Interim Review January-September 2015: Strong development in orders received in China - profitability in the targeted range in Q3/2015 Presentation material at the news conference on October 28, 2015.

1. Strong development in orders
received in China –
profitability in the targeted
range in Q3/2015
Interim Review,
January–September 2015
October 28, 2015
Pasi Laine, President and CEO
Markku Honkasalo, CFO

2. Agenda
Q3/2015 in brief
Business lines’ development
Financial development
Summary of Interim Review Q3/2015
Appendix
1
2
3
5
6
Interim Review, January–September 2015
Guidance and short-term market outlook4

3. Q3/2015 in brief

4. • Orders received increased compared with Q3/2014 in Pulp and Energy, and Paper business lines
• Net sales increased in Paper and decreased in Pulp and Energy compared with Q3/2014
Orders received and net sales increased in capital business
• Orders received remained stable compared with Q3/2014 in Services, orders received EUR 70 million
in Automation
• Net sales increased in Services compared with Q3/2014, net sales EUR 66 million in Automation
Orders received and net sales increased in stable business1
October 28, 2015 © Valmet4
Q3/2015 in brief
1) Stable business = Services and Automation business lines
2) EBITA = Earnings before interest, taxes and amortization and non-recurring items
• EBITA2 increased to EUR 47 million
• EBITA2-margin improved and was in the targeted range at 6.4 percent
Good development in profitability
Net debt EUR 229 million
• Gearing 28%
• Cash flow provided by operating activities EUR 16 million
• Order backlog EUR 90 million lower than at the end of Q2/2015
Order backlog at EUR 2.1 billion

5. 36%
9%
29%
25%
Net sales split in Q3/2015
October 28, 2015 © Valmet5
22%
7%
50%
11%
11%
Net sales split by
geographic area
Net sales split by
business lineOrders received
EUR 725 million
Net sales
EUR 734 million
EBITA before NRI1
EUR 47 million
Employees
12,296
1) NRI = non-recurring items
Stable business net sales EUR 334 million
Services
Automation
Pulp and Energy
North America
EMEA
South America
Asia-Pacific
ChinaPaper

6. Key figures Q3/2015
October 28, 2015 © Valmet6
1) At the end of period
2) Before non-recurring items
3) After non-recurring items
4) Annualized
EUR million Q3/2015 Q3/2014 Change Q1–Q3/2015 Q1–Q3/2014 Change
Orders received 725 466 56% 2,085 2,590 -19%
Order backlog1 2,117 2,312 -8% 2,117 2,312 -8%
Net sales 734 590 25% 2,074 1,697 22%
EBITA2 47 32 45% 120 58 >100%
% of net sales 6.4% 5.5% 5.8% 3.4%
EBIT3 33 26 25% 78 35 >100%
% of net sales 4.4% 4.4% 3.8% 2.1%
Earnings per share, EUR 0.14 0.11 25% 0.33 0.14 >100%
Return on capital employed (ROCE), before taxes4 11% 6%
Cash flow provided by operating activities 16 117 -86% 14 206 -93%
Gearing1 28% -20%
Non-recurring items: EUR -4 million in Q3/2015 (EUR -1 million in Q3/2014), EUR -16 million in Q1–Q3/2015 (EUR -7 million in Q1–Q3/2014).

7. 267 273 242 273 293 307 252
85
70
622 560
96 66
138
259
206
212
190
128 142
149
129
197
1,101
1,023
466 480
580
781
725
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
200
400
600
800
1,000
1,200
1,400
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15
Services (LHS) Automation (LHS)
Pulp and Energy (LHS) Paper (LHS)
Last 4 quarters (RHS)
Orders received increased especially in China,
stable business orders received EUR 322 million
• Orders received stable in Services: Year-to-date growth at 9%
• Orders received EUR 70 million in Automation
• Orders received increased in Pulp and Energy: Main equipment to a pulp mill project in China
• Orders received increased in Paper: One board machine and three tissue machines
• Orders received more than doubled in China, and increased in EMEA and North America
October 28, 2015 © Valmet7
Orders received (EUR million),
by business line
Orders received (EUR million),
by area
185
82 135 88
189 196 170
24 194 23 40
50 38 22
437
567
189 277
202
443
248
35
121
54
35 54
45
224
420
59
66 41
85
58
61
1,101
1,023
466 480 580
781
725
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
200
400
600
800
1,000
1,200
1,400
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15
North America (LHS) South America (LHS)
EMEA (LHS) China (LHS)
Asia-Pacific (LHS) Last 4 quarters (RHS)

8. 1,972
2,406 2,312
1,998 2,064
2,208 2,117
0
500
1,000
1,500
2,000
2,500
3,000
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15
Order backlog at EUR 2.1 billion
• Order backlog EUR 90 million lower than at the end of Q2/2015
• Approximately 30% of the order backlog relates to stable business
October 28, 2015 © Valmet8
Order backlog (EUR million)
~30%
~70%
Stable business Capital business
Structure of order backlog

9. 224 251 235 278 242
371 334
519
588 590
777
561
779
734
0.7%
3.7% 5.5%
6.1%
3.5%
6.9%
6.4%
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15
Capital business
Stable business
EBITA-%
EBITA target 6–9%
EBITA margin in the targeted range
October 28, 2015 © Valmet9
Net sales and EBITA before NRI (EUR million)
• Net sales and profitability increased compared with Q3/2014
- Profitability improved due to the higher level of net sales, improved gross profit, and the acquisition of
Automation
- Changes in foreign exchange rates1 increased net sales by approximately EUR 14 million and EBITA by
approximately EUR 1 million2
EBITA before
NRI (EUR million)
194 22 32 48
1) Compared with the exchange rates for July–September 2014
2) Indicative only
54 47

10. 21%
0%
5%
10%
15%
20%
25%
0
40
80
120
160
200
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
Q3/2015
EUR million (LHS) % of net sales (RHS)
16%
0%
5%
10%
15%
20%
25%
0
40
80
120
160
200
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
Q3/2015
EUR million (LHS) % of net sales (RHS)
Good development in gross profit compared to
Q3/2014
October 28, 2015 © Valmet10
Gross profit (EUR million and % of net sales)
• Gross profit increased, also when excluding the impact of Automation
• Selling, general & administrative (SG&A) expenses under control
• Further actions to improve gross profit through Must-Win implementation
SG&A (EUR million and % of net sales)

11. Key Must-Win objectives to develop Valmet
further and continue to improve profitability
October 28, 2015 © Valmet11
• Nurture shared values
• Drive high performance
• Continue globalization of our capabilities
• Strengthen our presence close to customers and growth markets
• Strengthen Key Account Management to serve customers with our full offering
• Provide customer benefits by combining process technology, automation and services
• Develop Valmet service concept, remote services and drive growth through service agreements
• Improve product cost competitiveness to increase gross profit and reduce customer investment
and operational costs
• Develop new products and technologies to create new revenue
• Sales and project management process to improve product margin
• Implement Lean to reduce quality costs and lead times
• Save in procurement and ensure sustainable supply chain
• Improve health and safety
• Continue to improve cost competitiveness
Must-Win implementation objectives for 2016Must-Wins
Leader in
technology and
innovation
Excellence
in processes
Customer
excellence
Winning
team

12. Leader in technology and innovation:
Examples of our R&D results
October 28, 2015 © Valmet12
Advantage NTT tissue machineOptiConcept M board and paper machine
 Cost-efficient, high-quality, safe and flexible board
making concept
 Significant savings in energy, water and raw material
use
– Energy efficiency improvement up to 30%
 Modular and compact size
– Short delivery times, quick start-ups, and less production
space
 Functional design brings increased safety and
accessibility
 High flexibility and energy efficiency
– Swing from production of conventional to textured tissue in
a few hours
– Low energy consumption
 Premium product quality
 Fiber savings
– 10–30% less fiber consumption
 High speed and capacity
– 2,000 m/min in conventional mode, 1,800 m/min in textured
mode
10 OptiConcept M
machines sold
5 Advantage NTT
machines sold

13. Excellence in processes: Good development in
work safety and sustainability
 Valmet has made excellent progress in
health and safety
– LTIF has declined to 3.5 in Q3/2015
 Valmet has been included in the Dow
Jones Sustainability Index (DJSI) for the
second consecutive year
– Valmet maintains its position among 317
companies recognized as world's sustainability
leaders in Dow Jones Sustainability Index
– Valmet was listed both in the Dow Jones
Sustainability World and Europe indices
– In addition to Valmet, three other companies from
Finland are included in the World index this year
October 28, 2015 © Valmet13
1) Lost time incident frequency (LTIF) reflects the number of injuries resulting in an absence of at least one workday per million hours worked.
The LTIF numbers are for own employees and calculated for the last 12 months.
Lost time incident frequency (LTIF)1 Sustainability
Valmet is committed to the safety
and wellbeing of our employees,
customers and partners. Together,
we take safety forward
Long-term goal
ZERO
harm
3.5
0
2
4
6
8
10
12
14
16
Q1/11
Q2/11
Q3/11
Q4/11
Q1/12
Q2/12
Q3/12
Q4/12
Q1/13
Q2/13
Q3/13
Q4/13
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15

14. Business lines’
development

15. Orders received remained stable and net sales
increased in Services in Q3/2015
October 28, 2015 © Valmet15
Net sales (EUR million)Orders received (EUR million)
• Services orders received remained stable compared with Q3/2014
- Orders received increased in China, remained stable compared with Q3/2014 in
North America, EMEA and Asia-Pacific, and decreased in South America
- Orders received increased in Mill Improvements and Fabrics, remained stable
compared with Q3/2014 in Performance Parts and decreased in Energy and
Environmental, and Rolls
- Changes in foreign exchange rates1 increased orders received by approximately
EUR 11 million
• Net sales increased compared with Q3/2014
1) Compared with the exchange rates for July–September 2014
Q1–Q3/2014:
EUR 782 million
Q1–Q3/2015:
EUR 852 million
Q1–Q3/2014:
EUR 711 million
Q1–Q3/2015:
EUR 814 million
267 273
242
273
293 307
252
0
200
400
600
800
1,000
1,200
1,400
0
50
100
150
200
250
300
350
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15
Orders received (LHS)
Orders received, last 4 quarters (RHS)
224
251 235
278
242
304
268
0
200
400
600
800
1,000
1,200
1,400
0
50
100
150
200
250
300
350
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15
Net sales (LHS)
Net sales, last 4 quarters (RHS)

16. Orders received in Automation totaled
EUR 78 million in Q3/2015
October 28, 2015 © Valmet16
Net sales (EUR million)Orders received1 (EUR million)
• Orders received EUR 78 million in Q3/2015
- Internal orders received amounted to EUR 8 million
- EMEA accounted for ~50% and North America for ~30% of orders received
- Pulp and Paper accounted for ~70% and Energy and Process for ~30% of
orders received
• Net sales EUR 72 million in Q3/2015
- Internal net sales amounted to EUR 6 million
1) Q1/2015 orders received is calculated from Metso’s reported figures and pro forma figures excluding Process Automation
Systems and are therefore indicative only. Q2/2015 and Q3/2015 figures are Automation business line figures.
85 70
10
862
95
78
0
20
40
60
80
100
120
140
160
Q1/15 Q2/15 Q3/15
Orders received, internal (from other business lines)
Orders received, reported
Orders received, total (including internal)
68 66
11 655
79 72
0
20
40
60
80
100
120
140
160
Q1/15 Q2/15 Q3/15
Net sales, internal (from other business lines)
Net sales, reported
Net sales, total (including internal)

17. Orders received increased in Pulp and Energy
in Q3/2015
October 28, 2015 © Valmet17
Net sales (EUR million)Orders received (EUR million)
• Orders received more than doubled compared with Q3/2014
- Orders received increased in China and North America, remained stable in
EMEA and decreased in Asia-Pacific and South America
- Orders received increased in Pulp and remained stable compared with
Q3/2014 in Energy
• Net sales decreased compared with Q3/2014
Q1–Q3/2014:
EUR 1,279 million
Q1–Q3/2015:
EUR 603 million
Q1–Q3/2014:
EUR 644 million
Q1–Q3/2015:
EUR 668 million
622
560
96 66
138
259
206
0
200
400
600
800
1,000
1,200
1,400
1,600
0
100
200
300
400
500
600
700
800
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15
Orders received (LHS)
Orders received, last 4 quarters (RHS)
181
229 234
312
222 231 215
0
200
400
600
800
1,000
1,200
1,400
1,600
0
50
100
150
200
250
300
350
400
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15
Net sales (LHS)
Net sales, last 4 quarters (RHS)

18. Orders received and net sales increased in Paper
in Q3/2015
October 28, 2015 © Valmet18
Net sales (EUR million)Orders received (EUR million)
• Orders received increased compared with Q3/2014
- Orders received increased in China, EMEA, Asia-Pacific and North America
- Orders received increased in both Tissue, and Board and Paper
• Net sales increased compared with Q3/2014
Q1–Q3/2014:
EUR 530 million
Q1–Q3/2015:
EUR 474 million
Q1–Q3/2014:
EUR 342 million
Q1–Q3/2015:
EUR 459 million
212
190
128 142 149
129
197
0
150
300
450
600
750
900
0
50
100
150
200
250
300
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15
Orders received (LHS)
Orders received, last 4 quarters (RHS)
114 108 120
186
97
177 185
0
150
300
450
600
750
900
0
50
100
150
200
250
300
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15
Net sales (LHS)
Net sales, last 4 quarters (RHS)

19. Financial development

20. 43 46
117
30
-20
17 16
-40
-20
0
20
40
60
80
100
120
140
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
Q3/2015
Cash flow provided by operating activities
October 28, 2015 © Valmet20
• CAPEX excluding business acquisitions (EUR -11 million) less than depreciation (EUR -14 million)
Cash flow provided by operating activities (EUR million)

21. -257 -249 -345 -353 -355 -265 -244
1,101 1,023
466 480 580
781 725
-20%
-10%
0%
10%
20%
30%
-1,000
-500
0
500
1,000
1,500
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
Q3/2015
Orders received (LHS)
Net working capital (LHS)
Net working capital/rolling 12 months orders received (RHS)
Net working capital development
October 28, 2015 © Valmet21
• Net working capital EUR -244 million, which equals -10% of rolling 12 months orders received
Net working capital and orders received (EUR million)
Historically, net
working capital
has been on
average -9% of
rolling 12
months orders
received

22. Net debt increased due to Automation acquisition
October 28, 2015 © Valmet22
• Gearing (28%) and net debt (EUR 229 million) increased due to the acquisition of Automation
• Equity to assets ratio at the same level as in Q2/2015
Net debt (EUR million) and gearing (%) Equity to assets ratio (%)
-39
-54
-158 -166 -134
238 229
-5% -7%
-20% -21%
-17%
29% 28%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
-350
-300
-250
-200
-150
-100
-50
0
50
100
150
200
250
300
350
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15
Net debt (EUR million) Gearing (%)
40% 40% 41% 42%
34% 35% 35%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Q1/14
Q2/14
Q3/14
Q4/14
Q1/15
Q2/15
Q3/15

23. Capital employed and ROCE
October 28, 2015 © Valmet23
985 967
902 877
1,239 1,240 1,214
4
22
32
48
19
54
47
Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15
Capital employed EBITA ROCE (before taxes and NRI), rolling 12 months
1% 2% 2%
10% 10%
12%
14%
• Return on capital employed (ROCE) on an improving trend
Return on capital employed1 (ROCE), before taxes and NRI2
1) Return on capital employed (ROCE), before taxes, rolling 12 months. Carve-out figures from 2013 have been
used in calculating figures for Q1/14, Q2/14 and Q3/14.
2) NRI = non-recurring items

24. 0
50
100
150
200
250
300
350
400
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Structure of loans and borrowings
October 28, 2015 © Valmet24
Amount of outstanding interest-bearing debt
(EUR millions)
• Average maturity of long-term loans is 3.6 years
- Average interest rate is 1.4%
Main financing sources
Back-up facilities
Interest-bearing debt EUR 399 million as at September 30, 2015
EUR 122 million
EUR 100 million
European Investment Bank
Skandinaviska Enskilda Banken
Nordic Investment Bank
Amount Lender
EUR 70 million Swedish Export Kredit
EUR 95 million
EUR 0 million
EUR 200 million
domestic commercial
paper program
EUR 200 million
syndicated revolving
credit facility
Amount Outstanding
EUR 10 million

25. Guidance and short-
term market outlook

26. Guidance and short-term market outlook
26 October 28, 2015 © Valmet
Good
Pulp and
Energy
Paper
Satisfactory
Pulp
Energy
Board and Paper
Tissue
Guidance for
2015
Services
Short-term market outlook
Guidance for 2015 (as given on February 6, 2015)
Satisfactory
Satisfactory
Good
Satisfactory
Satisfactory
Good
Weak
Good
Satisfactory
Q4/2014 Q1/2015
Satisfactory
Good
Weak
Good
Satisfactory
Q2/2015
Satisfactory
Weak
Satisfactory
Satisfactory
Q3/2015
Valmet estimates that, including the acquisition of Process Automation
Systems, net sales in 2015 will increase in comparison with 2014 (EUR
2,473 million) and EBITA before non-recurring items in 2015 will increase in
comparison with 2014 (EUR 106 million).
- Satisfactory Satisfactory SatisfactoryAutomation

27. Summary of Interim
Review Q3/2015

28. October 28, 2015 © Valmet28
Q3/2015 in brief
• Orders received increased compared with Q3/2014 in Pulp and Energy, and Paper business lines
• Net sales increased in Paper and decreased in Pulp and Energy compared with Q3/2014
Orders received and net sales increased in capital business
• Orders received remained stable compared with Q3/2014 in Services, orders received EUR 70 million
in Automation
• Net sales increased in Services compared with Q3/2014, net sales EUR 66 million in Automation
Orders received and net sales increased in stable business1
1) Stable business = Services and Automation business lines
2) EBITA = Earnings before interest, taxes and amortization and non-recurring items
• EBITA2 increased to EUR 47 million
• EBITA2-margin improved and was in the targeted range at 6.4 percent
Good development in profitability
Net debt EUR 229 million
• Gearing 28%
• Cash flow provided by operating activities EUR 16 million
• Order backlog EUR 90 million lower than at the end of Q2/2015
Order backlog at EUR 2.1 billion

29. Financial
Statements Review
2015
February 9, 2016
www.valmet.com/investors
Upcoming site visit:
Automation
Tampere, Finland
November 26, 2015

30. Appendix

31. October 28, 2015 © Valmet31
Announced orders in 2015
Date Description Business line Country Value
Jan 23 Key board machine solutions Paper China Not disclosed
Feb 4 Flue-gas cleaning and condensation plant Pulp and Energy Finland Around EUR 8 million
Feb 17 Equipment for fluff conversion project Pulp and Energy, and Paper USA Not disclosed
Mar 2 OptiConcept M containerboard line Paper Taiwan Not disclosed
Mar 3 Softwood line rebuild Pulp and Energy Sweden Not disclosed
Mar 11 Biomass based boiler plant Pulp and Energy Finland Not disclosed
Mar 30 Tissue machine rebuild Paper Turkey Not disclosed
Apr 20 Key technologies for paper machine grade conversion Paper Finland Not disclosed
Apr 22 Key technologies to bioproduct mill Pulp and Energy Finland About EUR 125–150 million
Jun 9 Modernize automation and remote control Automation Finland Not disclosed1
Jun 16 Upgrade of the evaporation plant Pulp and Energy Sweden Not disclosed
Jun 23 Repeat order for two energy recovery systems Paper Italy and Poland Not disclosed
Jun 24 Automation to a new waste-to-energy plant Automation UK Not disclosed1
Jun 29 Two orders for automation technology Automation Finland Not disclosed1
Jun 30 OptiConcept M fine paper making line Paper Indonesia Not disclosed
Jul 6 Winding technology for paper machine grade conversion rebuild Paper Netherlands Not disclosed
Jul 7 White liquor handling system Pulp and Energy Sweden Not disclosed
Aug 18 Main equipment to a pulp mill project Pulp and Energy China Approximately EUR 110 million
Aug 20 Tissue machine rebuild Paper Germany Not disclosed
Aug 21 OptiConcept M paper making line Paper China Not disclosed
Aug 24 Analyzers and quality control system Automation Finland Not disclosed1
Aug 27 Flue gas desulphurization and denitrification installation Pulp and Energy Poland Approximately EUR 40 million
Sep 2 Automation to new power plant Automation Finland Not disclosed1
Sep 3 Advantage NTT tissue production line Paper USA Not disclosed
Sep 7 Consumables and roll service agreement Services Sweden Not disclosed
Sep 8 Automation for new-generation LNG-powered fast ferry Automation Finland Not disclosed
Sep 14 Advantage NTT tissue production line Paper Portugal Not disclosed
Sep 15 Two Advantage DCT tissue production lines Paper China Not disclosed
Sep 24 District heat network optimization and a production planning system Automation Finland Not disclosed
Oct 2 Pulp cooking system Pulp and Energy USA Not disclosed
Oct 7 Solids measurement and sludge dewatering optimizer Automation Finland Not disclosed
Oct 14 Online fiber analyzer Automation USA Not disclosed
1) Typically the order value of automation system deliveries ranges from below EUR 1 million to EUR 3 million

32. © Valmet32 October 28, 2015
Largest shareholders on September 30, 2015
Based on the information given by Euroclear Finland Ltd.
# Shareholder name Number of shares % of shares and votes
1 Solidium Oy1
16,695,287 11.14%
2 Solero Luxco S.A.R.L 5,349,756 3.57%
3 Varma Mutual Pension Insurance Company 4,208,465 2.81%
4 Nordea Funds 3,681,332 2.46%
5 Ilmarinen Mutual Pension Insurance Company 2,980,055 1.99%
6 The State Pension Fund 1,520,000 1.01%
7 Keva 1,502,166 1.00%
8 OP Funds 1,298,549 0.87%
9 Danske Invest funds 1,269,000 0.85%
10 Mandatum Life Insurance Company Limited 1,217,307 0.81%
10 largest shareholders, total 39,721,917 26.51 %
Other shareholders 110,142,702 73.49 %
Total 149,864,619 100.00%
Largest shareholders
1) A holding company that is wholly owned by the Finnish State
• The holding of Franklin Templeton Institutional, LLC decreased on June 9, 2015 to 7,196,324 shares (previously 7,517,629
shares), corresponding to an ownership of 4.80% (previously 5.02%) of Valmet’s shares.
• The holding of Capital Partners Ltd. decreased on February 12, 2015 to 10,323,191 shares (previously 20,813,714 shares),
corresponding to an ownership of 6.89% (previously 13.89%) of Valmet’s shares.

33. 52.1%
22.4%
11.1%
14.4%
Nominee registered and non-Finnish holders
Finnish institutions, companies and foundations
Solidium Oy
Finnish private investors
© Valmet33 October 28, 2015
1) A holding company that is wholly owned by the Finnish State
Ownership structure on September 30, 2015
Sector Number of shareholders % of total shareholders Number of shares % of shares
Nominee registered and non-Finnish holders 293 0.6% 78,047,951 52.1%
Finnish institutions, companies and foundations 2,630 5.5% 33,564,662 22.4%
Solidium Oy1
0 0.0% 16,695,287 11.1%
Finnish private investors 44,984 93.9% 21,556,719 14.4%
Total 47,907 100.0% 149,864,619 100.0%
The ownership structure is based on the classification of sectors determined by Statistics Finland.

34. © Valmet34 October 28, 2015
Share of non-Finnish holders and number of
shareholders
47,000
49,000
51,000
53,000
55,000
57,000
59,000
44%
46%
48%
50%
52%
54%
56%
12/2013
01/2014
02/2014
03/2014
04/2014
05/2014
06/2014
07/2014
08/2014
09/2014
10/2014
11/2014
12/2014
01/2015
02/2015
03/2015
04/2015
05/2015
06/2015
07/2015
08/2015
09/2015
Non-Finnish holders (LHS) Total number of shareholders (RHS)

35. Paper, board, and tissue production trends
October 28, 2015 © Valmet35
Source: RISI
North America (million tonnes) Europe (million tonnes)
China (million tonnes) Asia-Pacific (million tonnes)
10
20
30
40
4
6
8
10
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue (LHS) Newsprint (LHS)
Printing & Writing (RHS) Containerboard (RHS)
Cartonboard (RHS)
10
15
20
25
30
35
40
5
7
9
11
13
15
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue (LHS) Newsprint (LHS)
Printing & Writing (RHS) Containerboard (RHS)
Cartonboard (RHS)
5
15
25
35
45
55
2
4
6
8
10
12
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue (LHS) Newsprint (LHS)
Printing & Writing (RHS) Containerboard (RHS)
Cartonboard (RHS)
5
10
15
20
25
30
35
40
3
4
5
6
7
8
9
10
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue (LHS) Newsprint (LHS)
Printing & Writing (RHS) Containerboard (RHS)
Cartonboard (RHS)

36. Paper, board, and tissue operating rates
October 28, 2015 © Valmet36
Source: RISI
North America Europe
China Asia-Pacific
75%
80%
85%
90%
95%
100%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue Newsprint Printing & Writing
Containerboard Cartonboard
80%
85%
90%
95%
100%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue Newsprint Printing & Writing
Containerboard Cartonboard
70%
80%
90%
100%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue Newsprint Printing & Writing
Containerboard Cartonboard
75%
80%
85%
90%
95%
100%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Tissue Newsprint Printing & Writing
Containerboard Cartonboard

37. Paper and board consumption growth trends
October 28, 2015 © Valmet37
Population growth in
emerging markets is
larger than in
developed markets
Level of consumption
per capita in
emerging markets
clearly below that in
developed markets
This offers us long-
term growth potential
Paper and board consumption per capita vs. population
Average global consumption: 53 kg per capita
Source: RISI
0
500
1,000
1,500
2,000
2,500
0
50
100
150
200
250
EasternEurope
WesternEurope
NorthAmerica
LatinAmerica
Japan
China
RestofAsia
Oceania
Africa
MiddleEast
Consumption per capita, kg (LHS) Population, million (RHS)

38. 0
5
10
15
20
25
0
500
1,000
1,500
2,000
2,500
EasternEurope
WesternEurope
NorthAmerica
LatinAmerica
Japan
China
RestofAsia
Oceania
Africa
MiddleEast
Population, million (LHS) Consumption per capita, kg (RHS)
Tissue consumption growth trends
October 28, 2015 © Valmet38
New products and
consumption models
based on tissue are
helping increase
consumption in
developed markets
Consumption in
emerging markets is
still low, but growing
Offers us long-term
growth potential in
both developed and
emerging markets
Tissue consumption per capita vs. population
Average global consumption: 4.5 kg per capita
Source: RISI

39. 0
200
400
600
800
1,000
1,200
1-Dec-07
1-Mar-08
1-Jun-08
1-Sep-08
1-Dec-08
1-Mar-09
1-Jun-09
1-Sep-09
1-Dec-09
1-Mar-10
1-Jun-10
1-Sep-10
1-Dec-10
1-Mar-11
1-Jun-11
1-Sep-11
1-Dec-11
1-Mar-12
1-Jun-12
1-Sep-12
1-Dec-12
1-Mar-13
1-Jun-13
1-Sep-13
1-Dec-13
1-Mar-14
1-Jun-14
1-Sep-14
1-Dec-14
1-Mar-15
1-Jun-15
1-Sep-15
Eucalyptus pulp (USD/t) Northern bleached softwood pulp (USD/t)
Uncoated (USD/t) Copy paper (EUR/t)
Testliner (EUR/t)
Pulp and paper price trends
October 28, 2015 © Valmet39
Source: Bloomberg

40. 0
10
20
30
40
50
60
70
80
90
100
0
20
40
60
80
100
120
140
160
180
1-Jan-10 1-Jul-10 1-Jan-11 1-Jul-11 1-Jan-12 1-Jul-12 1-Jan-13 1-Jul-13 1-Jan-14 1-Jul-14 1-Jan-15 1-Jul-15
CIF ARA steam coal (USD/t) (LHS) Brent crude oil (USD/barrel) (LHS) Natural gas spot price NBP (GBP/therm) (RHS)
0
20
40
60
80
100
120
0
20
40
60
80
100
1-Jan-10 1-Jul-10 1-Jan-11 1-Jul-11 1-Jan-12 1-Jul-12 1-Jan-13 1-Jul-13 1-Jan-14 1-Jul-14 1-Jan-15 1-Jul-15
European Energy Exchange, Phelix (EUR/MWh) (LHS) Nordpool Power (EUR/MWh) (LHS)
UK Baseload (GBP/MWh) (RHS)
Crude oil, steam coal, natural gas and electricity
October 28, 2015 © Valmet40
Source: Bloomberg
Europe

41. 0
1
2
3
4
5
6
7
0
20
40
60
80
100
120
140
1-Jan-10 1-Jul-10 1-Jan-11 1-Jul-11 1-Jan-12 1-Jul-12 1-Jan-13 1-Jul-13 1-Jan-14 1-Jul-14 1-Jan-15 1-Jul-15
FOB steam coal Richards Bay (USD/t) (LHS) WTI crude oil (USD/barrel) (LHS) Henry Hub gas (USD/MMBtu) (RHS)
70
75
80
85
90
0
50
100
150
200
1-Jan-10 1-Jul-10 1-Jan-11 1-Jul-11 1-Jan-12 1-Jul-12 1-Jan-13 1-Jul-13 1-Jan-14 1-Jul-14 1-Jan-15 1-Jul-15
Electricity spot price, PJM (USD/MWh) (LHS) Electricity spot price, NEPOOL (USD/MWh) (LHS)
US utility capacity utilization rate (RHS)
Crude oil, steam coal, natural gas and electricity
October 28, 2015 © Valmet41
Source: Bloomberg
United States

42. 0
1
2
3
4
5
6
7
8
9
2-Nov-12
2-Dec-12
2-Jan-13
2-Feb-13
2-Mar-13
2-Apr-13
2-May-13
2-Jun-13
2-Jul-13
2-Aug-13
2-Sep-13
2-Oct-13
2-Nov-13
2-Dec-13
2-Jan-14
2-Feb-14
2-Mar-14
2-Apr-14
2-May-14
2-Jun-14
2-Jul-14
2-Aug-14
2-Sep-14
2-Oct-14
2-Nov-14
2-Dec-14
2-Jan-15
2-Feb-15
2-Mar-15
2-Apr-15
2-May-15
2-Jun-15
2-Jul-15
2-Aug-15
2-Sep-15
European Energy Exchange (EEX) spot price (EUR/t)
European Carbon Emission Allowance
October 28, 2015 © Valmet42
Source: Bloomberg

43. Important notice
October 28, 2015 © Valmet43
IMPORTANT: The following applies to this document, the oral presentation of the information in this document by Valmet (the “Company”) or any person on behalf of the Company,
and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessing the Information, you agree to be bound by the following terms
and conditions.
The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other
jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Information is not for
publication, release or distribution in the United States, the United Kingdom, Australia, Canada or Japan.
The Information does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase any securities, and nothing
contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding any securities.
Prospective investors are required to make their own independent investigations and appraisals of the business and financial condition of the Company before taking any investment
decision with respect to securities of the Company.
No securities of the Company are being offered or sold, directly or indirectly, in or into the United States and no shares in the Company have been, or will be, registered under the
Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any state of the United States and, accordingly, may not be offered or sold, directly or
indirectly, in or into the United States (as defined in Regulation S under the Securities Act), unless registered under the Securities Act or pursuant to an exemption from the
registration requirements of the Securities Act and in compliance with any applicable state securities laws of the United States.
The Information is directed solely at: (i) persons outside the United Kingdom, (ii) persons with professional experience in matters relating to investments falling within Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (iii) high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order and (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section
21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be
communicated or caused to be communicated (all such persons in (i)-(iv) above being “Relevant Persons”). Any investment activity to which the Information relates will only be
available to and will only be engaged with Relevant Persons. Any person who is not a Relevant Person should not act or rely on the Information. By accessing the Information, you
represent that you are a Relevant Person.
The Information contains forward-looking statements. All statements other than statements of historical fact included in the Information are forward-looking statements. Forward-
looking statements give the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and
business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,”
“anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-
looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results,
performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such
forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the
future.
No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the
Information or the opinions contained therein. The Information has not been independently verified and will not be updated. The Information, including but not limited to forward-
looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may
make to the Information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward-looking
statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates
of the Company and have not been independently verified.