Investor Presentaiton

TEAK SEGMENT P$11.2 PER SHARE GBM PROTEAK A long-term, strong FCF generating asset that is about to reap benefits • Teak yields 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. ⚫ Of the 6.9 million hectares of plantation teak, we believe only a fraction has been certified. • Proteak owns 8,300 ha. of fields (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 as a long term, high FCF generating asset. Teak grows for 18 to 20 years before reaching harvesting age. The first five years are critical, after which a plantation's costs drop by 70% (per a recent Harvard case study on Proteak). All Proteak's wholly- owned farms are more than five years old. • Current valuations assign nil value to this business, which may be attributed to its long- term nature. Proteak's first hectares were planted in 2002 and are just reaching harvest age, while its premium hectares should start maturing by 2027. As such, investors are currently buying into a cash cow that will yield benefits in the coming decade for free. TEAK: AFTER ALL, MONEY DOES GROW ON TREES. | 8

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