Investor Presentaiton

Industry consolidation to accelerate with new capacity Top 5 producers represented 40% in 2022 Nine Dragons 15,920 APP 13,110 Chenming 5,020 Huatai 3,020 Sorted by Paper & board production in 2022 Thousand tonne Fujian Sun Paper 8,338 China Paper Liansheng Corp. 2,860 2,680 Long Chen 2,420 Asia Symbol 1,969 Zhejiang Dongg... Jingxing Jianhui Vinda 1,571 1,450 1,390 Lee&Man 6,616 Xinxiang Don... Century Sunshine 1,960 Xinya... Dongg... Jinz... 1,320 Taison Shanying 6,148 Wuhan Gold Pheonix... 1,145 UPM Z... 870 L... Hen... Henan 1,280 Longyu... | Yong... Others 38,717 Valmet 19 November 14, 2023 O Valmet | Investor site visit to Jiading, Shanghai

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