regulatory requirements for their tailings treatment Chemical Enhanced Oil Recovery lucrative in certain fields due to better yield from existing reservoirs Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 40#41COVID-19 impact clear on shale, but remaining I&W business areas continue to be resilient short and long-term Municipal Water Treatment Industrial Water Treatment SHORT TERM IMPACT OF COVID-19 Marginal drop in volumes due to lower activity mainly in the hospitality industry Temporarily lower industrial activity has decreased chemical demand by 5-10% LONG TERM IMPACT OF COVID-19 Oil Sands Tailings Treatment Volumes lower than expected for Kemira's end market, expected to recover in 2021 EXPECTED CAGR 2020-2026* Expected to grow with around GDP No changes to previous views 3-4% Expected to recover with economy and continue to grow with around GDP 3-4% No changes to previous views No impact on the long-term tailings treatment demand 8-9% Chemically Enhanced Oil Recovery (CEOR) Shale Oil & Gas No impact on active projects and projects in planning phase Projects long-term in nature, project breaks are expensive Sharp drop in fracking activity leading to -70% of Friction Reducer demand for 2020 compared to 2019 Market bottom in Q2 followed by modest sequential pick-up during Q3 No impact expected Industry expected to recover gradually by 2025 Shale role in future global oil supply to be confirmed Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION -15% 15-20% *Kemira estimates 41#42APAC, CEOR and oil sands tailings provide strong growth opportunities ↑ WATER TREATMENT IN APAC . • • Largest and fastest growing water treatment market Expected market CAGR -5%. until 2030 Fragmented market; many local players with local manufacturing GROWING NEED FOR POLYMERS ↑ OIL SANDS TAILINGS Market growth driven by regulatory liability to treat tailings from oil sands in Canada Market expected to grow significantly into 2030s with tailings remediation demand expected to continue for at least the next 50 years CEOR Exploration and drilling of new oil wells increasingly expensive; ensuring most efficient use of current wells Market expected to grow clearly until 2030, more moderate growth until 2050 KEMIRA POSITION Mainly export business, focus on premium segment Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION KEMIRA POSITION Strong relationship with all oil sands operators KEMIRA POSITION Serving customer in the North Sea, several other customer pilots ongoing IL 42#43Kemira's six actions for cleaner waters IN EMEA 1. The requirements of the Urban Wastewater Treatment Directive (UWWTD) must be implemented fully and equally in all member states. 2. Emission limit values (especially phosphorus) in water discharges should be tightened. 3. Digitalization can improve both the quality of monitoring and the cost efficiency of water treatment. 4. Emerging pollutants need to be included in the legislation. 5. Pollution from storm-water overflows must be limited and discharges safely disinfected. 6. Clearer guidance is needed on applying innovation and sustainability criteria in public procurement for water treatment. Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 43#44Regulation continues to support growth in European water treatment market Regulation under update 600 400 Urban Wastewater Treatment Directive (UWWT)* Water Framework Directive (WFD) Comments & Implications Basis for wastewater treatment business in Europe Target to better enforce existing legislation in all countries Other potential improvement areas: energy efficiency and micropollutants control Revised directive will increase use of coagulants and polymers in non-compliant countries New regulation expected to be fully operational in late 2025 Regulation evaluated to be fit for purpose and won't be opened for changes Drinking Water Directive (DWD) Water Reuse regulation . Only minor changes with small impact: New tighter limits for Lead and Chromium in drinking water New regulation is expected to be fully operational in 2025 New EU wide regulation (no additional national implementation required) defining minimum quality standards for water reuse in agriculture The regulation does not incentivize increased water reuse, however clear quality standards are hoped to boost water reuse Estimated to increase water treatment chemical demand by ~40 MEUR /p.a. in the long term Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION * most relevant for Kemira 44#45Oil & Gas expected to grow in the long-term REVENUE IN OIL & GAS EUR million 350 300 250 200 150 100 50 0 2013 2014 2015 2016 2017 2018 2019 2020 REVENUE SPLIT 2020 15% Other 45% Oil sands and Chemical Enhanced Oil Recovery Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 40% Shale fracking Long-term market growth opportunities with Kemira's selective market diversification Kemira's offering • . . Process efficiencies: polymers that reduce energy consumption by 60% in shale oil fields Cost reduction: higher concentrated liquids that make offshore oil recovery more cost effective (CEOR) Addressing environmental regulations: tailings treatment in oil sands New innovative technologies driving expansion Figures rounded to closest 5% 45#46We have diversified our Oil & Gas business since the last oil downturn Revenue split 2020 Revenue split 2015 45% Oil sands and Chemical 15% Other O Enhanced Oil Recovery 40% Shale fracking 35% Other 5% Oil sands and Chemical Enhanced Oil Recovery 60% Shale fracking 2020 UPDATE • Action taken to optimize current Oil & Gas organization to the prevailing market situation. Orgnization ready when demand picks up. Sequential recovery in shale market continued towards year-end Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 46#47Our polymer investment in the Netherlands serves growing CEOR market mita • • · Capacity addition announced in October 2017, facility fully operational with positive EBITDA contribution as of Q1 2020 Manufacturing facility serves offshore CEOR Investment includes capacity addition as well as improves backward integration Multi-year extension to current contract with Ithaca Energy announced in September 2020. The extension will ensure good utilization of the facility going forward. 4009 Investment around EUR 30 million, EBITDA contribution high single-digit millions (annualized) Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 47#48Water treatment customers focus increasingly on sustainability • Consumers increasingly aware of sustainability issues Water treatment customers increasingly focused on reducing CO2 footprint Kemira survey shows customers are willing to pay a premium for biobased products Micropollutant removal and disinfection leading themes currently in sustainable water management Growing market for sustainable and circular products. Also biobased products growing in importance. Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 48#49Our focus is to maintain profitability while increasing focus on growth ON-GOING . Disciplined price and cost management Continued complexity reduction Capitalize on new polymer asset in the Netherlands and upcoming polymer investment in Mobile, USA, including backward- integration efficiencies FURTHER PROFITABILITY IMPROVEMENT Oil & Gas profitability Cost structure already streamlined; ready for growth when shale demand picks up APAC profitability Organization reorganized, focus on growth to improve scale PRIORITIZED GROWTH ACTIONS . . Increase focus on sustainable water treatment business and look for growth, particularly in APAC In Oil & Gas, focus on growing CEOR and oil sands tailings applications Consider M&A opportunities in new water treatment capabilities and strengthening regional footprint PROFITABILITY & CASH FLOW Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION GROWTH 49#50INVESTOR PRESENTATION Latest news and financials Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 50 50#51Highlights in 2020 • • • . Strong performance in 2020: improved profitability, good operational performance, improved customer satisfaction and employee engagement. Challenging market environment due to COVID-19 pandemic and related economic slowdown Revenue development excluding Oil & Gas and currencies -2% illustrating resilience of business model. Strong profitability: operative EBITDA margin improved to 17.9%. Financial target for operative EBITDA margin updated to 15-18% (previously 15-17%). Also dividend policy updated: aim to distribute competitive and over-time increasing dividend. New manufacturing facilities in China and the Netherlands facilitate growth; existing facility expansion in Uruguay to support future growth in Pulp & Paper Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 19 51#52Financial highlights of 2020 Organic revenue growth improved towards year- end • COVID-19 related economic slowdown impacted volumes, particularly in printing and writing and shale EUR million (except ratios) Revenue Q4 2020 Q4 A% FY 2019 FY A% 2020 2019 605.6 657.7 -8% 2,427.2 2,658.8 -9% Operative EBITDA 107.9 90.1 +20% 435.1 410.0 +6% • Organic revenue growth excluding Oil & Gas stable in Q4 2020, -2% in 2020 of which margin 17.8% 13.7% 17.9% 15.4% Strong margin development continued in Q4 2020 Operative EBIT EBITDA supported by lower variable costs, 57.0 42.4 +34% 237.7 224.0 +6% of which margin 9.4% 6.4% - 9.8% 8.4% including raw materials and efficiencies from new investments in China and the Netherlands Net profit 23.8 8.6 177% 138.0 116.5 +18% • Good fixed cost management EPS diluted, EUR 0.14 0.05 214% 0.86 0.72 +19% Earnings per share EUR 0.86 Strong cash flow from operating activities Dividend proposal of EUR 0.58 per share Cash flow from operating activities Dividend per share, proposal by the BoD, EUR* 146.4 142.5 +3% 374.7 386.2 -3% 0.58 0.56 +4% Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION *Board of Director's proposal to the AGM 2021 52#53Pulp & Paper: clear profitability improvement in 2020 Market environment in 2020 • Pulp, board and tissue demand remained resilient; demand in printing and writing chemicals declined. Improvement in market demand in Q4. Organic growth improved towards year-end • . Economic slowdown impacted volumes, particularly in printing & writing products where revenue declined by 9% in 2020 Sales volumes increased in Q4 2020, sequential improvement in all customer segments Strong operative EBITDA margin in 2020 . • Profitability improvement in APAC 2020 margin improvement result of good cost management and contribution from recent investments Organizational restructuring in the Americas during Q4 2020 REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) EUR million 385 390 369 376 381 383 386 373 378 370 357 352 +7% +6% +5% +4% +0% -3% -3% -3% -1% 0% -4% -5% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 2020 OPERATIVE EBITDA AND OPERATIVE EBITDA-% EUR million 18.4% 18.6% 18,6% 16.0% 15.9% 11.6% 12.1% 13.6% 13.1% 13.3% 14.4% 13.6% 61.3 65.6 65.5 68,9 60.2 42.7 45.4 52.3 51.2 50.7 53.7 52.6 Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION Q1 Q2 Q3 Q4 Q1* Q2* Q3* Q4* Q1* Q2* Q3* Q4* 2018 2019 2020 * Includes IFRS16 impact 53#54Industry & Water: relative profitability improved despite lower sales volumes Market environment in 2020 • • Municipal water treatment market grew slightly despite COVID-19; industrial water treatment market declined due to lower industrial activity Modest sequential recovery in shale demand continued in Q4 2020 Organic growth • Organic revenue growth excluding Oil & Gas 0% in Q4 2020, -2% in 2020. Revenue in municipal water treatment increased in 2020. Shale revenue continued to recover sequentially in Q4 2020 Strong operative EBITDA margin in 2020 · Profitability supported by lower variable costs and good fixed cost management. Positive contribution from polymer expansion in the Netherlands. Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) EUR million 307 272 284 290 271 267 272 264 245 244 226 236 +14% +11% +11% +5% +6% +4% +2% -1% 1% -22% -18% -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2020 OPERATIVE EBITDA AND OPERATIVE EBITDA-% EUR million 10.9% 26.6 12.8% 12.9% 12.3% 34.8 36.7 33.3 18.1% 18.5% 16.8% 52.4 56.8 18.3% 17.7% 19.5% 16,6% 45.0 13.8% 37.5 48.2 47.6 40.0 39,0 Q1 Q2 Q3 Q4 Q1* Q2* Q3* Q4* Q1* Q2* Q3* Q4* 2018 2019 2020 54 * Includes IFRS16 impact#55Oil & Gas: sequential shale market recovery continued in Q4 2020 Market environment in 2020 • Shale: shale market bottomed in Q2 2020. Sequential market recovery continued in Q4 2020; typically Q4 seasonally slower quarter In oil sands tailings, Kemira's end market demand in 2020 clearly lower than expected. CEOR* end market solid. Kemira performance in 2020 . Oil & Gas revenue declined by 46% in 2020 Q4: Kemira shale revenue continued to recover sequentially, but remained at a low level compared to Q4 2019 Multi-year contract extension signed with Ithaca for CEOR 2021 expectation • Shale and oil sands tailings demand expected to recover gradually, CEOR to remain solid REVENUE DEVELOPMENT EUR million 87 73 66 62 77 66 57 57 56 52 45 46 38 27 41 38 27 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2017 2018 Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION *CEOR, chemical enhanced oil recovery 55#56Strong results in customer satisfaction and employee engagement Strong customer satisfaction - positive feedback on Kemira's actions during COVID-19 Employee engagement continued to improve - clearly above industrial benchmark Kemira NET PROMOTER SCORE* 47*** 36** 33 28 30 2016 2017 2018 2019 2020 * Promoter customers (very loyal) - Detractor customers (unhappy), Scale: 0-19 Satisfactory, 20-39 Good, 40+ Excellent. ** New rolling process implemented in 2019 ***Average NPS score in 2020, data in 2020 limited due to a 6-month break in interviews following COVID-19 FEBRUARY 11, 2021 INVESTOR PRESENTATION EMPLOYEE ENGAGEMENT 81 6 PTS ABOVE MANUFACTURING INDUSTRY BENCHMARK 56#57WE WANT TO ENSURE PROFITABLE GROWTH BY BECOMING THE LEADING PROVIDER OF SUSTAINABLE CHEMICAL SOLUTIONS FOR WATER-INTENSIVE INDUSTRIES CURRENT REVENUE TARGET REVENUE IN 2030 100 MEUR >500 MEUR FROM BIOBASED PRODUCTS FROM BIOBASED PRODUCTS CURRENT SHARE 12% OF RENEWABLE CARBON OF ALL CARBON CONTAINING RAW MATERIALS TARGET SHARE IN 2030 40% OF RENEWABLE CARBON OF ALL CARBON CONTAINING RAW MATERIALS Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 57#58Partnerships announced in December are important steps in our biobased strategy DUPONT DANIMER SCIENTIFIC Exclusive partnership to develop enzymatic biomaterial platform technology developed by DuPont Nutrition & Biosciences (now part of IFF) for Kemira applications Partnership will leverage DuPont's platform that utilizes plant-based sugars as raw materials. Kemira will bring application development expertise. NEXT STEPS: In 2021 partners will work on joint application development before doing pilot scale sales in 2022-2023. Exclusive partnership to develop biodegradable coating for Kemira applications in paper and board Danimer's plant seed-based PHA will be used to develop biobased alternatives to polyethylene coating NEXT STEPS: Aim to manufacture coatings for limited commercial applications in 2021 before exploring broader production options Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 58#59Sustainability targets renewed SAFETY High safety performance fundamental to business NEW KPIS TRIF 1.5 by 2025 and 1.1 by 2030 PEOPLE Foster strong company culture and commitment to people WATER Ensure water- related risks are managed effectively CIRCULARITY Improve customer resource efficiency Increase biobased and recycled raw material use CLIMATE Reduce costs with renewables and energy efficiency Low carbon product offering Reach top 10% cross industry norm for Diversity & Inclusion by 2025 Continuously improve freshwater use intensity Reduce waste intensity by 15% by 2030 Biobased products >500 million EUR revenue by 2030 Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION Scope 1&2 emissions -30% by 2030 59#60Key operative focus areas in 2021 . • Continue to mitigate impact of COVID-19 to ensure our own and our customers' business continuity. Retain people and operational safety as top priority. Increased focus on profitable growth; maintain focus on strict cost management Biobased strategy: continue partnership development and R&D focus to commercialize new biobased products enabling recyclability Operational agility: ensure good capacity utilization and capacity can be ramped up quickly when market demand recovers Construction of polymer capacity in the U.S. and South Korea as well as expansion of bleaching capacity in Uruguay Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 00 60#61PETRI CASTRÉN, CFO FEBRUARY 11, 2021 Financials Q4 2020 Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 61#62Strong profitability despite clearly lower volumes Q4/2020 REVENUE AND ORGANIC GROWTH (Y-ON-Y) EUR million 658 --2% 606 -2% -4% 0% Organic revenue growth -4% in Q4 2020, -7% in 2020 • Q4 2020 revenue declined due to lower sales volumes and prices. Revenue declined particularly in shale and printing and writing Organic revenue growth trend improved towards year-end Operative EBITDA margin improved to 17.8% in Q4 2020, 17.9% in 2020 • Q4 2019 Sales volumes Sales prices Currency impact Acquisitions & divestments Q4 2020 Operative EBITDA improved despite lower revenue. Favorable variable cost development and good fixed cost management. Efficiencies from investments in China and the Netherlands contributed positively to EBITDA. OPERATIVE EBITDA BRIDGE EUR million 90 29 -14 29 6 108 Q4 2019 Sales volumes Kemira FEBRUARY 11, 2021 Sales prices INVESTOR PRESENTATION Variable costs Fixed costs Curency impact Other Q4 2020 62#63. Items affecting comparability Items affecting comparability, EUR million Q4 2020 Q4 2019 FY 2020 FY 2019 Q4 2020: EUR 14 million related to liabilities in a small, to-be-closed energy company in Finland owned via Pohjolan Voima Restructuring costs in Pulp & Paper of around EUR 4 million due to organizational changes in the Americas Q1-Q3 2020: Restructuring costs in Oil & Gas of around EUR 2 million Increased environmental provisions due to clean-up of old manufacturing site in Finland Within EBITDA Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION -16.7 -20.5 -21.8 -27.7 Pulp & Paper -16.8 -20.8 -20.0 -25.8 Industry & Water 0.1 0.3 -1.8 -1.8 Within depreciation, amortization 0.0 0.0 0.0 -1.9 and impairment Pulp & Paper 0.0 0.0 0.0 0.0 Industry & Water 0.0 0.0 0.0 -1.9 Total items affecting -16.7 -20.5 -21.8 -29.6 comparability in EBIT 83 63#64Impact from variable costs continued to be positive SALES PRICE VS VARIABLE COST TREND (ROLLING 12-MONTH CHANGE Y-O-Y) EUR million SALES PRICES AND VARIABLE COSTS (CHANGE Y-O-Y) EUR million 180 120 60 60 0 -60 -120 -180 47 42 37 34 34 32 26 26 38 28 36 20 25 16 13 13 23 11 28 29 24 23 19 ■ G 5 4 11 14 11 28 25 20 28 16 15 Hiili -9 3 -18 -3-10 -2 -2 -10 -23 13 -16 -18 -20 -23 -23 -26 -16 -5 -4 -4 -13-14 -14 -20 -25 -29 -32 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 2018 2019 2020 Net impact on EBITDA (sales prices-variable costs) Brent oil, USD Sales prices* * 12-month rolling change vs previous year in EUR million Kemira FEBRUARY 11, 2021 -Variable costs* INVESTOR PRESENTATION Sales prices -Variable costs 49 64#65Strong cash flow ALL KEY FIGURES IN EUR MILLION CASH FLOW FROM OPERATIONS 386 375 143 146 Q4 205 210 Q3 71 88 121 117 Q2 93 64 57 61 23 Q1 29 12 35 65 2017* 2018* 2019 50 2020 *Pre-IFRS16 figures CAPITAL EXPENDITURE EXCL. ACQUISITIONS 201 196 • 190 150 66 78 98 44 44 65 53 39 73 59 53 65 2017 2018 2019 2020 Expansion Improvement Maintenance Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION Q4 cash flow from operations strong at EUR 146.4 million. January-December 2019 period included EUR 15 million return of excess capital from Kemira's supplementary Pension Fund in Finland. Net working capital improved from Q3 2020 mainly due to lower inventory levels and higher payables. NWC was EUR 197 million end of December 2020 (EUR 211 million at end of 2019). Capex estimated to be around EUR 200 million in 2021: Expansion of manufacturing facility in Uruguay to cater for UPM's upcoming pulp mill Mobile polymer plant to start production in H2 2021 65#66Gearing below financial target range DEVELOPMENT OF OPERATIVE ROCE, % 11.2% 9.7% 9.8% 12.1% 2017* 2018* 2019 2020 *Pre-IFRS16 figures NET DEBT (EUR million) AND LEVERAGE RATIO* 694** 741** • Operative ROCE improved to 12.1% driven by improvement in Pulp & Paper Pulp & Paper operative ROCE 11.1% (2019: 7.7 %) • Industry & Water operative ROCE 13.9% (2019: 17.6%) 811 • 759 638** 2.2 2.3 2.0 1.7 Dec 31 2017 Dec 31 2018 Dec 31 2019 Dec 31 2020 Leverage ratio = Net debt / last 12 months operative EBITDA ** *pre-IFRS 16 figures Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION . • Gearing 63% - below financial target range of below 75% Average interest rate of net debt excluding leases is 1.9% and duration is 20 months With pre-IFRS 16 net debt figures: gearing 53% leverage ratio 1.6 66#67Financial targets and dividend policy updated in November UPDATED FINANCIAL TARGETS • Above-the-market growth (unchanged) Operative EBITDA margin of 15-18% (previously 15-17%) Gearing below 75% (unchanged) UPDATED DIVIDEND POLICY Kemira's dividend policy aims at paying a competitive and over time increasing dividend. (previously: stable and competitive dividend) Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 67#68Dividend proposed to be increased to EUR 0.58 per share • . Dividend proposed to be increased due to strong profitability and cash flow in 2020 Board of Directors' proposes to the AGM a dividend of EUR 0.58 per share, totaling EUR 89 million. The dividend is proposed to be paid in two installments, in April and in November. • No Board of Directors discretion over second dividend installment Dividend per share O Dividend yield * 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.56 0.58 0.48 5.8% 5.4% 5.4% 4.9% 4.5% 4.4% 4.4% 4.6% 4.5% 4.1% 4.2% Kemira has paid a dividend every year • since listing of shares in 1994 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Kemira's dividend yield calculated using the share price at year-end Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION *Board of Director's proposal to the AGM 2021 68#69Factors to watch for in 2021 FACTORS IMPACTING OPERATIVE EBITDA DEVELOPMENT IN 2021 + + ☐ BURDENING FACTORS Revenue: around EUR 20M . negative revenue impact mainly due to closure of a small energy company in Finland; no margin impact Currencies expected to have a negative impact on revenue and operative EBITDA SUPPORTING • • Restructuring in Pulp & Paper Americas; savings mid-single-digit millions Shale market and oil sands tailings market expected to recover gradually from 2020 levels Part of fixed cost savings to continue, particularly in H1 2021 Operational efficiencies from China and NL investments UNCERTAINTIES • Uncertainty related to global economic and pandemic situation and its impact on customer volumes and Kemira sales volumes Raw material price development and ability for sales price review according to contract cycle • Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 69#70Outlook for 2021 OUTLOOK REVENUE Kemira's revenue in local currencies, excluding acquisitions and divestments, is expected to increase from 2020 (EUR 2,427 million) OPERATIVE EBITDA Kemira's operative EBITDA is expected to be at the same or at a slightly (less than 5%) lower level than in 2020 (EUR 435 million) ASSUMPTIONS FOR 2021 . . COVID-19 pandemic continues to cause uncertainty, but overall demand in Kemira's end markets is expected to recover gradually from 2020 in line with forecasted economic growth: • • Pulp & Paper: demand to remain solid in pulp and packaging and board. Stabilization in printing and writing demand possible when COVID-19 situation normalizes. Industry & Water: municipal water treatment to remain solid, industrial water treatment to recover from 2020. Shale market expected to recover gradually during 2021, demand in oil sands tailings to grow from 2020. Outlook assumes no major disruption to Kemira's manufacturing operations or supply chain Currencies expected to have a negative impact on operative EBITDA Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 70#71Kemira has a diversified financing base 19% Other EUR 175 million GROSS DEBT END OF DECEMBER 2020 EUR 919 MILLION, MATURITY PROFILE EXCLUDING LEASES 400 13% Leases 450 38% 121 million 400 Bond EUR 350 million 350 300 250 200 200 168 156 151 150 127 100 50 0 2021 2022 2023 2024 2025 30% Loans from banks and financial institutions EUR 277 million Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION ■Bilaterals Undrawn RCF Bonds Others 71 74#72Majority of contracts with fixed annual pricing Pulp & Paper - Contract types and pricing terms on high level . Length - Around 95% of contracts are 1-year or longer / only 5% are spot deals Pricing – Around 70% fixed / 30% formula or spot pricing Industry & Water - Contract types and pricing terms • Length - Around 70% of contracts are 1-yr or longer / 30% spot deals Pricing – Around 70% fixed / 30% formula or spot - pricing, incl. Oil & Gas where contracts are either formula or spot based Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 72 22#73Kemira's cost structure and top raw materials DIRECT PURCHASES AND LOGISTICS COSTS 2020 EUR 1.4 billion 20% Logistics 10% Electricity & energy EXPOSURE TO OIL RELATED RAW MATERIALS 70% Not oil related TOP 12 RAW MATERIALS BY SPEND (around 50% of total raw material spend) 1. Sodium hydroxide (caustic soda)* Acrylonitrile (OD) 3. Aluminium Hydrate 30% Oil & gas related 2. 4. Colloidal silica dispersion* 5. Fatty acid 6. Amines (OD) 7. Alpha olefin (OD) 8. Sodium chloride (salt) 70% Raw materials Figures rounded to the nearest 5% Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION 9. Petroleum solvents (OD) 10. Sulphuric acid 11. Acrylic ester (OD) 12. Acrylic Acid (OD) OD = Oil & gas derivative * Mainly trading materials 73 13#74INVESTOR PRESENTATION Appendix Kemira FEBRUARY 11, 2021 74 INVESTOR PRESENTATION#75Key figures EUR million Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 2020 2019 Revenue 605.6 596.7 582.9 642.0 657.7 2,427.2 2,658.8 Operative EBITDA 107.9 113.0 105.7 108.5 90.1 435.1 410.0 margin 17.8% 18.9% 18.1% 16.9% 13.7% 17.9% 15.4% Operative EBIT 57.0 62.3 57.6 60.8 42.4 237.7 224.0 margin 9.4% 10.4% 9.9% 9.5% 6.4% 9.8% 8.4% Net profit 23.8 35.5 39.6 8.6 8.6 138.0 116.5 Earnings per share, diluted, EUR 0.14 0.24 0.22 0.25 0.05 0.86 0.72 Cash flow from operations 146.4 117.3 60.8 50.2 142.5 374.7 386.2 Capex excl. acquisitions 66.0 49.4 44.1 36.1 81.4 195.6 201.1 Net debt 759 786 844 816 811 759 811 NWC ratio (rolling 12 m) 9.9% 10.1% 10.2% 10.7% 11.1% 9.9% 10.7% Operative ROCE (rolling 12 m) 12.1% 11.3% 11.6% 11.8% 11.2% 12.1% 11.2% Personnel at period-end 4,921 4,999 5,106 5,075 5,062 4,921 5,062 Kemira FEBRUARY 11, 2021 Q4 2020 RESULTS 75#76Cash flow EUR million Net profit for the period Total adjustments Change in net working capital Finance expenses Q4 2020 Q4 2019 2020 2019 24 9 138 116 84 81 298 302 50 83 -3 45 -5 -9 -22 -39 Income taxes paid -7 -21 -37 -39 Net cash generated from operating activities 146 142 375 386 Purchases of subsidiaries and business acquisitions, net of 0 1 -3 -3 cash acquired Capital expenditure -66 -82 -196 -201 Proceeds from sale of assets 2 0 2 8 Change in long-term loan receivables -6 0 -6 0 Cash flow after investing activities 77 60 173 190 Kemira FEBRUARY 11, 2021 Q4 2020 RESULTS 76 60#77Pulp & Paper KEY FINANCIALS EUR million Revenue Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 2020 2019 370.0 352.2 357.0 378.5 385.9 1,457.6 1,522.9 Operative EBITDA 68.9 65.5 65.6 60.2 52.6 260.2 218.3 margin 18.6% 18.6% 18.4% 15.9% 13.6% 17.9% 14.3% Operative EBIT 37.5 34.8 35.7 30.1 22.5 138.0 99.2 margin 10.1% 9.9% 10.0% 8.0% 5.8% 9.5% 6.5% Operative ROCE*, % 11.1% 9.8% 9.5% 8.5% 7.7% 11.1% 7.7% Capital expenditure (excl. M&A) 33.6 23.0 21.0 14.3 43.6 91.9 109.7 Cash flow after investing activities 59.1 49.7 27.3 26.1 33.5 162.2 139.4 Kemira FEBRUARY 11, 2021 Q4 2020 RESULTS *12-month rolling average 77#78Industry & Water KEY FINANCIALS EUR million Revenue Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 2020 2019 235.6 244.4 225.9 263.6 271.8 969.5 1,135.9 Operative EBITDA 39.0 47.6 40.0 48.2 37.5 174.8 191.7 margin 16.6% 19.5% 17.7% 18.3% 13.8% 18.0% 16.9% Operative EBIT 19.5 27.5 21.9 30.7 19.9 99.7 124.7 margin 8.3% 11.3% 9.7% 11.7% 7.3% 10.3% 11.0% Operative ROCE*, % 13.9% 14.0% 15.5% 17.6% 17.6% 13.9% 17.6% Capital expenditure (excl. M&A) 32.4 26.4 23.1 21.8 37.8 103.6 91.4 Cash flow after investing activities 29.2 25.7 2.3 12.6 57.3 69.8 128.7 Kemira FEBRUARY 11, 2021 Q4 2020 RESULTS *12-month rolling average 78 88#79Key figures and ratios – 5-year summary - EUR million (except ratios) 2016 2017 Revenue 2,373.1 2,363.3 2018 2,486.0 2019 2,658.8 2020 2,427.2 Operative EBITDA 287.3 302.5 311.3 410.0 435.1 of which margin 12.1% 12.8% 12.5% 15.4% 17.9% Operative EBIT 163.1 170.1 170.3 224.0 237.7 of which margin 6.9% 7.2% 6.9% 8.4% 9.8% Cash flow from operations 247.6 270.6 205.1 386.2 374.7 Capital expenditure, excluding acq. 181.7 212.6 190.1 201.1 195.6 Gearing at period-end 54 54 59 66 63 Inventories 207 217 224 261 242 Personnel at period-end 4,685.0 4,818.0 4,732.0 5,062.0 4,921.0 Kemira FEBRUARY 11, 2021 Q4 2020 RESULTS 10 79#80Per share figures - 5-year summary 2016 2017 2018 2019 2020 Earnings per share, EUR 0.6 0.52 0.58 0.72 0.86 Cash flow from operating activities per 1.78 1.35 1.38 2.53 2.45 share, EUR Equity per share, EUR 7.68 7.61 7.80 7.98 7.80 Dividend per share, EUR 0.53 0.53 0.53 0.56 0.58 Share price, EUR, end of period 12.13 11.5 9.85 13.26 12.94 Market capitalization, EUR million (excl. 1,848 1,752 1,502 2,024 1,979 treasury shares) Number of shares, million (excl. treasury 152.1 152.4 152.4 152.5 152.9 shares) P/E ratio 20.1 22.3 16.8 18.4 15.1 P/CF ratio 6.8 8.5 7.1 5.2 5.3 P/B ratio 1.6 1.5 1.3 1.7 1.71 Dividend yield, % 4.4 4.6 5.4 4.2 4.5 Kemira FEBRUARY 11, 2021 Q4 2020 RESULTS 80#81Revenue split by country FY 2020 Other APAC 5% China 5% Other EMEA 9% Norway 2% Netherlands 2% France 2% Italy 2% Russia 3% APAC Spain 3% Poland 3% EMEA UK 4% Germany 4% Sweden 6% Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION AMERICAS USA 24% Canada 6% Brazil 2% Uruguay 2% Other Americas 1% Finland 15% 81#82Kemira - largest shareholders and Board of Directors SHAREHOLDERS ON DECEMBER 31, 2020 % OF SHARES 1. Oras Invest 20.1% 2. Solidium (owned by State of Finland) 10.2% 3. Varma Mutual Pension Insurance Company 3.0% 4. Ilmarinen Mutual Pension Insurance Comp. 2.7% 5. Kemira Oyj 1.6% Total number of shares 155,342,557 Foreign ownership of shares 29.6% Total number of shareholders Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION KEMIRA BOARD OF DIRECTORS JARI PAASIKIVI Chairman Member since 2012 Oras Invest Oy, CEO KERTTU TUOMAS Vice Chairman Member since 2010 SHIRLEY CUNNINGHAM Member since 2017 WOLFGANG BÜCHELE Member in 2009-2012 and since 2014 KAISA HIETALA Member since 2016 44,311 TIMO LAPPALAINEN Member since 2014 82#83Kemira's Management Board JARI ROSENDAL President and CEO With Kemira since 2014 KIM POULSEN President Pulp & Paper With Kemira since 2015 PETRI CASTRÉN CFO With Kemira since 2013 ESA-MATTI PUPUTTI EVP, Operational Excellence With Kemira since 2015 ANTTI SALMINEN President Industry & Water MATTHEW PIXTON CTO With Kemira since 2016 With Kemira since 2011 Jukka Hakkila, Chief Legal Officer, (with Kemira since 2005) acts as secretary of Management Board and Board of Directors. Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION EEVA SALONEN EVP, Human Resources With Kemira since 2008 83#84Pulp & Paper TECHNOLOGY AND MARKET LEADER RAW MATERIALS INTERMEDIATES Electricity Tall oil rosin Sodium chloride (salt) AKD Wax Crude tall oil Cationic monomer Acrylonitrile Acrylic acid Olefins Isomerized olefins Acrylamide Polymers Defoamers control Coagulants WQQM PRODUCTS Sodium chlorate Hydrogen peroxide APPLICATIONS Pulping Bleaching Retention Wet-end process CUSTOMER INDUSTRIES Pulp Packaging and board Printing and writing Tissue CUSTOMERS All the major global paper and pulp producers Biocides Sizing Sizing Strength Additives Strength Fatty acids Maleic anhydride Surface additives Colorants Surface treatment Coloring Sulfur Sulfuric acid Value chain part covered by Kemira Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION MAIN COMPETITORS: Solenis, Nouryon, Ecolab, Kurita, SNF 84 -4#85Industry & Water TECHNOLOGY AND MARKET LEADER IN WATER TREATMENT AS WELL AS IN NICHE APPLICATIONS IN OIL & GAS RAW MATERIALS Acrylonitrile Acrylic acid Sulfuric acid Hydrochloric acid INTERMEDIATES Acrylamide Cationic monomer PRODUCTS Polymers (EPAM, DPAM) Al Coagulants Fe Coagulants Dispersants & antiscalants Biocides Aluminium hydrate Iron ore Pickling liquor Emulsifiers Copperas Defoamers Various monomers Formulations APPLICATIONS Raw water & waste water treatment Sludge treatment Friction reduction Enhanced oil recovery Tailings treatment Mining processes SALES CHANNELS CUSTOMERS Direct sales Distributor/reseller Service companies Municipalities Private operators Industrial customers Pumpers Oil & Gas operators Service companies Mine operators Value chain part covered by Kemira Kemira MAIN COMPETITORS Coagulants: mainly local small companies, Feralco, USALCO, Kronos, PVS, Polymers: SNF, Solvay, Ecolab, Solenis FEBRUARY 11, 2021 INVESTOR PRESENTATION 85#86Important information about financial figures Kemira provides certain financial performance measures (alternative performance measures) that are not defined by IFRS. Kemira believes that alternative performance measures followed by capital markets and management, such as organic growth*, EBITDA, operative EBITDA, cash flow after investing activities, and gearing provide useful information of its comparable business performance and financial position. Selected alternative performance measures are also used as performance criteria in remuneration. Kemira's alternative performance measures should not be viewed in isolation to the equivalent IFRS measures and alternative performance measures should be read in conjunction with the most directly comparable IFRS measures. Definitions of the alternative performance measures can be found in the Definitions of the key figures in this report, as well as at www.kemira.com > Investors > Financial information. All the figures in this Financial Statements Bulletin have been individually rounded and consequently the sum of individual figures may deviate slightly from the sum figure presented. Kemira FEBRUARY 11, 2021 INVESTOR PRESENTATION * Revenue growth in local currencies, excluding acquisitions and divestments 86#87Kemira 100 Chemistry years of