Market News of Note

Sonoco expects operating results to be significantly better than previously projected due to sustained customer demand particularly in its Consumer Packaging and All Other segments, as well as continued strong performance in price recovery.

Quad/Graphics, Inc., a global marketing experience company, announced that it has been added as a member of the U.S. small-cap Russell 2000 ® Index pertaining to the 2022 Russell indexes reconstitution, effective June 27, 2022.

The Letter stated that because the Company's common stock had been trading for a low price per share for a substantial period of time, the Company was not in compliance with Section 1003(f)(v) of the Company Guide.

IT Tech Packaging, Inc., a leading manufacturer and distributor of diversified paper products in North China, announced that, its Board of Directors has approved a reverse stock split of its common stock, par value $0.001 per share (the "Common Stock") at a ratio of 1-for-10 (the "Reverse Stock Split").

Stora Enso estimates that the previous full year 2022 operational EBIT guidance will be exceeded. Hence, the Company changes its full year 2022 operational EBIT guidance to be higher than the full-year 2021 of EUR 1,528 million. The previous guidance for the full year 2022 was an operational EBIT to be approximately in line with the full year 2021.

Strong market conditions have continued in all UPM businesses.

Packaging Corporation of America announced that it intends to increase the quarterly cash dividend on its common stock to an annual payout of $5.00 per share from $4.00 per share, a 25% increase.

Rayonier Inc. announced that its board of directors has approved a 5.6% increase in its quarterly cash dividend to $0.285 per common share from $0.27 per common share. The dividend is payable on June 30, 2022, to shareholders of record on June 16, 2022.

The board also authorized a share repurchase program to acquire up to $150 million of the company's common stock.

Sun Chemical will increase prices across its entire portfolio of packaging, commercial sheetfed, and screen inks, coatings, consumables, and adhesives in Europe, Middle East, Africa, effective June 1st 2022 or as contracts allow.

Sun Chemical will increase prices across its entire portfolio of packaging, commercial sheetfed and screen inks, coatings, consumables and adhesives in North America, effective immediately or as contracts allow.

Sonoco announced it is implementing a $50 per ton price increase for all grades of uncoated recycled paperboard (URB) in the United States and Canada, effective with shipments beginning May 30, 2022.

Greif, Inc., a global leader in industrial packaging products and services, announced that it is implementing a $50 per ton price increase for all grades of uncoated recycled paperboard (URB) and coated recycled paperboard (CRB).

Sonoco will raise the price for all paperboard tubes and cores by a minimum of 6%, effective with shipments in the United States and Canada on or after June 10, 2022.

West Fraser Timber Co. Ltd. announced that its board of directors (the "Board") has approved the commencement of a substantial issuer bid (the "Offer") pursuant to which the Company will offer to purchase from shareholders for cancellation up to US$1.25 billion of its outstanding Common shares (the "Shares").

The board adopted the plan after Atlas Holdings confirmed it entered into a block trade that would give Atlas nearly 14% of Sylvamo's outstanding shares and informed Sylvamo it also holds an unspecified amount of derivatives on Sylvamo shares. Sylvamo's leaders maintain open dialogue with Sylvamo's investors, including Atlas, and plan to continue these conversations. Sylvamo recognizes Atlas' extensive experience in the paper industry.

Södra raises prices for softwood and hardwood pulpwood. The background is the market's high demand in the short and long term.

Sappi Europe informs customers about ongoing challenges to cope with further increases of pulp, energy, chemicals and transportation costs.

Cascades Inc. announced that, due to the ongoing public health impact of the coronavirus (COVID-19) pandemic, and to mitigate the health and safety risks to the Company's shareholders, the location of the Company's 2022 Annual General and Special Meeting of Shareholders (including any adjournments or postponements, the "Meeting") has been changed to a virtual-only meeting format.

Södra makes a broad timber price increase and raises the price for timber, pulpwood, low timber and fuel wood. At the same time, contractors are also compensated for the cost increase that has taken place due to higher fuel prices.

SCA says it will be hiking the prices on white and brown kraftliner in Europe by Euro 100 per tonne. The new price is valid from April 1, 2022.

This surcharge is necessitated by the impacts of rapidly escalating inflation and directly correlates to the significant increase in the Company's costs for energy, logistics, chemicals, and wood.

Sonoco, one of the largest global sustainable packaging companies, provided updated first-quarter 2022 earnings guidance and announced its earnings release date and investor conference call information.

Sappi Europe continues to face increasing costs to its Graphic Paper business, related to energy costs as well as raw material cost rises due to availability challenges. It is forecast that this volatile environment will persist for now due to the current uncertain political and economic climate.

Chatham Asset Management, LLC ("Chatham"), a private investment firm which manages funds that beneficially own approximately 6.3% of the outstanding common stock of Rayonier Advanced Materials ("RYAM" or the "Company") (NYSE: RYAM) and is a substantial bondholder of the Company, today sent a letter to the independent members of RYAM's Board of Directors (the "Board") expressing its concerns that management is not taking action quickly enough to proactively address the Company's upcoming debt maturities.