Metsä Board Annual and sustainability report 2022

Key characteristics of Performance based share incentive scheme 2020–2024 are summarised in the table below:

Performance based share incentive scheme 2020–2024

Committing based share incentive plan

31 Dec 2022

2020–2022

2021–2023

2022–2024

2022–2024

Total

Key characteristics Shares allocated to the scheme, shares

590,788

453,650

437,545

20,838

1,502,821

Grant date(s)

27.1.2020, 18.6.2021 27.1.2021, 18.6.2021 31.1.2022, 8.11.2022

Criteria

Equity ratio, ROCE ja EBIT

Equity ratio, ROCE ja EBIT

Equity ratio, ROCE ja EBIT

Personnel (31 December 2022)

29

Factors used to determine fair value (EUR) 1)

Share price at grant date Share fair value at grant date

5.46 4.66 0.27 8.77

8.93 8.15 0.27 8.77

9.44 8.21 0.41 8.77

7.74 6.68 0.53 8.77

Annual dividend assumption in fair value measurement Share price at payment date / balance sheet date

Fair value on balance sheet date

2,518,231

3,455,866

3,501,355

139,198

9,614,650

Effect on result and financial position (EUR)

Expense in 2022, share-based payments settled as equity Share-based payments settled in cash, unpaid part, estimate

613,037

704,746 1,814,267

635,046 1,845,466

16,512 98,210

1,969,340 6,198,558

2,440,615

Number of shares 1 January 2022 2) Outstanding at the beginning of the period

588,566

429,281

0

0

1,017,847

Changes during the year Shares granted

5,974

13,648 28,949

454,779 33,680

20,838

495,239

Shares forfeited Shares exercised Shares expired

30,486

0 0 0

93,115

0 0

0 0

0 0

0 0

Number of shares 31 December 2022 Outstanding at the end of the period

564,054

413,980

421,099

20,838

1,419,971

1) The fair value of the share settled component at the grant date was the share price of Metsä Board Corporation’s B share less any dividends estimated by analyst consensus to be paid before the payment of the incentive. The fair value of the share based payment is recognised to the number of shares based on the best available estimate of the total incentive to which the participants are expected to be entitled. 2) The amounts in the table represent brutto amounts, i.e. the number of shares to be given based on the share based payment schemes. In addition, the payment will include a cash settled compo- nent used to cover taxes and tax-like charges.

103

Consolidated financial statements | METSÄ BOARD ANNUAL AND SUSTAINABILITY REPORT 2022

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