Investor Presentaiton

Expense Management Operating expenses as a % of sales 35.0% 32.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2020* 33.1% 2021* 33.5% 2022 *Operating expenses benefited from the Canada Emergency Wage Subsidy in the amount of approximately $5.8 million in 2021 and $7.4 million in 2020, which helped mitigate incremental COVID-19 indirect wage costs. THE Boyd GROUP 18

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