Investor Presentaiton

October 12, 2021 FURNITURE EXPORTS HEAVYWEIGHTS: CHINA AND VIETNAM Vietnam: Trade war beneficiary ⚫ 2015-2018 teak imports: ca. 30-40 thousand m³ worth US$15 million per annum Imported Round Wood Teak to Vietnam 60,000 GBM 25,000,000 20,000,000 15,000,000 10,000,000 50,000 • LatAm teak imports share: >65% 40,000 • Teak purchases have bounced back after dropping in the 2010-2012 period. The lack of certified teak was cited as a major cause in ACIAR Study. 30,000 20,000 • The nation's wood furniture industry was valued at US$4.7 billion in 2012, and Vietnam recently became the US' largest trade partner in the overall furniture market, thanks in part to its relatively cheap labor and trade tensions with China. 10,000 0 0 2015 2016 2017 2018 Cubic meters USD China: The world's largest exporter of wood products ⚫ The latest available data value the Chinese industry of wood furniture and wooden doors (both use teak) at US$12.5 billion, while teak imports are valued at US$133 million. The lack of recent data makes the effect of the Myanmar embargo and bans unclear. However, its focus on exports to developed nations hints at an opportunity for LatAm teak, as in the case of India and Vietnam. Developed nations bought US$37 billion of wood furniture in 2019. • 60% of that total came from Asia. ⚫• The United States (59% of total global imports) and Japan report above-average purchases from Asia (73 and 93% in 2019, respectively). • All these countries have regulations for the purchase of legally sourced wood and emphasize the usage of third-party verifications. China's Teak Demand 77% Myanmar Source: ACIAR Study Wooden Furniture Imports to Developed Nations US$ billion 40 30 20 20 10 10 36.9 19.7 0 2016 US 38.8 21.8 5,000,000 23% 0.16 million m3 Rest of World 38.6 37.1 23.6 2017 Germany France 2018 UK Japan Source: Forest Products Annual Market Review, FAO 21.7 2019 USD TEAK: AFTER ALL, MONEY DOES GROW ON TREES. | 13

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