Ahlstrom - Company Announcement

Ahlstrom publishes pro forma figures and initiates rightsizing program

Ahlstrom Corporation STOCK EXCHANGE RELEASE November 19, 2012 at 9.50

Not to be distributed in or into Australia, Canada, the Hong Kong special
administrative region of the People's Republic of China, Japan, New Zealand,
South Africa or the United States.

Ahlstrom, a global leader in high performance fiber-based materials, publishes
today pro forma financial information for 2011 and January-September 2012 to
illustrate the financial impact of the planned combination of Ahlstrom's Label
and Processing business and Munksjö AB (the "Transaction") on Ahlstrom's
continuing operations. Ahlstrom is also seeking to find ways to improve its cost
structure and adjust its operations to reflect the future size, scope and cost
structure of the company following the planned transaction with Munksjö.

During the past years, Ahlstrom has systematically executed its strategy in
order to focus its operations in areas that offer the most attractive growth
opportunities. The company has chosen to focus on advanced technologies and
products that protect people, purify air and liquids, and provide surface and
structure to its customers' products. In addition to reinforcing Ahlstrom's
leadership in filtration, the company aims to grow in high performance fiber-
based materials for building, food and beverages packaging and medical
applications.

The combination of the Label and Processing business area with Munksjö AB
through two partial demergers is the latest and most significant step in the
process of refocusing Ahlstrom. The Transaction enables the company to focus
exclusively on its value-added business areas: Building and Energy, Filtration
and Food and Medical. The terms and conditions of the proposed transaction were
published in a separate stock exchange release on August 28, 2012.

The demergers of the Label and Processing businesses are subject to approvals by
the Extraordinary General Meeting to be held on November 27, 2012. Following the
approvals, the business area will be reported as part of discontinued operations
and consequently Ahlstrom will publish a new outlook for net sales and operating
profit excluding non-recurring items immediately after the Extraordinary General
Meeting."By refocusing the company we will be better positioned and more agile in
serving our customers globally. The organizational change we announced recently
simplifies our structure, allowing a quicker response to customer needs. We
believe that our tighter strategic focus and ability to move fast will
contribute to our success also in a market environment characterized by
increased demand volatility", said Jan Lång, President and CEO, Ahlstrom.

Rightsizing program to be started

Following the closing of the planned Label and Processing transaction, Ahlstrom
intends to rightsize the company's cost base to reflect the new size and scope
of the company, excluding the Label and Processing operations. The aim is to
make the company's cost base leaner while maintaining sufficient resources
globally, for example in product development and customer-facing teams. The
company targets to achieve EUR 15 million in cost savings in addition to the
costs that will be transferred to Munksjö within one year of the closing date of
the Transaction.

The cost savings will be derived from rightsizing the activities and the common
cost base of the services worldwide. More details on the cost improvement
program will be announced later.

The enclosed pro forma key figures illustrate the continuing operations of
Ahlstrom. Label and Processing is reported separately as part of discontinued
operations. Full pro forma financial information is enclosed as a PDF
attachment.


-------------------------------------------------------------------------------
 KEY FIGURES                            Ahlstrom                       Ahlstrom

                              Ahlstrom pro forma Ahlstrom             pro forma

                                 Q1-Q4     Q1-Q4    Q1-Q3                 Q1-Q3

                                  2011      2011     2012                  2012
-------------------------------------------------------------------------------


 Continuing operations

 Net sales, EUR million        1,607.2   1,020.9  1,210.7                 776.1

 Operating profit, EUR            20.1      -1.9     33.9                  13.7
 million

 Operating profit excluding
 non-recurring items, EUR         49.7      23.9     39.8                  18.0
 million

 Operating profit excl. NRI,       3.1       2.3      3.3                   2.3
 % of net sales



 Balance sheet key figures                         Actual Continuing operations

 Interest-bearing net                -         -    279.8                 192.6
 liabilities, EUR million

 Equity ratio, %                     -         -     40.8                  46.0

 Gearing ratio, %                    -         -     50.4                  38.4

 Capital employed at the end         -         -    884.3                 782.6
 of the period, EUR million


2011 continuing operations excluding Home and Personal business area.
Pro forma 2011 continuing operations excluding Home and Personal and Label and
Processing
business areas.
Unaudited pro forma information illustrates the financial impact of the
demergers of Label and Processing businesses in Europe and Brazil to Ahlstrom's
consolidated income statement as if the Transaction had been completed on
January 1, 2011. Unaudited pro forma information addresses a hypothetical
situation and therefore does not represent Ahlstrom's actual financial position
nor results.
Operating profit excluding non-recurring items for 2011 is a non-IFRS measure.
Non-recurring items consist of exceptional charges, such as costs relating to
restructuring activities, with no continuing impact on Ahlstrom.
The above pro forma information does not include any potential rightsizing
measures after the Transaction.

For more information, please contact:

Seppo Parvi
CFO
Tel. +358 10 888 4768

Liisa Nyyssönen
Vice President, Communications
Tel. +358 10 888 4757

Ahlstrom in brief
Ahlstrom is a high performance materials company, partnering with leading
businesses around the world to help them stay ahead. Our products are used in a
large variety of everyday applications, such as filters, medical gowns and
drapes, wallcoverings, flooring, labels and food packaging. We have a leading
market position in the businesses in which we operate. Our 5,200 employees serve
customers in 28 countries on six continents. In 2011, Ahlstrom's net sales
amounted to EUR 1.6 billion. The company's share is quoted on the NASDAQ OMX
Helsinki. More information is available at www.ahlstrom.com.



This document may not be distributed in or into Australia, Canada, the Hong Kong
special administrative region of the People's Republic of China, Japan, New
Zealand, South Africa or the United States. The information contained herein
shall not constitute an offer to sell or the solicitation of an offer to buy the
securities referred to herein in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration, exemption from
registration or qualification under the securities laws of any such
jurisdiction.

This document is not an offer for sale of securities in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration under the U.S. Securities Act of 1933, as
amended. Ahlstrom Corporation, Munksjö AB and Munksjö Corporation have not
registered, and do not intend to register, any offering of the Munksjö shares in
the United States. There will be no public offering of the Munksjö shares in the
United States.

This document is only being distributed to and is only directed at (i) persons
who are outside the United Kingdom or (ii) to investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other
persons to whom it may lawfully be communicated, falling within Article
49(2)(a) to (d) of the Order or (iv) persons who are members or creditors of the
company to which this communication relates, falling within article 43(2) of the
Order (all such persons in (i), (ii) (iii) and (iv) above together being
referred to as "relevant persons"). Any investment activity to which this
document relates will be only available to and will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or rely
on this document or any of its contents.


[HUG#1658971]

Attachments:

Ahlstrom pro forma financial information (pdf).pdf