• Q1 2022 reported operating loss of $26 million; net loss of $20 million, or $0.31 per share • Notable uptick in global US-dollar pulp list prices in Q1; ongoing global supply chain challenges resulting in majority of price gains being realized in Q2 and Q3 • Lower furnace rebuild of recovery boiler number one (“RB1”) completed mid-April; focused on optimizing production performance going-forward • Together with Canfor Corporation, announced the implementation of a comprehensive plan to achieve net-zero carbon emissions by 2050 • Available liquidity of $111 million at March 31, 2022

After 16 years of pulp production, the 10 millionth tonne of pulp rolled off the production line at the Arneburg Mercer Stendal pulp mill on October 14, 2020. It is an expression of 18 years of successful work at the Arneburg site and marks a remarkable milestone in the development of the company. After the short 2-year construction phase of the Mercer Stendal mill, which went according to plan, the first pulp rolled off the production line in July 2004. In the following years, the company succeeded in establishing itself successfully in the market. With products of high quality and high reliability, Mercer Stendal has succeeded in developing stable customer relationships in Europe and Asia. In some areas, the Arneburg mill has set new standards in global pulp production. With the operation of the largest biomass power plant in Germany with high energy and plant efficiency, the plant is also symbolic of the energy turnaround.

The Koehler Group has acquired 100% of the shares in Marienthaler Werbe-Offsetdruck GmbH & Co. KG. Since 2019 Koehler has been a majority shareholder in the company Marienthaler, which is based in Schleiden in the Eifel mountains, specializes in the production and distribution of coasters. Kai Furler, CEO of the Koehler Group, said: “In order to bring together the company’s expertise in the production of coasters, we have reached an agreement with the Uhlmann family to take over all of the shares in Marienthaler.” The Uhlmann family, which owned the company, has thus relinquished all its interests in the company. In July the Marienthaler site and company’s production plant in Schleiden have been seriously affected in recent days by the severe flooding that has taken place in the region. This is why customer orders from Marienthaler in Schleiden will be fulfilled by KATZ GmbH & Co. KG in Weisenbach, a comany of the Koehler Group. The aim is, to make the acquisition as smooth as possible for customers.