#1M ☑ SupremeX (TSX: SXP.TO) Supremex INVESTOR PRESENTATION MAY 2023 1#2Forward Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws, including (but not limited to) statements about the EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Earnings, Adjusted net earnings per share, Free Cash Flow, Net debt, Net debt to Adjusted EBITDA ratio, capital expenditures, dividend payments, and future performance of Supremex and similar statements or information concerning anticipated future results, circumstances, performance or expectations. Forward-looking information may include words such as anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, seek, should, strive, target and will. Such information relates to future events or future performance and reflects current assumptions, expectations and estimates of management regarding growth, results of operations, performance, business prospects and opportunities, Canadian economic environment and ability to attract and retain customers. Such forward-looking information reflects current assumptions, expectations and estimates of management and is based on information currently available to Supremex as at the date of this MD&A. Such assumptions, expectations and estimates are discussed throughout the MD&A for the year ended December 31, 2022 and, in the Company's Annual Information Form dated March 31, 2023. Supremex cautions that such assumptions may not materialize and that economic conditions such as heightened inflation and central banks' large interest rate hikes, economic downturns or recessions, may render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Forward-looking information is subject to certain risks and uncertainties and should not be read as a guarantee of future performance or results and actual results may differ materially from the conclusion, forecast or projection stated in such forward-looking information. These risks and uncertainties include but are not limited to the following: decline in envelope consumption, growth and diversification strategy, key personnel, labour shortage, contributions to employee benefits plans, cyber security and data protection, raw material price increases, operational disruption, dependence on and lost of customer relationships, increase of competition, economic cycles, exchange rate fluctuation, interest rate fluctuation, credit risks with respect to trade receivables, availability of capital, concerns about protection of the environment, potential risk of litigation, no guarantee to pay dividends and global health crisis. In addition, risks and uncertainties arising as a result of the COVID-19 pandemic that could cause results to differ from those expected include, but are not limited to: potential government actions, changes in consumer behaviors and demand, changes in customer requirements, inflationary pressures on input costs and incapacity to pass raw material increases to customers, disruptions of the Company's suppliers and supply chain, availability of personnel and uncertainty about the extent and duration of the pandemic. Such risks and uncertainties are discussed throughout the MD&A for the year ended December 31, 2022 and, in the Company's Annual Information Form dated March 31, 2023 in particular, in "Risk Factors". Consequently, the Company cannot guarantee that any forward-looking information will materialize. Readers should not place any undue reliance on such forward-looking information unless otherwise required by applicable securities legislation. The Company expressly disclaims any intention and assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. 2#3Agenda • INVESTMENT THESIS SUPREMEX OVERVIEW DETAILED SEGMENT OVERVIEW • Envelope Packaging & Specialty Products THE MARKET • Envelope • Packaging & Specialty Products GROWTH STRATEGY • FINANCIAL TRACK RECORD Q1 2023 RESULTS APPENDIX • Q1 Supplemental Information • Reconciliation of Non-IFRS Measures Acquisition Details 3#4Investment Thesis • · Building packaging platform in growing market niches Leading Canadian envelope manufacturer and 2nd largest in North America • • • Strong customer relationships Improved financial performance in the past 4 years Solid cash flow generation . Experienced leadership team • Attractive valuation 4#5Supremex TSX: SXP.TO SUPREMEX OVERVIEW INVESTOR PRESENTATION May 2023 BOBST 5 от#6SupremeX at a Glance Envelope #1 in Canada #2 in North America (1) ENVELOPE: ~70% (2) REVENUE LTM ENDED MARCH 31, 2023 $298M CURRENT RUN RATE ~$350M SupremeX is a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions for large national and multinational customers, direct mailers, solutions providers and e-tailers. ~6,000 17 Customers Manufacturing facilities 2 Packaging #1 Independent folding carton provider in Quebec (1) PACKAGING: ~30%(2) (1) Based on Management estimates (2) Based on current run rate >1,000 SXP.TO TSX Distribution centers Employees 6#7A 45-year History Of Growing By Acquisitions ● • Founded in 1977 by four envelope industry executives Acquired by private equity in 1990; sold to Cenveo in 1995 Focused on envelope manufacturing in Canada Diversifying by geography & product 1991 1994 1996 1998 2000 2001 2006 2007 2008 2010 2011 2014 2015 2016 2017 2018 2020 2021 2022 2023 Innova Envelope PNG Globe Envelopes CML Industries Limited Acquired 75% interest in Classic Envelope Plus Envelope operations of Dominion Blueline Undertook management IPO Premier Envelope Stuart Packaging NPG Envelope Pioneer Envelopes New strategic plan; Bowers Envelope Niagara Envelope Royal Envelope Ltd Impression Paragraph Stewart Durabox Montreal Envelope Conversion from income trust to G2 Printing Inc. Emerson named CEO Paper Inc. Vista Graphic (closed & Pharmaflex Labels Inc. Graf-Pak Q4-22) Commu- nications of Buffalo Envelope and Metro Envelope from Cenveo Corporate development Envelope Canada Corporation Classic Envelope Inc. Envelope U.S. Packaging Royal Envelope Corporation 7#8Vast North American Network Location 1 Richmond, BC Type Envelope Canada 2 Winnipeg, MB Envelope Canada 3 Etobicoke, ON* Envelope Canada & Packaging 4 Mississauga, ON Envelope Canada 5 Concord, ON Envelope Canada 6 Moncton, NB Envelope Distribution Center 7 LaSalle, QC* Envelope Canada & Packaging 8 00 Lachine, QC 9 Laval, QC Packaging Packaging 10 Laval, QC Packaging (Labels) 11 Ville St-Laurent, QC 12 St-Hyacinthe, QC Packaging Packaging Distribution centers 13 Envelope facilities Douglas, MA Envelope U.S. 14 Packaging facilities Indianapolis, IN 15 Indianapolis, IN 16 Niagara Falls, NY Packaging Envelope U.S. Envelope U.S. 17 Buffalo, NY Envelope Distribution Center 18 1,185,915 Square footage 2 Distribution centers 17 Manufacturing facilities 19 * Chicago, IL Naperville, IL Owned Envelope U.S. Envelope U.S. 00 8#9Experienced Leadership Team STEWART EMERSON President & CEO (Director of SXP) JOE BAGLIONE President, Envelope 33 years of industry experience Started at predecessor to Supremex in 1990. Previously VP and GM Central Region and Buffalo Envelope. Responsible for leading many successful M&A integrations. Holds a Bachelor's Degree in Business Administration with a double major in Marketing and Management from Northeastern University of Boston. 30 years of industry experience Joined Supremex over 25 years ago. Sales and management experience within the Canadian and U.S. operations. Previously VP & GM, Eastern Canada Envelope & Label. SIMON PROVENCHER President, Packaging MURRAY RUNDLE VP Marketing & Innovation 20+ years of industry experience Joined Supremex in September 2022. Previously General Manager of Cascades GPS Groupe Carton, responsible for four business units, spanning seven plants in North America. 30+ years of industry experience Joined Supremex over 30 years ago. Sales and sales management experience on the Envelope side and more recently in e-commerce. 6#10Improved Financial Performance Revenue (M$) 226 205 192 272 298 Adjusted EBITDA (M$)(1) 39 33 27 57 64 Net Earnings (M$) 7 7 16 32 28 2019 2020 2021 2022 LTM Q1-23 2019 2020 2021 2022 LTM Q1-23 2019 2020 2021 2022 LTM Q1-23 (1) This is a non-IFRS financial measure. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. 10#11(in '000s of shares) Historical Price Chart (as of May 08, 2023) 2,000 1,500 1,000 500 Shares outstanding Float 26.0M 17.2M $8 Average daily volume (52 weeks on TSX) 46,357 $6.17 52 week (high-low) $7.89-$3.00 $6 Market capitalization $160M $4 $2 0 Apr/18 $0 Oct/18 Apr/19 Oct/19 Apr/20 Oct/20 Apr/21 Oct/21 Apr/22 Oct/22 Apr/23 Volume TSX -Price Source: TMX Money 11 14#12Sustainability in Action We take a leadership role in our industry by implementing several “green initiatives". CARBON REDUCTION PROGRAM • Manufacture as close to the end customer as feasible to limit freight Reduce the carbon footprint associated with the distribution of our products Determine the best possible solution for group deliveries on customer orders to improve freight charges and reduce emissions • Make every effort to challenge our suppliers to continually improve their freight and route optimization to reduce emissions where logically possible "PLEASE RECYCLE" PROGRAM • Offer our customers the option to • print "PLEASE RECYCLE" on the back of their printed envelopes at no additional charge • ~80% (1) of our envelopes are made with FSC or SFI paper from sustainable forests WASTE MANAGEMENT • Aim to reduce our waste within our production cycle as well as the optimization of our recycling • Carton recycle program . Use water-based inks (1) Management estimates RETROFIT LIGHTING • Implemented a highly efficient lighting system in our principal production sites to save energy and reduce greenhouse gas 12 12#13Supremex TSX: SXP.TO DETAILED SEGMENT OVERVIEW INVESTOR PRESENTATION May 2023 6 a 133 13#14The Envelope Segment - Overview The company utilizes an industry leading equipment base and platform to manufacture a broad range of stock and custom envelopes. "Everything in the letter carrier's bag." LTM Revenue as at March 31, 2023 $220M 74.0% 2019-2023 Revenue 157 147 137 200 • 220 ■ Envelope ■ Packaging 2019 2020 2021 2022 LTM Q1-23 . Key Points Optimal geographical network Leading player in Canada with market share of approx. 85% (1) • #2 in size in North America (1) • Broad product offering . Strong customer base Strong EBITDA & cash flow generation • Utilize Canadian expertise and know-how to support the growth in the U.S. (1) Based on Management estimates 14#15The Envelope Segment - Broad Products Offering WELCOME TO AERLAN INSIDE FOR YOUR CATO THE BLUE SKY CREDIT CARD FROM AMERICAN EXPRESE ENJOY THE FREEDOM HOWEVER Product Description Stock Envelopes A generic product that can be used by customers for a variety of applications. Stock envelopes range from the smallest greeting card or coin envelope to jumbo mailers and are made of various colors and grades of paper. Distribution • • Value proposition • • Fine paper merchants Independent envelope printers • Commercial & office stationery suppliers • Broad stock envelope offering Next-day product delivery National distribution network Custom Envelopes Custom envelopes are manufactured according to customer specifications, which may require the collection of over 100 different pieces of information. Examples of custom features include size, color, print, paper quality and window characteristics. • Solution providers (forms manufacturers, large printers, and commercial and office stationery suppliers) • • Process providers (statement preparation providers) Markets directly to corporate end-users of custom envelopes · Direct mail • Broad custom envelope offering • • Flexible and highly customized manufacturing capabilities National distribution network Complementary Services • . • Graphic arts services (basic design and creative activities through to final customer-approved proofs for envelope printing) Comprehensive vendor managed inventory supported by a fully integrated ERP for timely, robust reporting and business intelligence Warehousing and distribution of products are provided to customers seeking to minimize the total cost of buying envelopes, while ensuring availability of supply and timely delivery to support a turnkey one-stop shop and allow for manufacture in economical order quantities • Vast Canada Post and USPS specifications • experience to assist customers with compliance Integrated storefront and Just In Time (JIT) small run ink jet printing 15#16The Envelope Segment - Strong Customer Base Supplier to essential businesses and services Regional Envelope Revenue Distribution (1) 10% 14% 0 31% ■ U.S. ■ Central ■ Eastern Western 45% Contracts • The industry does not typically enter into long-term agreements. Informal agreements are the norm. Supremex Edge • National footprint & local distribution: Local market intimacy • 800 km cost effective delivery • Responsiveness • Diversification of customer base: Large and leading corporations • National resellers • Direct mailers • Wholesalers, solutions providers and others Standardized stock offering in both Canada & the U.S. to support National resellers Extensive Business Continuity Plan (1) For the three-month period ended March 31, 2023 16#17The Packaging Segment- Overview The company manufactures and distributes a diverse range of packaging and specialty products including high-end folding carton packaging, e-Commerce fulfillment packaging solutions and labels. LTM Revenue as at March 31, 2023 $77.5M 26.0% 2019-2023 Revenue 77 • 72 69 58 55 2019 2020 2021 2022 LTM Q1-23 Envelope Packaging Key Points #1 independent folding carton provider in Quebec (1) Diversified customer base Focused on growth & acquisitions • British Retail Council (BRC) & FSC certified • Pharma industry approved • Robust supply chain (1) Based on Management estimates 17#18The Packaging Segment - Diversified Offering Product Description • Folding Carton Made of paperboard that is printed, laminated, cut, then folded and glued High degree of customization E-commerce Specialty Products Innovative products to optimize shipping and reduce over packaging • Pressure sensitive labels, booklets & other inserts . Conformer ProductsⓇ(1) • • Polyethylene bags for courier applications Bubble mailers Enviro-logiX®(2) Medical/dental Distribution • Sold directly to the end-user Target Market customer or their third-party manufacturers through long term supply agreements • Subscription based e-tailers • • Large CPGs • Packaging distributors • Direct to brand • Record sleeves • Photo Specialty products are specially sold across the organization to envelope and packaging customers Pharmaceutical Nutraceutical Brand and environment conscious e-tailers . Wide offering • Cosmetics & fragrances • "Unboxing Experience" (1) Conformer® is a registered trademark of Conformer Products, Inc. (2) Enviro-logiX® is a registered trademark of Envirologix Inc. 18#19The Packaging Segment- Diversified Customer Base Supplier to varied consumer staples and discretionary consumer end-markets. End-market Approximate Packaging Revenue Distribution (1) 22% 10% 0 17% 51% • • Contracts Agreements vary according to the type of packaging and customer Typically, long term RFP-based agreements are entered into with certain larger food distributors Supply agreements are entered into with multinational folding carton customers (Pharma / Health & Beauty) Individual orders, implied ■E.COM & Specialty Products ■Consumer Packaged Goods ■ Pharma Food (1) For the three-month period ended March 31, 2023 contracts and vendor of record are more typical for e-retailers • Supremex Edge Proximity to customer base: . Multinational customers sourcing locally • 1,000 km cost effective delivery Premium customer base: • . • Multinational corporations (health & beauty, nutraceutical & pharmaceutical primarily in Quebec and in the NE U.S.) Third party manufacturers Food distributors, located in Quebec, Ontario and NE U.S. E-tailors and retailers entering the e-space Other: • • Innovation & structural design Vast knowledge of USPS couriers to optimize freight Intellectual property . Vertically integrated 19#20Supremex TSX: SXP.TO THE MARKET TH RIDE WITH PRIDE INVESTOR PRESENTATION May 2023 20 20#21The North American Envelope Market is in Secular Decline Market Size -Sales Competitive Landscape Primary Competitors Through internal growth and acquisitions, Supremex is now the second largest manufacturer in North America Canadian Envelope Market • $140M(1) Supremex is a leading player in the market Comprised of both domestic and foreign manufacturers • . Foreign players are almost exclusively U.S.-based Approximately 5 domestic players Enveloppe Concept Enveloppe Laurentide (combined sales of ~$15M) (1) • U.S. Envelope Market US$2.0B(2) • Fragmented Supremex has approx. 6-7% of the addressable market (1) Significant volume in the Northeast and Midwest Can reach 70% of the U.S. market with existing footprint (1) Cenveo • Tension Envelope IWCO Direct Internet-based electronic bill COVID-19 pandemic: general mail and a reduction in demand for direct and marketing mail, primarily in the U.S Market Trends • Bill consolidation • . (1) According to Management estimates (2) According to the Envelope Manufacturers Association (EMA) The U.S. market is declining much slower than in Canada 21 21#22(in millions of pieces) Transaction Mail Volume Trends in North America Transaction mail volume in Canada has steadily declined since 2017 3,203 3,016 2,824 2017 2018 2019 5-YR CAGR: (6.3%) 2,540 2,478 2,313 2022 2021 2022 Source: Canada Post Corporation 2017-2022 Annual Reports (in millions of pieces) First-class mail volume in the U.S. also decreased, but at a lesser rate 58,834 56,712 54,936 5-YR CAGR: (3.6%) 52,628 50,664 48,940 2017 2018 2019 2020 2021 2022 Sources: USPS, Annual Report to Congress 2017-2022 22#23The North American Packaging Market is Growing Market Size Competitive Landscape Key Players Global Market Statistics Recent Statistics for Canada and the U.S. Market Trends COVID-19 Impact Growing e-commerce activity and sustainability trends support the expansion of paper packaging Paper Packaging Folding Carton Boxes • Largest subsector with approx. 34% (1) of the global consumer packaging market. • Global folding carton packaging market valued at US134.4 billion in 2021(3) Comprised of vertically integrated and non-integrated national and regional paper and packaging companies. Two thirds are large vertically integrated producers that supply and convert paperboard and containerboard; remaining third are smaller non-integrated suppliers. Global paper packaging market is expected to grow at a CAGR of 2.3% between 2022 and 2030(2) driven by growing demand for sustainable packaging solutions. • • The Ellis Group (CAN); Ingersoll Paper Boc (CAN); Beneco Packaging (CAN) Increasing preference for biodegradable packaging over plastic packaging is expected to drive demand for folding cartons in the coming years. Market is expected to grow at a 4.6% CAGR between 2021 and 2027 to US$177.3 billion (3) The Paperboard Packaging Council (4) predicts that between 2021 and 2026, U.S. folding carton tonnage will grow on average by 1.3% per annum, with the value of shipments rising by 7% per annum to reach US$13.3 billion in 2026. In the longer term, the COVID-19 pandemic will likely accelerate the adoption of e-commerce and at-home deliveries. Sustainability trends are expected to support the growth of paper-based packaging as an eco-friendly alternative to single-use plastic packaging by the food industry Surging e-commerce demand has led to an increase in demand for light weight packaging, and a 9.0% increase in demand for corrugate shipping boxes (5) According to a report by the EMA, 75% of e-commerce shipments weighed below 2 kilograms, a new trend in the packaging industry (6). • Shelter in place measures supported greater demand for grocery, healthcare and other consumer staples packaging; demand for luxury related packaging declined (7). The Packaging business requires many of the same core competencies as the Envelope business 1) EY (January 2013) Unwrapping the Packaging Industry, Seven Success Factors. 2) Facts & Factors "Paper and Paperboard Market Size, Historical Data and Forecast 2022- 2030", January 2023. 3) Mordor Intelligence, Folding Carton Packaging Market - Growth, Trends, COVID-19 Impact and Forecasts (2022-2027) 4) Paperboard Packaging Council, Trends: 2022-23 Industry Outlook and Market Data 5) COVID Trickle-Down Tied to Potential Corrugated Shortage, Packaging World, January 21, 2021 6) Envelope Manufacturers Association, A Vision of Our Future, The Globe Envelope Report 2020 7) How the Packaging Industry Can Navigate Through Coronavirus Pandemic, McKinsey & Company, April 2020 23 23#24Package and Parcel Volume Trends in North America Parcel volume handled by Canada Post has dropped below the 2020-21 COVID 19 related spike Even after the 2020-21 COVID-19 related spike, U.S. Package & Parcel volume is much higher than 5 years ago 242 320 296 5-YR CAGR: 3.4% 389 361 6,100 6,116 286 5,507 2017 2018 2019 2020 2021 2022 2017 Source: Canada Post Corporation 2017-2022 Annual Reports 2018 2019 5-YR CAGR: 5.3% 7,538 7,276 7,139 2020 2021 2022 Source: Market Dominant Products. Final Revenue, Pieces, and Weigh by Classes of Mail and Special Services. 2017-2022 24#25Supremex TSX: SXP.TO GROWTH STRATEGY INVESTOR PRESENTATION May 2023 25 25#26Executing on a Three-Pronged Growth Strategy Leverage our Envelope capacity, knowhow and cash flow to fund the pivot to packaging 1 Maintaining its leading position in the Canadian. envelope market by leveraging its national footprint through capacity allocation and consolidation opportunities. 2 Pursuing growth opportunities in the U.S. envelope market both organically and through acquisitions, focusing on a large and attractive market in the Northeastern and Midwestern U.S. 3 Building Supremex' packaging capabilities organically and through acquisitions, with the objective of significantly growing its revenues from this attractive growth market, specifically in the value-added folding carton and e-commerce markets. 26#27Maintaining Market-Leading Position in Canada and Diversifying in the U.S. Manage the secular decline in the Envelope segment by maintaining EBITDA and strong cash flow generation 1. Maintain Leading Position in Canada • Have a disciplined approach to pricing • Leverage national footprint • Drive efficiencies and synergies • Optimize capacity allocation with U.S. volume opportunities 2. Diversify into the U.S. Market Take advantage of a large and fragmented market estimated at U.S.$2.0B o Market share of approximately 6-7% (1) o Can reach 70% of the U.S. envelope market with current footprint (1) • Drive sales and marketing efforts in the U.S. to offset decline in Canada • Utilize expertise and know-how of Canadian plants • Recent acquisition of Royal Envelope provides geographic and addressable market expansion (1) Based on Management estimates 27#28Acquisition of Royal Envelope Corporation Geographic and addressable market expansion in the United States royal lithographers and envelope manufacturers Quick Facts • Concluded on November 1, 2022 • A leading envelope manufacturer and lithography company • Two facilities in the greater Chicago area • Sales of approximately US$38.8 million in the 12-month period ended June 30, 2022 Rationale • • • . Expands our reach in the fragmented U.S. envelope market with a significant presence in the Midwest Established itself as a preeminent direct mail envelope manufacturer in North America Gain access to the direct mail market Provides the necessary capacity and capabilities to support our envelope growth strategy in the U.S. Objectives • Grow our presence in the U.S. direct mail market, especially in the financial services sector Expand our presence westward in the U.S. market • Achieve significant synergies and additional operating efficiencies throughout our network 28#29Diversifying into Paper-Based Packaging in Canada & the U.S. Accelerate diversification into high-value growth markets and execute pivot to Packaging by 2025 3. Diversify into Paper-Based Packaging MAKE ACQUISITIONS TO DEVELOP SCALE • Build capacity closer to the U.S. e-commerce customers GENERATE ORGANIC GROWTH • Generate synergies Expand customer share of wallet • Cross sell labels to packaging and envelope customers • Leverage footprint Integrate new label business with legacy labels Focus on 3 Pillars of Growth FOLDING CARTON • Focus on the high-value end markets of health & beauty and pharma industries • Recent acquisition of Impression Paragraph Inc. provides critical mass in Quebec E-COMMERCE • Focus on supplying retailers and e-tailers with innovative products to optimize shipping and reduce over-packaging LABELS • Focus on health & beauty and pharma industries 29 29#30Recent Acquisitions Enhance Folding Carton Offering to Niche Markets P Quick Facts Paragraph Concluded on January 16, 2023 Integrated provider of paper-based packaging, print and point of sale products Two facilities in Québec (Ville St- Laurent, St-Hyacinthe) Rationale Brings critical mass to folding carton operations in Québec ⚫• Provides available capacity to further expand in key markets Benefit from solid reputation and brand awareness in the marketplace • Sales of approx. $38.6 million in the 12-month period ended Oct. 31, • Additional service offering in commercial, digital and wide-format printing 2022 Objectives · Leverage know-how, capabilities and strong customer relationships Quick Facts • . GRAF PAK inc. Concluded on May 8, 2023 Provider of folding-carton packaging solutions to various commercial markets • One facility in Pointe-Claire, Québec • Sales of approx. $6.7 million in its latest fiscal year Objectives Rationale • Perfect fit with existing • folding carton operations Provides further critical mass in the food and cosmetics markets • Tuck-in acquisition Integrate operations into the Lachine hub within 90 days • Achieve significant synergies and additional operating efficiencies throughout our packaging network • Gain access to new end markets or geographical territories • Yield rapid synergies within the folding carton group 30#31Supremex TSX: SXP.TO FINANCIAL TRACK RECORD INVESTOR PRESENTATION May 2023 31#32(in millions of $) Growing Revenues Successfully managing secular decline of Envelope Segment and diversification into Packaging Segment 297 272 CAGR: 77 226 205 72 16.6% 195 192 179 69 58 35 57 55 CAGR: 220 200 8.4% 144 138 137 147 157 2017 2018 2019 2020 2021 2022 LTM Q1-23 Envelope ■ Packaging Note: Totals may not add up due to rounding. 32#33(in millions of $) Improving Adjusted EBITDA and Margin Focusing on operational leverage and extracting cost efficiencies 15.9% 13.7% 13.2% 26.8 25.2 3.7% 39.0 32.5 20.9% 63.6 21.4% 56.8 17.2% 31.6 28.4 10.4% 10.6% 15.8 7.0% 7.1 7.5 3.7% 2018 -2.5% 2019 2020 2021 -4.8 (1) Adjusted EBITDA Net Earnings 2022 LTM Q1-23 (1) Adjusted EBITDA margin Net Earnings margin (1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. (in %) 33#34Generating Solid Cash Flows Tight working capital management and enhanced profitability have significantly improved cash flow (in millions of $) 11.9 7.6 2018 20.2 2019 14.1 37.0 134.4 30.0 26.1 26.9 24.4 2020 ■ Cash Flows Related to Operating Activities 34.2 27.9 2021 2022 LTM Q1-23 Free Cash Flow (1) (1) This is a non-IFRS financial measure. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. 34#35Optimizing Capital Allocation Returning short term value to shareholders while investing in future growth (in millions of $) 27.7 2018 13.6 2019 ■ Capex 33.6 9.5 36.9 31.4 2020 2021 2022 YTD Q1-23 Acquisitions ■ Dividends Share repurchases Growth investments $124.8M 2018-2023 Return to shareholders $27.9M 2018-2023 35#36Dividend Payments The Board reinstated the quarterly dividend in Q1-22 Dividend payment has been increased twice since then. Currently payment is 3.5 cents per share, up 40% from a year ago. $0.30 $0.26 $0.26 $0.25 $0.20 Reinstated Q1-22 (5 payments in 2022) 25.0% 20.0% 15.0% $0.15 10.6% 10.7% $0.10 $0.065 Suspended the dividend in Q1-20 due to COVID-related uncertainty $0.140 $0.135 10.0% 5.0% $0.05 $0.00 3.2% 2.3% 2.4% $0.00 2018 2019 2020 0.0% 2021 0.0% 2022 2023E Dividend Yield Note: 2018 to 2022 dividend yield based on December 31 stock price. 2023E dividend yield based on annualized latest dividend declared and most recent stock price as shown on page 11. * Projected based on YTD payments and the latest declared quarterly dividend. 36#37Healthy Balance Sheet And Leverage Position Debt reduction from strong cash flow generation Total Debt Targeting a leverage ratio below 2.0x Net Debt to Adj. EBITDA Ratio (1) 56.7 54.0 53.7 54.7 53.6 52.5 53.4 44.6 51.2 38.0 81.4 79.0 2.1x 2.0x 1.6x 6.4 3.0 0.1 0.3 0.3 2.2 0.3 1.9 2.1 0.2 0.3 0.3 2018 2019 2020 2021 2022 31-Mar-23 Net Debt Cash -Total 1.2x 1.0x 0.9x 2018 2019 2020 2021 2022 31-Mar-23 Deferred Financing Costs (1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Please refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. 37#38Supremex TSX: SXP.TO Q1-2023 RESULTS INVESTOR PRESENTATION May 2023 38#39Q1-2023 Highlights • Solid Q1 results • • • • 39.8% revenue growth, reaching $88.4M, including a $12.0M contribution from Royal Envelope and a $7.8M contribution from Paragraph 13th consecutive quarter of Y/Y improvement in Adjusted EBITDA (1), amounting to $18.8M, or 21.3% of revenue, up from $12.2M, or 19.1% of revenue last year Net earnings increased 50.7% to $9.5M, or $0.37 per share, versus $6.3M, or $0.24 per share, last year Packaging revenue increased 28.7% to $24.0M; Adj. EBITDA margin (1) of 16.1%, vs. 22.5% last year Envelope revenue up 44.4% to $64.5M; Adj. EBITDA margin (1) of 26.8%, up from 22.4% last year Acquisitions of Paragraph on January 16, 2023 and Graf-Pak Inc. on May 8, 2023 (1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Please refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. 39#40Solid Revenue Growth Revenue (M$) $88.4 Variance Analysis 39.8% 24.0 (M$, except %) Envelope Packaging TOTAL $63.3 18.6 Q1-22 Revenue 44.6 18.6 $63.3 Volume 3.1% 64.5 Average 40.1% 44.6 selling price Q1-23 64.5 24.0 $88.4 Revenue Q1-22 Q1-23 Variation 44.4% 28.7% 39.8% ■ Envelope ■ Packaging Note: Totals may not add up due to rounding. Envelope: Highlights (+) Contribution from Royal Envelope (+) Higher average selling price from more favourable customer and product mix in U.S. (+) Price increases implemented in 2022 (+) Favourable FX conversion effect Packaging: (+) Contribution from Paragraph (+) Increased demand from e- commerce (-) Wind down of Durabox operations (-) Residual effect from interrupted and sub-optimal production following relocation of a folding carton plant 40#41Improved Adjusted EBITDA YOY for the 13th Consecutive Quarter Adjusted EBITDA (M$) (¹) & margin (%) $18.8 Net earnings (M$) Highlights $9.5 (+) Higher revenue 3.8 55.9% $12.1 50.7% $6.3 21.3% 10.7% 4.2 19.1% 17.3 10.0% 10.0 -2.1 Q1-22 Envelope Packaging -2.3 Q1-23 Corporate Margin Q1-22 Q1-23 (+) Higher envelope average selling price (+) More favourable customer and product mix (-) Higher cost of sales and SG&A (-) Residual effects on profitability from TMR relocation (1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. 41#42Increased Net Earnings and Adjusted Net Earnings (1) Net earnings (M$) & EPS Adjusted net earnings (1) (M$) & per share(1) Elements $9.5 $9.8 50.7% $6.3 55.6% $6.3 Acquisition costs Restructuring expenses $0.37 $0.38 Value adjustment on acquired inventory $0.24 $0.24 Q1-22 Q1-23 Q1-22 Q1-23 (1) This is a non-IFRS financial measure. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. 42#43Healthy Cash Flow Generation Cash flow related to operating activities (M$) Free cash flow(1) (M$) Highlights $7.5 $0.2 Q1-22 Q1-23 $3.4 (+) Higher net earnings (+) Lower working capital requirements (-) Higher capital expenditures -$0.1 Q1-22 Q1-23 (1) This is a non-IFRS financial measure. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. 43#44Financial Position Remains Solid Total Debt (M$) Net Debt to Adj. EBITDA Ratio (1) Highlights 1.2x 81.4 79.0 54.7 52.5 السا انس 44.8 36.7 33.1 34.6 32.5 41.7 3.0 0.1 0.4 1.7 0.4 0.2 0.3 1.9 2.1 0.3 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Net Debt Deferred Financing Costs Cash -Total Q1 increase in debt and leverage reflects the Paragraph acquisition • Ample liquidity available Well below target level of 2.0x (1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non- IFRS Financial Measures section at the end of this presentation for further details. 44#45Outlook Positive factors Operating at a high-capacity level given labor availability Strong team, broad product offering, geographical diversification, solid supplier relationships Short-term concerns • New order intake from certain customers has slowed down • Working through excess inventory built via over-ordering when supply was tight in 2022 • Markets more sensitive to broad macroeconomic fluctuations Priorities • Focus on the integration of recent acquisitions while actively seeking to capture all sales and cost synergies Improve efficiency and asset utilization following the transfer of folding carton operations to the Lachine facility • Continue the search for strategic acquisitions, mainly in Packaging Financial position and cash flow are strong; strategy remains intact 45#46SupremeX TSX: SXP.TO APPENDIXxixixixixixi80 M INVESTOR PRESENTATION May 2023 区 46#47Q1 Supplemental Information - Summary Selected Consolidated Financial Information (In thousands of dollars, except for margins) Three-month periods ended March 31 2023 2022 Revenue Operating Expenses Selling, general and administrative expenses 88,422 63,269 58,061 43,069 11,811 8,316 Operating earnings before depreciation, amortization and other items (1) 18,550 11,884 Net Earnings 9,497 6,302 Net Earnings Margin (%) 10.7% 10.0% Adjusted EBITDA(2) 18,841 12,083 Adjusted EBITDA Margin (%) Cash Flows related to Operating Activities Free Cash Flow (2) 21.3% 19.1% 7,541 211 3,403 (104) (1) (2) Other items include restructuring expenses, gain on disposal of property, plant and equipment, net financing charges and income tax expense. This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. 47 47#48Q1 Supplemental Information - Segmentation Selected Consolidated Financial Information (In thousands of dollars, except for margins) Three-month periods ended March 31 2023 2022 Segmented Revenue Envelope Packaging & specialty products Total revenue Segmented Adjusted EBITDA (1) Envelope % of segmented revenue Packaging & specialty products % of segmented revenue Corporate and unallocated costs 64,455 44,639 23,967 18,630 88,422 63,269 17,268 9,981 26.8% 22.4% 3,849 4,188 16.1% 22.5% (2,276) (2,086) Total Adjusted EBITDA (1) 18,841 12,083 Total Adjusted EBITDA margin %(1) 21.3% 19.1% Net Earnings 9,497 6,302 Net Earnings margin % 10.7% 10.0% (1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Refer to the Non-IFRS Financial Measures section at the end of this presentation for further details. 48#49Non-IFRS Financial Measures Non-IFRS Measure EBITDA Definition Adjusted EBITDA Adjusted EBITDA margin EBITDA represents earnings before net financing charges, income tax expense, depreciation of property, plant and equipment and right-of- use assets and amortization of intangible assets. The Company uses EBITDA to assess its performance. Management believes this non-IFRS measure, provides users with an enhanced understanding of its operating earnings. Adjusted EBITDA represents EBITDA adjusted to remove items of significance that are not in the normal course of operations. These items of significance include, when applicable, but are not limited to, charges for impairment of assets, restructuring expenses, value adjustment on inventory acquired and business acquisition costs. The Company uses Adjusted EBITDA to assess its operating performance, excluding items that are not in the normal course of operations. Management believes this non-IFRS measure, provides users with enhanced understanding of the Company's operating earnings and increase the transparency and clarity of the Company's core results. It also allows users to better evaluate the Company's operating profitability when compared to previous years. Adjusted EBITDA margin is a percentage corresponding to the ratio of Adjusted EBITDA divided by revenue. The Company uses Adjusted EBITDA margin for purpose of evaluating business performance, excluding items that are not in the normal course of operations. Management believes this non-IFRS measure, provides users with enhanced understanding of its results and related trends. Adjusted net earnings Adjusted net earnings represents net earnings excluding items of significance listed above under Adjusted EBITDA, net of income taxes. The Company uses Adjusted net earnings to assess its business performance and profitability without the effect of items that are not in the normal course of operations, net of income taxes. Management believes this non-IFRS measure, provides users with an alternative assessment of the Company's earnings without the effect of items that are not it the normal course of operations making it valuable to assess ongoing operations and trends in the business performance. Management also believes this non-IFRS measure provides users with enhanced understanding of the Company's results and provides better comparability between period. 49#50Non-IFRS Financial Measures Non-IFRS Measure Adjusted net earnings per share Free Cash Flow Net debt Net debt to Adjusted EBITDA ratio Definition Adjusted net earnings per share represents Adjusted net earnings divided by the weighted average number of common shares outstanding for the relevant period. The Company uses Adjusted net earnings per share for purposes of evaluating performance and profitability, excluding items that are not in the normal course of operations of the Company, net of income taxes, on a per share basis. This measure corresponds to net cash flows related to operating activities according to the consolidated statements of cash flows less additions (net of disposals) to property, plant and equipment and intangible assets. Management considers Free Cash Flow to be a good indicator of the Company's financial strength and operating performance because it shows the amount of funds available to manage growth, repay debt and reinvest in the Company. Management considers this measure useful to provide investors with a perspective on its ability to generate liquidity, after making capital investments required to support business operations and long-term value creation. Net debt represents the Company's total debt, net of deferred financing costs and cash. The Company uses Net debt as an indicator of its indebtedness level and financial leverage as it represents the amount of debt that is not covered by available cash. Management believes that investors could benefit from the use of net debt to determine a company's financial leverage. Net debt to Adjusted EBITDA ratio represents Net debt divided by trailing 12-month (TTM) Adjusted EBITDA. This ratio is used by management to monitor the Company's financial leverage and management believes certain investors use this ratio as a measure of financial leverage. 50#51Reconciliation of Non-IFRS Financial Measures Reconciliation of Net Earnings to Adjusted EBITDA Three-month periods (In thousands of dollars, except for margins) ended March 31 2023 2022 Net Earnings Income tax expense Net financing charges Depreciation of property, plant and equipment Depreciation of right-of-use assets Amortization of intangible assets 9,497 6,302 3,404 2,084 1,470 443 1,547 1,250 1,346 1,084 1,193 908 EBITDA 18,457 12,071 Acquisition costs related to business combinations 191 12 Restructuring expenses 126 Value adjustment on acquired inventory through a business combination 67 Adjusted EBITDA 18,841 12,083 Adjusted EBITDA Margin (%) 21.3% 19.1% 51#52Reconciliation of Non-IFRS Financial Measures Reconciliation of Net earnings to Adjusted net earnings and of Net earnings per share to Adjusted net earnings per share (In thousands of dollars, except for per share amounts) Net Earnings Adjustments, net of income taxes Three-month periods ended March 31 2023 2022 9,497 6,302 Acquisition costs related to business combinations 140 9 Restructuring expenses 93 Value adjustment on acquired inventory through a business combination 50 Adjusted Net Earnings 9,780 6,311 Net earnings per share Adjustments, net of income taxes, per share Adjusted net earnings per share 0.37 0.24 0.01 0.38 0.24 52#53Reconciliation of Non-IFRS Financial Measures Reconciliation of Net Earnings to Adjusted EBITDA LTM Q1-23 2022 2021 2020 2019 2018 (In thousands of dollars, except for margins) Revenue Net Earnings 297,619 272,467 226,430 204,604 191,669 195,087 31,631 28,436 15,752 7,495 7,088 (4,793) Income tax expense 10,977 9,657 5,301 2,789 3,057 4,075 Net financing charges 3,597 2,571 2,226 3,073 3,435 1,841 Depreciation of property, plant and equipment 6,096 5,799 5,314 5,442 4,837 4,295 Depreciation of right-of-use assets 4,792 4,529 4,830 5,091 4,697 Amortization of intangible assets 4,047 3,762 3,381 3,356 2,193 2,088 EBITDA EBITDA (%) 61,140 54,754 36,804 27,246 25,307 7,506 20.5% 20.1% 16.3% 13.3% 13.2% 3.8% 1,536 Asset Impairment Restructuring expense (recovery) New facility start-up costs Expense for contingent remuneration related to business combinations Acquisition costs related to business combinations 729 550 164 97 58 Value adjustment on acquired inventory through a business combination Adjusted EBITDA Adjusted EBITDA Margin (%) 194 127 555 63,599 56,841 39,042 32,504 25,241 26,818 21.4% 20.9% 17.2% 15.9% 13.2% 13.7% 53 2,074 2,770 16,137 1,410 1,836 (124) 1,219 333 1,623#54Reconciliation of Non-IFRS Financial Measures Reconciliation of Net Earnings to Adjusted Net Earnings LTM Q1-23 2022 2021 2020 2019 2018 (In thousands of dollars, except for per share amounts) Net Earnings Adjustments, net of income taxes Asset impairment 31,631 28,436 15,752 7,495 7,088 (4,793) Restructuring expense (recovery) New facility start-up costs Expense for contingent remuneration related to business combination 1,535 2,051 16,137 1,137 1,043 1,359 (92) 902 246 1,623 Acquisition costs related to business combinations 538 407 122 72 42 Value adjustment on acquired inventory through a business combination 144 94 411 Adjusted Net Earnings 33,450 29,980 17,409 11,388 7,038 14,115 Weighted average number of shares 26,056 26,153 27,195 28,061 28,198 28,346 Net earnings per share 1.22 1.09 0.58 0.27 0.25 (0.17) Adjustments, net of income taxes, in dollar per share 0.07 0.06 0.06 0.14 0.67 Adjusted Net Earnings per share 1.29 1.15 0.64 0.41 0.25 0.50 54 54#55Reconciliation of Non-IFRS Financial Measures Reconciliation of Cash flows related to operating activities to Free Cash Flow (In thousands of dollars) LTM Q1-23 2022 2021 2020 2019 2018 Net cash flows related to operating activities 34,243 26,914 29,996 37,025 20,181 11,937 Acquisition (net of disposals) of property, plant and equipment (6,108) (2,180) (3,304) (2,117) (5,519) (4,011) Acquisition of intangible assets (267) (372) (550) (460) (565) (344) Free Cash Flow 27,868 24,362 26,142 34,448 14,097 7,582 55#56Reconciliation of Non-IFRS Financial Measures Reconciliation of Cash flows related to operating activities to Free Cash Flow (In thousands of dollars) Net cash flows related to operating activities Acquisition (net of disposals) of property, plant and equipment Acquisition of intangible assets Free Cash Flow Q1-23 2022 Q4-22 Q3-22 Q2-22 Q1-22 2021 Q4-21 Q3-21 Q2-21 Q1-21 7,541 26,914 11,739 4,538 10,426 211 29,996 13,821 6,738 4,905 4,532 (4,133) (2,180) (1,475) (324) (175) (206) (3,304) (1,132) (1,485) (398) (289) (5) (372) 3,403 24,362 10,193 (71) (176) (16) 4,038 10,235 (109) (550) (408) (104) 26,142 12,281 (83) (52) (7) 5,170 4,455 4,236 56 56#57Reconciliation of Non-IFRS Financial Measures Net Debt to Adjusted EBITDA ratio (in thousands of dollars) Q1-2023 Q4-2022 Q3-2022 Q2-2022 Q1-2022 Total debt 81,352 54,748 33,053 36,673 44,878 Deferred financing costs (267) (334) (342) (389) (141) Cash (2,119) (1,929) (205) (1,727) (3,050) Net debt 78,966 52,485 32,506 34,557 41,687 Adjusted EBITDA 63,599 56,841 53,726 46,929 41,577 Net debt to adjusted EBITDA ratio 1.2 0.9 0.6 0.7 1.0 57#58Reconciliation of Non-IFRS Financial Measures Net Debt to Adjusted EBITDA ratio Q1-2023 2022 2021 2020 2019 2018 (in thousands of dollars) Total debt 81,352 54,748 44,529 56,750 53,815 54,014 Deferred financing costs (267) (334) (178) (307) (343) (120) Cash (2,119) (1,929) (6,365) (3,036) (2,223) (309) 78,966 63,599 Net debt Adjusted EBITDA Net debt to adjusted EBITDA ratio 1.2 0.9 1.0 1.6 2.0 2.1 52,485 37,986 53,407 51,249 53,585 56,841 39,042 32,504 25,406 26,041 58#59Acquisition Details Acquired Company Date Location Description May 8, 2023 Graf-Pak Inc. Quebec January 16, 2023 Impression Paragraph Inc. Quebec November 1, 2022 February 4, 2022 March 8, 2021 Royal Envelope Corporation Niagara Envelope Chicago, Illinois Niagara, New York Vista Graphic Communications February 18, 2020 Royal Envelope Ltd. Canada April 30, 2018 Groupe Deux Printing Laval, Quebec / Pharmaflex Labels July 20, 2017 Stuart Packaging Quebec August 26, 2016 Bowers Envelope Company Indiana December 1, 2015 October 8, 2015 September 16, 2010 Premier Envelope Canada Classic Envelope Massachusetts Pioneer Envelope British Columbia Indianapolis, Indiana Provider of folding carton packaging solutions Integrated provider of paper-based packaging, print and point of sale products. Envelope manufacturer and lithography company providing direct mail solutions for the financial services sector. A very small regional manufacturer of envelopes in Niagara, New York. Printing and packaging solutions manufacturer focused on highly customized folding cartons and micro flute packaging and serves clients primarily in the medical, dental and publishing markets. A leading Eastern Canada based envelope manufacturer and printer. Groupe Deux Printing: in-house pre-press operations and leading-edge manufacturing and printing technology Pharmaflex: manufacturer of folding carton packaging and labels primarily for the pharmaceutical industry. Leading eco-friendly provider of folding carton packaging for the consumer market. Offers packaging and finishing solutions for multinational companies in the cosmetics, nutraceutical, fragrance and pharmaceutical industries. A manufacturer and printer of envelopes strategically located at "The Crossroads of America". An established manufacturer of stock and custom envelopes, principally operating in Western Canada. A manufacturer and printer of envelopes, serving the greater Boston and New York City areas. A manufacturer and printer of envelopes, serving British Columbia and Alberta markets September 16, 2008 Montreal Envelope / Metro Envelope Quebec & Ontario A manufacturer and printer of envelopes, serving Quebec and Ontario markets August 9, 2007 2000 NPG Envelope Ontario & Manitoba CML Industries Ontario A manufacturer and printer of envelopes, serving the Canadian market Included Regional Envelope Products Inc., Transit Envelope Inc. (Montreal), Precision Fine Papers Inc. and CML's Specialty Paper Products division. Acquired the assets of the envelope division. 1998 Dominion Blueline Quebec 1996 PNG Products Inc., PAC National Group and PNG Enveloppe Internationale Inc. Canada A manufacturer and printer of envelopes, serving the Canadian market 1991 Innova Envelope Canada A manufacturer and printer of envelopes, serving the Canadian market 59#60Supremex www.supremex.com Head Office 7213 Cordner Street LaSalle, Quebec H8N 2J7 [email protected] Tel: (514)-731-0000 extension 229