Contents

1Presentation of the groupPresentation of SequanaPreliminary remarksKey figures are based on the following definitions:■■Sales: sales figures reported for subsidiaries, calculated beforeeliminating intercompany transactions.■■EBITDA: recurring operating income before depreciation andamortisation and changes in provisions.■■Recurring operating income: operating income before “Otheroperating income and expenses”.■■Recurring net income: recurring operating income after netfinancial income (expense) and income tax on recurring operatingincome.■■Capital employed: sum of net fixed assets and working capitalrequirements.■■ROCE (Return on Capital Employed): recurring operatingincome/capital employed.■■Cash flow from operating activities: algebraic sum of EBITDA,changes in working capital requirements and investmentexpenditure net of disposals.Information provided in this document on the role of Groupcompanies and divisions or their business segments, market shareor competitive positions, is derived from the companies’ ownresearch.Changes in amounts and in margin percentages are rounded outto one decimal place.The Group’s holding companies comprise Sequana and its whollyownedsubsidiaries that are not heads of operating sub-groupsor which do not own any companies that carry out commercialactivities.The 2010 “Management pro forma” or “pro forma” data have beenadjusted to take into account the sale of Antalis’ Office Suppliesbusiness and Arjowiggins’ Decor and Abrasive businesses in 2011to allow for meaningful comparison with data for 2011 and 2012.Presentation of SequanaSequana is an international paper group engaged chiefly in the distribution of paper and packaging products, and is the Europeanleader in this sector in terms of sales. Sequana is also one of the largest producers of specialty and creative papers. Through Antalis(distribution) and Arjowiggins (production), the Group has operations in five continents and more than 45 countries, and employs over11,000 people. In 2012, it distributed and produced around 1.9 million and 1 million tonnes of paper, respectively.Treasury shares DLMD Exor S.A. FSI Allianz Free float0.43% 13.61% 18.74% 20.09% 10.22% 36.91%100% 100%(1)See the scope of consolidationon page 159 et seq.B2B distribution (1) Production (1)■■Antalis represents the distribution side of the Group’s businessand is the leading distributor of paper in Europe. In 20 of the28 European countries where Antalis has operations, it has amarket share of over 20%. The company is also one of the foremostglobal distributors with top-ranking positions in SouthAfrica, South America and Asia-Pacific. Antalis distributes awide range of print and office paper, packaging products andvisual communication materials to more than 135,000 customers.Thanks to its network of around 100 distribution centres,Antalis can offer customers the highest standard of service atcompetitive prices.30%ArjowigginsBreakdown of sales by business70%Antalis4 | Sequana | 2012 Document de référence (English version)