Report by the Board of Directors

Board of Directors, Board Committees and Auditor

The Annual General Meeting held on April 19, 2016 decided that the Board of Directors shall comprise five (5) members. Ms. Kirsi Komi, Mr. Seppo Mäkinen, Mr. Juha Putkiranta, Mr. Staffan Simberg and Mr. Erkki Veikkolainen were elected members of the Board of Directors for a term of office expiring at the end of the next Annual General Meeting.

In the assembly meeting held on April 19, 2016 the Board of Directors elected Erkki Veikkolainen as the Chairman of the Board. Further, the Board resolved to keep the Audit and Financial Committee. Staffan Simberg (Chairman of the committee) and Kirsi Komi were elected as members of the Audit and Financial Committee and Seppo Laine, Authorized Public Accountant was invited to the Audit and Financial Committee as external advisor of the Board of Directors. Later in 2016 the Audit and Financial Committee was renamed as Audit Committee.

The Annual General Meeting held on April 19, 2016 re-elected Ernst & Young Oy, authorized public accountants, as the auditor of the company for a term of office ending at the end of the next Annual General Meeting. Ernst & Young Oy notified that Mr. Juhani Rönkkö, authorized public accountant, will act as responsible auditor.