Let’s take a look at our Working Capital position. ____ today, Working Capital ____ $46 million. That’s ____ our RFQ1 level and $9.4 million ____ than last year. Last year’s variation was mainly ____ lower raw material stocks, linked to reduced volumes — 18 tonnes versus 10 in RFQ2. ____ Creditors, creditor days increased by 15 days in line with our plan to maintain a healthy balance between debtors and creditors. Payables were also impacted by the capitalization used to cancel group creditors, in the context of government restrictions on foreign payments. Inventories ____ $42.8 million, broadly in line with last year and slightly higher than RFQ1. Stock levels overall remain stable. ____ the chart, paper inventory has been declining since 2022, with a drop in 2023 due to the BBBB mill stoppage during the Size Press implementation, and additionally, lower stock in transit ____ the import restrictions mentioned earlier. ____ RFQ1, the change in Working Capital was negatively affected by higher inventories and receivables, partly offset by higher payables. Inventories increased by $8.5 million over the last five months, mainly due to ____ price increases and stock ____ after import restrictions. ____, Working Capital as a percentage of sales ____ 17%, which is 2.9 percentage points higher than RFQ1 and 2.0 points higher than last year.

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