Due to industry wide inflationary conditions on nearly all raw material purchases, Ritrama Inc. is announcing a price increase averaging 5-7% for all film and paper products effective with shipments on or after January 1, 2018. The price increases being instituted are a reflection of the raw material inflation. We have been working closely with our suppliers both locally and globally to minimize the impact while maintaining both quality and constant supply. In addition, we have taken every precaution to control other operating costs in an effort to remain competitive in times of escalating costs. We will continue to drive productivity and cost reduction programs in order to support our mutual market competitiveness.

Financial summary for the quarter: *Severe impact from Covid-19 on profitability *EBITDA excluding special items US$26 million (Q3 2019 US$118 million) *Loss for the period US$73 million (Q3 2019 Profit of US$8 million) *Net debt US$1,977 million (Q3 2019 US$1,728 million) *EBITDA from packaging and specialities segment increases 109%. For the quarter dissolving pulp (DP) and graphic paper sales volumes were 29% and 40% lower respectively. In response, a number of cost containment initiatives were implemented which, along with a positive currency movement, resulted in fixed costs being US$67 million less than the equivalent quarter last year. Consequently, the group generated EBITDA excluding special items of US$26 million compared to US$118 million in the equivalent quarter last year, which led to a decline in profitability and a loss of US$73 million for the quarter.

Norske Skog has today received a recapitalization proposal from a majority of senior unsecured noteholders (the "Unsecured Proposal"), and Norske Skog will for the purpose of information parity publish the Unsecured Proposal. The board of Norske Skogindustrier ASA will review the Unsecured Proposal in an appropriate manner. The approval deadline for Norske Skog's ongoing consent solicitation is set to Friday 29 September at 17.00 CET.