Project SPARTAN

Lender Presentation
March 2024
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Cleveland Chicago Los Angeles New York

One Cleveland Center One Magnificent Mile Wells Fargo Center 1325 Avenue of the
1375 East 9th Street 980 N Michigan Ave 11601 Wilshire Blvd Americas
Suite 2500 Suite 1800 5th Floor 27th Floor
Cleveland, OH 44114 Chicago, IL 60611 Los Angeles, CA 90025 New York, NY 10019

p 216.241.2800 p 312.658.1600 p 310.492.5320 p 917.688.2780

f 216.241.7417 f 312.368.1988

bglco.com
EXECUTIVE SUMMARY
Executive Summary
Premier manufacturer of industry-leading fiberglass reinforcements and veils

Key Considerations Fiberglass Composite Performance Attributes

#1 Trusted Material Provider for Specified, High strength-to-weight ratio

Sole-Source Customer Applications 
(lightweighting)
Huntingdon, PA
Headquarters Flexible Manufacturing Model Supports Appealing surface aesthetics

Large SKU Offering
390,000+
Manufacturing SF  Enhanced durability
Tenured Customer Base in
Across Two Facilities(1) Nature and Growing
 Thermal insulation
$51.9M Illustrative Fiberglass
2023 Revenue Multiple Actionable Growth Initiatives Reinforcement Mat
 Dimensional stability

$11.0M Experienced Management Team with  Design flexibility

2023 Adj. EBITDA Deep Industry Knowledge

Customized Formulations for Diverse

19.1%+ Process Applications and End Markets Robust Cash Flow Profile
’23 – ’28P EBITDA CAGR
($ in millions) ($ in millions) Revenue
2022 Revenue 12.9% CAGR
Power & Energy $95.2
24 5.4%
1.6%
$0.8
$10 0.0

$86.9
$30 .0

Unique Product Types Infrastructure 5.6% $2.8 $90 .0

$78.5
$2.9 $71.1
$25 .0

$80 .0

$26.0
Construction $57.45
$70 .0

450+ $51.9 $51.85 $22.7

$20 .0

23.7%
$60 .0

$41.0 $40.6 $19.2

Active Customer-Specific $12.3
$50 .0 $15 .0

Transportation $40 .0 $32.5 $15.9

SKUs in Product Portfolio 20.3% $4.9 $12.7
$10 .0

$30 .0

Marine $10.6 $10.0 $10.8

$0.9
$20 .0

~98%
$5. 0

22.4% $5.0
$10 .0

Consumer $11.6
2023 Free Cash Flow
$0. 0 $0. 0

21.0% 2019 2020 2021 2022 2023 2024E 2025P 2026P 2027P 2028P
Conversion(2) Advanced $10.9
Composites Revenue Free Cash Flow
(1) 390K+ SF of manufacturing space currently utilized across both facilities with an additional ~175K SF at the Huntingdon, PA facility available
Confidential Information Presentation
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(2) Free Cash Flow Conversion defined as Adjusted EBITDA (-) Maintenance CapEx as a percentage of Adjusted EBITDA
3
Key Investment Considerations

Accelerating Adoption and Substitution of Rapidly Expanding Addressable Market

Composites from Legacy Materials Across Requiring Unique Product Performance
Diverse End Markets and Technical Customer Service Expertise

Well-Capitalized Operations with

Highly Flexible Operating Model with Significant Replacement Costs and
Industry Leading Operating Metrics Substantial Construction Times Present
High Barriers to Entry

Significant Runway for Growth Supported by Broad Portfolio of Products with the
Expanding Addressable Markets and Ability to Serve a Diverse Set of
Complex Customer Applications Demanding Technical Requirements

Highly Scalable Platform with Robust

Experienced Management Team with
Margins and Cash Flow Profile
Deep Industry Knowledge and Decades of
Underpinned by a Culture of Continuous
Technical Expertise and Innovation
Improvement

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Welcome and Introductions
• Responsibilities include oversight of strategic vision and acquisition of key customers

24+ • Appointed CEO in 2017

Years of Industry • Prior experience includes senior leadership sales roles at Owens Corning, AGY, and Jushi Fiberglass
Experience • Non-Commissioned Officer in the U.S. Army, 168th Engineer Battalion of the 1st Armored Division
Jason Takac • Education: B.S. Indiana University, M.B.A. Michigan State University
President & CEO

• Responsibilities include accounting and financial reporting for Superior Composites Co.
• Joined in 2018 as Controller for Superior Composites Co.
32+ • Prior experience includes controlling roles at Glenville State College and Fulcrum Infrastructure
Management. Began career as a tax professional at PWC
Years of Industry
Experience • Significant international experience including the U.K. and Australia
Lisa Northwood • Licensed as a Certified Public Accountant
Vanceburg Controller • Education: B.B.A. Marshall University, M.B.A. Columbia Business School

8+ • Responsibilities include engineering-led consultative maintenance of key customer accounts

Years of Industry • Joined in 2016 as a Product Engineer and became Technical Sales Manager in 2023
Experience
• Education: B.S. Juniata College, M.A.cc. Juniata College
Tyler Mandley
Technical Sales Manager

• Responsibilities include acquisition of new customer accounts

42+ • Joined in 2015 as Director of Sales & Marketing and became New Business Development Manager in
Years of Industry 2019
Experience
Dave Shumaker • Prior experience includes senior leadership sales roles at Nicofibers and Superior Fibers
New Business Development Manager

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Industry-Leading Platform at an Inflection Point
Transformational milestones completed over the last ten years position the business for accelerated growth

Legacy & Platform Foundation Establishment of Leading Platform Transition to Growth Stage
2007: 2015: 2017: 2021: 2022: 2023:
• Huntingdon • Stonewood Acquires • Huntingdon • Huntingdon Implements B- • Vanceburg Re-Configures
• SCC and HFP
Facility Composites Business of Successfully Grade Process Improvements Forming Labor Team
Consolidate,
Divested by Superior Fibers, Forms Diversifies
Forming Superior • Vanceburg Exits Low-Margin • 25% of 2023 Sales Base
Owens Superior Composites Marble Supply
Huntingdon Customers; Implements Glass and 36% of 2024 Sales
Corning to (“SCC”) Sources
Composites Handling Automation System Base Secured Through
AGY • Jason Takac Hired
(“SHC”) Long-Term Agreements
as COO of SCC
2013: • HFP Completes Transition
• Stonewood 2017: to 97 / 3 Platinum /
Acquires • Vanceburg Plant Rhodium mix
Huntingdon Expands to Bring 100%
Facility, forms of Production Process
Huntingdon In-House
Fiberglass
Products (“HFP”) • Jason Takac Promoted
to CEO of SHC

($ in millions)
$51.9 $54.3
$39.1 $39.1 $38.6 $37.6 $40.0 $41.0 $40.6
$35.7 $32.5 $18.7
$21.3
$21.1 $20.0 $19.3 $19.0 $19.6 $17.1
$19.3 $20.4 $14.9
$30.6 $35.7
$18.0 $19.1 $19.3 $16.4 $17.3 $20.9 $21.4 $17.5 $23.6

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Huntingdon Revenue Vanceburg Revenue

$0.6 $0.5 $0.4
$0.4 $0.3 $0.2 $0.1 $0.3
$0.1 $0.0 $0.1

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Capital Expenditures
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Transformational Milestones Resulting in Robust Operations
Significant progress with substantial additional opportunity remaining

Strategic Initiative Progress

Customers and Business Development
0% 25% 50% 75% 100%
Complete Ongoing Initiatives
 Rationalized Vanceburg • Hire additional Technical Sales
customer base personnel

Customers  Secured long-term supply • Pursue international distributor

agreements partner opportunities
 Established Sales & Marketing • Pursue lower price-point
Manager role customers at Vanceburg

Business Development

Operations
 Enhanced B-Grade processing • Re-activate third line at
Huntingdon
 Re-configured Vanceburg
Production Infrastructure forming labor • Expand glass marble domestic
sourcing network
 Converted precious metals mix
• Evaluate glass cullet vertical
 Diversified glass marble
integration opportunity
Supply Chain sourcing
• Hire CFO
 Plant management team in
place

Management  New Huntingdon controller in

place
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Provides Mission Critical Inputs for Fiberglass Composites
Leading innovator and trusted supplier for fiberglass composite manufacturers
E-Glass or A-Glass Fiberglass Mat Output

Raw glass marble Fiberized mats are

inputs are melted, cured and then
fiberized, and then trimmed, rolled
bound by a and packaged as
proprietary finished products
chemical resin for shipment

Reinforcements Veils

Continuous Filament Mat (CFM) CONFORMAT® SURMAT®

Reinforcements renowned for strength and Reinforcements providing a smooth, resin- Veils designed to provide surface
durability produced by looping and bonding rich and durable surface with increased enhancement to composite laminates as
continuous fiberglass strands structural properties of the composite well as add reinforcement at the surface
application

63% 15 Product Types / 27% 7 Product Types / 10% 2 Product Types /

2023 Revenue 360+ Unique SKUs 2023 Revenue 300+ Unique SKUs 2023 Revenue 150+ Unique SKUs

Applicable Production Processes

 Resin transfer  Compression  Filament winding  Preforming  Converters and

molding molding engineered fabrics
 Glass fiber-reinforced  Continuous
 Vacuum infusion  Pultrusion gypsum lamination  Urethane
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Superior Quality and Differentiation Across Diverse Applications
Targeted differentiators within product families enhance the manufacturing process for customers
Revenue by End Market
Power & Infrastructure Building Transportation Consumer Marine Advanced
Energy 22.4% Products 20.3% 5.6% 5.4% Composites
23.7% 21.0% 1.6%

Products are Utilized in a Diverse Set of End Markets that have Adopted Composites
as a Substitute for Legacy Materials

Representative Product Applications

Resin Transfer Molding Compression Molding Pultrusion Continuous Lamination Engineered Fabrics

Key Benefits
 Exceptionally strong parts  Improved surface  Improved strength  Enhanced surface  Surface appearance
appearance characteristics characteristics
 Provided resin-rich surface  Stabilize stitched roving
 Reduced injection times  Increased strength  Increased fibers to fill  Rigidized thin panels  Enhanced resin flow
small areas within
 Enhanced corrosion  Flexible product molds  Improved  Reduces shearing risk
resistance manufacturing transparency  Omni-directional
 Electrically insulating strengthening

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Accelerating Substitution of Legacy Materials for Fiberglass Composites
Secular tailwinds drive adoption of composites supplanting legacy materials in high-growth markets
Numerous Benefits to Substitution of Legacy Materials

Numerous industries ~67% $13B >50% 10 – 25x

are converting from
traditional materials Projected Usage of U.S. Federal Funding Decrease in Reduction in Carbon
to fiberglass Lightweight Materials for Energy Grid Installation Time Using Emissions Using
composites within a Vehicle in Resilience and Fiberglass versus Steel Fiberglass versus Steel
2030(1) Innovation Program(2) in Construction(3) or Aluminum

“Axes of Adoption” Fiberglass Composites – Performance and ESG / Regulation

End - Market Performance Drivers ESG / Regulatory Drivers
Transportation
 Longer Life Cycles  Renewable Energy Transition
Power &
Building Power &  Fire Resistance  “Electrification”
Energy
Regulatory and ESG-Driven

 Reduced Maintenance Costs  Safety (Wildfires)

Products Energy

Infrastructure  Longer Life-Cycles

Building  Zero Emission Targets
 Thermal Efficiency
Products  Building Code Changes
 Ease of Installation

Accelerating Adoption of  Longer Life Cycles  Zero Emission Targets

Fiberglass Composites Driven  Reduced Maintenance Costs  Building Codes Evolving
Infrastructure
by both Performance and ESG  Resiliency to Natural Towards Composites
/ Regulatory Imperatives Disasters  Infrastructure Act

 ICE Vehicle Lightweighting

 “Electrification”
Transportation  EV Lightweighting
 ICE Vehicle Emission Targets
 EV Fire Resistance
Performance-Driven
(1) McKinsey
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(2)
(3)
United States Energy Information Administration
Owens Corning Investor Presentation 10
Representative Customer Adoption of Fiberglass Composites
Extended product life and performance drives customer adoption across end-markets

Cargo and Delivery Van Flooring

Legacy Solution Composite Solution Benefits

• Corrugated  Improved product life (15 – 20 years vs. 1 – 2 years for

• Polyethylene
sheet metal coated plywood)
terephthalate
• Coated plywood (PET) core with  Industry-leading dimensional stability
CFM layer
• Vinyl mats  Anti-slip

Wastewater Containment
Legacy Solution Composite Solution Benefits
 Improved product life (30+ year service life vs. 10 years for
• Molded, aluminum)
• Aluminum vacuum infused
fiberglass-  Reduced installation time and cost
• Stainless steel reinforced  Maintenance-free
panels
 Improved odor control and process protection

Electric Utility Cross-Arms

Legacy Solution Composite Solution Benefits
 Improved product life (60+ year service life vs. 30 – 40 for
wood cross-arms)

• Pultruded  Improved resistance to environmental damage

• Wood
fiberglass  Maintenance-free
 Lower installed cost (two wood cross-arms can be replaced
with a single fiberglass deadend cross-arm)

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Customization Creates Meaningful Value for Customers
Maximize customer manufacturing process efficiency and in-field product performance

Key Variables of Product Customization Product and Manufacturing Variables

Customer Process Application
Optimize product Weight
Desired Production Desired Product
Characteristics Characteristics
Engineer product Width to end-use requirements - Resin System - Reduced
Compatibility Material Usage - Weight - Insulation
- Tensile Strength Properties
Ability to utilize an array of Binder Types ensuring - Flow Speed - Reduced Post-
compatibility with customer resin system - Mold Size / Processing Labor - Directional Strength - Impact Resistance
Complexity - Optimized - Surface Appearance - Corrosion
Shipping Resistance
- Reduced Molding - Conformability
Alter Degree of Surface Veil to achieve desired Dimensions - UV Resistance
Cycle Times
finish and appearance

2022 Revenue Mix – Customers per SKU

Manipulate Degree of Cure to achieve desired
thermal and mechanical properties Consolidated CFM Conformat

Why it Matters to Customers 14.2%

29.2%
5+
 Maximize performance characteristics 21.2% 19.4% 51.1%
41.4%

29.5%
 Reduces time and investment needed to tailor 15.3%
standardized products to unique manufacturing Customer-
3-4 Specific Surmat
processes 14.6% 55.8% 1.3%
6.7%
Over 55% of Revenue
 More efficient production output and reduced post- 2
Generated by 274 SKUs
8.4%
processing time Specific to a Single
 Rapid turn-around times on product iteration, days Customer
91.9%
instead of months Customer-Specific 2 3-4 5+

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Customization Drives Competitive Differentiation
Significantly increase customer switching costs and creates price inelasticity

Average Selling Price of New vs. Existing SKUs, 2020 - 2022 Key Value Drivers

Customers Willing to Pay a Premium for

Innovation
24.1%
21.4% Improved Performance and Process Attributes
Incentivize Customer Adoption

10.4% Increased Switching Costs as Customers

7.8%
Optimize Processes Around Products

Significant Competitive Differentiator in the

Conformat CFM B-Grade CFM A-Grade Surmat Marketplace

Impact of Representative Selective Price Increases

2023 Average Order
+3.4%
+0.3% +1.7%
$36,778 $637 $1,273
$127
Average Order Size
+ $0.05 + $0.10
Modest Average
+ $0.01
12,735 Lbs. $36,778
ASP
$36,905
ASP
$37,415
ASP
$38,051 Order Size Results in
Average Volume Price Inelasticity
$2.89 2023 Avg.
Representative Average Order Sizes
Average Selling Price Order Size

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Highly Flexible Manufacturing Process With Efficient Change Over Times
Indirect melt process enables highly customized, short-run production model

Flexible Manufacturing Process Process Steps High-Volume Supplier Manufacturing Process

1
Glass Marbles Material Raw Material
Glass marbles purchased from Silica, alumina, and other raw
Input
outside supplier materials
Precious metal crucibles used to Direct melt process, with raw
re-melt the marbles in an indirect 2 glass input into a furnace
melt process Direct Melt
Crucible Melting Furnace Melting temperature achieved in
Melting temperature achieved weeks from start-up
<12 hours from start-up
Molten glass transferred directly
Easily re-configured, with change- 3 to the bushings
overs occurring between shifts Bushings Fiberization Bushings

Capable of Producing Large Volumes at High Levels

— Less Efficient at Higher Volume, Long Production Runs
of Efficiency

Requires Continuous Operation – Fixed Costs and

Highly Flexible and Configurable Operation Capable
— Change-Over Times Make Shorter Product Runs Cost
of 45 Product Run Changeovers per Month
Prohibitive

Ideally Suited for Low-Volume, High-Mix, Custom Ideally Suited for Standardized, “Fit to Print”, Products
Product Runs Serving High-Volume, Low-Mix Applications

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Niche Leadership Position in the Market
Flexible manufacturing and customizable formulations within rapidly growing end market applications
Product Runs
Product Focus Areas Low Volume
Chopped Strand Scrim

Yarns Direct Rovings Customers Benefit from

Custom Product Runs

Product Type

High Mix
Low Mix

Large Multi-Nationals Focus on

Large Runs for Commodity
Applications

End-Market Focus Areas

Concrete Insulation Asphalt
High Volume

Rebar Roofing Oil & Gas

Specified for Short
Technical Production
Need Runs

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Collaborative, Engineering-Centric Sales Approach
Leverage deep technical expertise and end-use application experience

Customer-Led Sales Process

Experienced, technically-capable sales
Customer team able to understand and
Contact communicate customer’s specific needs

Seamless collaboration between sales

Technical and engineering facilitates an efficient
Consultation product development process
On-Going Dialogue
Following Initial Sale
Facilitates Further New Proven ability to value engineer products
Trials & Product Development to optimally meet customer product and
Specification to Meet Continually manufacturing needs
Evolving Customer
Needs
Nimble teams and operational flexibility
Iterative enable rapid implementation of
Development design iterations

Sales team engages in ongoing dialogue

Final Product to anticipate opportunities for
additional innovation

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Sustainable Improvement in Product Pricing
Highly sustainable pricing base built on contractual agreements, innovation, and competitive differentiation

Key Drivers of Pricing Sustainability Average Selling Price(1) (per lb.) Bridge, 2019 - 2022

Approximately 25% of 2023 volume (36% of 2024

($0.32) $0.44
volume) locked in at favorable pricing through long-
$0.90
term “take or pay” supply agreements

Structural improvement in B-Grade Product Pricing $2.93

driven by investments in processing equipment and
implemented process changes to yield a more “salable” $1.92
product that opened new market segments for B-Grade

Continuous ASP enrichment from new product 2019 Avg. Selling Existing Products Existing Products New Product 2022 Avg. Selling
introductions, which command an average premium of Price Pricing Mix Introductions Price
15% compared to existing SKUs
Revenue by SKU Introduction Year, 2022
Products are high-value add, customized, and “spec’d < 1 Year Old
6%
in” by customers providing inherent stickiness and 1 - 2 Years Old
9%
pricing power
3 - 4 Years old
5%
Minimal motivation or ability to “price-shop” due to a
lack of market participants offering the niche,
customized product runs that customers require 5+ Years Old
80%

(1) Average Gross Selling Price before rebates, discounts, and allowances
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Customer Contracts
• The Company has been successful in securing additional contractual, take-or-pay supply agreements with customers

• Secured agreements totaling 3.225 million lbs. of incremental 2024 volume (over total contracted volume for 2023):

– Coosa Composites: 375,000 lb. annual agreement signed 9/26/2023

– SpaceAge Synthetics: 500,000 lb. annual agreement signed 10/1/2023

– Creative Pultrusions: 750,000 lb. annual agreement signed 11/8/2023

– Haysite Reinforced Plastics: 1,600,000 lb. annual agreement signed 3/1/2023

• Total 2024 contracted volumes of 7.725 million lbs. represent 36.4% of total 2024 budgeted sales volume, providing a strong base of
visibility into the Company’s expected performance

Average 2024 Projections 2024 Contracted Date

Customer Name Product Families End Market
ASP Volume (lbs) Volumes (lbs) Signed
Roechling Industrial M8610, M8643, M8641 Power & Energy $2.37 2,094,389 2,400,000 7/1/2022
Bedford Reinforced Plastics M8643 Infrastructure $2.25 1,567,485 1,600,000 10/1/2022
Creative Pultrusions M8610, M8643 Infrastructure $2.19 1,499,142 750,000 11/8/2023
Vectorply Corporation M8635, M8643 Marine $2.11 498,288 500,000 1/1/2023
SpaceAge Synthetics M8610 Marine & Transportation $2.62 440,924 500,000 10/1/2023
Coosa Composites M8610 Marine $2.35 508,165 375,000 9/26/2023
Haysite Reinforced Plastics M8641, M8643 Power & Energy $2.18 1,175,062 1,600,000 3/1/2024
Total Expected Volumes 7,783,455 7,725,000
% of Consolidated 2024E Volume 36.4%

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BUSINESS UPDATE
Update on Key End Markets

Representative Key YTD 2024

End Market Current Outlook
Customers Revenue vs. Budget
YTD Actual Vs. Budget
• Secular demand intact with continued investment to upgrade the
Power & $259K +$70K
electrical grid
Energy
$406K +$275K • Steady backlog with key customers providing good visibility

• Strong demand growth from investments to strengthen reliability in

$572K +$21K utility market
Infrastructure
$886K +$516K • Double-digit growth with Creative Pultrusion (adding incremental
pultrusion lines for utility poles)

$229K +$35K
Building • Seeing varying demand based on customer-specific regional
Products $976K +$40K footprint and project backlog

• Solid demand growth as North American Class 8 Truck production

$124K +$54K expected to increase ~7% year-over-year in 2024
Transportation
$92K ($95K) • Continued demand for light-weighting solutions to improve
performance and fuel efficiency in fleet vehicles

$273K +$128K
• Key customers experiencing stronger demand than anticipated
Marine
$567K +$309K relative to forecast of 2024 demand made in late 2023

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Strong New Business Development Momentum
New business development representing ~3 million lbs. of 2024 volume, 500% above expectations

• Current pipeline opportunities of nearly 3 million lbs. of volume from new business development expected in 2024 compared to 0.5 million
lbs. in original projections

• Capitalizing on strong brand equity as a go-to provider of innovative, customized solutions

• Acceleration in new lead generation driven by dedicated new business development representative, hired in July 2023

New Business Development for 2024

Customer

Electrical grade sheet for

Electrical grade sheet for Polyurethane insulation
Profiles for Power & Energy Polyurethane boards for
Application Power & Energy for Infrastructure and
ladder railing applications, primarily Housing applications
applications Housing applications
utility poles
HFP: agreement for ~1M
lbs. in 2024; initial Expected to significantly
shipments beginning in Contract signed for 1.6M exceed budgeted volume
Program has accelerated;
Status / April lbs. annualized (+400K of 1.3M (750K Awaiting affirmative
expecting to ship $300K
Timing increase from 2023 contractual min.) based
of product in 1Q 2024
qualifications
SCC: Trials in June, on volume) on customer internal
track to begin shipments production forecasts
in September

2024E Revenue HFP: ~$2.3M / ~1.2M lbs. ~$2.9M ~$5.0M ~$371K ~$432K
& Volume SCC: $156K / 56K lbs. ~1.3M lbs. ~2.5M lbs. ~62K lbs. ~62K lbs.

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Strong Visibility into Full-Year 2024 Results
Net Revenue Bridge, YTD February 2024 – 2024 Budget
($ in millions)

$2.2M Transactional Business

per Month to Meet 2024 Budget
$22.4

$4.0
$57.5
$8.5

$13.1
$1.4

$8.1 $9.5

YTD Feb. YTD Feb. YTD Feb. Contracted Firm Purchase Orders New Business Transactional Business 2024E Revenue
Budget Outperformance Actual Business Development

Discussion and Analysis Select Programs Ahead of Plan

11. YTD Outperformance : Stronger than expected results driven by

robust demand across end markets and acceleration of new
business programs
22. Contracted Business: Volumes from take-or-pay agreements
2024 Revenue in
account for ~30% of budgeted March – December 2024 revenue $3.0M $1.45M
Budget
33. Firm Purchase Orders: Current purchase orders in hand
Updated 2024
4. New Business Development: Impact of identified new business $5.0M $2.25M
4 programs from March – December Expectation

55. Transactional Business: Budgeted revenue from non-contracted Key Customer Programs Now Expected to Generate $2.3MM
business of Incremental March – December Revenue vs. Budget

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2023 Revenue Trend
Quarterly Revenue and Adjusted EBITDA Trend
($ in millions)
$15.4
$18 .0

$14.8 $15.2 $15.1

$16 .0

$14.2 $13.4 $13.9

$12.4 $13.2 $13.2
$14 .0

$12.0
$12 .0

$10.2
$10 .0

$8. 0

$6. 0

A B
$4. 0

$2. 0

$0. 0

1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24

January 2023 – February 2024 Monthly Revenue, Actual vs. Monthly Average
($ in millions)

1Q23 performance driven by atypical customer ordering patterns:

– Distributors replenishing stock following de-stocking in 4Q22 Strong start to 2024 as
– Customer desire to build margin of security in inventories given 4Q23 demand below trend distributor and end-user
tight supply chain environment experienced in 2022 as customers, as distributors customer ordering
de-stocked inventories built patterns return to normal
in 1Q23

$5.3 A $5.6
$4.8 $4.9 $4.9
$4.5
$3.9
$4.4
$4.0 $4.2 B $4.5
$3.7
$3.1 $3.3

Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24

Revenue - Actual Revenue - 14 Month Average

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2024 Adjusted EBITDA Trend
On track to achieve full-year forecast with identified avenues for improved performance

• Strong start to the year with February YTD Adjusted EBITDA of $1.982 million, $690K ahead of budget
• Potential for ~$400K of upside in remaining 10 months relative to budget with multiple identified cost saving areas:
– Secured remaining 50% of Huntingdon’s natural gas requirements beginning in April at favorable rates: $50K 2024 savings vs. budget
– Renewal of primary metal lease in May at favorable terms relative to budget: $57K 2024 savings vs. budget
– New supply of A-Glass cullet at lower cost relative to existing sources potentially coming on-line in May: $225K 2024 savings vs. budget

2024 Monthly Adjusted EBITDA

$1.5
$1.4
$1.3 $1.3
$1.2 $1.2
$1.1 $1.1 $1.2

$1.0
$1.0 $0.9

$1.4
$1.3 $1.3 $1.3
$1.2 $1.2
$1.14 $1.1 $1.1
$1.0 $1.0
$0.9

Jan-24A Feb-24A Mar-24E Apr-24E May-24E Jun-24E Jul-24E Aug-24E Sep-24E Oct-24E Nov-24E Dec-24E

Adjusted EBITDA Natural Gas Savings Metal Lease Renewal Savings New Cullet Supplier Savings

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Strictly Private and Confidential 24
New A-Glass Cullet Supplier
Identified new source of A-Glass Cullet at lower costs and higher yields vs. current supplier base

• Continually testing and trialing alternative materials suppliers to ensure drive continuous improving in sourcing

• Currently trialing A-Glass cullet from Cardinal Glass, a potential new source of supply:

– Fully landed cost of $0.27 per lb. vs. current lowest cost supplier at $0.31 / lb. and weighted average cost in budget of $0.33 / lb.

– Initial tests indicate significantly improved pull rate of ~47 vs. pull rate of 41 in the 2024 budget, a material improvement to operational
efficiency and yield

• In the process of running 180,000 lbs. of Cardinal Glass cullet across multiple banks to ensure consistent performance across furnaces (initial
trials were run on newest furnace)

• Pending successful trial results, ability to utilize Cardinal Glass for 50% of total cullet needs as early as mid-April

Cardinal Glass Cost per Lb. vs. Existing Cullet Suppliers May – December 2024 Pro Forma Cullet Savings
Budgeted Supplier Mix Pro Forma Supplier Mix

Logan Vitro
29% 36%
Cardinal G Glass
Glass 50%
G Glass 50%
36%

$0.36 $0.34 $0.31 Cullet Usage 5.6m Lbs.

$0.27
Weighted Avg.
$0.33 / Lb. $0.29 / Lb.
Cost
Total Spend $1.868 Million $1.646 Million
Logan Glass Vitro Shanghai Paisheng Cardinal Glass
Technologies
$222K Potential May – December 2024 Savings
through Re-Calibrated A-Glass Cullet Supplier Mix
Confidential Information Presentation
Strictly Private and Confidential 25
Update on New Bushing Configuration Migration
Migration Progress Overview & Benefits
• Strategic plan is to migrate all bushings to 100% ODSA-treated
platinum in 2024

• First bushing was converted in July 2023, 15 of 43 bushings

converted to-date

• Expect to have 25 to 30 bushings converted by end of June 2024

Currently trialing a six bushings made 100% from ODSA-treated platinum ,
• De-commissioning end of life bushings and converting to new eliminating the need for rhodium and extending the useful life of bushings
configuration requires “de-alloying” of existing metals pools –
one-time cost of ~$5.8K per bushing Substantially reduced bushing fabrication costs

Reduced metal lease expense and commodity price volatility

Improved uptime from less bushing change-overs

% of Installed Bushings
Current Configuration New Configuration
15 ~25
Bushings Bushings Migrated 7 Months 53 12+ Months 31
Currently Migrated 50% By July 2024 78% Average Bushings Fabricated Average Bushings Fabricated
Life Annually(1) Life Annually(1)

97 / 3% $2.1M 100% $1.8M

Platinum / Annual Metal Platinum Annual Metal
Rhodium Mix Lease Expense(2) Mix Lease Expense

Annual Savings / Margin Contribution (Incremental to Projections):

~$650K / 0.8%

(1) Based on current installed bushings count of 31

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Strictly Private and Confidential
(2)
(3)
Based on current total metal leased of 17.,823 troy oz. as of July 25, 2023
One employee per line currently spending ~50-60% of time on visual QC (three lines, three shifts per day) 26
Metals Lease Update
Metal Lease Expense, 2024E vs. SCMI Preliminary Indication
• 2024 metal lease expense projected at $1.642 ($ in actual)
million, down from $1.931 million in 2023 due to
Pro Forma for May
more favorable metals prices, lease rates and a slight Current
Lease Renewal at
reduction in the mix of rhodium Budget
Indicated Terms
• Primary platinum lease of 14,700 troy oz. at $1,123 / May - December 2024 May - December 2024
oz. and a 9.35% lease rate expires May 9, 2024 Platinum Lease Amount (Troy Oz.) 15,126 17,304
(x): Price / Troy Oz. $920 901
• Expecting to renew lease for 17,304 troy oz. of
Value of Leased Platinum $ 13,915,920 $ 15,590,904
platinum and 200 troy oz. of rhodium
(x): Annual Lease Rate 9.35% 8.00%
– 2024 budget assumed 14,708 troy oz. of Platinum Lease Expense - Annualized $ 1,301,139 $ 1,247,272
platinum and 339 troy oz. of rhodium at renewal Platinum Lease Expense - May-December 2024 $ 876,308 $ 848,838

– Additional platinum required relative to budget Rhodium Lease Amount (Troy Oz.) 339 200
to continue on-going process of bushing (x): Price / Troy Oz. 4,300 4,700
migration while ensuring adequate metals Value of Leased Rhodium $ 1,457,700 $ 940,000
available to meet customer demand (x): Annual Lease Rate 8.50% 8.50%
Rhodium Lease Expense - Annualized $ 123,905 $ 79,900
• Based on current metals prices and preliminary read
Rhodium Lease Expense - May-December 2024 $ 84,324 $ 54,376
from SCMI, expecting terms of:
Total Lease Expense - May-December 2024 $ 960,632 $ 903,214
– Platinum: $901 per troy oz. with 8.00% lease Savings vs. Budget at Currently Indicated Renewal Terms $ 57,418
rate (budget: $920 per oz. and 9.35% lease
(1) rate)

– Rhodium: $4,700 per troy oz. with 8.50% lease

rate (budget: $4,300 per oz. and 8.50% lease
rate)
• Renewal at currently indicated terms represents
$57K of savings relative to budgeted May through
December 2024 lease costs despite

(1) As of March 19, 2024

Confidential Information Presentation
Strictly Private and Confidential 27
Sale-Leaseback Transaction Overview
• The Company has signed a Letter of Intent with Tenet Equity, a privately-owned real estate investment firm, for a sale-
leaseback of its Pennsylvania and Kentucky real estate assets (“SLB Transaction”)

• The SLB Transaction is expected to close simultaneously with the Transaction

• Key terms of the SLB Transaction:

– Lease Type: Triple-Net

– Lease Term: 15 Years, with four 5-year renewal options

– Rent:

• $1,500,000 in year one

• Annual escalator of 3.00% for years two through six; thereafter tied change in the CPI, with a floor of 2.00% and
ceiling of 3.00%

– Expansion Funding: Tenet shall provide Lessee with a forward capital commitment of up to $5,000,000 for future
renovations or expansions to the property

– Purchase Option: On the tenth anniversary of the lease, Lessee shall have the option to purchase the real estate
assets for a purchase price equal to the greater of fair market value, or 120% of Tenet’s total investment in the
property

– Financing Contingency: None

Confidential Information Presentation

Strictly Private and Confidential 28