Investor Presentaiton

GBM BUSINESS SEGMENTS Teak segment (P$11.2 per share): A long-term, strong FCF generating asset widely ignored by the market. • Proteak produces high-quality wood that is used for housing construction, yacht decks, and high-end furniture. • Developed markets import US$37 billion of wood furniture every year. Regulation and customer concerns about purchasing ethically sourced wood products have made third-party verification paramount. • Proteak owns 8,300 ha. of plantations (86% wholly-owned; 14% through a JV) and is in the process of verifying all its plantations by FSC (1,716 already verified, 4,488 by year's end). • Teak farms are a long-term, strong FCF generating asset. Teak grows for 18 to 20 years before being sold. Proteak's first trees were sown in 2002 and are just entering the harvesting age. The current market price assumes nil upside from this unit. Most investments required are made in the first five years of a plantation and, once it reaches harvest periods, the unit's EBITDA is comprised of 95% EBIT. MDF Boards (P$6.1 per share): A more rational competition will set the tone for market pricing in Mexico. • MDF wood boards are used in the manufacturing of furniture, cabinets, and flooring, as well as interior design projects. • Mexico's consumption: 852,000 m³ in 2019 (+5.3% 2016-2019 CAGR). . Proteak's Tecnotabla brand achieved a market share of 25% in only four years, by way of vertical integration and differentiation strategies, and overall import substitution. • The company's eucalyptus trees take five years to mature, making them a great complement to the Teak unit. • More rational competition: Market prices have remained low since the unit's inception, on the back of heavily discounted imports coming from Brazil, mainly. The Brazilian construction index points to a recovery in the local market, which should contribute to price stabilization in Mexico. A. TEAK SEGMENT $11.2 PER SHARE MARKET DYNAMICS: KEY PLAYERS AND FIGURES FURNITURE EXPORTS HEAVYWEIGHTS: CHINA AND VIETNAM PROTEAK'S TEAK GROWTH PROCESS B. MDF (MEDIUM DENSITY FIBER) WOOD BOARDS (P$6.1 PER SHARE) MEXICO'S MDF INDUSTRY PRICE DYNAMICS AND BRAZILIAN IMPORTS. TECNOTABLA: A VERTICALLY INTEGRATED PLAYER. PRODUCTION PROCESS 08 10 13 14 16 17 18 19 20 21 TEAK: AFTER ALL, MONEY DOES GROW ON TREES. | 7

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