Verso : Q1 2021 Earnings Deck

NYSE: VRS

FIRST QUARTER 2021 RESULTS

FORWARD LOOKING STATEMENTS

In this presentation, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this presentation include. but are not limited to our expectations for improving industry dynamics and our expectations for pricing and input costs. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "intend," "potential" and other sim ilar expressions. They include, for example, statements relating to our industry and operating outlook for 2021 and our strategies for 2021. Forward-looking statements are based on currently available business, economic, financial, and other information and reflect management's current beliefs, expectations, and views with respect to future developments and their potential effects on Verso. Actual results could vary materially depending on risks and uncertainties that may affect Verso and its business. Verso's actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including: the adverse impact of idling production, shutting down machines or facilities, restructuring our operations and selling non-core assets; changes in the costs of raw materials and purchased energy; security breaches and other disruption to our information technology infrastructure; uncertainties regarding the impact, duration and severity of the COVID-19 pandemic and measures intended to reduce its spread; the long-term structural decline and general softening of demand facing the paper industry; adverse developments in general business and economic conditions; developments in alternative media, which are expected to adversely affect the demand for some of Verso's key products, and the effectiveness of Verso's responses to these developments; intense competition in the paper manu facturing industry; Verso's limited ability to control the pricing of its products or pass through increases in its costs to its customers; Verso's business being less diversified because of the Pixelle Sale, closure of the Luke Mill, the Duluth Mill and the No. 14 paper machine and certain other long-lived assets at the Wisconsin Rapid Mill; Verso's dependence on a small number of customers for a significant portion of its business; Verso's ability to compete with respect to certain specialty paper products for a period of two years after the closing of the Pixelle Sale; any failure to comply with environmental or other laws or regulations; legal proceedings or disputes; any labor disputes; and the potential risks and uncertainties described under the caption "Risk Factors" in Verso's Form 10-K for the fiscal year ended December 31, 2020 and from time to time in Verso's other filings with the Securities and Exchange Commission. Verso assumes no obligation to update any forward-looking statement made in this presentation to reflect subsequent events or circumstances or actual outcomes.

N O N - G A A P F I N A N C I A L I N F O R M AT I O N

This presentation contains certain non-GAAP financial information relating to Verso, including EBITDA, Adjusted EBITDA, Adjusted SG&A, Gross profit (excl. D&A), Mill Adjusted Net Sales and Mill Adjusted Gross Profit and related margins. Definitions and reconciliations of these non-GAAP measures are included in this presentation. Because EBITDA, Adjusted EBITDA, Operational cash, Adjusted SG&A and Gross profit (excl. D&A) are not measurements determined in accordance with GAAP and are susceptible to varying calculations, EBITDA, Adjusted EBITDA, Adjusted SG&A and Gross profit (excl. D&A) as presented, may not be comparable to similarly titled measures of other companies. You should consider our EBITDA, Adjusted EBITDA, Adjusted SG&A and Gross profit (excl. D&A) in addition to, and not as a substitute for, or superior to, our operating or net income or cash flows from operating activities, which are determined in accordance with GAAP. See the Appendix in this presentation for additional information on EBITDA, Adjusted EBITDA, Adjusted SG&A and Gross profit (excl. D&A) and reconciliations to the most comparable GAAP measures.

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RANDY J. NEBEL

President + CEO

Business Update

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Q1 HIGHLIGHTS

FINANCIAL HIGHLIGHTS

• Improved Adj. EBITDA1 to $30M
• Operational2 cash generation of $7M

STRENGTHENING OPERATIONS FOR LONG-TERM SUCCESS

• Strong safety performance with a 0.25 TIR3
• Implementing capital projects to improve reliability, pulp production, product mix and reduce costs
• Organizational enhancements in line with our focus on being customer-centric
• Continued emphasis on cost management

IMPROVING BUSINESS POSITION

• Coated freesheet operating4 rates at 101%
• Price increases being realized across product portfolio
• Order rates and backlog are strong

4	1 See Appendix for definition of Adjusted EBITDA and reconciliation to net income. 2 See appendix for definition of Operational cash and reconciliation to cash flow used in operating activities.

Operational cash is a non GAAP measure. 3 Total Incident Rate as defined by OSHA. 4 PPPC April Flash Report.

INDUSTRY DYNAMICS CREATING OPPORTUNITY

P P P C N o r t h A m e r i c a n C o a t e d F r e e s h e e t D a t a ( 0 0 0 ) s h o r t t o n s

Capacity1 Reduced

658

469

Q1 20

Q1 21

Imports Declined

221

155

Q1 20

Q1 21

Demand2 Recovering

802			640
	522	619	618
Q1 20	Q2 20	Q3 20	Q4 20	Q1 21

Q1 2021 capacity reflects impact of all

2020 capacity changes. PPPC forecasts operating rates at 95% for 2021

Logistic challenges for imports continued in the quarter

Strong shipments and order rates continue recovery from trough in Q2

5	1 Reported capacity to PPPC from North American mills. 2 North American shipments, less exports, plus imports.