1. Annual Results 2009 Presentation 12 February 2010

2. 2 Agenda –Highlights 2009 –Financial Results 2009 –Operational & Strategic Issues –Outlook 2010 –Q&A’s

3. 3 Highlights 2009 –Positive results under difficult economic conditions –Net profit EUR 4.5 million (2008: EUR -14.9 million including impairment charge) –Sales volume decrease of 7% to 198,200 ton in market with stronger drop in demand, i.e. increase in market share –Selling price down by 4% on 2008 and peer group with 7-8% –Strong growth in NBD by 40% to 49,000 ton –Good performance on strategic sustainability agenda –Dividend proposal of EUR 0.50 per depository receipt of share

4. 4 Key Figures 2005-2009 1) 2005 figure revised

5. 5 Geographical spread of sales volume CVG 15% 16% 24%11% 13% 10% Germany Outside Europe Other Europe Belgium/Luxembourg United Kingdom France Netherlands Production and Sales Volume CVG

6. 6 Nordea: Demand development (annual changes and YtD 2009)

7. 7 1. Intro & doelstellingen Financial Results 2009

8. 8 Source: FOEX/PIX-index

9. 9 Pulp market developments (1)

10. 10 Pulp market developments (2)

11. 11 Pulp prices in 2010? Short term: –Temporary lower supply due to severe weather conditions; low pulp stock levels –Continuing high demand, especially from China –Strengthening of USD reflected in higher EUR prices Remainder of the year: –Economic developments in China –Extra pulp production capacity (esp. Hardwood) –Pace of economic recovery in Europe and N-America  lower paper usage, temporary and structural? –EUR/USD exchange rate developments  not clear Conclusion: In short term, further rise in pulp prices is expected; for the remainder of the year, developments are uncertain.

12. 12

13. 13 Input costs 2009 vs 2008 (EUR mln) Bleached Pulp - Lower purchase volume(6.7) - Lower prices(18.7) (25.4) Gas - Lower purchase volume(0.4) - Higher price level+0.8 +0.4 Electricity - Purchase volume- - Higher other costs & lower MEP-subsidy+0.4 Other raw materials and consumables(2.6) Total cost decrease 2009 versus 2008(27.2)

14. 14 Financial Position & Cash Flow Financial Position –Slight increase in working capital, mainly due to higher pulp stocks –No significant change in account receivable overdues –High equity ratio of 74% –Committed credit facilities (totalling EUR 33 mln) only partly used Cash Flow –Operating Cash Flow in line with Capex and dividend pay-out –Dividend pay-out of 79% over the business cycle CVG is financially well structured in chalenging economic environment

15. 15 1. Intro & doelstellingen Results European Paper Companies

16. 16 Peer group results 2009 Stora Enso: -Net result down to EUR -878 mln in 2009 (2008: EUR -679 mln) -Non-recurring items EUR -933 mln (2008: EUR -1,045 mln) -Operating profit (excl. spec. items) Fine Paper division down to EUR 33 mln (2008: EUR 80 mln) UPM: -Net result up to EUR 169 mln (2008: EUR –180 mln) -Non-recurring items EUR -135 mln (2008: EUR -489 mln) -Operating result (excl. spec. items) Paper division up to EUR 346 mln (2008: EUR 250 mln) M-Real: -Net result up to EUR -354 mln (2008: EUR -508 mln) -Non-recurring items EUR -117 mln (2008: -26 mln) -Operating loss (excl. spec. items) Office Paper division down to EUR -56 mln (2008: EUR -24 mln)

17. 17 Peer Group Comparison

18. 18 1. Intro & doelstellingen Operational & Strategic Issues

19. 19 10.Improved position on the labour market 1.Higher added value to existing and new customers 2.Increase in production by efficiency measures 3.Improved services and handling of complaints 4.Expanding our customer base 5.Remaining an independent company 6.Solid return on capital employed, ample solvency, and an attractive dividend yield 7.Use of renewable energy 8.Sustainable products 9.Good employment policy Mission Statement 2012

20. 20 Production Volume Output 197,800 ton in 2009, down 7% on 2008 -Lower order intake -Smaller batches -Strong growth in NBD49,000 ton (+40%)25% of production volume -Time spent on developing and testing of new products -New ICT logistics system

21. 21

22. 22 New Products Crown DI Base 175-230 Base paper for photo quality inkjet Crown Poster Base 110-170 Wet strength base paper for posters Crown Label Blue Back 100 Label base paper with very high opacity Crown Digital FC 90 Coated paper for digital printing

23. 23 Sustainably Managed Forests

24. 24 Future Power Plant (DEC) Based on renewable energy sources (RDF) Presently no business case due to: –limited availability and higher costs of RDF –financing difficult due to credit crisis –higher investment costs –relative low price of natural gas

25. 25 1. Intro & doelstellingen Outlook 2010

26. 26 StoraEnso: –Pickup in demand to be slow and insufficient to restore supply and demand balance in short term –Improvement in WFU demand in current quarter –Uncoated fine paper prices seem to have bottomed out UPM: –Paper demand in Europe is forecast to be higher –Price outlook for fine paper is more positive due to better market balance and higher cost of pulp –Order intake better, but low capacity utilisation rate in Europe will continue M-Real: –Demand in WFU to continue at a good level in Q1 –M-Real has announced price increases of 8% across all main markets that will take effect at the beginning of March

27. 27 Deutsche Bank:

28. 28 Outlook for 2010 1.Good order book and cautious recovery of demand, although lower than pre crisis levels 2.Fierce competition due to low capacity utilisation in WFU sector in Europe 3.Crown Van Gelder must raise prices to compensate for higher pulp costs 4.Company has a strong financial position and is well positioned to cope with head winds The ultimate magnitude and timing of selling price increase and the developments in the pulp markets will be crucial in realising positive results in the first half of 2010. Given the uncertainties Crown Van Gelder is not in a position to give an outlook for the full year’s results.

29. 29 Questions