Investor Presentaiton

Steel Manufacturing Opportunities Steel Mini-Mill for Manufacturing Steel Reinforcement Bar and Wire Mesh ☐ ☐ Puerto Rico's construction industry relies heavily upon cement concrete construction, which consumes large amounts of steel bar and mesh for reinforcement. Demand will increase with storm reconstruction activity and with modern building codes Steel (and other primary metals) depend heavily upon bulk transportation and energy. - - The underutilized Port at Ponce could be used for raw materials input and finished goods export via ocean barge or small vessels to other islands Existing undeveloped land around the Port of Ponce is close to local workforce, warehousing, and other amenities The existing industrial area of south western Puerto Rico has power production and transmission assets Primary metals has one of the highest multipliers of any industry (at $2.65 of national economic benefit for every $1.00 of revenue) which will likely increase in the context of a transportation- dependent industry and an island with high transportation costs. Leveraging Puerto Rico's Strengths Puerto Rico has reliable local demand, which is supplemented by those of nearby islands A larger island with a built-in market makes it a natural location for Caribbean region production Sources of local scrap (generated by the island) might no longer be exported (e.g. Schnitzer Steel operation in Ponce) but would be consumed locally, adding value to a local "waste" product "American" steel requirements in federal construction projects could create CONUS market for steel products manufactured in Puerto Rico backhauled on vessels otherwise supplying the island Build out the supply chain for Puerto Rico's builders Moving Ahead Requires... Preparing for and launching a business attraction campaign. ☐ Local alignment. Prioritize near-dock land in Ponce for industrial development (versus container handling). Inventory utilities, local roads, and other characteristics of the potential site (e.g. ground bearing capacity). Confirming the capabilities of the Port of Ponce Identify the total import volume of reinforcement steel to the island and nearby markets Determine the price differential in steel "retail" prices in Puerto Rico versus other markets Identify potential local customers (distributors, large consumers) Identify all "mini-mill" owners in the US and linked import-export partner countries. Begin direct outreach with the target investment companies SEABURY MARITIME 33

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