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IRAMGroup05 IRAM Immersion 2020 - Live 1.21.20 Feb 2020

UFP Industries, Inc. has been chosen in our portfolio because of its strength of management, its diversified product mix and its potential for top-line growth. Management has a demonstrated history of acquiring companies and can be expected to continue to do so, with announcements of plans for them to make acquisitions that will set them up to be a worldwide provider of global packaging products, brands and solutions. In 2018, they achieved 7% growth in unit sales and 3% of that 7% was as a result of acquisitions. In addition to their presence in the site-built construction market, UFP maintains 40% market share in trusses for manufactured homes. Because manufactured home shipments are projected to increase by 8% in 2020, by simply maintaining their market share in this industry, they will be able to maintain notable top-line growth within that segment.