Reno De MediciLucheon Presentation

Milan – 4 October 2017

Agenda

2

1 RDM Features and Strategic Guidelines

2 Delivering on Strategy

3 RDM Shares and Final Remarks

The new integrated player

3

A single integrated companyOperating with a single brandMarketing products through a single sales structureHeaded by a single management teamExecuting a single strategy

With the aim of maximising the satisfaction of ALL our STAKEHOLDERS.

30 June 2016 Acquisition of RDM La Rochette (ex Cascades sas), producing cartonboard based on virgin fibers, dawning of a new integrated player.Careo – RDM Marketing wholly owned as a result of the integration of the FBB business.

2 November 2016 Appointment of the new CEO.

Q1 2017 Restructuring of the organization with emphasis on integrating the way sales and operations link each other.

Today is

Vision

4

Partner of Choice

Strategic priorities

5

Enhance SERVICE and PRODUCT QUALITY

High-performance output contributes to overall cost competitiveness

Promote the “ONE COMPANY” culture

The newly-introduced mindset targets continuous improvement inside RDM, with the aim of maximizing the satisfaction of all our stakeholders

Translate operational progress into HEALTHY FINANCIALS

IT investments allow for supply chain optimization and more effective execution of orders

Minimize the ENVIRONMENTAL IMPACT of cartonboard production

RDM is committed to reducing carbon emissions, recycling resources and increasing operational efficiency

Strategy at work

6

RDM leverages on clear strengths to deliver strategy:

PanEuropean asset base

and sales network

Cartonboard portfolio

based on recycled, virgin

fibres and specialties,

meeting the full range of

customer needs

Strong position on the

European market

making RDM the partner

of choice for key brands

and multinational

corporations

Presence in the packaging

business, sector in which

organic growth can be

healthy as returns on

investment prove to be high

MULTICOUNTRY BROAD OFFER

SIZE GROWING BUSINESS

A PanEuropean asset base

7

ITA, Villa S.Lucia

220k tons

LINER WLC

ITA, S.Giustina

240k tons

WLC

GER, Arnsberg

220k tons

LINER/GD WLC

FRA, Blendecques

110k tons

WLC

ITA, Ovaro

95k tons

OG-GK

FRA, La Rochette

165k tons

GC-FBB

Three assets with capacity well above 200k tons/p.a.

Ovaro mill focused on high-margin specialties.

WLC –

White Lined Chipboard

FBB –

Folding Boxboard

RDM La Rochette

(FBB business)

included in the P&L

consolidation

perimeter of RDM

starting from H2 2016.

Agenda

8

1 RDM Features and Strategic Guidelines

2 Delivering on Strategy

3 RDM Shares and Final Remarks

H1 2017 achievements

9

Demand trend helped, but in-house levers put into play were crucial.

We successfully adapted response to spread challenges, while increasing mkt

share in core countries.

INTEGRATION AND CAPEX

BENEFITS

Increasing margins in a tough input-cost scenario

RAW MATERIALS

PRICES HIKESDEMAND

GROWTH

SPREADS

RDM ACTION

Better mgmt of controllable costs

Efficient operational performance

Higher-margin product mix (FBB)

Improved Sales and Operational planning

Selling price increase

Focus on core geographies

Higher customers selectivity

Better product positioning

Operating performance

10

A set of metrics consistently on the rise

Tons sold EBIT per ton EBIT margin

H1 2016

H1 2017

417

521

16 €

23 €

3.1%

4.1%

Revenues per ton

518 €

560 €

+25% +8% +44% +100bps

Strengthened position

11

RDM market share in WLC increased (+0.4

percentage points) in H1 2017 vs. H1 2016.

The strongest increases were experienced in core

European markets.

-40% -30% -20% -10% 0% 10% 20% 30% 40% 50%

ITALY

IBERICA P.

FRANCE

GERMANY

U.K.

OTHER EU MKTS

OTHER WE MKTS

EASTER EUROPE

TURKEY

TOTAL EUROPE

OVERSEAS

TOTAL

RDM - Change in WLC mkt share H1 '17/H1 '16

+0.4pct points

WLC mkt share

increase

H1 2017 highlights

12

292 € mn

Net Revenues

from Sales

+35.1%

23.3 € mn

EBITDA

+33.9%

12.1 € mn

EBIT

+80.6%

9.7 € mn

Net Profit

+105.9%

0.24x

Gearing Ratio

0.22x @ 2016YE

5.7%

ROCE*

3.7% @ 2016YE

(% changes: H1 2017/H1 2016)

*ROCE: Last 12-month EBIT/Capital Employed Adjusted (for Equity Investments & LT Liabilities)

216.3 228.2

64.0

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

H1 2016 H1 2017

Revenues from Sales (€ mn)

WLC FBB

417 440

81

0

100

200

300

400

500

600

H1 2016 H1 2017

Volumes sold ('000 tons)

WLC FBB

Revenues from Sales

13

The topline growth was driven by the

positive impact of the RDM La

Rochette consolidation.

WLC revenues increased by 5.5%, in

line with volumes.

+24.9%

+35.1%

The increase in H1 2017 volumes

mainly reflects the benefits of the

RDM La Rochette consolidation

(FBB business).

WLC volumes increased by 5.5%

(+23k tons).

521

417

216.3

292.2

Revenue growth outpaced

volume increase

Volumes sold by geography

14

Stronger position in core European countries.

FFB (La Rochette) products were not part of the RDM portfolio in H1 2016.

Benelux2%

UK Ireland2% Iberian Peninsula

3%Turkey

7%

Overseas10%

Germany Austria

Switzerland11%

Eastern Europe14%

France14%

Italy37%

H1 2016417k tons

Benelux3%

UK Ireland4%

Iberian Peninsula5%

Turkey4%

Overseas9%

Germany Austria

Switzerland10%

Eastern Europe12%France

19%

Italy34%

H1 2017521k tons

Significant improve of domestic Sales.

Selling prices

15

(€ per ton) (WLC) (WLC)

(FBB) (FBB)

Prices of raw materials

16Bottom of price rangeTop of price range Bottom of price rangeTop of price range

17.4 18.3

5.0

0.0

5.0

10.0

15.0

20.0

25.0

H1 2016 H1 2017

EBITDA (€ mn)

WLC FBB

EBITDA and EBIT

17

The WLC EBITDA change (+5.2%) reflects

the following drivers:

WLC Revenues increase (+5.5%) led by

volume growth (+5.5%)

Lower energy costs than in H1 2016;

Higher cost of non-energy raw materials

mainly due to re-acceleration of export

towards China.

H1 2017 EBITDA also reflects an

extraordinary item: 1.2 € mn

restructuring costs for the reorganization

of the sales team.

EBIT increase (+80.6%) resulted in

being even stronger than EBITDA

increase (+33.9%) due to limited D&A

growth (+4.7%, up to 11.2 € mn from

10.7 € mn in 1H 2016).

+33.9%

17.4

23.3

+

+_

6.7 7.5

4.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

H1 2016 H1 2017

EBIT (€ mn)

WLC FBB

+80.6%

6.7

12.1

EBITDA leap in Q2 2017

14.0

11.8

8.1

7.3

10.7

12.4

11.0

7.8

9.3

8.1

6.0

7.1

9.1

14.2

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

% o

f S

ale

s

EB

ITD

A €

mn

2014 2015 2016 2017

Investing to improve efficiency

19

Typically, over the last eight

years, RDM investments have

been mainly concentrated in

upgrading one plant at a time.

In 2016, Capex was mainly

focused on the Arnsberg mill

rebuild.

Cumulated capex of 144.2 million euro over the 2008-

2015 period, i.e. 18.0 million euro on average per year.

In H1 2017 the main capex

project was the rebuild of the

press section at the

Blendecques mill.

15.2

19.7

13.0

18.3

0

5

10

15

20

25

FY 2013 FY 2014 FY 2015 FY 2016

Capex (€ mn)

8.39.2

0

1

2

3

4

5

6

7

8

9

10

H1 2016 H1 2017

Capex in H1 (€ mn)

Low gearing ratio

20

Concentration of outflows in H1 2017

led to a substantial absorption of

operating cash flow.

Payment of annual bonuses to

customers

2016 dividends paid and shares

buyback (1.3 mn €)

Equity investment in Paper

Interconnector 1.7 € mn

Restructuring costs 1.2 € mn

RDM Arnsberg GmbH deposit on the

‘logo fee’ tax case (2.6 € mn).

The trend of excess cash generation,

which has driven the decrease in Net

Financial Debt over time, is expected to

continue in FY 2017.

50.3 60.344.4

52.0

0.25

0.28

0.220.24

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0

10

20

30

40

50

60

70

31 Dec. 2015 30 June 2016 31 Dec. 2016 30 June 2017

Net Financial Debt (€ mn) and Gearing (x)

Debt Debt/(Debt+Equity)

130,841

106,458

86,564 86,257

73,47065,894

50,25544,399

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2009YE 2010YE 2011YE 2012YE 2013YE 2014YE 2015YE 2016YE

Net Financial Debt ('000€)

Investment pipeline

21

Jan Aug Dec

Blendecques

shoepress section

La Rochette

power plant

Santa Giustina

steam turbine

Ovaro

converting machine

New ERP

Health & Safety projects

Aug 2018: new rewinder machine in Villa Santa Lucia (Industria 4.0 super-depreciation scheme)

36-hours

stop planned

Agenda

22

1 RDM Features and Strategic Guidelines

2 Delivering on Strategy

3 RDM Shares and Final Remarks

RDM and the Stock Exchange

23

Source: RDM shareholder register

Listing markets

Milan Stock Exchange – MTA (STAR segment)

Madrid Stock Exchange

CodesBloomberg: RM IM; Reuters: RDM.MI

ISIN: IT0001178299

Mkt cap.: 212.3 € mn (@0.562 € p.s. as of 29 September 2017)

Share Capital: 140,000,000.00 €

Outstanding shares: 377,800,994, o/w

377,531,909 ordinary shares

269,085 convertible savings shares

Last dividend paid

ORDINARY SHARE: Dividend of 2.65 € cents

Payment date: 10 May 2017

Dividend yield: 0.9% (YE2016 price of 0.3055 €)

Main shareholders

CASCADES INC.57.6%

CAISSE DE DEPOT ET

PLACEMENT DU QUEBEC

9.1%

TREASURY SHARES

0.4%

FREE FLOAT32.9%

Share performance

24

RDM vs FTSE Italy All-share Index

0.27

0.32

0.37

0.42

0.47

0.52

0.57

0.62

RDM share price

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

RDM traded volumes

90

100

110

120

130

140

150

160

170

180

190

200

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17

RDM FTSE Italy All-share

+84.0%

+19.5%

Q1 2017: 512,773

Q2 2017: 362,208

Q3 2017: 1,270,890

Average daily traded volumes

(Last update: 29 Sept. 2017)

Newly-appointed BoD

25

Board appointed on 28 April 2017. Term of office: 3 financial years.

The CEO is the only executive member of the Board.

Robert Hall, ChairmanVP, Legal Affairs and Corporate

Secretary at Cascades. Part of the

senior management team, he works

for Cascades since 1994.

Chemical engineer, with more than 18

years of experience in the European

packaging industry. Coopted on 3

November 2016.

Giulio Antonello,

Independent Director

Laura Guazzoni,

Independent Director

Allan Hogg,

Director

In the past, investment banker

and CEO of a listed Company.

Presently, strategic advisor in

the asset management field.

Chartered accountant

and business

consultant. Bocconi

University professor.

Michele Bianchi, Chief Executive Officer

CFO of Cascades Group

since 2010 – Bachelor’s

Business Administration in

Accounting.

Gloria F. Marino,

Independent Director

Chartered accountant

and statutory auditor.

Lawyer at the Jones

Day Milan office.

Expert in M&A and

corporate compliance

Sara Rizzon,

Director

Stakeholder map

26

SHAREHOLDERS

+106%: EpS increase in H1 ‘17vs.H1 ‘16

2016 dividend: 0.00265€, i.e. 0.9% yield

+84%: price increase YTD

55+ investors met in H1 2017

SUPPLIERS

CUSTOMERS

Tailored solutions in response to specific needs

Improved quality and service of products

Differentiation through converting and finishing services

Satisfaction survey in Nov. 2017

EMPLOYEES

Cultivation of the “One-Company” culture

Promotion of a digitalized mindset

New MBO system also based on Co.’s EBIT

New incentivizing remuneration policy

Satisfaction survey (entire staff) in 2018

Listening, engaging and creating value for stakeholders

Procurement integrated on a single platform

Smarter planning

Final remarks

27

1 Thorough evaluation and management of capex. Priorities: higher EBIT margin, ROCE expansion and sustainability improvements.

We will continue to deploy our plan to pursue organic growth and improve profitability

2 Optimization of the way we produce and sell, through further integration and by leveraging on digitalization.

We will selectively explore M&A opportunities that can open-up new business

segments, even through vertical integration, as long as they can…

Increase Company’s returns in

a reasonable time span

Contribute to smooth volatility

over the cycle

€€€