Investor Presentation

Maintaining Market-Leading Position in Canada and Diversifying in the U.S. Manage the secular decline in the Envelope segment by maintaining EBITDA and strong cash flow generation 1. Maintain Leading Position in Canada • Have a disciplined approach to pricing • Leverage national footprint • Drive efficiencies and synergies • Optimize capacity allocation with U.S. volume opportunities 2. Diversify into the U.S. Market Take advantage of a large and fragmented market estimated at U.S.$2.0B o Market share of approximately 6-7% (1) o Can reach 70% of the U.S. envelope market with current footprint (1) • Drive sales and marketing efforts in the U.S. to offset decline in Canada • Utilize expertise and know-how of Canadian plants • Recent acquisition of Royal Envelope provides geographic and addressable market expansion (1) Based on Management estimates 27

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