ADENTRA : Analyst Day Presentation

A COMPANY

TRANSFORMED

2022 Analyst Day and Site Tour

December 6, 2022

Calgary Public Library:

Ceilings, wall panels, and stairs by ADENTRA

3. Longstanding and differentiated partnership with Lowe's

FORWARD-LOOKING STATEMENTS

Forward Looking Statements

Certain statements in this presentation contain forward-looking information within the meaning of applicable securities laws in Canada. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information in this presentation includes but is not limited to: our platform is ideally positioned for continued growth and profitability; the Company's expected run-rate sales of $3.5 billion per year by the end of 2026 (including the expected impact of the market, organic growth and acquisitions); our significant potential to expand our market share; and, expected cost savings and increased gross margins.

The forecasts and projections that make up the forward-looking information are based on assumptions which include, but are not limited to: there are no material exchange rate fluctuations between the Canadian and US dollar that affect the Company's performance; the general state of the economy does not worsen; the Company does not lose any key personnel; there are no decreases in the supply of, demand for, or market values of hardwood lumber or

sheet goods that harm the Company's business; the Company does not incur material losses related to credit provided to its customers; the Company's products are not subjected to negative trade outcomes; the Company is able to

sustain its level of sales and earnings margins; the Company is able to grow its business long term and to manage its growth; the Company is able to integrate acquired businesses; there is no new competition in the Company's markets that leads to reduced revenues and profitability; the Company can comply with existing regulations and will not become subject to more stringent regulations; no material product liability claims; importation of components or other innovative products does not increase and replace products manufactured in North America; the Company's management information systems upon which the Company is dependent are not impaired; the Company is not adversely impacted by disruptive technologies; and, the Company's insurance is sufficient to cover losses that may occur as a result of its operations.

The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results to differ from current expectations include, but are not limited to: exchange rate fluctuations between the Canadian and US dollar could affect the Company's performance; the Company's results are

dependent upon the general state of the economy; the Company depends on key personnel, the loss of which could harm the Company's business; decreases in the supply of, demand for, or market values of hardwood lumber or sheet goods could harm the Company's business; the Company may incur losses related to credit provided to the Company's customers; the Company's products may be subject to negative trade outcomes; the Company may not be able to sustain the Company's level of sales or earnings margins; the Company may be unable to grow the Company's business long term and to manage any growth; the Company is unable to integrate acquired businesses; competition in the Company's markets may lead to reduced revenues and profitability; the Company may fail to comply with existing regulations or become subject to more stringent regulations; product liability claims could affect the Company's revenues, profitability and reputation; importation of components or other innovative products may increase and replace products manufactured in North America; the Company is dependent upon its management information systems; disruptive technologies could lead to reduced revenues or a change in the Company's business model; the Company's insurance may be insufficient to cover losses that may occur as a result of its operations; the Company's credit facilities affect its liquidity, contain restrictions on its ability to borrow funds, and impose restrictions on distributions that can be made by certain of its operating subsidiaries; and, other risks described in the Company's Annual Information Form and Management's Discussion and Analysis for the quarter ended September 30, 2022.

This presentation contains information that may constitute a "financial outlook" within the meaning of applicable securities laws. The financial outlook has been approved by management of the Company as of the date of this presentation. The financial outlook is provided for the purpose of providing readers with an understanding of the Company's anticipated financial performance. Readers are cautioned that the information contained in the financial outlook may not be appropriate for other purposes

All forward-looking information in this presentation is qualified in its entirety by this cautionary statement and, except as may be required by law, the Company undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.

Non-IFRS and Other Financial Measures

This presentation makes reference to the following non-IFRS financial measures: "Adjusted EBITDA". The presentation also makes reference to the following non-IFRS ratios: "Net debt to Adjusted EBITDA after rents", and "Adjusted EBITDA margin". Such non-IFRS measures and non-IFRS ratios do not have a standardized meaning under IFRS and may not be comparable to a similar measure disclosed by other issuers. Please refer to the introductory section, Results of Operations described in section 2.0, Working Capital in section 4.2, and Revolving Credit Facilities and Debt Management Strategy in section 4.3 of the Company's Management's Discussion and Analysis for the quarter ended September 30, 2022 (available on SEDAR at www.sedar.com), which are incorporated by reference herein.

Third Party Information

Certain information contained in this presentation includes market and industry data that has been obtained from or is based upon estimates derived from third party sources, including industry publications, reports and websites. Although the data is believed to be reliable, the Company has not independently verified the accuracy, currency or completeness of any of the information from third party sources referred to in this presentation or ascertained from the underlying economic assumptions relied upon by such sources. The Company hereby disclaim any responsibility or liability whatsoever in respect of any third-party sources of market and industry data or information.

All $ figures in this presentation are in USD unless otherwise indicated. Information provided herein includes the Company's reported financial results through the third quarter of 2022. All photos in this presentation feature	2
ADENTRA products used in a variety of residential and commercial applications.

3. Longstanding and differentiated partnership with Lowe's

Today's Agenda

A Company Transformed

Industry Outlook

Seizing the Opportunity

Differentiating for Market Share

Accretive Growth Through M&A

Creating Shareholder Value

Concluding Remarks

Site Tour Overview

Rob Brown - CEO	8:30 am
Chris Fisher - Managing Principal, Ducker Research and Consulting	8:45 am
Rob Brown	9:10 am
Coffee break	9:25 am
Lance Blanco - Senior Vice President, Corporate Development
Drew Dickinson - President, US Industrial	9:40 am
Jeff Leys - President, US ProDealer and Home Center
Dave Hughes - Senior Vice President, Acquisitions	10:40 am
Faiz Karmally - Vice President and CFO	11:00 am
Rob Brown	11:15 am
Drew Dickinson, Jeff Leys	11:20 am

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Today's Presenters

President & CEO

ADENTRA

Rob Brown

President,

President,

Vice President,

Sr. Vice

Vice President

Vice President,

Sr. Vice President,

US ProDealer and

President, Corporate

US Industrial

Hardwoods Canada

& CFO

Human Resources

Acquisitions

Home Center

Development

Drew Dickinson

Jason West

Faiz Karmally

Renee Murdoch

Dave Hughes

Jeff Leys

Lance Blanco

Operations

Shared Services

Management team members present here today

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Creating beautiful spaces where we live, work, and play

From top left: Sacramento Airport - Sacramento, CA; Signal House - Newport Beach, CA; Microsoft Canada Excellence Centre - Vancouver, B.C.; Health Sciences Innovation Building, University of Arizona - Tucson, AZ; Lincolnshire House - Toronto, ON; Brooklyn Townhouse - Cobble Hill, Brooklyn, NY; Microsoft Canada Excellence Centre - Vancouver, B.C.; U.S. Residence.

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