Ahlstrom-Munksjö Oyj - Inside information

Ahlstrom-Munksjö Considers Issuance of New Notes and Announces a Voluntary Tender Offer of its Outstanding Notes Maturing in 2019

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN,
NEW ZEALAND, SINGAPORE, SOUTH AFRICA OR SUCH OTHER COUNTRIES OR OTHERWISE IN
SUCH CIRCUMSTANCES IN WHICH THE OFFERING OF THE NEW NOTES (AS DEFINED BELOW),
THE TENDER OFFER (AS DEFINED BELOW) OR THE RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.

AHLSTROM-MUNKSJÖ OYJ STOCK EXCHANGE RELEASE, MAY 22, 2017 at 10:45 CEST

Ahlstrom-Munksjö Oyj (the “Company”) is considering the issuance of new euro
-denominated fixed rate notes with an expected maturity of five years (the “New
Notes”). The potential issue is expected to take place in the near future
subject to market conditions. The target size of the issue is approximately EUR
200 million.

At the same time, the Company announces that it invites the holders of its EUR
100 million 4.125 per cent. notes due 15 September 2019 (ISIN: FI4000108501)
(the “2019 Notes”) to tender the 2019 Notes for cash on the terms and conditions
set out in the Tender Offer Memorandum dated May 22, 2017 (the “Tender Offer”).
Further, the Company intends to exercise its voluntary total redemption right
under the terms and conditions of the 2019 Notes, to redeem any outstanding 2019
Notes not repurchased as part of the Tender Offer on or about September 15,
2017.

Pursuant to the Tender Offer, the Company proposes to accept for purchase any
and all of the 2019 Notes, although the Company reserves the right, in its sole
discretion, to decide on acceptance of the 2019 Notes for purchase, including
not to accept any 2019 Notes for purchase.

Whether the Company will accept for purchase any 2019 Notes validly tendered is
subject to, without limitation, the pricing of the issue of the New Notes and
the signing by the Joint Lead Managers and the Company of an issuance agreement.
The purchase price of the 2019 Notes is EUR 1,032.00 per EUR 1,000.00 in
principal amount of the 2019 Notes. Accrued and unpaid interest will be paid in
respect of all 2019 Notes validly tendered and delivered and accepted for
purchase.

The Offer Period closes at 4:00 p.m. Finnish time (EET) on June 2, 2017. The
indicative Tender Offer results will be announced following the closing of the
Offer Period, on or about June 5, 2017. The Tender Offer results will be
announced on or about June 5, 2017. The settlement date of the Tender Offer is
subject to the completion of the issue of the New Notes, expected to be on or
about June 9, 2017 and no later than June 14, 2017.

The purpose of the arrangement is to proactively manage upcoming debt
redemptions and to extend the average debt maturity profile of the Company.

Nordea Bank AB (publ) and Skandinaviska Enskilda Banken AB (publ) act as Dealer
Managers, and Nordea Bank AB (publ), Finnish Branch acts as Tender Agent for the
Tender Offer. Information in respect of the Tender Offer may be obtained from
the Dealer Managers.

Nordea Bank AB (publ) and Skandinaviska Enskilda Banken AB (publ) act as Joint
Lead Managers and Danske Bank AB (publ) acts as Co-Lead Manager for the issue of
the New Notes.

Dealer Managers:

Nordea Bank AB (publ), +45 6161 2996,
bibi.larsen@nordea.com/nordealiabilitymanagement@nordea.com

Skandinaviska Enskilda Banken AB (publ), +46 8 506 230 09,
SEBLiabilityManagement@seb.se

Tender Agent:

Nordea Bank AB (publ), Finnish Branch

Important Information

The information contained herein is not for release, publication or
distribution, in whole or in part, directly or indirectly, in or into the United
States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South
Africa or such other countries or otherwise in such circumstances in which the
release, publication or distribution would be unlawful. The information
contained herein does not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of, the New Notes 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 communication does not constitute an offer of securities for sale in the
United States. The New Notes have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act") or under the
applicable securities laws of any state of the United States and may not be
offered or sold, directly or indirectly, within the United States or to, or for
the account or benefit of, U.S. persons except pursuant to an applicable
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

This communication does not constitute an offer of New Notes to the public in
the United Kingdom. No prospectus has been or will be approved in the United
Kingdom in respect of the New Notes. Consequently, this communication is
directed only at (i) persons who are outside the United Kingdom, (ii) persons
who have professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order"), (iii) high net worth entities falling
within Article 49(2) of the Order and (iv) other persons to whom it may lawfully
be communicated (all such persons together being referred to as "relevant
persons"). In addition, this communication is, in any event only directed at
persons who are "qualified investors" pursuant to the Prospectus Directive
(2003/71/EC, as amended). Any investment activity to which this communication
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 this
document or any of its contents.

For further information, please contact:
Juho Erkheikki, Investor & Media Relations Manager, tel. +358 50 413 45 83,
juho.erkheikki@ahlstrom-munksjo.com
Ahlstrom-Munksjö in brief
Ahlstrom-Munksjö is a global leader in fiber-based materials, supplying
innovative and sustainable solutions to customers worldwide. Our offerings
include decor paper, filter media, release liners, abrasive backings, nonwovens,
electrotechnical paper, glass fiber materials, food packaging and labeling,
tape, medical fiber materials and solutions for diagnostics. Combined annual net
sales are about EUR 2.15 billion and we employ 6,000 people. The Ahlstrom
-Munksjö share is listed on the Nasdaq Helsinki and Stockholm. The company was
formed on April 1, 2017 through the merger of Ahlstrom Corporation and Munksjö
Oyj. Read more at www.ahlstrom-munksjo.com.