Investor Presentaiton

Markets 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 APRIL 27, 2021 INVESTOR PRESENTATION 32

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