Stora Enso in Agreement with Cerberus to Change Capital Structure of NewPage

July 20, 2009

Cleary Gottlieb is representing Stora Enso in its agreement with NewPage and NewPage's largest shareholder, Cerberus, that provides for the modification of NewPage's capital structure through a series of concurrent transactions, including a potential contribution and cancellation of a portion of the debt of NewPage held by Stora Enso and the debt of NewPage being acquired by Cerberus. The current capital structure of NewPage has been in place since December 2007, when Stora Enso, represented by Cleary Gottlieb, sold its North American operations to NewPage in exchange for cash, 20% of the equity of NewPage and $200 million of debt.

Stora Enso is one of the world's largest paper companies and the world leader in forest industry sustainability.

NewPage is the largest coated paper manufacturer in North America.

Cerberus is a leading private equity firm.