Catalyst Applauds Government’s Decision to Eliminate Provincial Sales Tax on Electricity

The American Forest & Paper Association announced its annual Better Practices, Better Planet 2020 Sustainability Award winners, which recognize exemplary sustainability programs and initiatives in the paper and wood products manufacturing industry and are awarded based on the merit of entries received across multiple categories. *Leadership in Sustainability – Energy Efficiency/Greenhouse Gas Reduction: Resolute Forest Products: Modernization of Coosa Pines (Alabama) Mill Helps Reduce Resolute’s Carbon Footprint *Leadership in Sustainability – Safety: Clearwater Paper: Aspects & Impacts Process to Identify and Reduce Serious Injuries and Fatalities (SIF) Risks *Leadership in Sustainability – Sustainable Forest Management: Evergreen Packaging: Family Forests – The Key to Certified Success *Leadership in Sustainability – Water: Sappi: Somerset Mill’s Caustic Reclaim & Reuse *Innovation in Sustainability (Large Company): WestRock: Pak On Demand™ Pouch System *Innovation in Sustainability (Small Company): Appvion: Innovative and Sustainable Direct Thermal Technology *Innovation in Sustainability (Small Company): The Price Companies: Restoration & Management of Marginal Agricultural and Timberlands

Fourth Quarter Highlights *Consolidated revenues of $206.9 million were 8 percent higher than the third quarter, but down 3 percent compared to the prior year. The sequential quarterly increase was due to a continued recovery in both segments with a pronounced rebound in Technical Products. *Technical Products revenues of $137.1 million were up 11 percent from the prior year, with record fourth quarter adjusted operating income of $18.0 million driven by record sales in the filtration business. *Consolidated operating income of $14.9 million compared with $22.1 million in the prior year. *Available liquidity of $176 million remained strong, with cash generated from operations of $13.0 million. *Quarterly cash dividends of $0.47 per share increased 4 percent compared to $0.45 per share in the prior year. Full Year Highlights *Revenues of $792.6 million decreased 16 percent compared to 2019, as a result of lower volumes due to the COVID-19 pandemic. *A loss per diluted common share in 2020 of ($0.96) compared to earnings of $3.26 per share in 2019. *In April, the Company published its annual Corporate Sustainability Report, highlighting initiatives and progress in addressing Environmental, Social and Governance matters. *In July, the Company successfully refinanced its Senior Notes and entered into a $200 million Term B Loan due in 2027. *The Company maintained strong liquidity throughout 2020 with careful management of working capital and spending, and ended the year with cash and equivalents of $37 million and no borrowings against its $175 million revolving credit facility.

Executive Summary *Fourth quarter 2021 net sales of $5.0 billion increased 3 percent compared to the year-ago period, including organic sales growth of 3 percent. Full-year 2021 net sales of $19.4 billion increased 2 percent, with organic sales down 1 percent. *Diluted net income per share for the fourth quarter was $1.06 in 2021 and $1.58 in 2020. Full-year diluted net income per share was $5.35 in 2021 and $6.87 in 2020. *Net sales in 2022 are expected to increase 1 to 2 percent, including organic sales growth of 3 to 4 percent. *The company's Board of Directors has approved a 1.8 percent increase in the quarterly dividend, which is the 50th consecutive annual increase in the dividend.