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1 New beginning Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum dolor sit amet, consectetuer adipiscing elit Lorem ipsum dolor sit amet, consectetuer adipiscing elit Lorem ipsum dolor sit amet, consectetuer adipiscing elit

2 Some facts tons Of recovered paper was recirculated in % of capacity s mills capacity utilization was very high so far in 2018 due to improved market balance 85% certified 85% of the timber delivered to our mills is PEFC or FSCcertified 85 countries s products are being distributed to 85 countries

3 A large industrial group The group has the following production capacities Newsprint 1.8m tons Magazine paper 0.9m tons Geographical production capacities 4 mills in Europe 2.0m tons 3 mills in Australasia 0.7m tons Skogn Saugbrugs Golbey Bruck 2017 revenue NOK 12 billion 2,500 employees Skogn (Norge) Saugbrugs (Norge) Albury Bruck (Østerrike) Golbey (Frankrike) Oceanwood Boyer AS Tasman Skogn AS Saugbrugs AS Golbey SAS Bruck GmbH Industries Australia Ltd Albury (Australia) Tasman (New Zealand) Boyer (Australia)

4 Oceanwood s vision for Further develop a sustainable business platform Position as a sustainable publication paper producer and possible consolidation Commitment to s existing portfolio of mills Sustainable capital structure enabling the redirection of cash flows toward growth investments Oceanwood Overview Oceanwood Capital is an independent investment management firm founded in 2006 and located in London and Malta Oceanwood manages over US$ 2 billion of capital, primarily for public pension plans and other institutional investors Portfolio is largely focused on consumer services with increasing focus on process industries Dedicated to investing in companies across Europe by employing a deep, fundamental approach to investing Focused on balance sheet sustainability and constructive approach when working with management teams aiming at positive results for all stakeholders Oceanwood participation in capital structure Supportive of strategy including future value-creating projects Continue to leverage Management and Employees expertise Oceanwood has been with the company for several years and know the company very well: First investment in in 2015 Largest single creditor of both in old and new capital structure Supported as one of the lenders under the c. EUR 16m liquidity facility and guarantee facility to secure operations through the recapitalization process

5 Stable gross operating earnings - million NOK LTM has always had positive earnings from operations But in recent years almost everything has gone to service the debt A sharp decline in debt and interest enables investments in the existing operations and new projects LTM: Last 12 months

6 EBITDA core business Strategy green growth with synergies from existing operations Continously improve the core business Commersialize already identified growth investments within bioenergy, fibre and chemicals Play an active role in a likely consolidation of the publication paper industry in Europe Bioenergy 1 2 Growth investments Fiber Stable core business Chemicals Stable volume/ pricing dynamic in Europe driven by higher operating rate Continuous improvement thru cost reduction and effectiveness Commercial company culture 3 Potential EBITDA driven by (i) M&A options & (ii) access to funding Operational activities Continued reduction of variable and fixed Exploit opportunities in the infrastructure and value chain Improve sales margins through optimizing customer and product portfolio Work to improve the political framework conditions Diversification strategy New

7 Print remains the main revenue source for newspapers Print s share of total revenues was 92% in 2016; whereas, digital content is largely distributed for free The print circulation and advertising market are respectively 25 and 6 times larger than the digital market Source: WAN-IFRA

8 Development of new green products - in synergy with the existing paper production 85% Certified Forest Bio gas Bio chemicals Building boards The utilization of waste streams to the treatment plants now gives biogas to buses, and it makes our plants CO2 neutral. Develop the world's first bio-solvent for use in pharmaceutical industries to replace oilbased solvents. Establish the world's first building board based on fiber with high strength and low weight without the use of glue and chemicals.