1. INTERIM REPORT
JANUARY-JUNE 2011
Per Lindberg, President and CEO
Bertil Carlsén, CFO
21 July, 2011 1

2. INVESTMENT IN PACCESS PACKAGING
• Investment corresponding to 30% in
PACCESS Packaging
» ~60 employees and sales of MUSD ~27
• Core expertise in developing
packaging for production and
delivery in Asia
» Customers primarily multinational brand
owners
• Create a strong platform for future
growth in Asia
» Access to customer and supplier base
2

3. AGENDA
• Highlights
• Development by Business Area
• Financials
• Outlook
3

4. HIGHLIGHTS IN Q2 2011
• Strong Q2 result
» EBIT of MSEK 275, margin 12%
» The lower EBIT vs. Q1 mainly corresponds
to the periodic maintenance shutdown in
Skärblacka (MSEK 56)
• Strong underlying earnings for
packaging paper
» Order situation remained good, although at
a lower and more normal level
» Over 3% increase in local prices (Q2 vs. Q1)
• Price increases compensated for
higher costs and a stronger SEK
4

5. CONTINUED STRONG RESULTS
Billerud Group Packaging Paper
350 14% 300 14%
300 12% 12%
250
250 10% 10%
200
EBIT margin, %
EBIT margin, %
EBIT, MSEK
EBIT, MSEK
200 8% 8%
150
150 6% 6%
100
100 4% 4%
50
50 2% 2%
EBIT margin
0 0% 0 0%
Actual Actual Adjusted* EBIT Actual Actual Adjusted*
Jan-Mar Apr-Jun 2011 Jan-Mar Apr-Jun 2011
5
*Excluding cost for the periodic maintenance shutdown at Skärblacka.

6. BUSINESS AREAS & SEGMENTS
PACKAGING & PACKAGING BOARDS
SPECIALITY PAPER S/C Fluting, Liner, Liquid Board
Kraft & Sack Paper
MARKET PULP
Nordic Bleached
Softwood Kraft Pulp
Note: Graph shows sales breakdown per
business area for January-June 2011. 6

7. PACKAGING & SPECIALITY PAPER
Market situation in Q2 2011
• Order situation for sack and kraft
paper returned to a more normal
level
Consumer
• Stock levels were reduced after Building &
construction
being built up in Q1
• Increased price level in local Food
currency for all products vs. Q1
7

8. PACKAGING & SPECIALITY PAPER
Financials – Q2 2011 vs. Q1 2011
160
• Operating profit down by MSEK 38 140
120
• Increased fixed costs and lower
EBIT, MSEK
100
sales volumes due to maintenance 80
shutdown 60
40
» Carries ~70% of a Skärblacka 20
shutdown cost 0
Q2 Q3 Q4 Q1 Q2
• Improved prices 2010 2011
Q2 2011 Q1 2011 Q2 2010 FY 2010
Net sales, MSEK 1,079 1,217 1,009 4,166
Operating profit, MSEK 102 140 84 417
Operating margin, % 9 12 8 10
8

9. PACKAGING BOARDS
Market situation in Q2 2011
• Order situation remained good but
with some seasonal decline
• Increased price level in local
currency for all products vs. Q1
9

10. PACKAGING BOARDS
Financials – Q2 2011 vs. Q1 2011
140
• Operating profit down by MSEK 3
120
100
EBIT, MSEK
• Improved prices 80
60
• Higher fixed costs and lower sales 40
volumes, partly due to maintenance 20
0
shutdown -20
• Q2 is generally seasonally weaker
Q2 Q3 Q4 Q1 Q2
2010 2011
than Q1
Q2 2011 Q1 2011 Q2 2010 FY 2010
Net sales, MSEK 704 728 518 2,428
Operating profit, MSEK 94 97 -14 271
Operating margin, % 13 13 -3 11
10

11. MARKET PULP
Market situation in Q2 2011
• Demand for NBSK remained good
• ~45 USD/tonne price increase in
Europe
• Two price increase were
announced for Europe
» 1,010 USD/tonne for April
» 1,040 USD/tonne for June
• The June price increase was not
fully implemented but stayed at
~1,025 USD/tonne
11

12. MARKET PULP
Financials – Q2 2011 vs. Q1 2011
120
100
• Operating profit down by MSEK 18 80
EBIT, MSEK
60
• Improved prices in local currency 40
compensated for lower USD rate 20
0
• Lower sales and product volumes -20
as well as higher fixed costs, partly -40
Q2 Q3 Q4 Q1 Q2
due to maintenance shutdown 2010 2011
Q2 2011 Q1 2011 Q2 2010 FY 2010
Net sales, MSEK 435 436 445 1,731
Operating profit, MSEK 20 38 100 276
Operating margin, % 5 9 22 16
12

13. Q2 IN SUM
• Strong Q2 result given maintenance
shutdown
» EBIT margin of 12%
» Return on equity of 19%
• Strong underlying earnings for
packaging paper
13

14. FINANCIALS
14

15. QUARTERLY KEY FIGURES
Q2 2011 Q1 2011 Q2 2010
Sales volume (ktonnes) 335 369 309
Net sales, MSEK 2,383 2,547 2,108
Operating profit, MSEK 275 332 201
Operating margin 12% 13% 10%
Profit/share, SEK 1.88 2.28 1.30
Net debt/equity ratio 0.06 0.05 0.21
15

16. EBIT BRIDGE Q2 2011 vs. Q1 2011
350
332 +81
-1 -5
300
+2 275
-51
250
-83
200
MSEK
150
100
50
0
EBIT Sales & Selling prices Effects of Change in Change in Change in EBIT
Q1 2011 production (in respective exchange rate variable costs fixed costs depreciation Q2 2011
volumes* sales fluctuations,
currency) incl. hedging
* Includes product mix.
16

17. JANUARY-JUNE KEY FIGURES
Jan-Jun 2011 Jan-Jun 2010 vs. 2010
Sales volume (ktonnes) 704 652 +8%
Net sales, MSEK 4,930 4,298 +15%
Operating profit, MSEK 607 435 +40%
Operating margin 12% 10% +2 p.p.
Profit/share, SEK 4.16 2.82 +48%
Net debt/equity ratio 0.06 0.21 +0.15
17

18. SEASONALITY RELATED TO PERIODIC SHUTDOWNS
Estimated Estimated breakdown of Planned date
shutdown cost shutdown cost by business area of shutdown
Mill MSEK PSP PB MP 2011
Gruvön ~100 ~30% ~60% ~10% Q4
Karlsborg ~40 ~50% 0% ~50% Q3
Skärblacka ~60 ~70% ~15% ~15% Q2
1) Minus equals increase in net debt
18

19. FINANCIAL TARGETS MET 4 CONSECUTIVE QUARTERS
14%
12%
EBIT margin, rolling 12 months (%)
10% Financial
target
8%
6%
4%
2%
0%
FY 06 FY 07 FY 08 FY 09 FY 10
-2%
19

20. INCREASED PRODUCTIVITY
1.4
1.2
Quarterly net sales per employee, MSEK
1.0
0.8
0.6
0.4
0.2
0.0
Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11
Focus
Process efficiency
Customer-focused development

21. DSO days
09
0
0
10
20
30
40
50
60
70
09 131
0
09 430
0
09 731
1
10 031
0
10 131
0
10 430
0
DSO
10 731
1
11 031
0
11 131
04
30
% of total receivables
09
01
0,0
1,0
2,0
3,0
4,0
5,0
6,0
3
09 1
05
3
09 1
09
3
10 0
01
3
10 1
21
05
3
10 1
09
Overdue
3
11 0
01
3
11 1
05
WORKING CAPITAL KEY RATIOS
31
Working capital (excl. IAS)/quartely net turnover
0%
10%
20%
30%
40%
50%
60%
70%
09 09 09 09 10 10 10 10 11 11
03 06 09 12 03 06 09 12 03 06
WC as % of quarterly sales

22. CASH FLOW
MSEK
Q2 2011 Jan-Jun 2011 Jan-Jun 2010
Operating surplus, etc 421 902 625
Change in working capital, etc. 57 -244 -99
Net financial items, taxes, etc. -10 -191 -58
Cash flow from operating activities 468 467 468
Current net investments -129 -211 -137
Operating cash flow 339 256 331
Dividend -361 -361 -52
Other items, not affecting cash flow -1 -7 -4
Change in net debt 1) -23 -112 275
1) Minus equals increase in net debt
22

23. MARKET PRICES AFFECTING RESULT
Electricity index (Sweden*) Wood price index
160
280 150
240 140
130
200 120
160 110
100
120
90
80 80
2004 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 2004 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
2005 2006 2007 2007 2008 2009 2010 2010 2005 2006 2007 2007 2008 2009 2010 2010
Source: Nordpool. *Price area Sweden Source: Billerud
Market Pulp (USD/t) TCW index*
1,050 118
1,000 115
950 112
900
850 109
800 106
750 103
700 100
650
600 97
550 94
2004 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 2004 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
2005 2006 2007 2007 2008 2009 2010 2010 2005 2006 2007 2007 2008 2009 2010 2010
Note: Average price for the quarter Source: Riksbanken *Total Competitiveness Weights Index
23

24. EASENED SEK STRENGTH
Average rate Average rate Spot rate Q2 2011 vs. 18 July 2011
Q2 2011 Q1 2011 18 July 2011 Q1 2011 vs. Q2 2011
EUR 9.02 8.87 9.25 +2% +3%
USD 6.26 6.48 6.59 -3% +5%
GBP 10.22 10.39 10.62 -2% +4%
24

25. CURRENCY SITUATION
• Profit effect of net flow hedging Jul-Sep Oct-Dec Jan-Mar Apr-Jun Total 12
MSEK 52 for Q2 2011 (29) and 2011 2011 2012 2012 months
MSEK 151 for Jan-Jun 2011 (146) Average Average Average Average Average
• Market value of outstanding hedged hedged hedged hedged hedged
currency currency currency currency currency
contracts not relating to rates rates rates rates rates
accounts receivables was (hedged net (hedged net (hedged net (hedged net (hedged net
flows) flows) flows) flows) flows)
MSEK 49 (as of 30/6-11)
• Hedge level 12 months forward:
9.12 9.33 9.43 9.21 9.25
EUR 51%
(86%) (61%) (46%) (11%) (51%)
7.06 6.66 6.57 6.51 6.85
USD 43%
(82%) (57%) (22%) (10%) (43%)
GBP 42% 10.65 10.64 10.64 10.51 10.64
(83%) (56%) (20%) (10%) (42%)
Note: Data in table and graph are as of 30 June 2011.
25

26. OUTLOOK
26

27. OUTLOOK FY 2011
• The order situation at the start of
the third quarter remains good and
at normal levels
• Additional price increases have not
been announced
• Continued stable development
expected in the third quarter
• Unease in the financial market and
its effect on the business cycle
make development in the
subsequent period somewhat more
uncertain
27

28. Q&A
28