German Specialty Paper Producer Feldmuehle has Filed for Insolvency, Seeks Restructuring

We continue to accept stock orders and run limited finishing equipment (primarily sheeters and winders) to process and convert existing work in process to customer specific sizes. We have inventory remaining in most of our grades including: • U1X sheets • U2:XG Sheets • U2 Sheets & Web • Utopia Premium Sheets • Utopia Inkjet • Reincarnation Sheets • C1S Sheets (limited amounts) • Ethos Offset 30-100% PCRF • Ethos Enhanced Inkjet • Ethos Uncoated Inkjet with ColorPRO • Ethos Pharma Insert Opaque

*Net loss from continuing operations for the fourth quarter was $28 million, $1 million favorable to the comparable period in 2020 *Amidst strong demand, secured double-digit percent price increases along with volume improvements for cellulose specialties contracts in 2022 *Expect to drive EBITDA growth in 2022 focused on higher pricing, managing costs and improved reliability; expect a stronger back half with extensive maintenance outages heavily weighted to the first half of 2022 *Enhanced sustainability disclosures in updated Environmental, Social and Governance (ESG) Report, including a Greenhouse Gas reduction target of 40% by 2030 from 2020 levels

*Operating profit for January–March was SEK 653 million (January–March 2017: SEK 627 million). Operating profit includes a forest property sale of SEK 70 million. Prices for paper and wood products increased, wheras costs for wood and other input goods rose. *Compared with the fourth quarter of 2017, profit was SEK 232 million higher, mainly as a result of income from the forest property sale and due to that fourth-quarter earnings were affected by a maintenance shutdown. *Profit after tax for January–March amounted to SEK 507 million (485), which corresponds to earnings per share of SEK 6.0 (5.8). Click Read More below for additional information.