Investor Presentation May 2025 Disclaimer Forward Looking Statements Certain statements in this Presentation may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. For example, projections of future revenue and other metrics are forward-looking statements. In some cases, you c ...

Core Argument - The silver sector is gaining attention as a potentially more explosive investment opportunity compared to gold, driven by unique fundamentals and increasing demand for green technology [1][2]. Industry Overview - Silver serves as an industrial workhorse, with over 50% of annual consumption linked to industrial applications, making it essential for sectors like photovoltaic cells and electric vehicles [3]. - The silver market is facing a structural supply deficit for the fifth consecutive year, where demand consistently exceeds supply from mining and recycling, providing strong price support [4]. - Favorable macroeconomic trends, including potential interest rate cuts by the U.S. Federal Reserve and a downtrend in the U.S. dollar, are expected to boost silver demand [5][6]. Investment Opportunities - The Gold/Silver ratio remains above historical averages, suggesting that silver may be undervalued compared to gold, indicating potential for price appreciation [7]. - Direct exposure to silver can be achieved through investment vehicles like the iShares Silver Trust, which has shown a year-to-date net asset value total return of approximately 33% [11][12]. - Mining companies such as First Majestic Silver and Pan American Silver present opportunities for leveraged returns, with First Majestic benefiting from significant revenue leverage to silver prices and Pan American pursuing strategic acquisitions to enhance its portfolio [14][17].

Industry Background - In 2025, the food industry is influenced by various factors including policy, economy, social structure, and technology, showcasing unique development trends and consumption patterns [2][4] - The government prioritizes "boosting consumption" as a key task, aiming to transition the food industry from "recovery growth" to "high-quality development" [2][4] - The GDP growth for 2024 is projected at 5%, but the food industry's added value has been declining for four consecutive years, indicating structural supply-demand issues [2][4] - The aging population is accelerating, with those aged 65 and above accounting for 15.6% of the population, while urbanization has reached 67%, shifting consumer dietary preferences from "sufficient" to "quality" [2][4] Core Consumption Trends - Six core consumption trends are identified as new directions for industry development: 1. **Diverse Channel Innovations**: 84.2% of consumers are purchasing alternative products, with retailers optimizing supply chains to lower prices and enhance value [3] 2. **Precision Nutrition Products**: New products targeting different age groups, including senior nutrition and children's dietary needs, are emerging [3] 3. **Emotional Value Experiences**: Marketing strategies focus on sensory and situational engagement, enhancing consumer emotional experiences [3] 4. **Key Demographic Opportunities**: Brands are targeting family nutrition, with rapid growth in urban markets and services for overseas tourists [3] 5. **Smart Information Experiences**: AI is being integrated into product development and production, enhancing personalized nutrition services [3] 6. **Green Revolution in Food and Beverage**: Transparency in supply chains and innovations in green packaging are gaining traction, with over 70% of consumers concerned about "no additives" [3] Strategic Focus for 2025 - The food industry must focus on channel efficiency, precision nutrition, and emotional value, leveraging AI and green technologies to address the needs of the aging population and urban-rural integration [4][5] - The transition from scale expansion to value creation is essential for building a sustainable development ecosystem [4][5]