STORA ENSO OYJ STOCK EXCHANGE RELEASE 30 October 2026 at 8:30 EET

HELSINKI, Oct. 30, 2026 /PRNewswire/ -- Stora Enso's Board of Directors approves demerger plan to separate Bergslagets Skogar into a new listed company, and announces strategic targets and dividend policy for Bergslagets Skogar.

Key highlights

The Board of Directors of Stora Enso Oyj ("Stora Enso" or the "Company") has approved a demerger plan (the "Demerger Plan") for the cross-border partial demerger of Stora Enso's Swedish forest assets business (the "Demerger") into Bergslagets Skogar AB ("Bergslagets Skogar"), which would be incorporated in the Demerger
The management team of Bergslagets Skogar will host its first Capital Markets Day on 3 November 2026 and present the strategic targets, dividend policy and net financial debt as a separate stand-alone company, as announced today
The Extraordinary General Meeting ("EGM") to resolve on the Demerger is expected to be held on 15 December 2026
An information brochure with additional information for Stora Enso's shareholders regarding the Demerger process and Bergslagets Skogar as a standalone company (the "Information Brochure") is expected to be published latest on 24 November 2026
Major shareholders of the Company, representing the top 5 largest shareholders by votes, together holding approximately 28.6% of the shares and 69.9% of the votes, have irrevocably undertaken, subject to certain customary conditions, to attend the EGM and vote in favour of the Demerger
The planned completion date of the Demerger is on 31 March 2027
A prospectus concerning the admission to trading of Bergslagets Skogar's shares is expected to be published closely following the completion date of the Demerger and in any case prior to commencement of public trading in Bergslagets Skogar's shares

On 14 November 2025, following the completion of a strategic review of its Swedish forest assets, Stora Enso announced its intention to separate its Swedish forest assets business into a new publicly listed company through a statutory partial cross-border demerger.

The Board of Directors of Stora Enso has approved a Demerger Plan concerning the cross-border partial demerger of Stora Enso. According to the Demerger Plan, Stora Enso would demerge to the effect that all such assets, rights, debts and liabilities which relate to, or primarily serve, the Swedish forest assets business, comprising the ownership, management and development of Stora Enso's forest land and related forestry operations in Sweden, production of paint and colour pigments, and management of renewable energy projects (the "Swedish forest assets business"), would be transferred to a Swedish public limited liability company to be incorporated in the Demerger, that is proposed to take the trade name Bergslagets Skogar AB. Bergslagets Skogar intends to apply for admission to public trading of its shares on the regulated market of Nasdaq Stockholm AB ("Nasdaq Stockholm") and the regulated market of Nasdaq Helsinki Ltd ("Nasdaq Helsinki").

The completion of the Demerger is subject to, among others, approval by Stora Enso's shareholders at an EGM expected to be held on 15 December 2026.

As announced on 6 March 2026, Stora Enso has selected the members of Bergslagets Skogar's management team. The management team will host Bergslagets Skogar's first Capital Markets Day on 3 November 2026 and present Bergslagets Skogar's planned strategy, value creation path and strategic targets, dividend policy and capital structure as a standalone business.

Strategic rationale of the Demerger and key strengths of Bergslagets Skogar
The purpose of the Demerger is to execute the separation of the Swedish forest assets business into an independent company, with the aim to unlock the full potential of the Swedish forest assets business, enabling enhanced focus on core strengths and market opportunities. The separation also aims at positioning Bergslagets Skogar for additional long-term opportunities of incremental value creation through, among other things, advanced forest management and land holding value optimisation.

The separation of the Swedish forest assets business follows Stora Enso's stronger focus on renewable materials and packaging, with the aim to unlock the full potential of both the Swedish forest assets business and Stora Enso's core packaging business, optimise capital allocation, reduce group complexity, and enable enhanced focus on each of Stora Enso's and Bergslagets Skogar's core strengths and market opportunities, with the aim to accelerate value creation for shareholders.

Bergslagets Skogar would be positioned as the largest listed pure-play forest company in Europe, offering investors access to forest assets. Global sustainability trends are driving demand for renewable materials as substitutes for fossil-based ones, and forests also play a critical role in climate change mitigation. Trees mature biologically, producing high-quality renewable raw material for different end-uses, such as packaging and construction industries. Forest land has historically shown resilience against inflation and market volatility. The value from forests comes both from biological growth and underlying land appreciation over the long term.

"The Board's approval of the Demerger Plan marks an important step towards creating two focused companies with clearer strategic priorities and investment propositions. We believe the planned demerger is in the best interests of Stora Enso and its shareholders, enabling them to participate directly in the long-term value creation of both Stora Enso and Bergslagets Skogar," says Håkan Buskhe, Chair of Stora Enso's Board of Directors.

"I am proud to present this transaction and excited about the opportunities it would create for both companies. It would sharpen Stora Enso's focus on its core businesses and growth opportunities, while giving Bergslagets Skogar the independence to realise the full potential of its high-quality forest assets. I believe both companies would be well positioned to build on their distinct strengths and pursue their respective strategic ambitions," says Hans Sohlström President and CEO of Stora Enso.

Strategic targets areas and dividend policy
Bergslagets Skogar would aim to generate attractive long-term shareholder returns through sustainable forest management, recurring and stable cash generation, forest asset appreciation and disciplined capital allocation. As part of the preparations of the Demerger process, the Board of Directors of Stora Enso, in consultation with the selected management and proposed members of the Board of Directors of Bergslagets Skogar, has decided on the following strategic targets for Bergslagets Skogar:

The net standing stock volume shall grow by 1 percent per year on average.
Long-term generate an annual free cash flow return of 2 percent.
The biodiversity benefit shall increase.
The climate benefit shall increase.
The net loan-to-value ratio shall be between 0 to 20 percent.

In addition, the Board of Directors of Stora Enso, in consultation with the selected management and proposed members of the Board of Directors of Bergslagets Skogar, has decided on a dividend policy for Bergslagets Skogar with the aim to pay a stable and growing dividend. As ordinary dividend, Bergslagets Skogar intends to distribute between 80 to 100 percent of adjusted net income (Adjusted net income defined as net profit or loss for the period, excluding change in net value of biological assets, profits and losses on sale of fixed assets and investments, excluding items affecting comparability, and less investments in reforestation of biological assets after tax).

Certain preliminary unaudited illustrative key financial information of Bergslagets Skogar

                                                                                                        
        Twelve-month period ending



        SEK million                                                                                    30 September 2026            31 December 2025



        Total net sales (1)                                                                                        2,119                        2,055



        Operating profit (IFRS)                                                                                    5,210                        5,371



        Adjusted operating profit (2)                                                                              1,411                        1,378



        Adjusted operating profit margin                                                                            67 %                        67 %



        Free cash flow (3)                                                                                           984                        1,088



        Free cash flow return (4)                                                                                  1.6 %                       1.7 %



        Forest assets                                                                                             63,750                       62,428





        SEK billion                                                                                  
        At listing



        Net debt                                                                                       Approximately 9.1



        1) Total net sales defined as Sales and Other operating income.
2) Adjusted operating profit defined as Operating profit or loss adjusted for items affecting
comparability, profits and losses on sale of fixed assets and investments and net value changes
of biological assets.
3) Free cash flow defined as adjusted operating profit, adjusted for depreciation, amortisation and
impairment charges, capex of software and property, plant and equipment, investments in reforestation,
lease payments and change in net working capital.
4) Free cash flow return defined as free cash flow last twelve months divided by annual average forest
assets fair value.

The preliminary unaudited illustrative key financial information of Bergslagets Skogar presented is based on the unaudited combined financial information for financial year 2025 and twelve-month period ending 30 September 2026. Accounting policy elections for Bergslagets Skogar are materially identical with those made by Stora Enso Group with the exception for initial recognition of silviculture expenditures and application of IFRS 18 (Presentation and Disclosure in Financial Statements). Bergslagets Skogar would elect another policy related to silviculture expenditures related to reforestation. Bergslagets Skogar would, unlike Stora Enso, recognise expenditures for reforestation as an investment in forest assets. Further Bergslagets Skogar has voluntarily elected to apply IFRS 18 even though it is only mandatory for financial periods beginning on or after 1 January 2027. The combined financial information reflects the Swedish forest operation controlled by Stora Enso Group as of the reporting date. While operations have been conducted through both separate and shared legal entities, key operational transfers occurred during 2025 and 2026, and no adjustments have been made to reflect stand-alone costs. Further financial information will be provided in Bergslagets Skogar's Capital Markets Day presentation, with more comprehensive financial information to be provided in the subsequent Information Brochure and listing prospectus.

Financial impacts on Stora Enso
The Demerger is not expected to have a material impact on Stora Enso's reported sales, as sales generated by Bergslagets Skogar have historically been largely internal transactions within the Stora Enso Group. Following the Demerger, Stora Enso's operating profit (IFRS) will largely decrease by an amount corresponding to Bergslagets Skogar's operating profit (IFRS), as presented above. For illustrative purposes, Stora Enso's adjusted EBIT, excluding Bergslagets Skogar, for the twelve-month period ending 30 September 2026 would have been approximately EUR 400 million. The net debt of Stora Enso will decrease by approximately EUR 800 million at the completion date of the Demerger.

Bergslagets Skogar would report adjusted operating profit as one of its alternative performance measures (APM), while Stora Enso reports adjusted EBIT. The measures are not directly comparable, mainly because i) operational fair value change of biological assets and ii) adjustments for differences between fair value and acquisition cost of forest assets upon disposals are excluded from Bergslagets Skogar's adjusted operating profit but included in Stora Enso's adjusted EBIT.

Overview of the Demerger and indicative timetable
The Demerger would be executed in accordance with the Demerger Plan approved by the Board of Directors of Stora Enso as a cross-border partial demerger, as referred to in Chapter 17, Section 2, Subsection 1, Item 2 and Chapter 17, Section 19, Subsection 1 of the Finnish Companies Act (624/2006, as amended, the "Finnish Companies Act") in accordance with the regulations of Chapter 17 of the Finnish Companies Act, Chapter 24 of the Swedish Companies Act (2005:551, as amended), as applicable, and Section 52 c of the Finnish Business Income Tax Act (360/1968, as amended). All assets, rights, debts and liabilities which relate to, or primarily serve, Stora Enso's Swedish forest assets business would be transferred to Bergslagets Skogar. Stora Enso would not be dissolved as a result of the Demerger. The Swedish language Demerger plan has been appended to this release, together with an English language translation. Further information on the Demerger will also be available in a related statement issued by the Board of Directors of Stora Enso to shareholders and employees in accordance with the Finnish Companies Act.

Stora Enso has two share classes: class A shares (1 vote per share) and class R shares (1 vote per 10 shares), with a total of 175,431,077 A shares and 613,188,910 R shares outstanding as of 30 October 2026. The shareholders of Stora Enso will receive as demerger consideration one (1) new share of the corresponding share class in Bergslagets Skogar for each share owned in Stora Enso (the "Demerger Consideration"), i.e. the Demerger Consideration shall be issued to the shareholders of Stora Enso in proportion to their existing shareholding with a ratio of 1:1 per share class where each class A share in Stora Enso entitles to one new class A share in Bergslagets Skogar and each class R share in Stora Enso entitles to one new class B share in Bergslagets Skogar. No separate action will be required from Stora Enso shareholders to receive the Demerger Consideration. Stora Enso's shareholders will retain their shareholdings in Stora Enso.

The planned date of registration of the completion of the Demerger pursuant to the Demerger Plan is 31 March 2027.

Public trading in the shares of Bergslagets Skogar on Nasdaq Stockholm and Nasdaq Helsinki is planned to commence as soon as possible thereafter.

Indicative key dates for the Demerger process:

On or about 2 November 2026: Notice of the EGM
At the latest 24 November 2026: Publication of Information Brochure
On or about 15 December 2026: EGM
On or about 31 March 2027: Planned registration of the completion of the Demerger
A prospectus concerning the admission to trading of Bergslagets Skogar's shares is expected to be published closely following the completion date of the Demerger and in any case prior to commencement of public trading in Bergslagets Skogar's shares

The Board of Directors of Stora Enso may, at any time prior to the completion of the Demerger, including after the EGM resolving upon the Demerger, decide not to complete or implement the Demerger, if the Board of Directors of Stora Enso, in its sole discretion, considers that there are material grounds due to which such non-completion would be in the best interest of Stora Enso and its shareholders.

Financing arrangements
As part of its preparations for the Demerger, Stora Enso has, on certain customary terms, secured new financings for the Bergslagets Skogar Group from certain Nordic lenders, consisting of up to SEK 9.5 billion secured term loan facilities. Under these facilities, new external financings are made available to be drawn down shortly after the completion of the Demerger, such that Bergslagets Skogar is expected to have a net debt position of approximately SEK 9.1 billion shortly after the completion of the Demerger.

In order to facilitate the Demerger, Stora Enso has obtained waivers with respect to the vast majority of its financings, whereby the respective creditors have consented to the Demerger and waived their statutory creditor rights under Chapter 17 of the Finnish Companies Act with respect to the Demerger.

Taxation of the Demerger
Stora Enso has received a statement from the Finnish tax authorities confirming that the Demerger will be tax neutral i.e. no tax consequences should arise to Finnish shareholders from the Demerger. In addition, the Swedish Council for Advance Tax Rulings has confirmed that the transaction qualifies as a partial demerger under Swedish tax law and that the allocation of the Demerger Consideration would therefore not trigger immediate taxation for Swedish tax resident shareholders. The Swedish Tax Agency has appealed the ruling to the Swedish Supreme Administrative Court, and the ruling is pending for the Court's final decision.

EGM
The Board of Directors of Stora Enso intends to propose to the shareholders of Stora Enso that the shareholders resolve on the Demerger in accordance with the Demerger Plan and approve the Demerger Plan at Stora Enso's EGM expected to be held on 15 December 2026 in Helsinki, and in any event within four (4) months from the registration of the Demerger Plan with the Finnish Trade Register. The notice to the EGM is expected to be published on or about 2 November 2026.

Shareholder support
Ahead of the EGM, the top 5 largest shareholders in Stora Enso by votes, Solidium Oy, Wallenberg Investments Holdings AB (previously FAM AB), the Social Insurance Institution of Finland, Ilmarinen Mutual Pension Insurance Company and Varma Mutual Pension Insurance Company, holding in the aggregate approximately 28.6% of the shares and 69.9% of the votes in Stora Enso have irrevocably undertaken, subject to certain customary conditions, to attend Stora Enso's EGM and vote in favour of the Demerger.

Board of Directors and management of Bergslagets Skogar
As announced through a press release on 8 January 2026, the proposed members of the Board of Directors of Bergslagets Skogar are Johan Trolle-Löwen (Chair), Jannica Fagerholm (Vice Chair), Helen Fasth Gillstedt, Magnus Fernström, Timo Mäkinen and Catharina Stackelberg-Hammarén.

The EGM will be proposed to elect the members of the Board of Directors of Bergslagets Skogar for a term of office commencing on the date of registration of the incorporation of Bergslaget Skogar in the Swedish Companies Registration Office, and expiring at the closing of the first following Annual General Meeting of Bergslagets Skogar.

As announced through a stock exchange release on 14 November 2025 and as presented in the Demerger Plan, Tuomas Hallenberg has been appointed as President and CEO of Bergslagets Skogar.

As announced through a press release on 6 March 2026, Stora Enso has selected Martin Ros (CFO), Johan Djurberg (Head of Forestry), and Pontus Selderman (General Counsel) as other members of the executive management team of Bergslagets Skogar.

Information Brochure
The Information Brochure, which will contain more detailed information on the Demerger process and Bergslagets Skogar as a standalone company, is expected to be published by Stora Enso latest on 24 November 2026.

Listing prospectus
A prospectus concerning the admission to trading of the shares of Bergslagets Skogar, which will contain more detailed information on Bergslagets Skogar and the listing of its shares, is expected to be published by Bergslagets Skogar closely following the completion date of the Demerger and in any case prior to commencement of trading in Bergslagets Skogar's shares.

Advisors
J.P. Morgan and SEB act as lead financial advisors, and BNP PARIBAS and DNB Carnegie act as financial advisors, in connection with the separation and listing. Roschier, Attorneys Ltd. acts as lead legal counsel to Stora Enso as to Swedish and Finnish law, and White & Case LLP as legal counsel to U.S. law in relation to the Demerger and the listing process of Bergslagets Skogar.

For further information, please contact:
Jutta Mikkola
SVP Investor Relations, Stora Enso
tel. +358 50 544 6061

Josefine Bonnevier
Head of Investor Relations, Bergslagets Skogar
tel. +46 73 525 99 06

For more information on the Demerger, please visit:
storaenso.com/forestdemerger

Previous related announcements:

18 August 2026: Bergslagets Skogar Capital Markets Day on 3 November 2026
7 May 2026: Stora Enso introduces Bergslagets Skogar as the new name for its Swedish forest asset company
6 March 2026: Stora Enso presents executive management team for the new forest asset company
8 January 2026: Proposed members to the Board of Directors of the new forest company planned to be separated from Stora Enso
14 November 2025: Stora Enso completes strategic review and intends to create the largest listed pure play forest company in Europe
18 June 2025: Stora Enso initiates a strategic review of its Swedish forest assets

Bergslagets Skogar would be an independent forest company based in the heart of Sweden's forest economy. The company will be focused on creating long-term value from forests for our stakeholders, society and nature. Built on deep expertise based on science and advanced forestry practices, the company will manage its forests as living, evolving systems to support their resilience and productivity over generations. The company will continuously explore new ways for forests to contribute economically, socially and environmentally, from harvest rights and renewable raw materials to recreation, biodiversity and climate benefits, and other ecosystem services. bergslaget.com

Stora Enso is a global leader in renewable materials with a strong focus on packaging. Our purpose is to replace non-renewable materials with renewable solutions. Together with our customers, we design and deliver competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers, accelerating the transition to a circular bioeconomy. Stora Enso has approximately 19,000 employees and our sales in 2025 were EUR 9.3 billion. storaenso.com

STORA ENSO OYJ

Appendix 1: Demerger Plan and its appendices
Appendix 2: English language translation of Demerger Plan and its appendices

Important Notice
The distribution of this release may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. The information contained herein is not for publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or any other jurisdiction where such publication or distribution would violate applicable laws or rules or would require additional documents to be completed or registered or require any measure to be undertaken in addition to the requirements under Finnish or Swedish law. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

This release does not constitute an offer of securities for sale or a solicitation of an offer to purchase the securities described in such release in the United States. In particular, any securities referred to in this release have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of securities in the United States.

This release does not constitute a notice to convene a general meeting of shareholders nor does it constitute a demerger or listing prospectus or any other offering document. Any decision with respect to the proposed Demerger should be made solely on the basis of information included in the actual notice to convene a general meeting of shareholders, the Demerger Plan, the statement of the Board of Directors concerning the legal and economic effects of the Demerger, the Information Brochure concerning the separation of Bergslagets Skogar to be made available to shareholders prior to the general meeting of Stora Enso's shareholders resolving on the Demerger as well as on an independent assessment of the information included therein. Investors are directed to consult such documents for more comprehensive information on Bergslagets Skogar, its shares, and the proposed Demerger.

No part of this release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The information contained in this release has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither Stora Enso nor Bergslagets Skogar, nor any of their respective affiliates, advisors or representatives or any other person, shall have any liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this release or its contents or otherwise arising in connection with this release. Each person must rely on their own examination and analysis of Stora Enso, Bergslagets Skogar, their respective securities and the Demerger, including the merits and risks involved. The transaction may have tax consequences for Stora Enso shareholders, who should seek their own tax advice.

This release is not a prospectus, product disclosure statement or other offering document for the purposes of Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "UK Prospectus Regulation"), and the contemplated distribution of the Bergslagets Skogar shares is expected to be carried out in circumstances that do not constitute "an offer to the public" within the meaning of the UK Prospectus Regulation.

Neither the United States Securities and Exchange Commission nor any other U.S. federal or state securities commission or regulatory authority has approved or disapproved the securities referenced herein, nor have any foregoing authorities passed an opinion upon the fairness or merits of such securities or upon the accuracy or adequacy of the disclosures contained in this release. Any representation to the contrary is a criminal offence in the United States.

Stora Enso is a Finnish company, and Bergslagets Skogar would, upon its incorporation in connection with the completion of the Demerger, be a Swedish company. The Demerger, including the information distributed in connection with the Demerger and the related shareholder votes, is subject to disclosure, timing and procedural requirements applicable in Finland and Sweden, which are different from those in the United States.

It may be difficult for U.S. shareholders of Stora Enso to enforce their rights and any claim they may have arising under U.S. federal or state securities laws, since Stora Enso is located in Finland and Bergslagets Skogar will be located in Sweden, and all or some of their current or proposed officers and directors are, or will be, residents of, non-U.S. jurisdictions. U.S. shareholders of Stora Enso may not be able to sue Stora Enso or Bergslagets Skogar or their respective officers and directors in a court in Finland or Sweden for violations of the U.S. laws, including the federal securities laws, or at the least it may prove to be difficult to evidence such claims. Further, it may be difficult to compel Stora Enso or Bergslagets Skogar and their affiliates to subject themselves to the jurisdiction of a U.S. court. In addition, there is substantial doubt as to the enforceability in Finland and Sweden in original actions, or in actions for the enforcement of judgments of U.S. courts, based on the civil liability provisions of the U.S. federal securities laws.

This release contains certain preliminary unaudited illustrative financial information regarding the businesses and assets of Bergslagets Skogar and its future subsidiaries. Such financial information may not have been audited, reviewed or verified by any independent auditor.

This release contains certain preliminary unaudited illustrative financial performance measures which will form the basis for Bergslagets Skogar's performance indicators as an independent company after the completion of the Demerger, which, in accordance with the "Alternative Performance Measures" guidance issued by the European Securities and Markets Authority, are not accounting measures defined or specified in IFRS Accounting Standards and are, therefore, considered alternative performance measures. The management of Stora Enso and the proposed management of Bergslagets Skogar believe that alternative performance measures provide valuable supplemental information to the financial measures to be presented in the consolidated financial statements of Bergslagets Skogar, to be prepared in accordance with IFRS Accounting Standards, and increase the understanding of the profitability of its operations. All companies do not calculate alternative performance measures in a uniform way, and therefore, the alternative performance measures presented in this release may not be comparable with similarly titled measures used by other companies, including financial statements or financial information applicable in the United States or by U.S. companies.

Forward-looking statements
This release includes "forward-looking statements" that may not be based on historical facts, but are statements based on present plans, estimates, projections and expectations and are not guarantees of future performance. Words such as "target", "intend", "expect", "believe", "estimate", "plan", "anticipate", "may", "will", "would", "assess" and other expressions entailing indications or predictions of future developments or trends, not based on historical facts, constitute forward-looking information. Other forward-looking statements can be identified in the context in which the statements are made. Forward-looking statements are set forth in a number of places in this release, including wherever this release includes information on the future results, plans and expectations with regard to the business of Bergslagets Skogar, including its strategic plans and plans on growth and profitability, and the general economic conditions. They are based on certain expectations and assumptions, which, even though they seem to be reasonable at present, may turn out to be incorrect. Shareholders should not rely on these forward-looking statements. Numerous factors may cause the actual results of operations or financial condition of Bergslagets Skogar to differ materially from those expressed or implied in the forward-looking statements. Neither Stora Enso, Bergslagets Skogar, nor any of their affiliates, advisors or representatives or any other person undertakes any obligation to review, confirm or to release publicly any updates or revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this release other than as required by applicable laws and regulations.

This release includes estimates relating to the benefits expected to arise from the proposed Demerger, which are based on a number of assumptions and judgments. The assumptions relating to the estimated benefits and costs arising from the proposed Demerger are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause the actual benefits and costs arising from the proposed Demerger to differ materially from the estimates in this publication. Further, there can be no certainty that the proposed Demerger will be completed in the manner and timeframe described in this announcement, or at all.

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