Investment highlights Strong core in high-quality cartonboards 

• Strongest European folding boxboard producer

       - M-real the market leader
       - Excellent growth potential

• Turn-around in profitability
• Material net debt reduction in recent years 
• Strategic review of the remaining  paper business ongoing
• Extensive restructuring programmes implemented including 

        - Capacity closures
        - Cost savings programmes
        - Reduction in working capital
        - Asset divestments