Investor Presentaiton

Containerboard - Market The North American market offers good returns and attractive growth potential North American Containerboard Expected Production¹ North American Capacity and Operating Rate¹ 5-Yr CAGR : +1.6% 5.0 5.6 6.0 6.3 6.5 6.5 5.7 5-Yr CAGR: +1.9% 49.1 49.4 48.3 46.9 44.9 45.7 43.2 2021-26 42.9 93.7% average: 34.7 37.3 37.3 37.5 38.4 39.3 39.8 94.0% 93.8% 93% 93.4% 92.9% 92.5% 93.2% 91.3% 2020 2021 2022 2023E 2024E 2025E 2026E 2019 2020 2021 2022 2023E 2024E 2025E 2026E Capacity (M Tons) -Operating Rate ■Containerboard consumption (M Tons) ■Net Exports (M Tons) 0.3% 2019 Box Shipment Growth¹ 3.5% 2.6% 2020 2021 Avg Annual Shipment Growth = 1.9% 2.2% 2.1% 1.8% 1.1% 0.8% 2022 2023E 2024E 2025E 2026E North American Containerboard Market Share² 32% Top 4 players = 75% 22% 11% 10% 10% International Paper GP ■Cascades WestRock Others New Indy PCA Pratt GB 1 Source: RISI North American Paper Packaging Forecast 5-year (July 2022) 2 Source: FisherSolve N/A Containerboard, accessed May 18, 2021. Other category includes all players with 2% or less market share. Does not include Bear Island. 3% 3% 4% 5% 17

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