Half-year Report 2021

USD/ton 1100 1000 900 800 700 009 500 400 Jan-18 Gross Profit Margin Pulp Price Movement 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 Feb-19 Mar-19 6T-Jew Apr-19 Apr-19 May-19 May-19 Jun-19 6T-unc Gross Profit (HK$M) 2,941 15.4% 3,394 Gross Profit Margin (%) 38.5% 37.4% H1 2020 H1 2021 H1 2020 H1 2021 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Half-year Report 2021 Long Fibre Short Fibre ✰ Continuous focus in premium portfolio and personal care ✰ Improved operational efficiency ✰ Disciplined pricing management Nov-20 Dec-20 Dec-20 Jan-21 Jan-21 Feb-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 8 Vinda

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