Investor Presentaiton

Gross Profit Gross Profit (HK$M) 1,281 35.6% USD/ton 1000 900 800 1,737 700 600 500 1Q2020 1Q2021 400 Gross Profit Margin (%) Jan-18 Mar-18 May-18 Pulp Price Movement Vinda Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 • 39.4% 37.7% 37.5% 38.9% 36.9% 37.0% May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Long Fibre - Short Fibre Jul-20 Enhanced portfolio mix • Better cost efficiency . Disciplined pricing 2020 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021 management Sep-20 Nov-20 Jan-21 Mar-21 50

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