Investor Presentaiton

Tissue Papers - Modernized Asset Base More than $700 M invested between 2017 - 2021 to strengthen and modernize our platform. 2022 2019 ACTION EQUIPMENT CAPACITY 9% 17% 4 paper machines 9% 26% 104 K s.t. 48% Closed 22% 10% 7 facilities 28 converting lines 16 M cases 18% 82% 64% 62% Added 13 converting lines (6 sites) 15 M cases 33% Moved 5 converting lines (3 sites) 3 M cases Converting Cases Capacity Lines Converting Cases Capacity Lines Tier 1 ■Tier 2 Tier 3 + Acquisition of Orchids Paper Products assets in 2019 (US$235 M) ✓ Improved quality of assets 28

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