Investor Presentation

The 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

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