Press release

Velsen, 8 November 2012 (before market opening) CROWN VAN GELDER TRADING UPDATE NOVEMBER 2012 CVG EXPECTS SLIGHT NET PROFIT FOR FULL YEAR 2012 SALES VOLUMES KEEP UP WELL DESPITE ONGOING MARKET PRESSURE SALES GROWTH IN NEW PRODUCTS WELL ON TRACK

Operating review

Results

Crown Van Gelder (CVG) maintains its outlook, as announced at the publication of the half year results, and expects the 2012 full year to be profitable. Based on current insights a net profit is forecasted between breakeven and EUR 1 million (excluding non-recurring items).
In the first half of 2012, net profit amounted to EUR 1.8 million, a clear improvement of results compared to the previous year. Net result in the second half of 2012 will be negative, mainly due to increased pulp prices and a scheduled power plant overhaul. Sales volumes keep up well, especially sales in newly developed (NBD) products.

Market developments

The traditional summer holiday softness in order intake was less pronounced than in previous years, but order volume after the holiday period was more subdued than usual.
The structural decline in demand for graphical papers, the economic recession in Europe and uncertainties regarding the further economic outlook have an adverse impact on market sentiment. In the European market for WFU (woodfree uncoated) paper on reels the order volume up to and including October decreased by 10% in comparison with the same period last year.

Despite these adverse market developments, CVG s sales volume for the full year 2012 (compared to 2011) is forecasted to increase by 6% to 215,000 ton, clearly outperforming market trends. Especially sales growth in newly developed products contributes to the strong
performance of CVG. The company has its full focus on the commercialisation of these products which offer better selling margins than traditional graphical papers. The commercialisation programme is well on track and NBD sales in 2012 will be approximately one-third of the total sales volume, in line with the target for this year.

In Q3 2012, CVG has further expanded its customer base in specialty paper for high-speed colour inkjet printers. Sales in digital printing papers showed solid growth, giving a further boost in CVG s leading position in this market.

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Pulp prices


Pulp is the most important raw material for CVG s papers and also the largest input cost in the papermaking process. A drop in pulp prices in the last quarter of 2011 contributed to lower input costs and better selling margins for CVG in the first half of 2012. However, during the first half of

2012 pulp prices rose again, especially of short fibre pulp which is the most relevant for CVG s products. The strengthening of the USD compared to the EUR during several months led to an extra cost push for CVG in EUR terms, putting a downward pressure on selling margins, particularly in the second half of 2012.

Capex and financial position


For the full year 2012, capital expenditure is expected to be roughly EUR 6 million, which includes a large part of the investments for the (quadrennial) overhaul of the power plant and additional investments in the paper machines. Investments in the paper machines are aimed at increasing operating efficiency and to better meet new product and customer requirements. The overhaul of CVG s power plant is scheduled for the latter half of November, which will take extra paper machine downtime of over one week. The overhaul and reduced production capacity will have a negative impact on operations and results. Deliveries to customers will not be impacted by the temporary downtime of paper machines.
Capital expenditure and working capital requirements can be financed through operating cash flow and available credit lines.

Strategic review

During the last year CVG has, with support of a corporate finance adviser, explored the opportunities for cooperation with other market players. The extensive search has not materialised in a tangible outcome to date. As announced earlier, good contacts with several parties have been established and the company will remain open to opportunities for cooperation, but for now the active search for a partner has been terminated.

Mission 2016

CVG is currently working on a further outline of its mission and goals for the period up to and including 2016. The company will build further on its core strengths, especially its customer orientation and flexibility of operations. The company has defined three focus areas: printing, label and packaging, to distinguish itself better among larger competitors and to promote profitable business opportunities.
In order to further optimise its market approach and customer relations, CVG will also restructure the sales organisation. Both internally and externally, the structure will create a stronger commercial focus and a clearer business profile as a supplier of quality products in differentiated markets. The organisational transition is expected to be effected as from 1
January 2013.

The new market approach will be the core of Mission 2016 . The full strategic review will be published at the 2012 annual results announcement in February 2013.
Crown Van Gelder will publish the 2012 annual results on 8 February 2013 (before market opening).

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For more information, please contact:

Henk van der Zwaag, CFO, tel. + 31 (0)251 262 201
Internet site: www.cvg.nl
Profile:
Crown Van Gelder N.V. is a specialist paper manufacturer with around 280 staff. The company develops, produces and sells high-quality speciality products in the woodfree uncoated and single-coated paper sectors. The product portfolio includes customised solutions for self- adhesive labels and base paper grades that are coated, metallised or provided with a (polyethylene) PE coating, and paper products suited as packaging materials for use in combination with foodstuffs, and a series of speciality paper products designed to print forms, direct mail, envelopes, books, and manuals. Crown Van Gelder N.V. is listed on NYSE Euronext Amsterdam.

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