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Investor Presentaiton

China Log And Lumber Statistics China Lumber Imports (million m³) 40 50 37 37 37 =4 34 China Commodity Lumber Price (US$ per mfbm) WFP $800 31 30 30 26 27 24 27 29 29 27 $700 27 27 20 20 21 $600 $500 10 $400 0 $300 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 LTM '16 '17 '18 '19 '20 '21 21 Mar-31 ■Russia ■North America ■New Zealand Others Source: Forest Economic Advisors (May 2023) China Log Imports (million m³) '22 '23 Source: Forest Economic Advisors - China Bulletin; Hemlock Lumber 2x4 (40x90) Metric RG Utility, c.i.f. destination Shanghai China Export Log Price From North America (US$ per m³) 0 70 60 51 49 19 50 45 45 38 40 30 20 10 ON 60 55 60 64 60 59 $250 $225 44 43 $200 $175 $150 $125 $100 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 LTM '16 '17 '18 '19 '20 '21 '22 '23 Mar-31 ■Russia Others North America ■New Zealand Source: Forest Economic Advisors (May 2023) Source: Forest Economic Advisors - China Bulletin; Hemlock, <30 cm diameter, 8 - 12 meters, cif. delivered Lanshan, Rizhao port, including VAT and fees 50 50
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