Holmen Interim Report January-September 2020

Highlights • Q1 2024 net loss from continuing operations was $13.4 million compared to net loss of $21.6 million in Q4 2023. • Average lumber prices for Q1 2024 were higher than Q4 2023, with an average selling price of $626/mfbm compared to $601/mfbm in Q4 2023. • The valuation provision for lumber and log inventory was decreased to $1.0 million from $4.3 million at the end of Q4 2023, generating a $3.3 million credit to lumber cost of sales in Q1 2024. • Our lower duty rate has positively impacted the Company’s earnings and free cash flow since August 1, 2023. • There continues to be downward pressure on newsprint and paper products prices in North America.

Norske Skog has extended the deadline for the current exchange offers and consent solicitations to 23 August 2017. The existing short-term standstill agreements has also been extended to 23 August 2017, to allow for additional time to conclude the ongoing stakeholder discussions and finalisation of applicable documentation. The group has received a commitment letter for a EUR 16 million liquidity facility from the majority holders of the SSN (EUR 290m, 2019) bond and the NSF (EUR 100m, 2020) loan. Norske Skog plans to launch a revised recapitalization proposal with support from the majority holders of the SSN bond and the NSF loan early next week. The liquidity facility will allow Norske Skog to meet its operational cash flow needs. "We are very pleased that key stakeholders are supporting the business operations of the group through a committed liquidity facility. Our paper mills are highly competitive businesses with a prosperous future irrespective of the final solution to the group's capital structure." said Lars P.S. Sperre, President and CEO of Norske Skog. Click Read More below for additional detail.

In the wake of the destruction caused by a series of hurricanes that recently hit the Southern United States and the Caribbean, Resolute has stepped up to assist the rebuilding and humanitarian efforts with donations of lumber and tissue products, as well as basic necessities. We are donating, through Habitat for Humanity, a railcar of lumber to Houston, devastated by unprecedented flooding triggered by Hurricane Harvey. The lumber will be used to help rebuild Habitat homes that were damaged, at no cost to the homeowners, as well as for new homes scheduled for construction later this fall and during the spring of next year. The lumber will be shipped from our La Doré (Quebec) sawmill and is scheduled to arrive in Houston by mid-November. We also sent tens of thousands of packages of bath tissue and paper towels from our Calhoun (Tennessee) operation. Click Read More below for additional information.