INTERIM REPORT JANUARY – SEPTEMBER 2008 QUARTERLY REPORT JULY - SEPTEMBER 2008

Amounts in SEK million except per-share data.

(For table see attached file.)

• The income after net financial items for the third quarter of 2008 amounted to SEK -37 (-82) million, SEK 55 million up. The operating income for the third quarter were SEK 69 million up compared with the same period the previous year and amounted to SEK -13 (-82). This is an increase of SEK 35 million compared to the second quarter of 2008.

• The Group is posting a loss for the first nine months of 2008 of SEK -216 (-63) million, of which SEK 115 million can be attributed to the cost of closing down Utansjö Mill and the losses from operations until its closure.

• On 23 October Rottneros signed an agreement regarding a new credit facility of USD 83.3 million, equivalent to around SEK 620 million. This is part of the refinancing of Rottneros’ existing syndicated loan from 2003 of USD 85.8 million, equivalent to around SEK 640 million, which is replaced by that. The transaction secures the Group’s long-term financing and enables the company to make investments as needed.

• During the third quarter the US dollar exchange rate has strengthened significantly while the price of pulp has gone down. Overall, prices have improved in SEK.

• Higher costs for wood and electricity have reduced earnings in the January – September 2008 period by SEK 105 million compared with the same period the previous year.

• The company is not providing a forecast for the full year 2008.

ROTTNEROS IN BRIEF

Rottneros, with its origins in the 1600s, is a non-integrated, flexible supplier of customised, high-quality paper pulp. Through continuous product development, high delivery reliability, technical support and service, Rottneros is able to adapt to meet the high expectations of its customers.

Rottneros has a total production capacity of more than 600,000 tonnes of pulp per year produced at four mills in Sweden and Spain, making the Group one of the ten biggest suppliers of market pulp in the world. Increasingly intensive product development in line with customer demands will lead to higher and more stable profitability throughout an economic cycle. The Group has a comprehensive financial hedging policy to even out earnings over the economic cycles.

(For full report see attached file.)