Tariff Communication - September 4th, 2026

Dear Valued Customer,

We are writing to make you aware of a potential disruption to the Canadian gypsum supply resulting from the retaliatory counter-tariffs scheduled to take effect on September 8, 2026.

This communication is not intended to create unnecessary concern. However, given the potential impact on our industry, we believe it is important to keep our customers informed of the discussions currently taking place with our manufacturing partners.

While several building material products have been affected by tariffs over the past year, our industry has, to date, avoided significant disruption. Unfortunately, the latest counter-tariff announcement may have a much greater impact on gypsum products.

Canadian gypsum board production capacity is below total Canadian demand, and a meaningful portion of the market relies on gypsum board imported from the United States. The announced counter-tariff applicable to affected gypsum products is currently 50%.

At this time, we have not received formal communication from our gypsum manufacturing partners outlining how they intend to manage the tariffs or what the medium- and long-term impact will be.

We do not anticipate manufacturers absorbing a 50% tariff indefinitely. We therefore believe significant pricing adjustments are possible, and manufacturers may also rely on applicable force majeure or tariff-related provisions where appropriate.

At this time, Morin Supply has not received sufficient information to determine the exact impact on product availability or pricing.

We are actively communicating with our manufacturing partners and will share their official notices and any confirmed changes with you as soon as they become available.

Thank you for your understanding and continued partnership.

Sincerely,

Yanik Morin

President

Morin Supply