Investor Presentaiton

Sector Competitiveness Operating Expenses - Pulp and Paper Truck transportation as a percentage of operating expenses are highest in NB. Pulpwood and petroleum products are second highest for NB. Pulp and Paper Industry Operating Expenses as % of Total, 2015 14% 12% 10% 8% 6% oo ou ove go 4% 2% 0% Electricity Pulpwood Truck transportation services Petroleum products Taxes on products Wood by- products Source: Statistics Canada, CANSIM Table 381-0035 ■NS NB PQ ON

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