Valmet Oyj — Major Shareholding Notification 2024

Jan 9, 2024

Valmet Oyj: Notification according to Chapter 9, Section 5 and 6 of the Finnish Securities Markets Act: The Goldman Sachs Group, Inc. ownership in Valmet has decreased to below 5 percent

Valmet Oyj: Notification according to Chapter 9, Section 5 and 6 of the Finnish Securities Markets Act: The Goldman Sachs Group, Inc. ownership in Valmet has decreased to below 5 percent

Valmet Oyj: Notification according to Chapter 9, Section 5 and 6 of the Finnish
Securities Markets Act: The Goldman Sachs Group, Inc. ownership in Valmet has
decreased to below 5 percent

Valmet Oyj's stock exchange release onJanuary9, 2024 at 12:00 p.m. EET

Valmet Oyj (“Valmet”) has on January 8, 2024, received the following
notification from The Goldman Sachs Group, Inc., pursuant to the Finnish
Securities Markets Act (as amended, the “SMA”), stating that The Goldman Sachs
Group, Inc. ownership and share of votes in Valmet has fallen below the
threshold of 5 percent on January 5, 2024.

Valmet has one series of shares in which each share carries one vote. The
aggregate number of shares is 184,529,605.

Total positions of The Goldman Sachs Group, Inc. according to the notification:

+----------------+------------+-----------------------------+---------+
| |% of shares |% of shares and voting rights|Total of |
| |and voting |through financial instruments|both in %|
| |rights |(total of B) |(A+B) |
| |(total of A)| | |
+----------------+------------+-----------------------------+---------+
|Resulting |0.03% |2.62% |2.65%  |
|situation on the| | | |
|date on | | | |
|which threshold | | | |
|was crossed or | | | |
|reached | | | |
+----------------+------------+-----------------------------+---------+
|Position of |0.05% |6.66% |6.71% |
|previous | | | |
|notification | | | |
|(if applicable) | | | |
+----------------+------------+-----------------------------+---------+

Notified details of the resulting situation on the date on which the threshold
was crossed or reached:

A: Shares and voting rights

+-------------+-----------------+----------------+-----------------+-----------+
|Class/type of|Number of shares and voting rights|% of shares and voting rights|
|shares | | |
| | | |
|ISIN code | | |
+-------------+-----------------+----------------+-----------------+-----------+
|Direct |Indirect |Direct |Indirect |
| | | | |
|(SMA 9:5) |(SMA 9:6 and 9:7)|(SMA 9:5) |(SMA 9:6 and 9:7)|
+-------------+-----------------+----------------+-----------------+-----------+
|FI4000074984 | |61,070 | |0.03% |
+-------------+-----------------+----------------+-----------------+-----------+
| | | | | |
+-------------+-----------------+----------------+-----------------+-----------+
|SUBTOTAL A |61,070 |0.03% |
+-------------+-----------------+----------------+-----------------+-----------+

B: Financial Instruments according to SMA 9:6a

Type of Expiration Exercise/ Physical or Number of shares % of shares
financial date Conversion cash and voting rights and voting
instrument Period settlement rights
Securities open Physical 530,239 0.29%
Lending
Swap 28/09/2026 Cash 568,960 0.31%
Swap 25/04/2033 Cash 547,794 0.30%
Swap 03/11/2026 Cash 497,973 0.27%
Swap 12/12/2033 Cash 348,931 0.19%
Swap 05/12/2033 Cash 265,280 0.14%
Swap 21/11/2033 Cash 260,263 0.14%
Swap 12/05/2033 Cash 235,946 0.13%
Swap 12/05/2033 Cash 203,211 0.11%
Swap 12/05/2033 Cash 199,060 0.11%
Swap 19/12/2033 Cash 149,019 0.08%
Swap 12/05/2033 Cash 141,457 0.08%
Swap 30/11/2033 Cash 136,562 0.07%
Swap 31/05/2038 Cash 86,609 0.05%
Swap 30/04/2024 Cash 83,598 0.05%
Swap 29/12/2033 Cash 71,015 0.04%
Swap 18/12/2026 Cash 57,200 0.03%
Swap 29/12/2033 Cash 45,089 0.02%
Swap 03/01/2034 Cash 34,292 0.02%
Swap 04/01/2034 Cash 30,193 0.02%
Swap 29/12/2033 Cash 28,722 0.02%
Swap 02/01/2034 Cash 23,910 0.01%
Swap 28/11/2033 Cash 23,824 0.01%
Swap 10/10/2033 Cash 22,899 0.01%
Call Option 10/09/2029 Cash 22,452 0.01%
Swap 17/08/2026 Cash 21,252 0.01%
Swap 27/10/2033 Cash 21,028 0.01%
Swap 05/12/2033 Cash 19,068 0.01%
Swap 03/01/2034 Cash 17,260 0.01%
Swap 31/05/2038 Cash 16,355 0.01%
Swap 17/08/2026 Cash 15,386 0.01%
Swap 12/10/2026 Cash 12,329 0.01%
Swap 07/03/2029 Cash 10,415 0.01%
Swap 02/02/2026 Cash 10,324 0.01%
Swap 04/01/2034 Cash 9,744 0.01%
Swap 26/06/2026 Cash 8,386 0.005%
Swap 29/01/2030 Cash 7,077 0.004%
Call Option 17/09/2029 Cash 6,966 0.004%
Swap 20/10/2026 Cash 6,176 0.003%
Swap 17/08/2026 Cash 5,085 0.003%
Swap 29/01/2030 Cash 4,860 0.003%
Swap 20/12/2033 Cash 4,741 0.003%
Swap 08/12/2026 Cash 4,505 0.002%
Swap 08/12/2026 Cash 4,249 0.002%
Swap 29/09/2027 Cash 3,564 0.002%
Swap 20/12/2033 Cash 3,007 0.002%
Swap 09/03/2026 Cash 2,780 0.002%
Swap 08/12/2026 Cash 2,760 0.001%
Swap 02/02/2026 Cash 1,783 0.001%
Call Option 18/01/2024 Cash 1,687 0.001%
Swap 17/08/2026 Cash 1,084 0.001%
Swap 17/08/2026 Cash 423 0.0002%
Swap 17/08/2026 Cash 265 0.0001%
Swap 03/01/2034 Cash 98 0.0001%
Swap 29/12/2033 Cash 49 0.00003%
Swap 14/11/2033 Cash 47 0.00003%
Swap 12/03/2024 Cash 1 0.000001%
SUBTOTAL B 4,837,253 2.62%

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate
controlling natural person or legal entity:

+----------------------------+-----------+-----------------------------+-----+
|Name |% of shares|% of shares and voting rights|Total|
| |and voting |through financial instruments|of |
| |rights | |both |
+----------------------------+-----------+-----------------------------+-----+
|The Goldman Sachs Group, | | | |
|Inc. | | | |
+----------------------------+-----------+-----------------------------+-----+
|Goldman Sachs (UK) L.L.C. | | | |
+----------------------------+-----------+-----------------------------+-----+
|Goldman Sachs Group UK | | | |
|Limited | | | |
+----------------------------+-----------+-----------------------------+-----+
|Goldman Sachs International | | | |
+----------------------------+-----------+-----------------------------+-----+
| | | | |
+----------------------------+-----------+-----------------------------+-----+
|The Goldman Sachs Group, | | | |
|Inc. | | | |
+----------------------------+-----------+-----------------------------+-----+
|GSAM Holdings LLC | | | |
+----------------------------+-----------+-----------------------------+-----+
|Goldman Sachs Asset | | | |
|Management, L.P. | | | |
+----------------------------+-----------+-----------------------------+-----+
| | | | |
+----------------------------+-----------+-----------------------------+-----+
|The Goldman Sachs Group, | | | |
|Inc. | | | |
+----------------------------+-----------+-----------------------------+-----+
|Goldman Sachs & Co. LLC | | | |
+----------------------------+-----------+-----------------------------+-----+
| | | | |
+----------------------------+-----------+-----------------------------+-----+
|The Goldman Sachs Group, | | | |
|Inc. | | | |
+----------------------------+-----------+-----------------------------+-----+
|Goldman Sachs Bank USA | | | |
+----------------------------+-----------+-----------------------------+-----+
|Goldman Sachs Bank Europe SE| | | |
+----------------------------+-----------+-----------------------------+-----+
| | | | |
+----------------------------+-----------+-----------------------------+-----+
|The Goldman Sachs Group, | | | |
|Inc. | | | |
+----------------------------+-----------+-----------------------------+-----+
|GSAM Holdings LLC | | | |
+----------------------------+-----------+-----------------------------+-----+
|GSAMI Holdings I Ltd | | | |
+----------------------------+-----------+-----------------------------+-----+
|GSAMI Holdings II Ltd | | | |
+----------------------------+-----------+-----------------------------+-----+
|Goldman Sachs Asset | | | |
|Management International | | | |
|Holdings Ltd | | | |
+----------------------------+-----------+-----------------------------+-----+
|Goldman Sachs Asset | | | |
|Management International | | | |
+----------------------------+-----------+-----------------------------+-----+

Additional information provided by The Goldman Sachs Group, Inc.:

Please note, the total amount of voting rights have been rounded to 2 decimal
places therefore there is a possibility of a rounding error.

Further information, please contact:

Pekka Rouhiainen, VP, Investor Relations, Valmet, tel. +358 10 672 0020

VALMET

Katri Hokkanen

CFO

Pekka Rouhiainen

VP, Investor Relations

DISTRIBUTION:

Nasdaq Helsinki

Major media

www.valmet.com

Valmet is a leading global developer and supplier of process technologies,
automation and services for the pulp, paper and energy industries. With our
automation systems and flow control solutions we serve an even wider base of
process industries. Our more than 19,000 professionals around the world work
close to our customers and are committed to moving our customers' performance
forward - every day.

The company has over 220 years of industrial history and a strong track record
in continuous improvement and renewal. Valmet's net sales in 2022 were
approximately EUR 5.1 billion.

Valmet's shares are listed on the Nasdaq Helsinki and the head office is in
Espoo, Finland.

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