September 2016

Sappi Limited

Roadbook

2

Forward-looking statements

Certain statements in this release that are neither reported financial results nor other historical information, are forward-looking statements, including but not limited to

statements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. The words “believe”, “anticipate”, “expect”,

“intend”, “estimate”, “plan”, “assume”, “positioned”, “will”, “may”, “should”, “risk” and other similar expressions, which are predictions of or indicate future events and

future trends and which do not relate to historical matters, identify forward-looking statements. In addition, this document includes forward-looking statements relating

to our potential exposure to various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity price risk. You should not rely on

forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases beyond our control and may

cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such

forward-looking statements (and from past results, performance or achievements). Certain factors that may cause such differences include but are not limited to:

• the highly cyclical nature of the pulp and paper industry (and the factors that contribute to such cyclicality, such as levels of demand, production capacity,

production, input costs including raw material, energy and employee costs, and pricing);

• the impact on our business of adverse changes in global economic conditions;

• unanticipated production disruptions (including as a result of planned or unexpected power outages);

• changes in environmental, tax and other laws and regulations;

• adverse changes in the markets for our products;

• the emergence of new technologies and changes in consumer trends including increased preferences for digital media;

• consequences of our leverage, including as a result of adverse changes in credit markets that affect our ability to raise capital when needed;

• adverse changes in the political situation and economy in the countries in which we operate or the effect of governmental efforts to address present or future

economic or social problems;

• the impact of restructurings, investments, acquisitions, dispositions and other strategic initiatives (including related financing), any delays, unexpected costs or

other problems experienced in connection with dispositions or with integrating acquisitions or implementing restructurings or other strategic initiatives, and

achieving expected savings and synergies;

• currency fluctuations.

We undertake no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances

or otherwise.

Forward-looking statements and Regulation G

Regulation G disclosure Certain non-GAAP financial information is contained in this presentation that management believe may be useful in comparing the company’s operating results from

period to period. Reconciliation's of certain of the non-GAAP measures to the corresponding GAAP measures can be found in the quarterly results booklet for the

relevant period. These booklets are located in the ‘Investors | Financial information’ section of www.sappi.com.

3

Agenda

Overview

Products

Strategy

Results

Divisions

Sappi Europe

Sappi North America

Sappi Southern Africa

Sustainability

Conclusions

4

Sappi Limited

#2 Global producer of coated woodfree paper (48% of sales)

Forecast: Capacity and demand down 1% through 2020*

Overview

#1 Global producer of dissolving wood pulp (17% of sales)

Forecast: Demand up 5% and capacity up 6% through 2019**

* EMGE March 2016 ** Hawkins Wright September 2015

5

Sappi at a glance

Sappi Limited

2015 Sales = US$5.39 billion with @13k employees

Sappi Europe

49% 2015 sales

Graphic paper

Speciality paper

Sappi North America

26% 2015 sales

Graphic paper

Specialised cellulose

Release paper

Sappi Southern Africa

25% 2015 sales

Paper and paper packaging

Specialised cellulose

Forests

Sappi Trading

6

Geographic diversification Our global presence allows us take advantage of opportunities where markets are strong

Three paper mills and one

specialised cellulose mill

Four paper mills and two

specialised cellulose mills

567,000ha of forests

Seven paper mills

13 sales offices on six continents

7

Sales Ltd. Sales Analysis

* Data reflects results from FYTD June 2016

51%

26%

23%

Sales by source* (US$)

EuropeNorth AmericaSouthern AfricaAsia and other

44%

24%

9%

23%

Sales by destination* (US$)

60% 17%

11%

5%

5%

1% 1%

Coated Paper

Dissolving Pulp

Speciality Paper

Commodity Paper

Uncoated Paper

Paper Pulp

Other

8

Sappi Ltd. Sales Analysis

60% 17%

11%

5% 5%

1% 1%

Coated Paper Dissolving Pulp

Speciality Paper Commodity Paper

Uncoated Paper Paper Pulp

Other

FYTD 2016 Coated Paper

• #2 Global Producer of Coated Paper

• EBITDA Margins ~7%

• Forecast* demand down 1% to 2% pa

• Forecast* capacity down 1% to 2% pa

*Source: EMGE

9

Sappi Ltd. Sales Analysis

60% 17%

11%

5% 5%

1% 1%

Coated Paper Dissolving Pulp

Speciality Paper Commodity Paper

Uncoated Paper Paper Pulp

Other

FYTD 2016

• #1 Global Producer

of Dissolving Pulp

• EBITDA Margins ~30%

• Demand forecast* up 5% pa.

• Capacity forecast* up 6%

• Speciality Paper

• EBITDA Margins ~12%

• Demand up 4%

• Commodity Paper

• EBITDA Margins ~17%

• Demand up 6%

*Source: Hawkins Wright

10

Major Sensitivities

∆ EU NA SA Translation Group

€m US$m ZARm US$m US$m

Net Selling Price 1% 24 14 163 - 53

DWP Price 1% - 2 93 - 9

Sales Volumes 1% 8 6 69 - 19

Variable Cost 1% 15 7 83 - 29

Fixed Cost 1% 6 4 39 - 14

Wood Price 1% 2 2 34 - 8

Paper Pulp Price US$10 6 2 8 - 9

ZAR/US$ 10c - - 75 -2 4

EUR/US$ 10c - 3 - 21 24

11

Agenda

Overview

Products

Strategy

Results

Divisions

Sappi Europe

Sappi North America

Sappi Southern Africa

Sustainability

Conclusions

12

Printing and writing paper grade structure

Coated fine paper (CWF)

Uncoated woodfree (UWF)

Coated mechanical (CGW/LWC)

Supercalendered (SC-A)

Supercalendered (SC-B)

Machine finished specialities (MFS)

Improved newsprint

Newsprint

Fib

re q

ua

lity

100% Chemical pulp fiber furnish

Increasing mechanical/recovered

fiber content

Image quality

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

North America Europe Far East Latin America Africa/Middle East Oceania

13

Coated Woodfree Demand

* Source: RISI World Graphic Paper Report Feb 2016

Forecast*

14

Industry Consolidation Capacity share of top five coated woodfree paper producers

33%

83%

60%

100%

27%

51%

25%

43%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1990 2016 1990 2016 1990 2016 1990 2016

Europe North America Rest of world Global

Source: EMGE WGPR March 2016

15

Dissolving Wood Pulp (DWP)

DWP is the most abundant natural organic polymer on earth and is

found in all plant materials

The plant material (wood from certified forests or plantations) is

processed and purified by applying specialised chemistry to extract the

cellulose polymers from the wood

The purified natural wood cellulose fibres are further dissolved by our

customers and re-generated or re-formed for a host of applications

Cellulose 45%

Hemi-cellulose

30%

Lignin 23%

Resins 1%

Inorganics 1%

16

Dissolving Wood Pulp (DWP) End uses

VSF 60%

Lyocell 3%

Acetate 12%

MCC 2%

Ethers/CMC 9%

Cellophane 1%

Filament 5%

Nitrocellulose 3%

Others 4%

Tyre cord 1%

Sponges

Moulding powder

Paper, etc

Sappi 16%

Cosmo 2%

PT Toba 2%

Bahia 6%

Neucell 3%

Buckeye 3%

Rayonier 6%

CLP China 11%

Borregaard 2%

Tembec incl Tartas 4%

Birla & Lenzing Integrated

14%

Others 15% Fortress

3% Bamboo China

3%

Hunan Juntai 3% Sun Paper

2%

Other China DWP 4%

Sodra 2%

Stora 1%

17

Dissolving Wood Pulp (DWP) Competitors

18

Why Dissolving Wood Pulp (DWP) Capitalising on MEGA-TRENDS

Global population growth from a

current 6.9bn to 8.3bn by 2030

Increasing need for food and

clothes

Increasing need for more

comfortable clothing

Rising urbanisation and standard

of living in the greater Asian region Asian middle class population is likely to

grow from current 1.9bn to 2.7bn people

by 2030

Asian consumers are likely to spend

US$32 trillion/year by 2030, accounting

for 43% of total global consumption

39%

70%

94%

112%

26%

49%

70%

85%

0% 11%

20% 27% 32%

-5% -10% -14% -18%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

2010 2020 2030 2040 2050

Textile fibres Food

65.8

72.5

86.8

100.7

113.3

123.5

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2005 2010 2015 2020 2025 2030

Textile fibres consumption Million metric tons

Source: Lenzing

19

Cellulose Gap Theory Dissolving wood pulp share of the textiles market is expected to grow further

Production of cotton is forecast to

remain stagnant or shrink

Growth in total fibre consumption

will be covered by man-made

fibres

However, certain moisture

management properties of

cellulose fibres cannot be

substituted by oil-based synthetic

fibres, enhancing opportunity for

cellulosics

20

Textile Fibre Prices

800

1,200

1,600

2,000

2,400

2,800

Ju

l-1

5

Aug

-15

Sep

-15

Oct-

15

Nov-1

5

De

c-1

5

Ja

n-1

6

Feb-1

6

Ma

r-16

Apr-

16

Ma

y-1

6

Ju

n-1

6

Ju

l-1

6

VSF 1.2D VSF 1.5D PSF 1.4D3 Cotton 328 Cotton "A" IndexUS$/t

21

Global Cost Curve C

om

p 1

Com

p 2

Com

p 3

SA

PP

I

SA

PP

I

Com

p 4

Com

p 5

Com

p 6

Com

p 7

Com

p 8

Com

p 9

Com

p 1

0

Com

p 1

1

Com

p 1

2

Com

p 1

3

Com

p 1

4

Com

p 1

5

SA

PP

I

Com

p 1

6

Com

p 1

7

Com

p 1

8

Com

p 1

9

Com

p 2

0

Com

p 2

1

Com

p 2

2

Com

p 2

3

Com

p 2

4

Com

p 2

5

Com

p 2

6

Com

p 2

7

Com

p 2

8

Com

p 2

9

Com

p 3

0

Com

p 3

1

Com

p 3

2

Com

p 3

3

Com

p 3

4

Com

p 3

5

Com

p 3

6

Com

p 3

7

Delivered Cash Cost USD/ADMT

Average

Cost

Source: RISI

22

Agenda

Overview

Products

Strategy

Results

Divisions

Sappi Europe

Sappi North America

Sappi Southern Africa

Sustainability

Conclusions

23

Strategic focus

We work to lower fixed and variable

costs, increase cost efficiencies and

invest for cost advantages

Saiccor and Tugela turbines – FY2016/17

Ngodwana boiler upgrade for future

debottlecking – Q2 FY2016

Group procurement initiatives >$100m

annually by 2020

Ongoing continuous improvement across

all mills

24

Focus areas Achieve cost advantages

Recognising the decreasing demand for graphic paper, we manage our capacity to strengthen our leadership position in these markets, realising their strategic importance to the group and maximising their significant cash flow generation

Evaluate graphic paper conversion opportunities

Restructured South African paper business in 2015

Disposed of SA recycled paper in South Africa

25

Focus areas Rationalise and optimise declining businesses

We will make smaller investments in existing areas with strong potential growth, including pulp, speciality grades and packaging papers

Additional packaging at Ngodwana and Tugela

Electricity opportunities in South Africa

Debottlenecking of Saiccor and Ngodwana DWP

Explore opportunities in Specialty Packaging

Securing additional HW timber supply in SA

26

Focus areas Grow through moderate investments

US$400m 2017 bonds callable in April

Sale of both Enstra and Cape Kraft Mills

completed

Refinancing and debt reduction leads to

lower finance cost

27

Focus areas Generate cash to strengthen the balance sheet

We will continue our focus on having a

cleaner, stronger balance sheet so that

we can then accelerate our growth in

adjacent businesses

Speciality packaging paper

Biomaterials, biochemicals – lignins, sugars

Expanded DWP portfolio – nano-cellulose,

other speciality grades

28

Focus areas Accelerate growth in adjacent businesses from a strong base

29

Agenda

Overview

Products

Strategy

Results

Divisions

Sappi Europe

Sappi North America

Sappi Southern Africa

Sustainability

Conclusions

30

Highlights

EBITDA ex-special items US$160m (Q3 FY15 US$109m)

Profit for the period US$32m (Q3 FY15 US$4m)

EPS ex-special items 11 US cents (Q3 FY15 2 US cents)

Net debt US$1,583m, down US$334m year-on-year

Q3 FY16

31

EBITDA and operating profit 140

109

160

67

43

97

0

20

40

60

80

100

120

140

160

180

Q3 FY14 Q3 FY15 Q3 FY16

US

$ m

illio

n

EBITDA Operating profit

* Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 22 in our Q3 FY16

results booklet (available on www.sappi.com) for a definition of special items.

Excluding special items*

Q3

FY14

Q3

FY15

Q3

FY16

Net Debt/

LTM EBITDA 3.7 3.1 2.2

Interest Cover 3.4 3.9 7.0

EBITDA % 9.4 8.6 13.1

ROCE % 7.8 5.7 14.0

Key ratios

32

Highlights

33

Highlights

34

Product contribution split - LTM

Specialised cellulose

46%

Paper 54%

EBITDA excluding special items*

Specialised cellulose

61% Paper 39%

Operating profit excluding special items

* Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 22 in our Q3 FY16

results booklet (available on www.sappi.com) for a definition of special items. Data above excludes treasury operations and insurance captive.

35

Net debt/EBITDA development 2

,380

2,2

48

2,2

86

1,9

46

2,0

40

1,9

16

1,9

17

1,7

71

1,7

34

1,6

52

1583

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16

US

$ m

illio

n

Net Debt Net debt/LTM EBITDA**

* EBITDA is excluding special items

** The covenant Net debt/LTM EBITDA calculation has adjustments and therefore differs from that shown above

2.2

4.6

36

Cumulative Cash Flow

(500)

(300)

(100)

100

300

500

700

Oct-

12

De

c-1

2

Feb

-13

Apr-

13

Jun-1

3

Aug-1

3

Oct-

13

De

c-1

3

Fe

b-1

4

Apr-

14

Jun-1

4

Aug-1

4

Oct-

14

De

c-1

4

Feb

-15

Apr-

15

Jun-1

5

Aug-1

5

Oct-

15

De

c-1

5

Feb

-16

Apr-

16

Jun-1

6

US$m

Ngodwana and

Cloquet

projects

completed

542

65

512

500

389

221

33

33

76

309

0

100

200

300

400

500

600

2016 2017 2018 2019 2020 2021 2022 2023 2032

US

$ m

illio

n

Cash Short-term SPH term debt SSA Securitisation

37

Maturity profile Fiscal years

Includes

US$400m bond

EUR 350m bond

US$221m bond

EUR450m bond

38

Capex development

0

100

200

300

400

500

600

2012 2013 2014 2015 2016 Estimate

US

$ m

illio

n

Maintenance Efficiency

39

Agenda

Overview

Products

Strategy

Results

Divisions

Sappi Europe

Sappi North America

Sappi Southern Africa

Sustainability

Conclusions

Leading European coated paper

producer FY15 Net sales: US$2.6b

FY15 EBITDA: US$209m

3.5m tons per annum of paper capacity

1.2m tons per annum of pulp capacity

(integrated)

Well-invested assets in the heart of the

European market

Divisional overview Sappi Europe

40

41

Divisional overview Sappi Europe

Coated woodfree

paper 1,990

Uncoated woodfree

paper 245

Coated mechanical

paper 1,060

Speciality paper 245

Sappi Europe saleable capacity (‘000tpa)

* 18 Producers * 10 Producers

European CWF and CM capacity shares**

** Source: RISI

Sappi

UPM

Lecta

Stora Enso

Burgo

Others*

0%

20%

40%

60%

80%

100%

CWF

UPM

Sappi

Burgo

Stora Enso

Others*

0%

20%

40%

60%

80%

100%

CM

42

Western Europe shipments including export.

Source: Cepifine, Cepiprint and RISI indexed to calendar 1Q 2008

Western Europe

Coated paper deliveries and prices

0.5

0.6

0.7

0.8

0.9

1.0

1.1

1.2

Q1

08

Q2

Q3

Q4

Q1

09

Q2

Q3

Q4

Q1

10

Q2

Q3

Q4

Q1

11

Q2

Q3

Q4

Q1

12

Q2

Q3

Q4

Q1

13

Q2

Q3

Q4

Q1

14

Q2

Q3

Q4

Q1

15

Q2

Q3

Q4

Q1

16

Q2

Q1

20

08

= 1

CWF MCR CWF 100gsm sheets prices LWC 60gsm offset reels prices

43

Western Europe shipments including export.

Source: Cepifine, Cepiprint

Sappi fiscal quarters

W. Europe CWF Shipments

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

Q1 Q2 Q3 Q4

2013 2014 2015 2016

‘00

0 M

etr

ic t

on

s

Sappi Somerset (USA)

Label Paper – LusterCote® and

Flex. Pack. Paper - LusterPrint®

Sappi Packaging and Speciality Papers

Global production sites

Sappi Westbrook (USA)

Release Paper – Ultracast®

and different classic brands

Sappi Alfeld (Germany)

Flexible Packaging, Label, SBB

Board, Topliner and Release Liner

Sappi Maastricht (Netherlands)

Folding Box Board - atelier™

Sappi Tugela (South Africa)

Liner – Ultratest and

Fluting – Ultraflute™

Sappi Ngodwana (South Africa)

Liner – Kraftpride™

Sappi Ehingen (Germany)

Topliner - Fusion®

Sappi Cloquet (USA)

Label Paper – LusterCote®

44

Markets and Growth rates Global Market size – Speciality packaging

Source for growth rates: AWA, Pira and Risi

Flexible Packaging

and Label Papers

o C1S papers

o 1.2 mtons

o Growth: 2-3 % p.a.

Release Liner

o CCK graphic arts

o 300 ktons

o Growth: 6 % p.a.

Rigid Packaging

o SBS printing and

converting

o 4.7 mtons

o Growth: 2 % p.a.

Containerboard

o Coated White

Topliner

o 1 mtons

o Growth: 1-2 % p.a.

Functional Papers

o Barrier and grease

resistant papers

o Virtually unlimited

45

46

Projects Sappi Europe

Alfeld Mill

Speciality conversion (December 2013)

Gratkorn Mill

Pulp mill and paper machine upgrades

Kirkniemi Mill

Power plant rebuild

Nanocellulose pilot plant (The Netherlands)

Summary Sappi Europe

Highly competitive in service, quality and cost in Europe

Strong cash flows

Highly attractive and growing specialities business

Alfeld Mill conversion (December 2013)

Investment in Kirkniemi Mill power plant and Gratkorn Mill

paper machines and recovery boiler

Market is in decline, capacity needs to be right-sized;

Nijmegen Mill sold and repurposed (June 2014)

Intentionally transitioning CWF capacity to niche speciality

paper products

47

48

Agenda

Overview

Products

Strategy

Results

Divisions

Sappi Europe

Sappi North America

Sappi Southern Africa

Sustainability

Conclusions

Leading North American coated

freesheet paper producer

FY15 Net sales: US$1.4b

FY15 EBITDA: US$102m

1.1m tons per annum of coated paper

capacity

700,000 tons per annum of integrated

paper pulp capacity

Divisional overview Sappi North America

49

Verso 51%

Sappi 32%

Catalyst 2%

Appleton 8%

WestLinn 7%

50

Divisional overview Sappi North America

Coated woodfree

paper 1,160

Dissolving wood pulp

330

Speciality paper

40

NBHK 30

Sappi North America saleable capacity (‘000tpa) US Coated freesheet capacity shares*

* Source: RISI

51

* US industry shipments and total US consumption

Source: AF&PA and RISI indexed to calendar Q1 FY08

United States

Coated paper prices and shipments

0.5

0.6

0.7

0.8

0.9

1.0

1.1

1.2

Q1

08

Q2

Q3

Q4

Q1

09

Q2

Q3

Q4

Q1

10

Q2

Q3

Q4

Q1

11

Q2

Q3

Q4

Q1

12

Q2

Q3

Q4

Q1

13

Q2

Q3

Q4

Q1

14

Q2

Q3

Q4

Q1

15

Q2

Q3

Q4

Q1

16

Q2

Domestic CFS shipments Total US CFS consumption CFS #3 60lb Rolls prices

Q1 F

Y08 =

1

52

*Source: AF&PA

Sappi fiscal quarters

NA CWF Apparent Consumption

700

800

900

1,000

1,100

Q1 Q2 Q3 Q4

2013 2014 2015 2016

‘00

0 s

ho

rt to

ns

Projects Sappi North America

53

Cloquet Mill

Dissolving wood pulp conversion, Lime kiln rebuild

Westbrook Mill

Coater modernisation

Somerset Mill

Woodyard and chip processing investment

54

Sappi’s release paper business By end-user segment

Sappi Other

Fashion

Automotive and

commercial

upholstery

Decorative

laminates

Engineering

films and other

Sappi Sappi Sappi

Sappi

55

Summary Sappi North America

Well-invested, premier asset portfolio

Established brands with strong market position

Exposure to most attractive end-market segment

Unmatched reputation for product innovation and customer service

A low-cost producer with strong free cash flow profile

Defined and focused opportunities for driving further

profitable growth

Intentionally transitioning CWF capacity to niche speciality

paper products

56

Agenda

Overview

Products

Strategy

Results

Divisions

Sappi Europe

Sappi North America

Sappi Southern Africa

Sustainability

Conclusions

Leading South African graphic

and packaging paper producer

FY15 Net sales: US$1.3b

FY15 EBITDA: US$313m

1m tons per annum of dissolving

wood pulp (DWP) capacity

675,000 tons per annum of graphic

and packaging paper production

520,000 tons per annum of pulp

production (integrated)

57

Divisional overview Sappi Southern Africa

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

58

Divisional overview Sappi Southern Africa

Forestry 1,100

Dissolving wood pulp

1,010

Paper and paper

packaging 675

Sappi Southern Africa saleable capacity (‘000tpa) Global Dissolving Wood Pulp Demand

(‘000k M Tons)*

* Source: Hawkins Wright

Forecast

59

Projects Sappi Southern Africa

Ngodwana Mill Dissolving wood pulp (DWP) conversion

Sale of Cape Kraft and Enstra Mills’ recycled packaging

business

Debottleneck Tugela, Saiccor & Ngodwana Pulp Mills ~ 10% increase in volumes in both packaging and Spec Cell.

Increase access to more HW timber supply

Our DWP Competitive Advantage Sappi Southern Africa

Low-cost and fast-growing woodfibre from state-of-the-art

plantations

Large-scale, modern and well-invested assets

Favourable currency trend

Well-positioned in dynamic market

60

61

Summary Sappi South Africa

Improving paper business

Better use of timber

Improving cost position

Product & Asset optimisation – Spec. Packaging

Investing in specialised cellulose

Low-cost producer

Fast-growing market

Excellent customer relationships

'Growing' our forestry assets

Profitable with growth opportunities

62

Agenda

Overview

Products

Strategy

Results

Divisions

Sappi Europe

Sappi North America

Sappi Southern Africa

Sustainability

Conclusions

63

Sustainability

64

Sustainability

65

Agenda

Overview

Products

Strategy

Results

Divisions

Sappi Europe

Sappi North America

Sappi Southern Africa

Sustainability

Conclusions

66

Conclusions

Our strategy to reposition Sappi as a profitable and cash-

generative diversified woodfibre group remains well on

track.

Reduction in capital spending and refinanced debt

Costs remain a chief concern

Cash generative paper business will fund growth in:

Cellulose-based solutions

Speciality packaging papers

Complementary products

Committed to accelerating value for shareholders through:

Debt reduction

Improved profit

Strategic positioning

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Thank you