Press release Boulogne-Billancourt, 29 July 2015

Press release Boulogne-Billancourt, 29 July 2015 In the appendices included in the press release dated this morning, the consolidated financial data (statement of financial position, income statement and statement of cash flows), mistakenly included a number of erroneous figures. However, these errors do not affect either the totals of the assets and liabilities, net earnings or changes in cash balances reported. This press release is intended to rectify these mistakes and replace the press release sent out at 7am this morning. About Sequana Sequana (Euronext Paris: SEQ) is a major player in the paper industry, boasting leading positions in each of its two businesses: Antalis: European leader in the distribution of paper and packaging products, with around 5,500 employees based in 44 countries. Arjowiggins: World leader in creative and technical papers, with nearly 4,000 employees. Sequana reported sales of 3.4 billion in 2014 and employed some 9,600 people worldwide. Sequana Analysts & Investors Xavier Roy-Contancin +33 (0)1 58 04 22 80 Communication Sylvie Noqué +33 (0)1 58 04 22 80 contact@sequana.com * * * * * * * * www.sequana.com Image Sept Claire Doligez Priscille Reneaume +33 (0)1 53 70 74 25 cdoligez@image7.fr preneaume@image7.fr Page 1 / 12

Press release Boulogne-Billancourt, 29 July 2015 The operational and financial restructuring plan announced in April 2014 was completed in 15 months, exceeding initial targets Antalis Stepped up development in the Packaging and Visual Communication distribution market Financing completed and secured through 2018 by means of a factoring programme Arjowiggins Refocusing on specialty papers Balance sheet restructured following repayment in full of the 125 million syndicated credit facility ( 400 million line of credit at 30 June 2014) Sequana Streamlined financial structure with significant deleveraging (consolidated net debt cut from 730 million at 30 June 2014 to 273 million at end-june 2015) Early redemption of 132 million of ORA and ORNANE bonds with a reduction in the dilution ratio from 33.51% to 21.67% Encouraging operating performance in H1 2015 in view of the restructuring programme announced and implemented over the period Outlook for H2 2015 and beyond will translate into an improved operating performance Antalis Positive impact of the acquisitions completed at the end of H1 2015 Favourable impact of higher printing and writing paper volumes linked to sector restructuring Arjowiggins Refocused on specialty papers and improved product mix Improved overheads FIRST-HALF 2015 RESULTS Sales down by 3.4% to 1,662 million (down 8.2% at constant exchange rates) EBITDA dropped 4.4% to 63 million; EBITDA margin was steady at 3.8% Antalis: EBITDA jumped 9.5% to 43 million on the back of an enhanced product mix, a favourable FX impact and cost reductions o Arjowiggins: EBITDA down 14.1% to 30 million due to lower volumes of standard coated and fine papers, exacerbated by the announced production capacity cuts and higher raw material costs (in euros) Page 2 / 12

Sequana s Board of Directors, meeting in Boulogne-Billancourt on 28 July 2015, examined and approved the financial statements for first-half 2015. Condensed analytical income statement millions except for per share data (1) % change(*) H1 2015 H1 2014 H1 15/H1 14 Sales 1,662 1,720-3.4% EBITDA** 63 66-4.4% EBITDA margin (as % of sales)* 3.8% 3.8% - Recurring operating income 36 39-8.9% Operating margin (as % of sales)* 2.2% 2.3% -0.1 points Net income (loss) attributable to owners (11) (82) Diluted earnings (loss) per share ( ) (0.17) (1.70) Weighted average shares outstanding, after dilution 65,044,667 48,308,064 NA (1) For 2014 figures reported in 2015, IFRIC 21 has been applied on a retrospective basis. (*) Percentage and margin changes are based on figures rounded out to one decimal place. (**) EBITDA: recurring operating income before depreciation and amortisation and excluding movements in provisions. Commenting on the half-year results, Sequana s Chairman and Chief Executive Officer Pascal Lebard said: "The finalisation of the operational and financial restructuring plan announced in April 2014 and implemented in just 15 months exceeding initial targets reflects the enormous efforts deployed by all stakeholders, especially the Group's own teams. We are now very well positioned to meet the challenges that still lie ahead. We will deliver an enhanced operating performance in the second-half of this year and in 2016 our Group will start to reap the full benefits of Arjowiggins' refocusing on its growing and profitable specialty businesses and Antalis' market leadership in its historical businesses as well as its growth strategy in the Packaging and Visual Communication segments." Consolidated sales for the first six months of 2015 were down 3.4% year-on-year to 1,662 million (down 8.2% at constant exchange rates). Most of the Group's disposals and acquisitions took place in June and the related impact was minimal for the first six months of the year. The lower sales figures are mainly attributable to contracting volumes for printing paper. However, Antalis actually reported a quarter-on-quarter increase in sales in Q2 due to the demise of one of the main European market players. EBITDA totalled 63 million versus 66 million in first-half 2014, representing 3.8% of sales (stable year on year). Antalis' EBITDA jumped nearly 10% bolstered by a favourable FX impact. Conversely, currency fluctuations had a slightly negative impact on Arjowiggins' results, mainly due to the fall in the euro against the US dollar which pushed up the cost of raw materials (mainly pulp). However, Sequana benefited from an improved product mix and lower overheads, essentially thanks to the streamlining of Antalis' European supply chain. Arjowiggins' industrial restructuring plan, finalised in late June, will generate a positive impact in the second half of the year. Recurring operating income was 36 million, compared with 39 million in H1 2014. Operating margin came in 0.1 points lower at 2.2% of sales. The operating income includes 12 million in other operating expenses, mainly related to the additional costs of restructuring measures currently in progress on both the distribution and the production sides of the business. Because goodwill previously recorded for the Security division ( 82 million) was derecognised in full, the impact of H1 disposals on the net result for the period was not material. Net loss attributable to owners was 11 million for the period compared with a net loss of 82 million in H1 2014. Page 3 / 12

Consolidated net debt stood at 273 million at 30 June 2015, compared to 311 million at 31 December 2014 and 730 million at 30 June 2014. During the first-half of the year, the Sequana Group sold 85% of its stake in the entities that own the Security Solutions businesses to the Impala group which had acquired all of the receivables under Arjowiggins' syndicated credit facility. In exchange for such a sale, after repayment of the syndicated facility bridge loan in an amount of 15 million, Impala agreed to waive the balance, enabling Arjowiggins to settle its 125 million syndicated credit facility in full. Arjowiggins also received the proceeds from the sale of Arjo Wiggins Ltda in Brazil for a net amount of approximately 68 million (gross amount of 83 million). These disposals carried out during H1 2015 represented sales of 62 million and EBITDA of 14 million. These two transactions also had a positive 170 million impact on consolidated net debt. Antalis for its part successfully completed acquisitions in the Packaging and Visual Communication sector for an enterprise value of 18 million. Lastly, seasonal fluctuations in the Group's business generated additional working capital requirements of 95 million in the first-half of the year. Sequana also rationalised its financial structure by redeeming the ORA and ORNANE bonds issued in July 2014 earlier than planned as part of the Group's financial restructuring plan. Once this redemption was completed on 29 June 2015, Impala group became Sequana's biggest shareholder with a 20% stake, followed by Bpifrance Participations which holds 15.42% of the Group's capital. OUTLOOK Arjowiggins, which has refocused on its specialty markets, now has three divisions: Arjowiggins Graphic, mainly focused on eco-friendly and recycled papers and papers for the healthcare sector; Arjowiggins Creative Papers which produces premium fine papers at the Stoneywood mill in the UK; and Arjowiggins Security, producing banknote paper in Europe. Nevertheless, reported H2 2015 sales will be down year on year due to disposals completed in H1 2015 and the Group's exit from commodity-based activities (C2S). Antalis should continue to reap the benefits of consolidation in the European paper distribution market and growth in Packaging and Visual Communication fuelled by the integration of the businesses acquired in Q2 and late July 2015. Consequently, in the absence of any major exchange rate fluctuations in the second half of 2015, Sequana should report higher year-on-year sales in H2 2015 and full-year 2015 sales should be close to 2014 figures. Finalisation of the restructuring of Arjowiggins' printing paper businesses will significantly reduce its overheads from H2 2015 on. Antalis will benefit from the increased contribution of Packaging and Visual Communication to gross margin thanks to the recent acquisitions and the measures taken to streamline its European supply chain should continue to generate savings in the second half of the year. EBITDA margin for H2 2015 should be higher than for H1 2015 and full-year 2015 EBITDA margin should also be higher year-on-year. Restated without the disposals and the impact of the various restructuring programmes carried out in the first six months of 2015, EBITDA for 2015 should materially increase from its 2014 level. Page 4 / 12

Financial position The Group complied with all bank covenants concerning its syndicated credit facilities at 30 June 2015: - Net debt/ebitda = 3.51 ( 4.10) - Recurring operating income/net finance costs = 3.08 ( 2.15) Upcoming events Third-quarter 2015 sales: 22 October 2015 About Sequana Sequana (Euronext Paris: SEQ) is a major player in the paper industry, boasting leading positions in each of its two businesses: Antalis: European leader in the distribution of paper and packaging products, with around 5,500 employees based in 44 countries. Arjowiggins: World leader in creative and technical papers, with nearly 4,000 employees. Sequana reported sales of 3.4 billion in 2014 and employed some 9,600 people worldwide. * * * * * * * * Sequana www.sequana.com Image Sept Analysts & Investors Journalists Xavier Roy-Contancin Claire Doligez +33 (0)1 58 04 22 80 Priscille Reneaume Communication +33 (0)1 53 70 74 25 Sylvie Noqué cdoligez@image7.fr +33 (0)1 58 04 22 80 preneaume@image7.fr contact@sequana.com Page 5 / 12

APPENDICES 1. ANALYSIS BY BUSINESS SALES BREAKDOWN millions H1 2015 H1 2014 % change H1 15/H1 14* Antalis 1,287 1,319-2.4% Arjowiggins 501 521-3.8% Eliminations (126) (119) - Total 1,662 1,720-3.4% (*) Percentage changes are based on figures rounded out to one decimal. Antalis Key figures millions H1 2015 H1 2014 % change H1 15/H1 14 * Sales 1,287 1,319-2.4% EBITDA 43 39 + 9.5% EBITDA margin (as % of sales) 3.3% 3.0% +0.3 points Recurring operating income 29 26 + 12.7% Operating margin (as % of sales) 2.3% 2.0% +0.3 points (*) Percentage and margin changes are based on figures rounded out to one decimal. Antalis delivered sales of 1,287 million in first-half 2015, down 2.4% year-on-year (down 6.8% at constant exchange rates). The favourable FX impact amounted to 63 million and mainly related to the sterling and the Swiss franc. Antalis recorded quarter-on-quarter growth during the period with contrasting performances from one country to another. In Q2, Antalis enjoyed good growth on the back of consolidation in the European paper distribution market following the demise of one of the main market players. Business was especially brisk in the UK and the Benelux countries. However, demand for printing paper continued to contract over the first six months of the year. In light of its proactive policy to streamline its portfolio of suppliers and brands and to protect its gross margins, Antalis faced a stronger decrease in volumes in this sector. In this context, paper activities gross margin improved thanks mainly to higher selling prices in the stock business. Growth continued apace in the Packaging and Visual Communication businesses thanks to the acquisition of PaperlinX UK and Scandinavian businesses in late May and early June, respectively. These acquisitions only had a limited impact on H1 sales ( 14 million) as they were only consolidated for one and two months, respectively. EBITDA jumped 9.5% year-on-year, from 39 million to 43 million. This growth, which was driven by a favourable forex impact, an improved product mix supported by recent acquisitions, the positive impact of consolidation in the European paper distribution market and lower overheads for the supply chain, enabled Antalis to offset the negative impact of contracting printing paper volumes. EBITDA margin grew by 0.3 points and amounted to 3.3% of sales. Recurring operating income was 29 million, compared with 26 million at 30 June 2014. Operating margin came in 0.3 points higher at 2.3% of sales. Page 6 / 12

Antalis' net debt stood at 308 million, 22 million higher than at 30 June 2014. This increase mainly reflects the impact of acquisitions in the packaging sector and higher levels of business in Q2 due to the changes in the European competitive landscape. Antalis also completed its refinancing by setting up a factoring programme. Most of the related amounts are secured through 2018. During the first-half of the year, the group stepped up its development in the strategic packaging and visual communication distribution segments. The acquisitions carried out in Q1 as well as that of Hansapakend in Estonia, which has got the green light from the national competition authority and is scheduled to close in late July, represent annual full-year sales of 130 million. This has considerably strengthened Antalis' competitive position and given it critical mass and a topranking position in the Packaging market with annual sales of approximately 450 million. Packaging and Visual Communication businesses now contribute 36% of Antalis' gross margin on a pro forma basis, up by 4 points compared to 2014. Arjowiggins Key figures millions H1 2015 H1 2014 % change H1 15/H1 14 * Sales 501 521-3.8% EBITDA 30 35-14.1% EBITDA margin (as % of sales) 6.0% 6.8% -0.8 points Recurring operating income 17 22-22.4% Operating margin (as % of sales) 3.4% 4.2% -0.8 points (*) Percentage and margin changes are based on figures rounded out to one decimal. During the first-half of 2015, the decline in printing volumes continued in the standard coated paper and fine papers segment as production capacities were cut as part of the Group's restructuring of its industrial operations. Business was brisk in the Healthcare segment and held up well in the other specialty activities (particularly eco-friendly papers, transfer, laminated and tissue paper). The European banknote paper business was hit by machine downtime. Arjowiggins reported sales of 501 million for first-half 2015, down 3.8% on first-half 2014 (and down 8.6% at constant exchange rates). The favourable forex impact amounted to 27 million. EBITDA came in at 30 million, down 14.1% on H1 2014, and represented 6.0% of sales (a drop of 0.8 points). This decline was mainly attributable to lower volumes of standard coated and fine papers. Higher raw material prices were essentially related to pulp which was affected by the fall in the euro against the US dollar, hitting the Graphic division s results in particular. Conversely, Arjowiggins benefited from an improved product mix and a favourable forex impact on its export sales. Recurring operating income was 17 million, compared with 22 million in first-half 2014. Operating margin came in 0.8 points lower at 3.4% of sales. Arjowiggins has now finalised the restructuring of its printing and writing paper activities. The paper ranges produced at Wizernes and Charavines (France) were transferred on schedule and both mills ceased production at the end of June. The search processes for buyers for Wizernes and Charavines have not turned up any concrete viable offers at the present time. The first redundancy notices were sent out in late June and this process will continue through early August in accordance with the employment protection plan ("PSE"). In late May, Arjowiggins sold Arjo Wiggins Ltda (Brazil) to the Fedrigoni group for an enterprise value of 85 million, including a 5 million earn-out payable in 2016 subject to certain performance conditions. Page 7 / 12

In late June, the Group also sold 85% of its stake in the entities that own the Security Solutions businesses to the Impala group which had acquired all of the receivables under Arjowiggins' syndicated credit facility. In exchange, after repayment of the syndicated facility bridge loan in an amount of 15 million, Impala agreed to waive the balance, enabling Arjowiggins to settle its 125 million syndicated credit facility in full. These disposals carried out during the first-half of 2015 represented sales of 62 million and EBITDA of 14 million. In first-half 2014, they represented sales of 64 million and EBITDA of 12 million. Key figures restated to reflect disposals completed in H1 2015 (H1 2015, H1 2014 and full-year 2014 restated) millions H1 2015 (6 months) Restated H1 2014 (6 months) Restated 2014 (12 months) Restated Sales 439 457 897 EBITDA 16 23 36 EBITDA margin (as % of sales) 3.7% 5.1% 4.0% Recurring operating income 4 11 14 Operating margin (as % of sales) 0.9% 2.4% 1.5% Key figures by division for first-half 2015 millions Graphic Creative papers Security Sales 241 127 133 EBITDA 2 9 19 EBITDA margin (as % of sales) 0.7% 7.2% 14.6% Recurring operating income (4) 7 14 Operating margin (as % of sales) -1.6% 5.5% 10.3% Key figures by division for first-half 2015 restated to reflect disposals completed in H1 2015 millions Graphic Creative papers Security Sales 241 118 80 EBITDA 2 8 6 EBITDA margin (as % of sales) 0.7% 7.2% 7.7% Recurring operating income (4) 7 1 Operating margin (as % of sales) -1.6% 5.6% 1.8% Page 8 / 12

Key figures by division for first-half 2014 millions Graphic Creative papers Security Sales 259 126 136 EBITDA 9 10 16 EBITDA margin (as % of sales) 3.8% 7.6% 12.0% Recurring operating income 1 8 13 Operating margin (as % of sales) 0.4% 6.1% 9.9% Key figures by division for first-half 2014 restated to reflect disposals completed in H1 2015 millions Graphic Creative papers Security Sales 259 113 85 EBITDA 9 9 5 EBITDA margin (as % of sales) 3.8% 7.6% 6.0% Recurring operating income 1 7 3 Operating margin (as % of sales) 0.4% 6.1% 3.8% Page 9 / 12

2015 INTERIM CONSOLIDATED FINANCIAL STATEMENTS Consolidated statement of financial position Assets ( millions) 30.06.2015 31.12.2014 Non-current assets Goodwill 306 378 Other intangible assets 57 63 Property, plant and equipment 233 232 Investments in associates 1 2 Non-current financial assets 14 7 Deferred tax assets 6 6 Other non-current assets 211 204 Total non-current assets 828 892 Current assets Inventories 386 355 Trade receivables 541 468 Other receivables 114 114 Current financial assets 8 11 Cash and cash equivalents 161 183 Total current assets 1,210 1,131 Assets held for sale 4 94 TOTAL ASSETS 2,042 2,117 Equity and liabilities ( millions) 30.06.2015 31.12.2014 Equity Share capital 65 51 Additional paid-in capital 163 135 Cumulative translation adjustment (35) (72) Convertible bonds - 132 Retained earnings and other consolidated reserves 409 342 Shareholders equity 602 588 Non-controlling interests - - Total equity 602 588 Non-current liabilities Provisions 144 163 Long-term debt 248 257 Deferred tax liabilities 5 13 Other non-current liabilities 16 18 Total non-current liabilities 413 451 Current liabilities Provisions 76 63 Short-term debt 188 242 Trade payables 488 527 Other payables 275 231 Total current liabilities 1,027 1,063 Liabilities related to assets held for sale - 15 TOTAL EQUITY AND LIABILITIES 2,042 2,117 Page 10 / 12

Consolidated income statement First-half ( millions) 2015 2014 (1) Sales 1,662 1,720 Purchases consumed and change in inventories (1,134) (1,200) Personnel expenses (275) (262) External expenses (192) (196) Taxes other than income taxes (10) (9) Depreciation and amortisation (24) (25) Net (additions to) reversals of provisions (3) (2) Other operating income (expense) 12 14 Recurring operating income 36 40 Other operating income 95 3 Other operating expenses (107) (80) Other operating income and expenses, net (12) (77) Operating income (loss) 24 (37) Cost of gross debt (11) (22) Other financial income and expenses, net (12) (7) Net financial income (loss) (23) (29) Income tax benefit (expense) (12) (9) Share of earnings of associates - - Net income (loss) from continuing operations (11) (75) Net income (loss) from discontinued operations - (7) Net income (loss) (11) (82) Attributable to: - Sequana's shareholders (11) (82) Earnings (loss) per share - Weighted average number of shares outstanding 65,044,667 48,308,064 - Diluted number of shares 65,044,667 48,308,064 Basic earnings (loss) per share (in ) - Earnings (loss) per share from continuing operations (0.17) (1.56) - Earnings (loss) per share from discontinued operations - (0.14) - - Consolidated earnings (loss) per share (0.17) (1.70) Diluted earnings (loss) per share (in ) - Diluted earnings (loss) per share from continuing operations (0.17) (1.56) - Diluted earnings (loss) per share from discontinued operations - (0.14) - - Consolidated diluted earnings (loss) per share (0.17) (1.70) (1) For 2014 figures reported in 2015, IFRIC 21 has been applied on a retrospective basis. Page 11 / 12

Consolidated statement of cash flows First-half ( millions) 2015 2014 (1) Cash flows from operating activities Operating income (loss) 24 (37) Elimination of non-cash income and expenses: Depreciation, amortisation and provisions (except on current assets), net 12 52 Disposal gains and losses (6) (2) Other operating income and expenses recorded (5) - Income taxes paid (6) (2) Change in operating working capital (96) (151) Net interest expense (17) (26) Change in loans and guarantee deposits (1) - Net cash flows from (used in) operating activities continuing operations (95) (166) Net cash flows from (used in) operating activities discontinued operations - (16) Net cash generated from (used in) operating activities (95) (182) Cash flows from investing activities Expenditure on acquisitions of property, plant and equipment and intangible assets (23) (20) Disposals of property, plant and equipment and intangible assets 10 3 Proceeds from disposals of financial assets - 5 Impact of changes in scope of consolidation 46 - Net cash flows from (used in) investing activities continuing operations 33 (12) Net cash flows from (used in) investing activities discontinued operations - (1) Net cash from (used in) investing activities 33 (13) Net cash generated from financing activities Net change in borrowings and debt 46 29 Change in marketable securities with maturities greater than three months (4) (4) Other cash flows from financing activities (1) - Net cash flows from financing activities continuing operations 41 25 Net cash flows from financing activities discontinued operations - 20 Net cash generated from financing activities 41 45 Effects of fluctuations in foreign exchange rates 3 1 CHANGE IN CASH AND CASH EQUIVALENTS (18) (149) Net cash and cash equivalents at start of period 178 237 Net cash and cash equivalents at end of period 160 88 Increase (decrease) in cash and cash equivalents (18) (149) Analysis of net cash and cash equivalents at end of period Cash and cash equivalents 161 120 Short-term bank borrowings and bank overdrafts (1) (32) Net cash and cash equivalents at end of period 160 88 (2) For 2014 figures reported in 2015, IFRIC 21 has been applied on a retrospective basis. Page 12 / 12