Investor Presentaiton

Strong Foundation: A Modernized Asset Base Investments and modernization initiatives have improved the competitiveness* of our assets. CONTAINERBOARD Manufacturing (with Bear Island) CONTAINERBOARD Converting 16% CONTAINERBOARD Sheeting 20% 31% 36% Total 15% Capacity Total Capacity # of Machines 63% 6% 69% 44% Tier 1 Tier 2 SPECIALTY PACKAGING TISSUE PAPERS Manufacturing TISSUE PAPERS Converting Tier 3 43% 12% Total Capacity 9% 29% 9% 45% Total 43% Capacity Total Capacity 28% 82% * Competitiveness (Tier 1, 2 or 3) of manufacturing and converting assets based on extensive internal analysis: equipment age, width, speed, capacity and technological positioning. 42

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