Investor Presentaiton

1000 900 800 700 600 500 400 Gross Margin Expansion Gross Profit (HK$M) Gross Profit Margin (%) 4,187 2018 19.1% 4,985 Pulp Price Movement 2019 Long Fibre Short Fibre Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 2.9ppts 31.0% 28.1% 2018 2019 Vinda Significant improvement in GPM: Decrease in pulp price • Portfolio mix enhancement Strong growth of premium products 6

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