Interfor (IFP) Investor presentation summary

Investment highlights

• Pure-play exposure to North American lumber markets with a regionally diversified platform for stability.

• Structurally strengthened to withstand market cycles and positioned for long-term fundamentals.

• Top quartile margin producer with clear capital allocation priorities.

Operational overview

• Operates 24 sawmills, 1 reman facility, and 1 I-Joist plant across five regions, with 4.5 billion board feet of lumber capacity.

• Third largest North American lumber producer, diversified into BC Interior, US Northwest, US South, Eastern and Atlantic Canada.

• Production has increased over sixfold since 2008, driven by strategic capex and acquisitions.

Financial performance and valuation

• Implied trading value is about 25% of replacement cost and 60% below precedent M&A values.

• Maintains top quartile operating margins and strong return on capital employed compared to peers.

• Through-the-cycle margins support ~$400M trend EBITDA, with significant free cash flow upside.