Norske Skog unsecured bond holder recapitalization proposal

Comments by the CEO: The third quarter was another solid quarter for Billerud. As we had planned, our net sales grew, and profitability improved in both regions. The positive profitability trend we have seen from the beginning of the year continued. The Group’s EBITDA margin ended at 14%, our strongest result since Q4 2022. Production stability was solid in the quarter and our scheduled maintenance stops in three mills went according to plan. Yet again, region North America delivered an excellent financial performance with double digit sales growth and 18% EBITDA margin. All our categories in the US contributed to the strong result. In Region Europe, our fiber cost continued to increase, while most other input costs declined. Also for this quarter, we were successfully able to offset the cost inflation by proactive pricing and portfolio management for Europe. This is key and it will continue to be one of our top priorities going forward. Region Europe reached an EBITDA margin of 16%, the highest profitability in two years. Our efficiency enhancement program continues to deliver structural savings. Disciplined work to eliminate price point outliers in the customer base as well as to increase our field-purchased pulpwood in the vicinity of our Swedish mills produces positive effects.

ND Paper is implementing a series of transformations at its Rumford Division to further expand into packaging grades. In its current configuration, the fully integrated Rumford Division operates three paper production lines, kraft and mechanical pulping assets, and a pulp dryer; its product mix is heavily weighted toward bleached grades serving printing and writing (P&W) markets. With the COVID-19 pandemic battering economic activity across the world, demand for P&W papers has plummeted; coated woodfree and coated mechanical papers – primary Rumford grades – are expected to decline 23.5% and 30.3% year-over-year, respectively, equivalent to over 1.4 million tons of output. To ensure a viable, profitable future for the Rumford Division, ND Paper will be transforming the mill to increase its product flexibility and shift further into packaging grades. Notable changes include: *Commissioning of an unbleached recycled pulp line to provide fiber flexibility to the R12 and R15 paper machines *Conversion of its R15 paper machine from P&W papers into lightweight, high strength kraft linerboard products *Expansion of R12 paper machine capability to include unbleached recycled bag and converting papers, in addition to its current offering of bleached and unbleached papers *Continued operation of the R9 pulp dryer, including expansion into unbleached softwood kraft market pulp *Permanent curtailment of mechanical pulping operations and R15 coating and supercalender assets

Kimberly-Clark Corporation announced the closing of its previously announced acquisition of Softex Indonesia, a leader in the fast-growing Indonesian personal care market. "This acquisition accelerates our growth with strong market share in key personal care categories across Southeast Asia's largest economy," said Mike Hsu, Chairman and CEO, Kimberly-Clark. "As we move ahead, we will leverage our combined strengths in innovation and brand building while maintaining the local market expertise and advantages that Softex Indonesia has built with its strong portfolio of brands."