Our Services - Sell-Side M&A Advisory

Recapitalizations

Asset Divestitures

Corporate Recovery

Buy-Side M&A Advisory

Management Buyouts

Capital Raises of Debt and Equity

Corporate Advisory

Corporate Valuations

Fairness Opinions

Capital Raises of Debt and Equity

Industries We Serve - Building Products

Business Services

Consumer Products

Downstream Energy & Retail

Healthcare

Industrial Products

Lumber

Media & Communications

Contact:

MIKE MORRISON President Head of Lumber Group mmorrison@matrixcmg.com 804.591.2051

DAVID SHOULDERS Director dshoulders@matrixcmg.com 804.591.2034

WILLIAM O’FLAHERTY Senior Associate woflaherty@matrixcmg.com 804.591.2053

PRATIK THAKRAL Senior Analyst pthakral@matrixcmg.com 804.591.2066

OUR EXPERTISE

No other firm has consummated more capital markets transactions in the hardwood and softwood industry than Matrix Capital. Our knowledge of the industry and the private equity firms invested in the space, along with our dedication and tenacity with which we approach each assignment, makes Matrix Capital uniquely suited to be the investment banking firm of choice for hardwood and softwood related transactions. Over the past 29 years, Mike Morrison has been involved in dozens of transactions in this industry ranging from senior debt refinancings to capital raising activities, to both the sale and acquisition of companies participating in this sector. Relevant industry expertise includes: Operations: Sawmills & Drying Facilities (Kilns) Distribution Centers Concentration Yards Standing Timber Products: Dimension Flooring Molding Green Lumber Kiln Dried Lumber Shipping Dry Veneer Logs Partial Client List: Ashton Lewis Lumber Co. Rossi Lumber Cross Creek Coastal Lumber Blue Triangle Graham Lumber Rossi American Hardwoods Wagner Lumber The Rossi Group American Hardwoods, Inc. Emporium Hardwoods Northern Hardwoods New England Timber Resources Plumly Flooring Ontario Hardwood Company, Inc.

HARDWOOD & SOFTWOOD LUMBER

Species: Red Oak White Oak Ash Poplar Cypress Cherry Hard Maple Soft Maple Walnut Southern Yellow Pine Services: Sell Side M&A Business Valuation Capital Raising –

refinance/acquisition Corporate Finance Advisory Private Equity Industry Relationships: American Industrial Partners Resilience Capital Partners Anchor Capital Littlejohn & Co.

Pg. 4 Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC

Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-

held investment bank. Since 1988, Matrix has provided merger &

acquisition and financial advisory services for privately-held, private-equity

owned and publicly traded companies, including company sales,

recapitalizations, asset divestitures, corporate recovery, management

buyouts, capital raises of debt & equity, corporate valuations and fairness

opinions.

We’re Known By The Work We Do.

We’re Known By The Work We Do.

CORPORATE HEADQUARTERS: Two James Center

1021 East Cary Street, Suite 1150 Richmond, VA 23219

400 East Pratt Street, Suite 250

Baltimore, MD 21202

200 South Wacker Drive, Suite 3185 Chicago, IL 60606

www.matrixcmg.com

Commitment & Results - We have extensive experience negotiating complex financial structures and a proven track record of maximizing transaction values and exceeding our client’s goals and objectives. Our consistent success and impressive closure rate has resulted in maximizing value for more than 250 clients. Our results are what many Fortune 500 companies would expect from Wall-Street firms. But it's what you might not expect - our passion and genuine enthusiasm - that makes us stand out. At Matrix, we leave no stone unturned in creating maximum value for our clients.

Our Senior Team - At Matrix, from top to bottom, we roll up our sleeves and focus on the vital interests of our clients. Every resource of our firm is at your disposal and we provide senior level attention from start to finish. Our professionals execute each assignment with critical and creative thinking, passion and exceptional attention to detail. Our relationships, built on trust and client satisfaction, reliant upon our expertise and professionalism, are the key to our success.

Michael C. Morrison Spencer P. Cavalier Michael S. McHugh John J. Underwood David W. Shoulders Managing Director Managing Director Managing Director Director Director

Thomas E. Kelso Cedric C. Fortemps David M. Keys R. H. Butler M. Vance Saunders Managing Director Managing Director Director VP of Business Development Director

Select TransactionsSelect Transactions

Situation

Coastal Lumber Company, headquartered in Charlottesville, Virginia, is a regional producer of high grade, green sawn and kiln dried hardwood lumber

Objective

Matrix was retained by American Industrial Partners, a New York, New York based private equity group, to pursue an acquisition of the assets of Coastal Lumber Company, which consisted of nearly a dozen distinct operations

Solution

Due to challenging industry conditions, Coastal Lumber was in a distressed financial condition and being pressured by its local bank

Accordingly, Matrix and American Industrial Partners entered into negotiations with the Company’s senior lender, which controlled the outcome of the transaction

Price, terms and conditions of a transaction were successfully negotiated with the Company’s senior lender, resulting in a favorable outcome for American Industrial Partners

Situation

Rossi American Hardwoods is an 80 year old, privately-owned, family business In the mid-90’s the majority stockholder sold a significant equity interest in the business to private equity investors

and acquired several regional companies over the next several years. However, the company had to suspend their acquisition strategy due to unfavorable industry conditions

Objective

Matrix was engaged by the CEO to assist in formulating an operating budget and to raise equity to repurchase certain operating businesses (Blue Triangle Hardwoods, Cross Creek, Rossi Corp.), with only a 90 day window to close the transaction

Solution

Due to unfavorable industry conditions and the short time frame, Matrix proposed an unconventional financing strategy. Matrix approached a series of hedge funds because they are less bureaucratic, can provide multiple layers of capital, and can close transactions very quickly.

This transaction raised nearly $30 million in acquisition financing for the CEO to re-acquire the family business founded by his father

Matrix was engaged to assist the owner with a subsequent transaction and the Matrix representative was asked to sit on their Board of Directors

Situation The owners of Rossi American Hardwoods (holding company for Blue Triangle Hardwoods, Cross Creek and Graham

Lumber Co.) and Hardwood Lumber Manufacturing, Inc. were seeking a Private Equity Fund to support a targeted consolidation strategy

Due to leveraged balance sheets, working capital availability had become tight thereby restricting operating flexibility Objective Identify PEG’s that would be willing to research the industry deeply in order to overcome what appeared to be less

favorable characteristics, such as volatile pricing, commodity risk, seasonality and heavy capex requirements Solution Matrix used its relationship with HIG Capital to avoid a broad, time-consuming process. Several initial face to face

meetings were held to gauge preliminary interest, which was determined to be strong. An LOI was executed within 60 days

Sellers ultimately experienced a liquidity event, management participated in the equity and significant availability was created to run the business. In addition, HIG and Fifth Street committed to providing additional capital for continued acquisitions

Situation

Ontario Hardwood Co. operates as a hardwood lumber sawmill in Keysville, VA The majority shareholder of Ontario Hardwood Co. required a valuation to determine the equity value of the

business

Solution

Matrix performed an expedited valuation of Ontario Hardwood Co. and delivered a final report to the majority shareholder that exceeded expectations

PRIVATE PLACEMENT – FULL CAPITAL STRUCTURE

BUY-SIDE ADVISORY

Pg. 2 Matrix Capital Markets Group is an independent, advisory focused, privately-held investment bank.

Pg. 3 Matrix Capital Markets Group is an independent, advisory focused, privately-held investment bank. We’re Known By The Work We Do. We’re Known By The Work We Do.

Situation Ashton Lewis Lumber Co., headquartered in Gatesville, NC, is recognized as one of the premier producers of Southern

Yellow Pine lumber in the Southeastern United States Objective Matrix was retained by Ashton Lewis to pursue a 100% sale of the business with the goal of maximizing proceeds with a

buyer that would retain the Company’s employees and maintain the Company’s core values and culture Solution Produced a detailed Confidential Information Memorandum to share with interested parties as part of the marketing

process Matrix leveraged its industry expertise to approach a broad universe of buyers uniquely positioned to consummate an

acquisition Closed transaction at a value well in excess of client expectations that created an exit strategy for shareholders while

preserving the Company’s culture

Situation The Wagner Group, headquartered in Owego, New York and comprised of three independent sawmill operations,

serves as the premier producer of hardwood lumber in the Northeast region and one of the largest sawmill operations in the nation

Objective Matrix was retained by The Wagner Group to pursue a sale of the business to a strategic buyer that would offer an

ongoing cultural fit, drive future growth, and allow for a liquidity event for the Company’s two shareholders Solution Matrix conducted an expedited and competitive process among select strategic acquirers and obtained indications of

interest and letters of intent prior to selecting the buyer Buyer was chosen due to attractive valuation, acceptable legal terms, willingness to close transaction expeditiously, and

overall cultural fit with The Wagner Group Deal valuation exceeded client expectations and allowed the Company’s two shareholders a full liquidity event while

giving them ongoing involvement in the business

Situation Northeast Consolidators, Inc. and Aces, Ltd., based in Scituate, MA is a leading provider of freight-forwarding and

logistics services to forest products companies across the country Objective Ownership sought to provide liquidity event for shareholders, identify a strategic partner that would deliver technology

and additional resources to its customer base, and negotiate a career for CEO Cindra Zambo who wanted to continue building the company

Solution Matrix contacted 20 potential strategic buyers and received several bids. The sellers chose Kuehne + Nagel due to their geographic reach, technological depth, and the rapport they achieved

with the buyer’s CEO

EXCLUSIVE SALE

EXCLUSIVE SALE

EXCLUSIVE SALE

EXCLUSIVE SALE

EXCLUSIVE SALE

VALUATION

Select TransactionsSelect Transactions

Situation

Coastal Lumber Company, headquartered in Charlottesville, Virginia, is a regional producer of high grade, green sawn and kiln dried hardwood lumber

Objective

Matrix was retained by American Industrial Partners, a New York, New York based private equity group, to pursue an acquisition of the assets of Coastal Lumber Company, which consisted of nearly a dozen distinct operations

Solution

Due to challenging industry conditions, Coastal Lumber was in a distressed financial condition and being pressured by its local bank

Accordingly, Matrix and American Industrial Partners entered into negotiations with the Company’s senior lender, which controlled the outcome of the transaction

Price, terms and conditions of a transaction were successfully negotiated with the Company’s senior lender, resulting in a favorable outcome for American Industrial Partners

Situation

Rossi American Hardwoods is an 80 year old, privately-owned, family business In the mid-90’s the majority stockholder sold a significant equity interest in the business to private equity investors

and acquired several regional companies over the next several years. However, the company had to suspend their acquisition strategy due to unfavorable industry conditions

Objective

Matrix was engaged by the CEO to assist in formulating an operating budget and to raise equity to repurchase certain operating businesses (Blue Triangle Hardwoods, Cross Creek, Rossi Corp.), with only a 90 day window to close the transaction

Solution

Due to unfavorable industry conditions and the short time frame, Matrix proposed an unconventional financing strategy. Matrix approached a series of hedge funds because they are less bureaucratic, can provide multiple layers of capital, and can close transactions very quickly.

This transaction raised nearly $30 million in acquisition financing for the CEO to re-acquire the family business founded by his father

Matrix was engaged to assist the owner with a subsequent transaction and the Matrix representative was asked to sit on their Board of Directors

Situation The owners of Rossi American Hardwoods (holding company for Blue Triangle Hardwoods, Cross Creek and Graham

Lumber Co.) and Hardwood Lumber Manufacturing, Inc. were seeking a Private Equity Fund to support a targeted consolidation strategy

Due to leveraged balance sheets, working capital availability had become tight thereby restricting operating flexibility Objective Identify PEG’s that would be willing to research the industry deeply in order to overcome what appeared to be less

favorable characteristics, such as volatile pricing, commodity risk, seasonality and heavy capex requirements Solution Matrix used its relationship with HIG Capital to avoid a broad, time-consuming process. Several initial face to face

meetings were held to gauge preliminary interest, which was determined to be strong. An LOI was executed within 60 days

Sellers ultimately experienced a liquidity event, management participated in the equity and significant availability was created to run the business. In addition, HIG and Fifth Street committed to providing additional capital for continued acquisitions

Situation

Ontario Hardwood Co. operates as a hardwood lumber sawmill in Keysville, VA The majority shareholder of Ontario Hardwood Co. required a valuation to determine the equity value of the

business

Solution

Matrix performed an expedited valuation of Ontario Hardwood Co. and delivered a final report to the majority shareholder that exceeded expectations

PRIVATE PLACEMENT – FULL CAPITAL STRUCTURE

BUY-SIDE ADVISORY

Pg. 2 Matrix Capital Markets Group is an independent, advisory focused, privately-held investment bank.

Pg. 3 Matrix Capital Markets Group is an independent, advisory focused, privately-held investment bank. We’re Known By The Work We Do. We’re Known By The Work We Do.

Situation Ashton Lewis Lumber Co., headquartered in Gatesville, NC, is recognized as one of the premier producers of Southern

Yellow Pine lumber in the Southeastern United States Objective Matrix was retained by Ashton Lewis to pursue a 100% sale of the business with the goal of maximizing proceeds with a

buyer that would retain the Company’s employees and maintain the Company’s core values and culture Solution Produced a detailed Confidential Information Memorandum to share with interested parties as part of the marketing

process Matrix leveraged its industry expertise to approach a broad universe of buyers uniquely positioned to consummate an

acquisition Closed transaction at a value well in excess of client expectations that created an exit strategy for shareholders while

preserving the Company’s culture

Situation The Wagner Group, headquartered in Owego, New York and comprised of three independent sawmill operations,

serves as the premier producer of hardwood lumber in the Northeast region and one of the largest sawmill operations in the nation

Objective Matrix was retained by The Wagner Group to pursue a sale of the business to a strategic buyer that would offer an

ongoing cultural fit, drive future growth, and allow for a liquidity event for the Company’s two shareholders Solution Matrix conducted an expedited and competitive process among select strategic acquirers and obtained indications of

interest and letters of intent prior to selecting the buyer Buyer was chosen due to attractive valuation, acceptable legal terms, willingness to close transaction expeditiously, and

overall cultural fit with The Wagner Group Deal valuation exceeded client expectations and allowed the Company’s two shareholders a full liquidity event while

giving them ongoing involvement in the business

Situation Northeast Consolidators, Inc. and Aces, Ltd., based in Scituate, MA is a leading provider of freight-forwarding and

logistics services to forest products companies across the country Objective Ownership sought to provide liquidity event for shareholders, identify a strategic partner that would deliver technology

and additional resources to its customer base, and negotiate a career for CEO Cindra Zambo who wanted to continue building the company

Solution Matrix contacted 20 potential strategic buyers and received several bids. The sellers chose Kuehne + Nagel due to their geographic reach, technological depth, and the rapport they achieved

with the buyer’s CEO

EXCLUSIVE SALE

EXCLUSIVE SALE

EXCLUSIVE SALE

EXCLUSIVE SALE

EXCLUSIVE SALE

VALUATION

Client Services - Sell-Side M&A Advisory

Recapitalizations

Asset Divestitures

Corporate Recovery

Buy-Side M&A Advisory

Management Buyouts

Capital Raises of Debt and Equity

Corporate Advisory

Corporate Valuations

Fairness Opinions

Capital Raises of Debt and Equity

Industries We Serve - Building Products

Business Services

Consumer Products

Downstream Energy & Retail

Healthcare

Industrial Products

Lumber

Media & Communications

Contact:

MIKE MORRISON President Head of Lumber Group mmorrison@matrixcmg.com 804.591.2051

DAVID SHOULDERS Director dshoulders@matrixcmg.com 804.591.2034

WILLIAM O’FLAHERTY Senior Associate woflaherty@matrixcmg.com 804.591.2053

PRATIK THAKRAL Senior Analyst pthakral@matrixcmg.com 804.591.2066

OUR EXPERTISE

No other firm has consummated more capital markets transactions in the hardwood and softwood industry than Matrix Capital. Our knowledge of the industry and the private equity firms invested in the space, along with our dedication and tenacity with which we approach each assignment, makes Matrix Capital uniquely suited to be the investment banking firm of choice for hardwood and softwood related transactions. Over the past 29 years, Mike Morrison has been involved in dozens of transactions in this industry ranging from senior debt refinancings to capital raising activities, to both the sale and acquisition of companies participating in this sector. Relevant industry expertise includes: Operations: Sawmills & Drying Facilities (Kilns) Distribution Centers Concentration Yards Standing Timber Products: Dimension Flooring Molding Green Lumber Kiln Dried Lumber Shipping Dry Veneer Logs Partial Client List: Ashton Lewis Lumber Co. Rossi Lumber Cross Creek Coastal Lumber Blue Triangle Graham Lumber Rossi American Hardwoods Wagner Lumber The Rossi Group American Hardwoods, Inc. Emporium Hardwoods Northern Hardwoods New England Timber Resources Plumly Flooring Ontario Hardwood Company, Inc.

HARDWOOD & SOFTWOOD LUMBER

Species: Red Oak White Oak Ash Poplar Cypress Cherry Hard Maple Soft Maple Walnut Southern Yellow Pine Services: Sell Side M&A Business Valuation Capital Raising –

refinance/acquisition Corporate Finance Advisory Private Equity Industry Relationships: American Industrial Partners Resilience Capital Partners Anchor Capital Littlejohn & Co.

Pg. 4 Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC

Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-

held investment bank. Since 1988, Matrix has provided merger &

acquisition and financial advisory services for privately-held, private-equity

owned and publicly traded companies, including company sales,

recapitalizations, asset divestitures, corporate recovery, management

buyouts, capital raises of debt & equity, corporate valuations and fairness

opinions.

We’re Known By The Work We Do.

We’re Known By The Work We Do.

CORPORATE HEADQUARTERS: Two James Center

1021 East Cary Street, Suite 1150 Richmond, VA 23219

400 East Pratt Street, Suite 250

Baltimore, MD 21202

200 South Wacker Drive, Suite 3185 Chicago, IL 60606

www.matrixcmg.com

Commitment & Results - We have extensive experience negotiating complex financial structures and a proven track record of maximizing transaction values and exceeding our client’s goals and objectives. Our consistent success and impressive closure rate has resulted in maximizing value for more than 250 clients. Our results are what many Fortune 500 companies would expect from Wall-Street firms. But it's what you might not expect - our passion and genuine enthusiasm - that makes us stand out. At Matrix, we leave no stone unturned in creating maximum value for our clients.

Our Senior Team - At Matrix, from top to bottom, we roll up our sleeves and focus on the vital interests of our clients. Every resource of our firm is at your disposal and we provide senior level attention from start to finish. Our professionals execute each assignment with critical and creative thinking, passion and exceptional attention to detail. Our relationships, built on trust and client satisfaction, reliant upon our expertise and professionalism, are the key to our success.

Michael C. Morrison Spencer P. Cavalier Michael S. McHugh John J. Underwood David W. Shoulders Managing Director Managing Director Managing Director Director Director

Thomas E. Kelso Cedric C. Fortemps David M. Keys R. H. Butler M. Vance Saunders Managing Director Managing Director Director VP of Business Development Director