Independence of the Board of Directors

Under the Finnish Corporate Governance Code 2015, the majority of directors shall be independent of the Company. In addition, at least two directors of this majority shall be independent of the Company’s major shareholders. The Board shall evaluate the independence of directors and report which directors it determines to be independent of the Company and which directors it determines to be independent of major shareholders.

All Board members are deemed to be independent of the company. With the exception of Mr. Ole Johansson, all Board members are independent of any significant shareholders. Mr. Ole Johansson is deemed to be dependent of significant shareholders of the company based on his current position as Chairman of the Board of Directors of Hartwall Capital Oy Ab.

More detailed criteria for independence are listed in Recommendation 10 of the Finnish Corporate Governance Code 2015, which can be consulted online at www.cgfinland.fi.