Metsä GroupMetsä Board

Debt Investor Presentation 3Q 2013

6.11. 2013

Metsä GroupMetsä Board

Good Financial Situation Continues

‒ Gross debt 748 m€, cash and interest bearing receivables 126 m€ and net debt 622 m€

‒ 100 m€ RCF fully available

‒ Metsä Board divested its 51% holding in Metsä Group Treasury to Metsäliitto Cooperative

‒ Net gearing 75%, equity ratio 38.4% at end 3Q 2013

‒ Average interest rate 5.5% at end 3Q 2013

‒ S&P upgraded Metsä Board’s credit rating from B- to B in August

Net Debt, m€

622

3693

2403

0

500

1000

1500

2000

2500

3000

3500

4000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

3Q13

2

Metsä GroupMetsä Board

Agreement on Metsä Board’s Refinancing Signed in May 2012

‒ 600 m€ term loan and revolving credit facility agreement with a syndicate of five banks and certain Finnish institutional investors

‒ This agreement was utilized to refinance the 500 m€ eurobondmatured in April 2013

‒ Facilities include a 100 m€ RCF available immediately and 500 m€term loans available from late March 2013

‒ Maturity of RCF is three years ‒ 150 m€ of term loans matures at end June 2014 and 350 m€ at end March 2016

‒ The average financing cost of the facilities calculated for the entire loan period is 6.5 %

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Metsä GroupMetsä Board

Loans and Interest Rate

At the end of 3Q 2013

‒ Average maturity of long term loans 2,2 years

‒ Average interest rate of loans (including derivatives) 5,5 %

‒ Interest rate maturity of loans (including derivatives) 14,6 months

‒ Of the loans about 67 per cent was subject to variable interest rates and 33 per cent to

fixed interest rates

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Metsä GroupMetsä Board

Total 738 m€ 30.9.2013

Long-Term Interest Bearing Liabilities

22 %

7 %

4 %

67 %

Pension premium loansLoans from financial institutionsFinance leasesOther interest bearing liabilities

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Metsä GroupMetsä Board

Interest Bearing Net Liabilities 30.9.2013

‒ Long-term 738

‒ Short-term 10

Total interest bearing liabilities 748

‒ Liquidity and interest bearing receivables 126

Interest bearing net liabilities 622

6

m€

Metsä GroupMetsä Board

Long-term Interest Bearing Liabilities and CommittedUndrawn Credit Facilities 30.9.2013

25

186

71

366

21 21 20 28

100

66

0

50

100

150

200

250

300

350

400

2013 2014 2015 2016 2017 2018 2019 >2 019

Long-term interest bearing liabilitiesCommitted undrawn credit facilities

m€

7

Metsä GroupMetsä Board

Liquidity

Committed credit facilitiesLiquid fundsm€

0

100

200

300

400

500

600

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13*

8

*Divestment of 51 % in Metsä Group Treasury reduced the consolidated amount of cash at Metsä Board’s balance sheet

Metsä GroupMetsä Board

33,3 32,4

38,7

27,9

31,1 31,233,2

0

5

10

15

20

25

30

35

40

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13*

757469

737073

103

0

20

40

60

80

100

120

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

Balance Sheet Ratios

Equity Ratio Net gearing%%

9

*Divestment of 51 % in Metsä Group Treasury improved equity ratio by about 5 percentage points

Metsä GroupMetsä Board

Debt Programs

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The following table sets forth the significant debt securities issued and outstanding of Metsä Board as at Sept. 30, 2013

Average

Long-term borrowings Total amount Outstanding Interest Rate (1) Maturity

USD 350 million Private Note Issue USD 350 USD 0 – –EUR 500 million Bond Issue EUR 500 EUR 0 – –Global Medium-Term Note Program EUR 1 500 EUR 0 – –Bridge Financing Faciility 2012 EUR 150 EUR 150 6,2 % 2014Term Loan Facility 2012 EUR 350 EUR 350 6,5 % 2016EUR 58 million bilateral loans EUR 58 EUR 58 1,8 % 2013-2015EUR 28 million finance leases EUR 28 EUR 28 2,4 % 2013–2020EUR 228 million pension loans EUR 228 EUR 162 4,7 % 2013–2020

Short-term funding programmes (Metsä Group Treasury)EUR 150 million domestic CP-program EUR 150 EUR 0 – –

Average interest rate of all Metsä Board Group interest bearing liabilities including interest rate derivatives per 30.9.2013 is 5,5 %.

The following table sets forth Metsä Board´s principal long-term liquidity reserves as at Sept. 30, 2013:

Average Liquidity reserves Total amount Outstanding Interest Rate (1) Maturity

(EUR in millions)Revolving Credit Facility 2012 EUR 100 EUR 0 – 2015Pension loan facilities EUR 228 EUR 162 4,7 % -

(1) The average interest rates take into account outstanding interest rate swaps and amortised arrangement fees.

(currency in millions)

Metsä GroupMetsä Board

Ratings’ History

2000S&P: Short term ratings lowered to A3, Long term ratings placed to credit watch negativeMoody’s: Long and short term ratings outlook changed from stable to negative

2001S&P: Long term ratings lowered to BBB-,stable outlookMoody’s: Long and short term ratings lowered to Baa3/P3, negative outlook

2003S&P: Downgrade to BB+, stable outlookMoody’s: Downgrade to Ba1, negative outlook

2004S&P: Outlook changed from stable to negative, ratings affirmedMoody’s: Downgrade to Ba2, stable outlook

2005S&P: Downgrade to BB, stable outlookMoody’s: Outlook changed from stable to negative, ratings affirmed

2006S&P: Downgrade to BB-, negative outlookMoody’s: Downgrade to Ba3, negative outlookMoody’s: Downgrade to B2, negative outlookS&P: Downgrade to B+, negative outlook

2007Moody’s: Downgrade to B3, negative outlookS&P: Downgrade to B, negative outlookS&P: Downgrade to B-, stable outlook

2008S&P: Outlook to negative

2009S&P: Downgrade to CCC+, negative outlook Moody’s: Downgrade to Caa1, outlook negative

2010S&P: Outlook to stableMoody’s: Outlook to stableS&P: Upgrade to B-, stable outlookMoody’s: Upgrade to B3, outlook to positive

2011S&P: Outlook to positiveS&P: Outlook to stableMoody’s: Outlook to stable

2012Moody’s: Outlook to positive

2013S&P: Outlook to positiveMoody’s: Upgrade to B2, outlook stableS&P: Upgrade to B, outlook stable

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Metsä GroupMetsä Board

Thank You!www.metsaboard.com

Juha LaineHead of IR

+358 10 4654335juha.laine@metsagroup.com