Papeles y Cartones de Europa : Presentation to Analysts 1H2017

Presentation Results 1H 2017

27 JULY 2017

www.europacgroup.com

2016 RESULTS

Disclaimer

DISCLAIMER. RISKS AND FORWARD-LOOKING STATEMENTS

This document has been prepared by Papeles y Cartones de Europa S.A. (the "Company") for information purposes only and it is not regulated information or information that has been subject to prior registration or control by the Spanish Securities Market Commission. This document is not a prospectus nor does it represent a bid or a recommendation for investment. This document includes summarised audited and non-audited information. The financial and operational information, as well as the data on the acquisitions that have been carried out, included in the presentation, correspond to the internal recordings and accounting of the Company. Such information may be subject to audit, limited review or any other control by an auditor or an independent third party. Therefore, this information may be modified or amended in the future.

The information contained herein has been obtained from sources that the Company considers reliable, but the Company does not represent or guarantee that the information is complete or accurate, in particular with respect to data provided by third parties. Neither the Company nor its legal advisors and representatives can guarantee the completeness, impartiality or accuracy of the information or opinions included herein. In addition, they do not assume responsibilities of any kind, whether for misconduct or negligence, with regard to damages or losses that may derive from the use of this document or its contents. The internal analysis has not been subject to independent verification. This document may include forward-looking representations or statements on purposes, expectations or forecasts of the Company or its management up to the date of release of this document. Said forward-looking representations and statements or forecasts are mere value judgments of the Company and do not imply undertakings of future performance. Additionally, they are subject to risks, uncertainties and other factors, which were unknown or not taken into account at the time this document was produced and released and which may cause such actual results, performance or achievements, to be materially different from those expressed or implied by these forward-looking statements.

Under no circumstances does the Company undertake to update or release the review of the information included herein or provide additional information. Neither the Company nor any of its legal advisors or representatives assume any kind of responsibility for any possible deviations that the forward-looking estimates, forecasts or projections used herein may suffer .

This document neither discloses all risks nor other material issues regarding the investment on the shares of the Company. The information included in this presentation is subject to, and should be understood together with, all publicly available information. Any person acquiring shares of the Company shall do so at their own risk and judgment regarding the merits and suitability of the shares of the Company, after having received professional advice or of any other kind of advice that may be needed or appropriate aside from based on the grounds of this presentation. By delivering this presentation, the Company is not providing any advisory, purchase or sale recommendation, or any other instrument of negotiation over the shares or any other securities or financial instrument of the Company. This document does not constitute an offer, bid or invitation to acquire or subscribe shares, in accordance with the provisions of Article 35 of Royal Legislative Decree 4/2015, of 23 October, approving the recast text of the Securities Market Act, and/or the Royal Decree 1310/2005, of 4 November and their implementing regulations. Furthermore, this document does not imply any purchase or sale bid or offer for the exchange of securities or a request for the vote or authorisation in any other jurisdiction. The provision of this document in other jurisdictions may be forbidden.

Consequently, recipients of this document or those persons receiving a copy thereof shall become responsible for being aware of, and comply with, such restrictions. By accepting this document you are accepting the foregoing restrictions and warnings.

All the foregoing shall be taken into account with regard to those persons or entities which have to take decisions or issue opinions relating to the securities issued by the Company. All such persons or entities are invited to consult all public documents and information of the Company registered with the Spanish Securities Market Commission.

Neither the Company nor any of its advisors or representatives assume any kind of responsibility for any damages or losses derived from any use of this document or its contents.

Europac Group / 2017

OLIVER HASLER

CEO

JORGE BONNÍN

CFO

FERNANDO VIDAL

Directive of Investor Relations and Communication

RESULTS 1H 2017

Contents

1 MARKET AND CORPORATE TRANSACTIONS

1. RESULTS 1H 2017

2. CASH GENERATION AND DIVIDENDS

3. CONCLUSIONS