Sensitivities

Factor Change, % Effect on EBIT, EUR million
Paper costs +1 -0.6
Personnel expenses +1 -4.3
Advertising and marketing +1 -1.2
Transportation and distribution +1 -2.0
Interest rate sensitivity 1 p.p. -2.0
Factor Change, % Effect on net sales, EUR million
Reporting currencies +10 * +12.9
Reporting currencies -10 * -10.5

* Change of the non-euro pegged currencies against euro.

The euro effect of the changes referred in the table above are provided as gross figures. The calculations are estimates and based on historical annual figures.

The estimates are based on the situation at the end of 2015.