Press release Paris, 27 October 2010

Results as of 30 September 2010

ƒ Satisfactory third quarter operating performance:

o Sales up 10.2% YoY
o Recurring operating income up 4.6% YoY
ƒ Nine months to 30 September 2010:
o Sales up 5.8% YoY
o Recurring operating income up 7.5% YoY to €106 million
ƒ Confirmation of improved full-year 2010 operating performance over 2009

Sequana reports today its unaudited results for the third quarter of 2010 and for the nine months
ended 30 September 2010.

Condensed analytical income statement

€ millions, Third quarter Third quarter % year-on- Nine months Nine months % change
except per share data 2010 2009 year ended 30 ended 30 2010/2009***
change*** Sep. 2010 Sep. 2009

Sales 1,089 988 +10.2% 3,233 3,055 +5.8%

EBITDA* 46 47 -2.1% 166 155 +7.0%
As a % of sales 4.2% 4.7% 5.1% 5.1%
Recurring operating income 26 25 +4.6% 106 98 +7.5%
As a % of sales 2.4% 2.5% 3.3% 3.2%
Recurring net income** 14 8 +63.9% 43 41 +4.3%
Diluted recurring earnings per 0.27 0.17 0.86 0.84
share (€)
Net income (loss) – group share 4 (6) - 10 (27) -
Diluted earnings (loss) per share 0.08 (0.12) 0.19 (0.54)
(€)

Average number of diluted shares 50,367,922 49,086,293 50,367,922 49,086,293

(*) EBITDA: recurring operating income before depreciation and amortisation and changes in provisions.
(**) Recurring net income: recurring operating income after net financial income or expense and tax on recurring income.
(***) Percentage changes are based on figures rounded out to one decimal place.

Consolidated net sales for the third quarter of 2010 came in at €1,089 million, up 10.2% year on year or
5.8% at constant exchange rates.

The growth in like-for-like third quarter sales was driven by the price increases implemented across all
countries and market segments and, to a lesser extent, by an improved product mix, with volumes down
slightly in distribution and stable in production.

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The combination of increased prices and improved product mix made it possible to offset the increase in
input costs, notably paper pulp, the price of which started to gradually soften over the third quarter, albeit
to a lesser pace and extent than expected.

As a result, third quarter EBITDA was down 2.1% year on year at €45.9 million, or 4.2% of sales.
Recurring operating income came in at €26.0 million, up 4.6% from the third quarter of 2009 (€24.9
million).

Consolidated net sales for the first nine months of 2010 were €3,233 million, up 5.8% year on year, or
2.7% at constant exchange rates.

EBITDA reached €165.7 million, up 7.0% year on year. Recurring operating income grew by €7.4 million
(7.5%) to €105.6 million and operating margin was up 0.1% to 3.3% of sales.

Recurring net income totalled €43.2 million and net income group share totalled €9.6 million including
€33.6 million of non-recurring expenses (mainly restructuring costs related to Antalis), against a net loss
of €26.7 million in 2009.

BUSINESS REVIEW

Sales Third quarter Third quarter % change Nine months Nine months % change
(€ millions) 2010 2009 2010/2009 ended 30 Sep. ended 30 Sep. 2010/2009
2010 2009
Antalis 731 664 +10.1% 2,165 2,062 +5.0%
Arjowiggins 416 378 +10.0% 1,272 1,148 +10.9%
Eliminations and other (58) (54) (204) (155)

Total 1,089 988 +10.2% 3,233 3,055 +5.8%

Antalis
Antalis reported third quarter sales of €731 million, up 10.1% year on year. Sales were up 5.9% at
constant exchange rates, with price increases and an improved product mix more than offsetting lower
sales volumes. Sales for the nine months to 30 September 2010 came in at €2,165 million, up 5.0% year
on year (1.5% at constant exchange rates).

The first half of 2010 was marked by uneven consumption trends in the different regions where Antalis
operates. Third quarter demand remained moderate across most of Europe, with the exception of
Germany and Eastern European countries. South America and South Africa continued to enjoy buoyant
market conditions.

Arjowiggins
Arjowiggins posted third quarter 2010 sales of €416 million, up 10.0% year on year (6.0% at constant
exchange rates). Sales for the first nine months of the year totalled €1,272 million, up 10.9% or 8.7% at
constant exchange rates.

Business remained brisk in creative papers, eco-friendly graphic papers and the Decor/Abrasive and
Medical/Hospital segments in the third quarter of 2010. In standard coated papers, activity slowed down
slightly in the third quarter both in Europe and the United States. Trading conditions remain challenging
in the US due to continued high pulp prices and selling prices that remain lower than they were in the
third quarter of 2009.

Over the third quarter of 2010, Arjowiggins benefited from the continued impact of its price increase
policy and an improved product mix as a result of the growth in high value-added products.

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OUTLOOK
Current market conditions point towards a continued decline in volumes in the European distribution
business as well as standard coated papers and a softening in other segments against the fourth
quarter of 2009, when activity started picking up. Pulp prices are expected to decline, but to a lesser
extent than initially anticipated.

Nevertheless, both Antalis and Arjowiggins will fully benefit from the increase in selling prices and the
cost reduction and productivity gain plans carried out since 2009.

Given the price increase policy undertaken in its two businesses and the commercial synergies
implemented across the group, Sequana confirms its 2010 full year target of delivering improved
operational performance compared to 2009.

About Sequana

Sequana (NYSE Euronext Paris: VOR) is a major player in the paper industry, boasting leading positions in each
of its two businesses:
ƒ Antalis: European leader in the distribution of paper and packaging products, with more than 6,900
employees based in 51 countries.
ƒ Arjowiggins: World leader in creative and technical papers, with around 6,300 employees.

Sequana reported sales of €4.1 billion in 2009 and employed some 13,000 people worldwide.

********
Sequana Image Sept
Analyst & Investor Relations Claire Doligez
Xavier Roy-Contancin www.sequana.com Priscille Reneaume
+33 1 56 88 78 04 +33 1 53 70 74 25
Communication cdoligez@image7.fr
Sylvie Noqué preneaume@image7.fr
+33 1 56 88 78 35

contact@sequana.com

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