American Forest & Paper Association Releases August 2020 Packaging Papers Monthly Report

Second Quarter Financial Highlights: *Net income of $149.8 million compared to net income of $11.4 million. *Net cash provided by operating activities increased by $52.5 million to a source of $152.3 million. *Total debt decreased by $368.9 million to $2,313.4 million. Strategic Actions and Announcements: *Completed the sale of approximately 69,200 acres of timberlands in southwest Alabama to Weyerhaeuser Company for approximately $149.0 million in cash. *Achieved record Intermediate Bulk Container (IBC) volume, reflecting strong market demand. *Published Greif's 12th consecutive sustainability report highlighting the Company's commitments to environmental, social and governance (ESG) principles and key metrics.

International Paper and DS Smith Plc announced that they have reached agreement on the terms of a recommended all-share combination (the "Combination"), creating a truly global leader in sustainable packaging solutions. The terms of the Combination value each DS Smith share at 415 pence per share1, and will result in IP issuing 0.1285 shares for each DS Smith share, resulting in pro forma ownership of 66.3 percent for IP shareholders and 33.7 percent2 for DS Smith shareholders, implying a transaction value of approximately $9.9 billion3. The Combination is expected to close by the fourth quarter of 2024. "Combining with DS Smith is a logical next step in IP's strategy to drive profitable growth by strengthening our global packaging business," said Mark S. Sutton, Chairman and CEO of IP. "DS Smith is a leader in packaging solutions with an extensive reach across Europe, which complements IP's capabilities and will accelerate growth through innovation and sustainability. We are confident this combination will drive significant value for our employees, customers, and shareholders."

Stora Enso’s brand-new board line in Oulu, Finland is well under way to completion. It brings with it a promise to introduce up to 750,000 tonnes of renewable packaging materials to the market, all sourced from well-managed forests. With the increased capacity to produce more premium renewable solutions, we will grow our support for food and beverage brand owners in answering consumers’ wishes for more sustainable packaging. In anticipation of the line’s startup in 2025, we’re introducing the first of such products, a new folding boxboard (FBB) that will take center stage in Oulu – Performa Nova. The promise of Performa Nova is all in the name. For years, our Performa product range has stood for exceptional performance, embodied by the strength and dependability of the material at a low weight. “Nova” signals a new era in fiber-based packaging, reflecting enhanced efficiency and product experience. Performa Nova is poised to redefine industry standards and consumer expectations.