Strategy First

Ltd Oy

In the following is a record of the selected confidential projects and assignments we

have successfully completed since 2010. This list of reference projects is broken down to categories as follows: due diligence projects, strategic investment evaluations, market analysis, M&A advice, operations and profit improvement, and sales of business intelligence services.

Due diligence projects

Member of the expert review panel for the forest industry transformation investments in Canada
Due diligence of operations, markets, and strategic viability of a European paper company for an investment bank
Operational and technical due diligence of a European medium-sized paper company for a European private equity firm
Operational and technical due diligence of paper and packaging assets in North America for a North American investment firm

Strategic investment evaluations

Strategic positioning and competitive lanscape of a major Southern European cartonboard producer for an investment bank
Competive landscape and key producers of CLT (cross laminated timber) in Europe
Strategic positioning and segment specific competitiveness of a Southern European specialty papers producer for an investment firm
Strategic positioning and performance of a containerboard and corrugated packaging producer in Italy for an investment firm
Strategic positioning and performance of a European containerboards company for an investment firm
Biomass tradeflows and investment opportunities in bioenergy for a private equity firm
Competitive landscape and performance of major European paper and packaging players for a Middle Eastern investment firm
Paper industry consolidation scenarios in Europe for a North American private equity firm
Strategic positioning and competitive landscape of the European publication paper players for a global investment firm
Market outlook and competitive landscape of the US coated paper players for a North American investment firm
Strategic positioning and competitive landscape of a paperboard and packaging company for a North American investment firm
Review of release liner market, key players and competitive landscape for a European private equity firm
Product segment performance of the European paper and packaging sector for a North American investment firm
Market pulp capacity additions and impact on global supply/demand balance for a North American investment firm
Market pulp outlook (demand, supply, pricing) and repercussions on the performance of major paper and packaging companies for a North American investment firm
European graphic paper conversions to containerboards and their impact on competitive landscape for a North American investment firm
Competitive landscape and strategic positioning of the key players in the European cartonboard market for a major European investment firm
Market outlook, competitive landscape and financial modelling of a European graphic paper company for an investment firm
Review of market dynamics, trends, competitive landscape and opportunities in the European graphic papers industry for a global investment firm
Opportunities in the European cartonboards market for a global investment firm; capacity changes and conversions of graphic paper assets
Feasibility of a recycled market pulp mill for a private investment firm
Competitive landscape and market outlook of major containerboard producers in Europe for a North American private equity firm
Competitive positioning of the major publication paper producers in Europe for a global investment bank
Global benchmarking of competitiveness in forestry, pulp, paper, and paperboard for a major consulting firm
Global landscape of paperboard packaging, including consumerboards and containerboards, for a major investment bank
Review of global liquid packaging paperboard market for a North American investment firm
Strategic positioning of a major European paper company for a global investment bank
Strategic positioning and performance of a major engineering company for an investment firm
Strategic positioning of the major publication paper producers in Europe for an investment firm
Rationale of maintenance outsourcing in paper industry for a global investment firm
Competitive positioning of major suppliers in greenfield pulp mill projects for a global investment firm
Competitive landscape of the European paper industry for a North American private equity firm
Global competitive landscape and intercontinental trade flows of boxboard for a major consulting firm
Review on the strategic position of a European paper company for a global private equity firm
Competitive landscape of the European paper industry for a North American investment firm
Competitive position of a major pulp producer for a North American investment firm
Strategic positioning of a forest industry company for a major investment bank
Competitive positioning of kaolin producers for a North American investment firm

Market analysis

Review of the current pulp market dynamics, price behaviour and major changes in supply and demand globally
Current performance and key competitive advantages of some major paper and packaging players in Europe
Current market dynamics and competitive landscape of FBB (folding boxboard) business in Europe
Global market demand growth of paper and forest products and impact on wood supply and forestry practices when mitigating climate change
Review of the sack and kraft paper supply, demand and competitive landscape in Europe
Review of the European graphic paper market dynamics and competitive landscape
Specialty papers market segments with key demand drivers and competitive landscape for a global consulting firm
Review of containerboard market competitive landscape in Turkey for a global advisory firm
Expert interviews on the packaging market trends in USA
Market research on the future of disruptive technologies in paper and board for a major market research company
Review of the waste paper market dynamics in China for a major global investment firm
Market evaluation and competitive landscape of fluidized bed boilers in Europe for an energy firm
Market outlook of the European containerboards industry for a global investment firm
Newsprint paper sourcing options in Asia for a global consulting firm
Value creation opportunities of the best performing European paper, packaging, pulp and timber producers for a global management consulting firm
Review of the key players and their strategic positioning in the European cartonboard market for a global investment firm
Benchmarking of market approach and global sales organizations in paper industry for a major European consulting firm
Review of the recycled fiber based packaging value chain and paperboard grades in North America for a major consulting company
Global kaolin markets - key product segments by volumes, commoditization, value creation and competitive landscape for a European consulting firm
Market pulp demand growth in China and current key drivers of supply and demand for a North American investment firm
Supply and demand development and outlook of the European containerboards and corrugated box market for an investment firm
Market review and competitive landscape of cartonboard producers and converters in China for a global consulting firm
Competitive landscape of a North American coated paper producer for an investment firm
Worldwide cartonboard market and success factors of key players for a major consulting firm
Review of the competitive landscape for specialty paper producers in Europe
Review of global recycled fiber pricing dynamics for major investment bank
Global markets and competitive landscape of consumerboards for a major consulting firm
Global recycled fiber pricing dynamics for a North American private equity firm
Competitive landscape of liquid paperboard and converting for a major consulting firm
Review of liquid paperboard and converting markets worldwide for an investment firm
Competitive positioning of a European medium-sized containerboard company for a global investment bank
Review of pulp capacity changes worldwide for a global investment bank
Key success factors of European folding box board for a North American industrial company
Review of the European cartonboard market, competitive landscape and cost structure for a major management consulting firm
Growth estimation of the digital printing market for a global industrial chemicals supplier
Review of the global pulp and paper machinery market, key drivers and players for a European investment firm
Current market trends and competitive landscape of the European containerboard industry for a major investment bank
Competitive landscape of a major European packaging company for a private equity firm
Review of commercial information providers in the paper and forest industry for a global consulting firm
Second opinion on a European paperboard market opportunity for a global consulting firm
Market analysis of the European paperboard sector for a European investment firm
Specialty paperboard market trends in Europe for a global packaging company
Review of contract practices in different paper industry segments for a global consulting firm
Market analysis of industry maintenance providers in Europe for a European investment firm
Market analysis of specialty paperboard for a packaging company
Review of market position, competitive landscape and future options for a North American mining company

M&A advice

Seller side advisory on a minerals mine and processing plant in India
Estimate on a paper company cost structure and detailed allocation for a global financial services firm
Strategic analysis of consolidation options in the paper industry for a major investment bank
Analysis on paper mills and assets of an acquisition target in Europe for a North American investment firm
Estimate on closure costs of selected paper mills in Europe for a global investment bank
Review of merger synergies in a paper industry related acquisition case in Europe for a European investment firm
General analysis of a paper industry merger case in Europe for a global investment bank

Operations and profit improvement

Review of personnel productivity of a specialty papers producer in North America
Benchmarking and calculations on wood yield of a large Asian pulp mill for a major management consulting firm
Improvement of mass yield (fiber and fillers) for a European recycled newsprint mill
Advisor in developing a business process outsourcing solution for a global business services firm
Global benchmarking, gap analysis and improvement opportunities of mill maintenance performance for a North American paper company
Competitive benchmarking of the European coated and uncoated paper producers for a consulting firm
Benchmarking of paper and pulp mill maintenance costs for a consulting firm

Sales of business intelligence services

Sales and marketing of a China market resarch report on Boxboards in Europe and North America
Business intelligence tools and analysis for pulp & paper producers and industry suppliers in Scandinavia and the United Kingdom
Pulp and energy market modeling and forecasting for industrial companies in Europe