Investor Presentaiton

SIDING MARGIN MOVES OVER TIME LIKE A SINE WAVE Adjusted EBITDA % peaks occur when capacity utilization is high before investment in new mills begins The curve trends upwards due to economies of scale PAGE 23 Adjusted EBITDA % troughs are periods of investment in new capacity and underutilization as new mills ramp up The amplitude should fall as each new addition is smaller relative to the existing base LP BUILDING SOLUTIONS

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