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Investor Presentaiton

Virgin Fibre Costs - Index List Prices ($ US/s.t.) 2,000 1,600 1,200 800 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Current (Aug-22) 1,805 VIRGIN PULP (Outlook September 2022): • 1,620 • • • Recent improvements in pulp mill uptime has not yet resulted in a significant improvement in market dynamics Transportation constraints persist, with rail car availability and port congestion continuing to pose challenges but showing signs of recovery Mills adequately supplied Improving logistics and return of production capacity expected to ease some pressure, but potential for continued overall dynamics in the market to remain challenging Source: RISI -NBSK -NBHK Virgin Pulp Prices NBSK (Canadian sources delivered to Eastern US) NBHK (Canada/US sources delivered to Eastern US) Q2 2022 Q1 2022 Q2 2021 Q2/Q2 Q2/Q1 1,743 1,527 1,598 9% 14% 1,517 1,312 1,297 17% 16% 10
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