Kemira IR Deck - May 2015

Creating valuewhere watermeets chemistry

Kemira credit investor presentation

Petri Castrén | May, 2015

Disclaimer

2

This presentation contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or our future financial

performance, including, but not limited to, strategic plans, potential growth, planned operational changes, expected capital expenditures and future cash

sources and requirements, that involve known and unknown risks, uncertainties and other factors that may cause Kemira Oyj’s or its businesses’ actual

results of operations, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking

statements. In some cases, such forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,”

“plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of those terms or other comparable terminology.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not

occur in the future. Future results may vary from the results expressed in, or implied by, the forward-looking statements contained in this presentation,

possibly to a material degree. All forward-looking statements made in this presentation are based on information presently available to management and

Kemira Oyj assumes no obligation to update any forward-looking statements, unless obligated to do so under applicable law or regulation.

It is expected that each potential investor is acting for its own account, and it will make its own independent decisions to enter into any transaction and as to

whether any transaction is appropriate or proper for it based upon its own judgment. The potential investor shall make its own evaluations, calculations,

appraisal of the financial structure and financial outcome, credit analysis or any other evaluation (inter alia tax consideration) and the party shall make its

own independent assessment of the terms and conditions of any proposed transaction. It is not relying on any communication (written or oral), information or

explanation of Danske Bank, SEB and/or Kemira as an advice or as a recommendation to enter into any transaction. No communication (written or oral)

received from any of Danske Bank, SEB and Kemira shall be deemed to be an assurance or guarantee as to the expected results of any transaction.

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Securities Act.

May 13, 2015Kemira credit investor presentation 2015

Presenting Kemira

Our business

Our strategic

focus

Review of

financials

1

2

3Key debt

metrics4Potential bond

transaction5

Appendix

6

1. Our business

Focus

• Pulp & Paper

• Oil & Gas

• Mining

• Water treatment

Revenue

EUR 2.14 billion (2014)

Employees

4,250 (2014)

Revenue split by

customer benefit

Product quality or product yield

optimization 50%

Process and energy

efficiency 20%

Water quality and regulatory

compliance in raw water and

wastewater treatment 30%

We help customers create more value by applyingour expertise where water meets chemistryKemira is a global chemicals company serving customers in water-intensive industries

5

Kemira shares are listed on the NASDAQ OMX Helsinki stock exchange.


Business units in 40 countries and sales in more than100 reach our customers around the world

R&D and technology centersEmployees

O&M management

Houston, USA

Paper & M&I EMEA

management

Frankfurt, Germany

KEMIRA HQ

Helsinki, Finland

EUROPE, MIDDLE EAST

AND AFRICA 55%

EUR 1,170 million

2,410

1,480

ASIA PACIFIC 6%

EUR 120 million

350

Paper management

Hong Kong

Regional HQ

Atlanta, USA

Regional HQ

Shanghai, China

AMERICAS 39%

EUR 850 million

6May 13, 2015Kemira credit investor presentation 2015

Key figures

EUR million (except ratios) 2014 2013 2012 2011 2010

Revenue 2,137 2,229 2,241 2,207 2,161

EBITDA, excluding non-recurring items 253 252 249 253 259

% of revenue 11.8 11.3 11.1 11.5 12.0

Gearing, % at period-end 42 41 42 38 39

Personnel at period-end 4,248 4,453 4,857 5,006 4,977


Our business is organized into customer-based segments

20%

25%

55%

SALES BY SEGMENT (2014)

PAPER

OIL & MINING

MUNICIPAL & INDUSTRIAL

8

19%

27%

54%

OPERATIVE EBITDA BY SEGMENT (2014)


9

Kemira Management Board

Jari Rosendal

President & CEO

Petri Castrén

CFO

Mats Rönnbäck

Paper

(Interim)

Antti Salminen

Municipal &

Industrial

Tarjei Johansen

Oil & Mining

Heidi Fagerholm

CTO

Eeva Salonen

HR

Michael Löffelmann

Projects &

Manufacturing

Technology

Esa-Matti Puputti

Operational

Excellence

(as of May 18, 2015)

A leading global pulp and paper chemical supplier

35%

20%

45%

PAPER,

Revenue 2014: EUR 1,170 million

Operative EBITDA: EUR 137 million, 11.7% margin

Expertise We have unique expertise in applying chemicals and

supporting pulp & paper producers to innovate and constantly

improve their operational efficiency and end-product quality.

Offering We develop and commercialize new products to fulfil

customer needs and to ensure a leading portfolio for the pulp and

paper industry.

10

Market position:

#1 in EMEA

#2 in Americas and APAC

Packaging,

board and

tissue grades

Paper grades

Chemical,

mechanical and

recycled pulp


Growing chemical supplier to Oil & Gas and Miningindustries

OIL & MINING,

Revenue 2014: EUR 382 million


Expertise We provide a unique combination of innovative

chemicals and application knowledge that improves process

efficiency and yield in oil, gas and metals recovery.

Offering We use our in-depth understanding of extraction

processes to tailor solutions for water management and re-

use.

Market position:

#2 in emulsion and dry polyacrylamides

Oil & Gas and

process additives applications

Minerals & Metals

applications

11

20%

80%


Oil & Mining is a growing partner to the oil, gas and mining

industry

• Business is driven by cyclical oil, gas

and metals prices

• Less than 50% of Oil & Mining

revenue is related to shale operations

• Kemira is the world’s second largest

dry and emulsion polyacrylamide

producer

• Market leader in friction reducers in

the US for shale fracking

• Polymer technology is a growing

trend in the shale operations

15% 75%

10% 0%

Kemira’s revenue split in oil and gas applications

Market leader in raw and wastewater treatment chemicals

MUNICIPAL & INDUSTRIAL,

Revenue 2014: EUR 565 million


Expertise We enable our customers to improve their water

treatment efficiency by providing value adding support and

high performing chemicals.

Offering We are the only company that manufactures and

supplies such a broad range of water treatment chemicals –

both polymers and coagulants, as well as antiscalants,

defoamers and water disinfectant.

Market position:

In water treatment chemicals

#1 in EMEA (67% of M&I revenue)

#1 in North America (28% of M&I revenue)

15%

65%

20%

Other

Coagulants

Polymers


Re-entry into emerging markets once legislation

comes into force

2. Our strategic focus

INNOVATION

We invest in innovation and expertise.

BUSINESS FOCUS

We provide expertise and chemicals for

water-intensive industries.

GROWTH

We target profitability and above-the-

market growth.

GEOGRAPHICAL FOCUS

We strengthen position in mature markets

and expand selectively in emerging

markets.

Investing in growthKemira’s organic growth was 3% in 2014 (Paper 6%, Oil & Mining 15%)

15

Telemaco Borba (BR)

process chemical expansion

Sodium Chlorate

to Klabin (BR)

Tarragona (ES)

coagulant site

Oulu (FI) pulp

chemicals expansionDry and emulsion

polyacrylamide

expansion (US)BASF AKD

emulsion

acquisition

FennoBond capacity

expansion (IT)

*) Transaction closed in Q2 2015

5/146/14

2014

Q4/14

1/14

Nanjing (CN)

process

chemical site

Announced investments in 2014

7/14

AkzoNobel paper

chemical acquisition*

Pulp chemical

deliveries to

Montes del Plata (UY)


Shifting focus to fast growing differentiated products

16

Differentiated product line drivers:

Application sales

Production optimization

Capacity expansion

Commodity product line drivers:

Capacity increases driving bleaching and pulping

Market share driving coagulants

The share of differentiated products revenue increased to 49% (48% at the end of 2014)

in Q1 2015, mainly due to increased sales volumes of sizing and strength chemicals in Paper

Differentiated product lines Commodity product lines

%-of total revenue

in Q1 2015

Polymers Sizing and

strength

Defoamers,

dispersants,

biocides and other

process chemicals

Coagulants Bleaching&

Pulping

chemicals

Miscellaneous

commodity

products

Paper 11% 24% 14% 4% 37% 10%

Oil & Mining 58% - 25% 3% 7% 7%

Municipal & Industrial 22% - 3% 65% 3% 7%

Kemira 22% 14% 13% 20% 23% 8%


Leverage mature markets and expand in selected emerging markets

Paper, O&M and M&I

O&M and Pulp & Paper

Paper, O&M and M&I

O&M (Middle East and Africa)

Paper (China, Indonesia and

South Korea)

• Innovation driven growth in mature markets

• Emerging market revenue expected to grow from 14% to 16% in 2016


The AkzoNobel paper chemical acquisition will strengthen us especially in the growing Asian paper marketsStrategic rationale

• Consolidating capacity

• Strengthening market position

in all regions, especially in

APAC

• Gaining new competencies

and technologies

Expected revenues of more than

EUR 200 million on an annualized

basis (at closing)

Closing in Q2 2015

Transaction is expected to result in

EUR 15 million annual net synergies

Transaction price EUR 153 million

HowardMoses Lake

Chattanooga

KristinehamnOulu

Jundiai

Mannheim

Ambes

EstellaSoave

Pasuruan

Gunsan

Suzhou

Wellgrow

Hallam

Mount

Maunganui

Production sites

Contract manufacturing


Tight integration philosophy

• Immediate establishment of Kemira business processes, including IT systems (e.g SAP)

• Common business model

• Dedicated integration team

• Bolt-on acquisition

• Strengthening our market position in

Continental Europe through customer

contracts

• Did not include sites, equipment or

personnel

• Full integration of

• Sales, distribution, invoicing and

other business processes into

SAP

• Customer deliveries through

Kemira’s own manufacturing

network 6 months after closing

Kemira

integration

3F polymers BASF

AKD

emulsion

business

• Acquisition of a leading backward

integrated polymer producer

• Full integration of

• Manufacturing sites to Kemira network

• Approximately 150 employees

• Sales, distribution, invoicing and other

business processes into SAP

• Over 100% of expected synergies

already realized

• Acquired business reached nearly 10% growth

rate even during integration period


CAPEX expected to increase due to ongoing investment projects in Paper

• Greenfield sodium chlorate project in Brazil in

2014-2016

• Integration of AkzoNobel paper chemical

acquisition will require between EUR 20-30

million capex between 2015-2016

• Careful review of polymer capacity expansion

in oil & gas

Capital expenditure, EUR million

57%48%

57%

43%52%

43%

2012 2013 2014

Sodium chlorate project in Brazil

Expansion

Maintenance and improvement

134 135136


Innovating together with our customers’ to improve water, energy and raw material efficiency

We are attentive to the current and long-

term needs of our customers

• 250 R&D experts create new innovations in R&D

centers in Finland, China and the USA

• 300 patent families and 1,300 patents

• R&D spend approximately EUR 30 million / year

Achievements in 2014:• New product launches: 8

• Invention notifications: 107

• Patents: 44

• Publications: 111

INNOVATION

INNOVATION REVENUE

TARGET IS 10% (2014: 8%)

OF TOTAL REVENUE BY 2016

Paper and Oil & Mining exceeded market growth, profitability improved in Municipal & Industrial

12.1%

10.4%

2013 2014

Operative EBITDA margin

2013 2014

Revenue,

EUR million312

2013 2014

Revenue,

EUR million 1,113

382

1,170

Paper

#1

Oil & Mining

#2*

Municipal

& Industrial

#1

• Leverage strong market position

• Execute investment projects successfully

• Commercialize new products

• Continue to evaluate bolt-on acquisitions

• Invest in innovation and people

and polymer technologies

• Strengthen & expand customer relationships

• Make selective acquisitions to broaden

technological and business capabilities

• Leverage strong market position

• Maintain aggressive cost controls

*In emulsion and dry polyacrylamides

+5%

+23%


3. Review of financials

Key figures and ratios

EUR million (except ratios) 2014 2013 2012 2011 2010

Revenue 2,137 2,229 2,241 2,207 2,161

EBITDA, excluding non-recurring items 253 252 249 253 259

of which margin 11.8 11.3 11.1 11.5 12.0

Share of profit or loss of associates 0 -1 11 31 9

Financing income and expenses 31 39 16 21 27

Capital expenditure, including M&A 145 198 134 201 107

Cash flow after capital expenditure 75 196 72 115 169

Cash flow return on capital invested (CFROI), % 4 10 8 8 6

Equity ratio, % 51 51 51 51 54

Gearing, % at period-end 42 41 42 38 39

Net debt 486 456 532 516 536


EUR million (except ratios) Q1 2015 Q1 2014 % 2014

Revenue 553 530 4 2,137

Operative EBITDA 66.4 57.5 15 252.9

of which margin 12.0 10.9 - 11.8

Operative EBIT 39.1 36.3 8 158.3

of which margin 7.1 6.9 - 7.4

Share of profit or loss of associates 0.2 0.0 - 0.2

Financing income and expense -7.5 -5.3 42 -30.7

Earnings per share, EUR 0.16 0.28 -43 0.59

Capital expenditure, excluding M&A 27.0 25.6 5 136

Cash flow from the operating activities 42.4 13.1 - 74.2

Key figures and ratios

Kemira credit investor presentation 2015 25May 13, 2015

9.3%

9.7%

10.2%

10.9% 10.8% 10.8%

10.7%

11.1%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014

Kemira operative ROCE trend

Kemira operative ROCE*

*Rolling 12 months

26

EUR million, expect ratios 2014* 2013*

Revenue 2,136.7 2,229.1

Goodwill 476.7 520.8

Other intangible assets 75.6 63.5

Property, plant and

equipment664.3 656.8

Net Working Capital ratio 9.9% 10.9%

Operative EBIT 158.3 164.2


Stable cash flow generationForeign currency hedging settlements impacted cash flow in 2014

27

133

178 176

200

74

167

115

196 196

75

2010 2011 2012 2013 2014

Net cash generated from operating activities Cash flow after investments


EUR million

2015 outlook

Revenue

2017 target

Operative EBITDA

Operative EBITDA margin

Gearing

EUR 2.7 billion

15%

2015 outlook and mid-term financial targets

2014

EUR 253 million

11.8%

42%

EUR 2.1 billion

<60%

28

Increase

At the same level or increase

In 2015, Kemira will focus on profitable growth organically and inorganically. Kemira expects its

revenue in 2015 to increase compared to 2014 and operative EBITDA in 2015 to be approximately

at the same level or increase compared to 2014. The outlook excludes the impact of AkzoNobel

paper chemical business (acquisition closed in May 4, 2015). At closing, AkzoNobel paper chemical

business is expected to add revenue of more than EUR 200 million on an annualized basis.


4. Key debt metrics

Profitability and strong balance sheet have been the main focus in the strategy implementation

30

536 562

2.1 2.02.1

1.81.9

2.1

2010 2011 2012 2013 2014 Q1 2015

Net debt,

EUR million

Net debt/

operative

EBITDA


Kemira’s aim mid term is to remain below gearing of 60%

31

39% 38%42% 41% 42%

49%

20%

30%

40%

50%

60%

2010 2011 2012 2013 2014 Q1 2015


46%

29%

10%

3%

12%

Debt portfolio EUR 687 million at the end of Q1 2015

Loans from banks

and financial

institutions

EUR 315 million

Bond

EUR 200 million

Commercial papers

EUR 70 million

Pension loans

EUR 23 millionOther

EUR 79 million


Gross debt EUR 649 million on the 30th of June 2014

33

225

36

68

82

210

66

0

50

100

150

200

250

2015 2016 2017 2018 2019 2020

EUR million

Maturity profileGross debt EUR 687 million, March 31, 2015

Kemira credit investor presentation 2015 May 13, 2015

*) Rolling 12-month

126

687

1,156

Assets Liabilities Equity

-300

-200

-100

0

2015 2016 2017 2018 2019 2020

Solid financial position with diversified debt portfolio

May 13, 2015Kemira credit investor presentation 2015 34

Debt maturity profile, end of March, 2015 EUR million

Cash and cash

equivalents

Gearing (Net debt/equity) increased

to 49% (42% at the end 2014) due to

dividend payment, equals net debt/operative

EBITDA* ratio of 2.1

Transaction price of the pending AkzoNobel

paper chemicals business acquisition is

approximately EUR 153 million

EUR 400+100 million undrawn committed

facilities

Capital structure, end of March, 2015 EUR million

Net debt,

562 million

5. Bond transaction

Bond transaction

36

Terms and conditions

Issuer: Kemira Oyj

Status: Senior unsecured

Amount: EUR 150 million

Maturity: 13 May 2022

Coupon: 2.25%

Documentation: Stand-alone, Finnish law

Covenants/Terms: Change of Control, Cross Default, Negative Pledge

Issuer call option Par call 3 months prior to the Redemption Date

Clearing: Euroclear Finland (Infinity)

Listing: Nasdaq OMX, Helsinki

Denominations: EUR 100,000 + 1,000

Bookrunners: Danske Bank and SEB

Kemira Oyj contemplated a senior unsecured

bond issue to extend debt maturity profile and

to further diversify the funding sources

The company conducted a road show to

present and discuss the potential transaction

with fixed income investors

Investor meetings in the Nordic countries were

held during May 4 – 6

The transaction size was EUR 150 million and

the maturity 7 years

Kemira credit investor presentation 2015 May 13, 2015

6. Appendix

Kemira’s manufacturing footprint globally (59 sites)

Coagulants (30)

Bleaching and pulping (9)

Polymers and

other process chemicals (20)

38

South America

APAC

EMEA North America


30%

35%

15%

20%

Oil price and its derivatives impacting logistics and raw material related costs

Logistics

Other raw

materials and

trading goods(caustic soda, fatty

acid, aluminium

hydrate, hydrochloric

and sulphuric acid)

Oil direct + indirect (Acrylonitrile, acrylic acid,

Alpha Olefins,

Sodium Chloride)

Kemira variable cost structure in 2014

Electricity used in

production and

as a raw material


The impacts of the declined oil price most evident in Oil & Mining and Municipal & Industrial segments

-20

0

20

40

60

80

100

120

140

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2011 2012 2013 2014 2015

Brent oil, USD Sales price* Variable costs*

*) 12-month rolling change vs previous year

Kemira credit investor presentation 2015 40

30%

35%

15%

20%

Logistics

Other raw materials

and trading goods

(caustic soda, fatty

acid, aluminium

hydrate, hydrochloric

and sulphuric acid)

Oil direct + indirect

(Acrylonitrile,

acrylic acid,

Alpha Olefins,

Sodium Chloride)

Kemira variable cost structure

Electricity used

in production

and as a raw

material

Variable cost vs sales price trend

May 13, 2015

Well balanced revenue and cost structure

41

EUR

43%

USD

35%

CAD 5%

SEK 3%

CNY 3%

Others 11%

Kemira revenue distribution 2014 Kemira cost distribution 2014

EUR

48%

USD

34%

CAD 2%

SEK 4%

CNY 4%

10% appreciation of our main foreign currencies against EUR would approximately

have EUR 15 million impact on operative EBITDA

Others 8%


PaperJanuary-March 2015

EUR million Q1/2015 Q1/2014 % 2014 2013 %

Revenue 314.6 280.4 12 1,170.0 1,112.8 5

Operative EBITDA 36.1 33.1 9 137.2 131.1 5

of which margin 11.5 11.8 - 11.7 11.8 -

Operative EBIT 20.7 21.9 -5 85.8 85.9 0

of which margin 6.6 7.8 - 7.3 7.7 -

Capital expenditure 17.7 12.3 44 83.0 75.5 10

Cash flow 9.6 -2.1 - -10.1 58.2 -

42Kemira credit investor presentation 2015 May 13, 2015

Long-term commitment to the pulp and paper industry

2004

Ciba #1

AkzoNobel #2

BASF #3

Hercules #4

Kemira #5Nalco #6

2015

Kemira* (pulp and paper) #1BASF (paper) #2

AkzoNobel (pulp) #3

Solenis (paper) #4

Ecolab (paper) #5

*Including AkzoNobel paper chemicals acquisition

Kemira pulp and paper revenues have more than

doubled since 2004

Growth in pulp and paper chemicals is driven by higher volumes of packaging board and tissue grades

Main growth drivers:

• Growing packaging board and tissue

markets, especially in APAC

• Growing pulp production in South

America and Northern Europe

• Increasing demand for paper chemicals

for paper and board lightweighting and

higher use of recycled fibres

2.9 3.0 3.1

2.9 3.0 3.2

2.22.5

2.9

2014 2016 2020

APAC

CAGR

EMEA

Americas

0.7%

1.9%

4.6%

Pulp and paper chemical relevant market growth estimate,

EUR billion (CAGR: 2.4%)

Source: Management estimation based on various sources


The paper industry benefits from our leading portfolio and unique expertise of the whole pulp & paper process

PAPER

INDUSTRIES

Packaging and board

Tissue

Printing and writing

Pulp

PRODUCTSSodium chlorate, Hydrogen

peroxide, Polymers, Defoamers,

Coagulants, Biocides, Sizing

additives, Strength additives,

Surface additives,

Colorants,Sulfuric acid

APPLICATIONS

Pulping, Bleaching, Retention,

Water quality management,

Sizing, Strength, Surface

treatment, Coloring, Deposit

control, Microbiological growth

control

VALUE

• Improving process efficiency

and quality

• Committed partner

• Innovating for customer

needs

• Unique expertise covering

the whole process from

pulping to coating

ADVANTAGE

• Application knowhow

• Complete portfolio

• Backward integration


Oil & MiningJanuary-March 2015

EUR million Q1/2015 Q1/2015 % 2014 2013 %

Revenue 93.9 92.0 2 382.2 311.5 23


of which margin 11.8 11.6 - 12.7 10.5 -

Operative EBIT 5.8 6.3 -8 29.9 17.4 72

of which margin 6.2 6.8 - 7.8 5.6 -

Capital expenditure 4.5 4.4 2 26.3 69.8 -62

Cash flow 5.1 10.9 - 20.6 -60.0 -


Growth driven by strong demand for oil and gas

• Global growth, especially in NA shale

and in the Middle East

• Increased activity in Chemical Enhanced

Oil Recovery (CEOR) and oil sands

• Entering into Production Chemicals

• Need for improved processing for

declining ore grades 5.1 5.6 6.3

3.33.8

4.5

2014 2016 2020 CAGR

3.6%

4.8%

Our growth drivers: Oil, gas and mining chemical market growth estimate,

EUR billion (CAGR: 4%)

EMEA

Americas



Uncertainty around US shale operations expected to continue

US shale business represents less than

50% of Oil & Mining segment revenues

Currently favorable U.S. dollar rate

Increased sales and marketing as well as

R&D focus in brownfield CEOR

applications

May 13, 2015Kemira credit investor presentation 2015 48

20

40

60

80

100

120

140

160

Jan Apr Jul Oct Jan Apr Jul Oct Jan

2013 2014 2015

Horizontal rig count and oil price (WTI) index

Horizontal rig

count in US

Oil price (WTI)

Strengthening market position across all product linesOIL & MINING

Oil & Gas Upstream

EOR

Stimulation

Production

Drilling & cementing

Oil sands

Mining

Iron ore

Copper

Gold

PRODUCTS

Polymers, Dispersants & Antiscalants, Biocides, Emulsifiers, Defoamers, Coagulants

OIL & GAS APPLICATIONS

Friction reduction, Scale control,

Microbial control, Drilling mud rheology

control, Oil-based mud emulsification,

EOR polymer flooding, Conformance

control & Profile modification, SAGD

water clarifiction and oil separation

MINING APPLICATIONS

Concentrate and tailings thickening,

Rheology modification, Mineral slurry

preservation, Scale control, Metal

contaminant removal

VALUE

Improved:

• Process efficiency

• Yield

• Cost-efficiency

• Water efficiency

• Energy efficiency

• Compliance with environmental

regulation

ADVANTAGE

• Innovative chemicals &

application knowledge

• Global polymer supply –

Kemira is 2nd largest

manufacturer of

polyacrylamides in the world


Municipal & IndustrialJanuary-March 2015

EUR million Q1/2015 Q1/2014 % 2014 2013 %

Revenue 144.5 137.7 5 564.7 659.4 -14


of which margin 13.3 10.5 - 12.1 10.4 -

Operative EBIT 12.6 8.8 43 43.3 45.8 -6

of which margin 8.7 6.4 - 7.7 6.9 -

Capital expenditure 4.7 8.3 -43 35.2 46.9 -25

Cash flow 8.2 -3.1 - 34.3 37.9 -10


1.3 1.4 1.5

0.6 0.60.7

0.5 0.5

0.7

2014 2016 2020

Regulation is driving the Municipal & Industrial market

Key market characteristics

• Mature market in Europe

and North America

• Regulatory driven

• Price and cost sensitive

• Local business

• Public and private customer base

(60%/40%)

Relevant Municipal and Industrial market*

and growth estimate, EUR billion (CAGR: 2.6%)

CAGR

1.9%

2.4%

4.4%APAC

EMEA

North

America


* Coagulants and Polymers in EMEA, Coagulants in North

America and Polymers in APAC


• Leveraging leading market position

• Developing new solutions for raw and

waste water management

• Focusing on cash flow maximization

12.1%

10.4%

2013 2014

565

659

Municipal & Industrial segment delivering strong cashflow after restructuring and profitability improvement

2013 2014

65%

20%

15%

Other

Coagulants

Polymers

Operative EBITDA marginRevenue, EUR million

52

Unique capabilities in water treatment chemicalsMUNICIPAL & INDUSTRIAL

53

INDUSTRIES

Municipalities

Private operators

Industrial customers

PRODUCTS

Polymers (EPAM, DPAM,

Polyamines, PolyDADMACs,

Resin Amines), Al Coagulants,

Fe Coagulants, Antiscalants,

Defoamers

APPLICATIONS

Raw water treatment, Waste

water treatment, Sludge

treatment, Membrane care,

Biogas yield enhancement,

Disinfection of water streams

VALUEImproved:

• Water treatment process

efficiency

• Regulatory compliance

ADVANTAGE• Reliability, speed and logistics

flexibility

• Deep application knowledge and

comprehensive portfolio

• In mature markets, the only

company that manufactures and

supplies a comprehensive range

of water treatment chemicals


Kemira’s largest shareholders (March 31, 2015)

54Kemira credit investor presentation 2015

Shareholders % of shares

Oras Invest Oy 18.2%

Solidium Oy 16.7%

Varma Mutual Pension Insurance Company 5.3%

Ilmarinen Mutual Pension Insurance Company 3.1%

Kemira Oyj 2.1%

Free float 54.6%

Foreign shareholders share of free float 33%

Households share of free float 30%

Other share of free float 37%

May 13, 2015

Index

8%

Value

17%

Shareholder Structure

55

51%

7%2%

39%

36%

8%

Institutional investors by investment style, 2015

GARP

30%

Other

14%

Growth

30%

33%9%

55%

3%

22%

Kemira credit investor presentation 2015

Hedge Fund

1 %

May 13, 2015

Shareholder structure (institutional investors)

Geographical Distribution (%)

56Kemira credit investor presentation 2015

UK

9%

Germany

8%

USA

17%

Finland

40%

Canada

7%

Rest of the world

3%

Sweden

5%

Norway

5%

France

4%

Switzerland

2%

May 13, 2015

http://www.facebook.com/kemiragroup

http://www.facebook.com/kemiragroup

http://www.linkedin.com/company/7400

http://www.linkedin.com/company/7400

http://twitter.com/kemiragroup

http://twitter.com/kemiragroup

http://www.youtube.com/kemiragroup

http://www.youtube.com/kemiragroup

Investor Relations

Kemira IR Deck - May 2015