1. EKMAN & CO Company Overview and Pulp and Paper Market Update For ISM Northeast Wisconsin Meeting November 10, 2015

2. Introduction Jeff Sisto – VP Pulp Sales Ekman & Co Inc. 22 Years in the Business with 3 companies Manage a 4 person staff in Appleton with Sales of Approximately $220M Annually and 375,000 tons of product sold in 2014 Responsible for Pulp Sales and Supply in US, Canada and Brazil.

3. Presentation Outline Show and Tell - Samples The Pulp Making Process Ekman and Co Overview Market Pulp Demand Drivers that Influence Market Pulp and Outlook for the Business

4. 6AM-8AM Tissue/Toilet Paper Napkin Paper Towel Cereal Box Coffee Filter/K-Cup/Tea Bag Starbucks Cup/Pastry Bag 8AM-12PM Cut Size Paper/Tablet Sticky Notes File Folders Newspaper Magazine Flip Charts Subway – Lunch Sandwich Wrap/Cup/Napkin Credit Card Receipt 1PM-6PM Bills/Checks Stamps Envelopes Calendar Notations Set Flights Hotels Cars Chipotle - Dinner Online Shopping Pulp in Everyday Use

5. Pulp and Paper Making Process

6. Market Pulp - Finished Product

7. Represented in >100 countries Paper & Packaging Ekman at a glance PulpRecovered Materials Bioenergy 4.600.000 tons/year Incorporated in 1802 ~270 employees 40 locations

8. Business concept ”To add value to the supply chain for forest related products worldwide.” Financial solutions: Financing Inventories/production, Cash upon receipt of goods, credit risk coverage. Customer relationships. Global real time information on products/markets for customers and suppliers. Logistics solutions – warehouse JIT inventories, container, vessel, truck and rail coordination/shipments. Back office support: Full sales support functions for customers/suppliers. Accounting, order entry/follow up, IT support and forestry certification documentation.

9. Our hubs – a truly global concept Hong Kong Gothenburg Miami Hub Office Sales Office

10. Ekman Group Top Markets, 2014

11. 2014 Market Pulp Demand WI, N.A. and Global Wisconsin: 6.4 M Tons Paper/Board per Year 200K Tons Market Pulp per Year Consuming 1.3M Tons of Market Pulp per Year WI = 17% of N.A. Demand for Pulp N.A.:7.5 M Tons of Market Pulp Demand World:52.8 M Tons of Market Pulp Demand + 13.2 M Tons of “Other” Market Pulp = 66 M Tons of Market Pulp = 55B US$ Business

12. 2014 Global Pulp Demand by Region

13. US Printing and Writing Business 2003 – 2015 a steady decline Not All Gloom and Doom! Global Demand is up 2.2% 2004 – 2014 (45 M to 53 M Tons)

14. Brian McClay & Associates Inc.

15. Key Market Drivers Influence on the Pulp and Paper Business Global economies drive the pulp and paper business Shrinking printing paper markets in US and Europe – influenced by internet (Newsprint, Magazines and Direct Mail) However, growth in tissue and board globally (including USA) (7 new tissue machines in US market 2015 – 2017) Paper industry consolidation will continue (mergers, acquisitions and private equity) Consolidated Papers/Stora Enso, Champion/I.P., I.P./Verso, NewPage/Verso, GP/Buckeye, RockTenn/MeadWestvaco, Wausau Paper/Expera and Wausau Tissue/SCA. Plantation Eucalyptus – explosive pulp production growth in Brazil and Chile. (2005 = 10 M Tons 2015 = 20M Tons) Growth in Dissolving Pulp, Fluff Pulp, Cement Board Siding and Powder Cellulose

16. 2016 Outlook for the Pulp and Paper Business Continued downward pressure on market pulp prices in 2016, mainly due to strong US$ and continued over supply of market pulp (Eucalyptus and Fluff) Risk of pulp mill downtime or even closures if prices/discounts drop much further. (Old Town, ME) Further consolidation in the paper business. Sappi, Verso, UPM, I.P. and RockTenn (WestRock) will be active. Competition from foreign paper producers will continue, especially in printing and writing papers. (China, Korea, Brazil, Canada and Europe). Specialty paper makers with niche products will continue to survive and in some cases thrive. Local WI examples are: Badger Paper, Shawano Specialty, Expera and Neenah Papers.

17. Other emerging markets have good growth prospects!!!

18. ONE OF THE WORLD’S LEADING SALES AND MARKETING ORGANIZATIONS FOCUSING ON THE GLOBAL FOREST INDUSTRY