建筑产品市场更新——2024年6月

Disclaimer This presentation is being furnished by Cascadia Capital, LLC (“Cascadia”) to the recipient and is intended as an outline of matters for informational and discussionpurposes only. The information contained in this presentation, including any market data and industry information, has been derived entirely from material supplied bypublic sources, which Cascadia believes to be accurate; however, no independent verification of such material has been made and any estimates made by Cascadiabased on material from such sources are by their nature inherently inexact. Accordingly, Cascadia does not make any representation or warranty, nor is any suchrepresentation or warranty implied, as to the accuracy or completeness of the information contained herein, and Cascadia is not responsible for any misstatements oromissions in this presentation. Cascadia has no obligation to update the information contained herein. This presentation may include certain statements, estimates and projections with respect to a company, or industry, including certain forward-looking statements. Anysuch statements, estimates and projections reflect various assumptions, which may or may not prove to be accurate or correct, concerning anticipated results and aresubject to significant business, economic and competitive uncertainties and contingencies, all of which are beyond the control of Cascadia. Accordingly, there can beno assurance that such statements, estimates and projections will be realized. Such statements, estimates and projections are likely to vary from actual results andthose variations may be material. No such statements, estimates or projections constitute a guarantee, promise, forecast or prediction of the future and Cascadia doesnot represent or warrant that any estimates or projections will be achieved. Cascadia neither: (i) accepts responsibility for or makes representations as to the accuracyor completeness of any forward-looking statements, estimates or projections contained in this presentation, nor (ii) undertakes any obligation to update or revise anyforward-looking statements, estimates or projections for any reason after the date of this presentation. All financial data in this presentation is provided for informationaland discussion purposes only. Past performance is not necessarily indicative, or a guarantee, of future results. There can be no assurance that any Cascadia project will achieve comparable resultsas those presented herein. The information contained in this presentation is strictly confidential and may not be reproduced, distributed, disclosed or disseminated, in whole or in part, to any thirdparty without the prior written consent of Cascadia. Executive Summary Macroeconomic Indicators (1/4)While interest rates have effectively plateaued, questions surrounding anticipated rate cuts remain top of mind for the construction sector Summary •Despite prevailing elevated interest rate levels across the U.S.,most experts believe they have “topped out”and are unlikely to increase further in 2024. The Fed’s most recent briefing supportsthat sentiment, statingrate hikes are “unlikely.” •Though the effective plateau has provided the sector with the benefit of some short-term stability, two primary questions remain: 1.When will interest rate cuts begin? •Lingering inflation, combined with continued strength in consumer spending and job growth, has resulted in the Fed tempering timing expectations on rate cuts, and the likelihood of any rate cuts in2024 appears to be dwindling. However, recent news on muted consumer spending and slowing core inflation may result in the Fed changing course and lowering interest rates in Q3 or Q4. •Even if rates largely stay the same, increased levels of predictability could provide builders who have recently been negatively impacted by the tightened lending environment and higher collateraldemands with greater confidence through the end of 2024 resulting in additional footing for a rise in construction activity across all end markets. Interest Rate1,2 Macroeconomic Indicators (2/4)Federal legislation such as the CHIPS Act and the Inflation Reduction Act have resulted in construction spending spikes within the industrial & manufacturing landscape Manufacturing Spikes and the Secondary Affects on the Building Products & Construction Sectors •Growing optimism within the private sector coupled with government incentives have led to significant investments in new manufacturing facilities to support longer-term reshoring and nearshoringtrends and overall have led to a ~1.5% surge in projected manufacturing output for 2024.•Further growth is expected over the next two years, including a projected3% uptick in 2025before stabilizing to a2% growthrate in2026.•New manufacturing facilities for sectorssuch assemiconductor, clean energy, and electric vehicleshave led the way with the highest volume of new construction in order to facilitate higherlevels of U.S.-based pr