行业焦点：建筑产品市场更新Q4-23

Industry Takeaways (Cont.) Inflation “If there are 2 key themes that define our markets in 2023, they were inflation and interest rates,which negatively impacted end consumers' desire to finance their purchases of houses while alsoincreasing floor plan lending rates and limiting dealers' willingness to hold excess inventory acrossour markets.”– Jeffrey Rodino, President, Patrick Industries “Across the other sectors of non-res construction, much of that market growth has been driven byinflation related pricing rather than volumes. This mirrors what we've seen in our own business overthe past several quarters”- Ty Silberhorn, CEO, President & Director, Apogee Enterprises “The hardware and lighting businesses were impacted by market softness in 2023. No questionabout it. We've talked consistently about it. Both took pricing and cost actions to offset the inflationthey experienced, partially offset the volume loss in '23. In '24, I'd expect these businesses toperform more in line with how we're seeing the overall R&R market, which is flat to down low singledigits.”– Keith Allman, CEO, Masco Corporation M&A “It's organic first. We've got so many initiatives around resin, recycling, productivity, innovation. Sowe're going to do that to the full extent we can and do it well and need to execute on those really,really well. Then from there, it's acquisitions.”– Scott Cottrill, CFO, Advanced DrainageSystems, Inc. “Lennox has been very clear that if there is an industry consolidation opportunity, Lennox will like toparticipate. And we have specifically named out companies that we would like to participate if thatcame up. So let me just confirm that, that view has not changed. We still believe that if there's anopportunity that Lennox would be a participant in that.”– Alok Maskara, CEO, Lennox Notable Recent Transactions Notable Recent Transactions (Cont.) Cascadia Capital Building Products Investment Banking Team Sub-verticalIndustry Expertise CustomizedApproach Proven Results Contact the Building Products andDistribution Team Cascadia Overview Naaman HeymanManaging Directornheyman@cascadiacapital.com(206) 436-2536 TransactionsCompleted $16+ Billion in TotalM&A TransactionsClosed Spencer MuellerSenior Associatesmueller@cascadiacapital.com(206) 436-2507 Sector Overview Building Products Manufacturing& Distribution Joe CornerAssociatejcorner@cascadiacapital.com(206) 436-2517 •Interior & Exterior Products•Infrastructure & ConstructionMaterials•Paint & Coatings•Electrical, HVAC & Lighting Trevor KunkelAnalysttkunkel@cascadiacapital.com(206) 436-2567 A T L A N T AA U S T I NL O S A N G E L E SM I N N E A P O L I SN A S H V I L L EN E W Y O R KS E A T T L E Presentation Disclaimer This presentation is being furnished by Cascadia Capital, LLC (“Cascadia”) to the recipient and isintended as an outline of matters for informational and discussion purposes only. The informationcontained in this presentation, including any market data and industry information, has been derivedentirely from material supplied by public 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, Cascadiadoes not make any representation or warranty, nor is any such representation or warranty implied, asto the accuracy or completeness of the information contained herein, and Cascadia is not responsiblefor any misstatements or omissions in this presentation. Cascadia has no obligation to update theinformation contained herein. This presentation may include certain statements, estimates and projections with respect to acompany, or industry, including certain forward-looking statements. Any such statements, estimatesand projections reflect various assumptions, which may or may not prove to be accurate or correct,concerning anticipated results and are subject to significant business, economic and competitiveuncertainties and contingencies, all of which are beyond the control of Cascadia. Accordingly, therecan be no assurance that such statements, estimates and projections will be realized. Suchstatements, estimates and projections are likely to vary from actual results and those variations maybe material. No such statements, estimates or projections constitute a guarantee, promise, forecast orprediction of the future and Cascadia does not represent or warrant that any estimates or projectionswill be achieved. Cascadia neither: (i) accepts responsibility for or makes representations as to theaccuracy or completeness of any forward-looking statements, estimates or projections contained inthis presentation, nor (ii) undertakes any obligation to update or revise any forward-lookingstatements, estimates or projections for any reason after the date of this presentation. All financialdata in this presentation is provided for informational and discussion purp