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Free cash flow Free cash flow mainly driven by significant EBITDA growth EURM FREE CASH FLOW DEVELOPMENT 99.6% 85.3% 71.6 75.7% 70.2% 69.1% 59.1% 49.8% 8.7 46.7% 43.0% 2.0 56.2% 44.2% 27.5% 29.4 41.4 20.6 43.5 53.0 -4.9 -3.0 -4.5 -10.7 -11.7 -19.3 -17.9 -11.9 -17.6 -18.5 -17.1 2014A 2015A Adjusted EBITDA I Lease payments and accounting adjustments 2016A Change in NWC 2017A 2018A Capex LTM Q3-2019 Operating Free Cash Flow before growth capex (%) Operating Free Cash Flow (%) EURM Adjusted EBITDA Change in NWC Maintenance capex Lease payments and 2014A 2015A 2016A 2017A 2018A LTM Q3-2019 20.6 29.4 41.4 43.5 53.0 71.6 -3.0 2.0 -4.5 8.7 -11.7 -4.9 -7.3 -6.3 -8.3 -8.9 -10.0 -9.4 -17.1 accounting adjustments Free Cash Flow before growth 10.2 25.1 28.6 43.3 31.3 40.2 capex Free Cash Flow before growth 49.8% 85.3% 69.1% 99.6% 59.1% 56.1% capex (%) Growth capex¹) -4.6 -4.4 -9.3 -10.4 -8.5 Free Cash Flow 5.6 20.7 19.3 32.9 22.8 -8.6 31.6 Free Cash Flow (%) 27.5% 70.2% 46.7% 75.7% 43.0% 44.2% Note: For LTM calculations please see Reconciliation tables (p. 44-45), 1) Growth capex defined as expansion capex, i.e. excluding any acquisition capex Source: Company information COMMENTARY Polygon regularly works with lower working capital than recently acquired companies enabling synergies through best-practice sharing Increased capital expenditure in recent years has been offset by the significant increase in EBITDA, resulting in Free Cash Flow margin having nearly doubled since 2014 When looking at Free Cash Flow before growth capex, the margin has also improved from 2014 FINANCIAL DEVELOPMENT | POLYGON 23

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