Investor Presentation March 2026 The Carrick Waterloo, ON 1 CAUTIONARY STATEMENT This presentation may contain forward-looking statements with respect to Killam Apartment REIT ("Killam") and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue", "maintain", "target" or the negative thereof or similar variations. The actual results ...

Glowing globe centered on the U.S. with light trails radiating outward, symbolizing capital flowing into international markets. Key Points The gap between United States and European equity valuations has widened, pushing some global stock pickers to look overseas for “quality at a reasonable price.” Pieter Slegers highlighted Games Workshop, Investor AB, and LVMH-Moet Hennessy Louis Vuitton as examples of durable businesses he believes are priced more attractively than many U.S. peers. The argument res ...

Core Insights - Cresco Labs (CRLBF) reported fourth-quarter 2025 results with adjusted earnings in line with estimates but sales slightly exceeding expectations. The company posted an adjusted loss of 2 cents per share, wider than the previous year's loss of 1 cent, and sales declined 8% year over year to $161.6 million [1][10]. Financial Performance - Full-year 2025 revenues for Cresco declined 9.5% year over year to approximately $656 million, reflecting challenges in the domestic cannabis market [8]. - The company anticipates continued revenue pressure in the near term, with first-quarter 2026 revenues expected to decline sequentially due to various factors including the exit from California and changes in Michigan's tax structure [9][10]. International Expansion - Cresco has expanded into the German medical cannabis market, marking its first international venture aimed at reducing reliance on the competitive U.S. market. This market is valued at over €670 million and is expected to grow significantly [3][4]. - The company partnered with EU GMP-certified Blossom in Portugal to produce three flower SKUs tailored for different patient needs, ensuring compliance with European standards [5]. - The German launch provides Cresco with operational insights that could inform future international expansions as additional markets develop [6]. Operational Challenges - Despite the international expansion, Cresco remains heavily reliant on U.S. sales, which exposes the company to ongoing challenges in the domestic cannabis industry characterized by regulatory pressures and pricing competition [7]. - Management expects gross margins to normalize from elevated levels due to seasonal shifts and competitive pricing dynamics, despite efforts to optimize product mix and improve cultivation efficiencies [11]. Competitive Landscape - Cresco operates in a crowded market alongside competitors like Canopy Growth and Tilray Brands, which are also pursuing similar expansion and cost-optimization strategies. This competitive environment may limit Cresco's ability to rapidly expand market share [12]. Stock Performance and Outlook - Shares of Cresco have underperformed the industry year to date, and loss per share estimates for 2026 have widened recently [13][15]. - The company's recent international expansion, while strategically important, may take time to contribute significantly to overall revenues, and without improvements in pricing dynamics or regulatory support, the stock's upside potential may remain limited [16][17].

Core Insights - The article highlights record performance driven by a fully delegated care model that emphasizes clinical execution and physician alignment rather than coding intensity or arbitrage [1] Revenue Growth - Revenue growth of 43% in Q4 and 56% for the full year indicates successful geographic diversification, with non-California revenue now accounting for approximately 19% of the total [1] Medical Cost Trends - Medical cost trends are well-controlled at approximately 4.5% for legacy operations, attributed to high patient engagement and an 80% completion rate for annual wellness visits [1] Operating Efficiency - The proprietary technology platform has significantly improved operating leverage, reducing adjusted G&A as a percentage of revenue by 110 basis points year over year [1] Risk Management - The company maintains a disciplined approach to risk, entering full-risk arrangements only when rates align with medical cost trends and data infrastructure is mature [1] Integration Progress - The integration of Prospect Health is ahead of schedule, with a 97% primary care physician retention rate and expectations to achieve the high end of the $12 million to $15 million synergy target [1]

Core Insights - Intuitive Surgical's (ISRG) fourth-quarter 2025 results indicate a significant increase in international demand for its robotic procedures, with a 23% rise in procedures performed outside the U.S. to over 1.1 million, surpassing the 15% domestic growth rate [1][9] - International procedures now account for approximately 35% of total global procedures, highlighting a shift towards geographic diversification as a key growth driver [1][4] International Growth Dynamics - The international growth is broad-based, with Europe experiencing a 21% increase, Asia expanding by 24%, and other global markets rising by 27% [2][9] - Factors contributing to this momentum include improved market access, expanded training initiatives, and favorable economic conditions that support hospitals in justifying capital investments in robotic systems, particularly in emerging markets [2][3] Strategic Planning and Investment - Intuitive Surgical is strategically planning to capitalize on rising international opportunities by investing in local clinical evidence and country-specific commercial infrastructure to align with regional reimbursement frameworks [3][4] - The company recognizes that the adoption of robotic surgery relies heavily on surgeon training ecosystems, payer support, and institutional familiarity, necessitating significant upfront investments [3] Broader Industry Trends - Other major medtech companies, such as Medtronic and Abbott, are also experiencing growth driven by international markets, indicating a broader trend within the industry [5] - Medtronic reported revenues of $9.02 billion with 6% organic growth, supported by strong performance across various regions, while Abbott Laboratories highlighted international markets as its primary growth engine, expecting organic sales growth of 6.5%–7.5% in 2026 [6][7] Valuation and Market Performance - Intuitive Surgical's shares have increased by 4.5% over the past six months, contrasting with a 7.1% decline in the industry [10] - The company trades at a forward price-to-earnings ratio of 49, which is above the industry average but lower than its five-year median of 71.18, indicating potential valuation considerations [12]

Core Insights - The company is positioning itself to take advantage of a 'multipolar world' by focusing on global hubs in the U.S., China, and the Middle East where wealth creation is accelerating [1] - The strategy emphasizes geographic diversification, aiming to generate over 55% of revenues from non-U.S. dollar denominated markets following the UAE expansion [1] - Las Vegas performance optimization is achieved by prioritizing Average Daily Rate (ADR) over occupancy, leading to more efficient staffing and higher EBITDA margins [1] - Macau's quarterly results were affected by unusually low hold in both VIP and mass segments, despite significant year-over-year volume growth in VIP turnover and mass drop [1] - The company is leveraging technology and AI to enhance 'customer delight' through personalized retention strategies and improved machine learning for reinvestment modeling [1] - Operational discipline in Boston has successfully mitigated union-related payroll pressures through cost efficiencies in non-guest-facing areas [1]

Core Insights - The article emphasizes the importance of international equity exposure for investors, highlighting that significant market value exists outside the U.S. [2] - The Schwab International Equity ETF (SCHF) offers a low-cost solution to address home bias in investing, providing access to developed market equities [2][3] Group 1: Fund Overview - SCHF manages approximately $55.4 billion in assets and provides access to around 1,300 established companies across Europe, Japan, Canada, and Australia [3] - The fund's expense ratio is notably low at 0.03% annually, allowing investors to retain more of their returns while benefiting from a 2.35% dividend yield [3] Group 2: Performance Comparison - Over the past decade, SCHF returned 167%, while the SPY delivered 264%, resulting in a 97 percentage point performance gap primarily due to U.S. tech dominance and dollar strength [4][8] - Recent performance indicates a positive trend, with SCHF gaining 35% over the past year, significantly higher than its five-year annualized return of 11% [6] Group 3: Competitive Advantage - SCHF's cost structure is a key differentiator, with its 0.03% expense ratio significantly lower than competitors like EFA at 0.32% and comparable to VEA at 0.05% [7] - The fee difference compounds over time, favoring cost-conscious investors and enhancing long-term returns [7]

Core Viewpoint - Mineros S.A. has launched a work program to advance the La Pepa Project in Chile, appointing Mr. Rafael Casas Plata as Project Manager, and has filed a compliant technical report for the project [1][2]. Group 1: Project Overview - The La Pepa Project is located in the Maricunga Gold Belt in Chile's Atacama Region, approximately 800 km north of Santiago and 110 km east of Copiapó [4]. - The project is 100% owned by Minera Cavancha SpA, a wholly owned subsidiary of Mineros [4]. - Estimated Mineral Resources at La Pepa include: - Measured Mineral Resources: 58,816 thousand tonnes (kt) averaging 0.61 g/t Au, containing 1,150 thousand ounces (koz) Au - Indicated Mineral Resources: 65,405 kt averaging 0.49 g/t Au, containing 1,039 koz Au - Inferred Mineral Resources: 25,024 kt averaging 0.46 g/t Au, containing 366 koz Au [2]. Group 2: Strategic Rationale - The advancement of La Pepa establishes Chile as Mineros' third operating jurisdiction, enhancing geographic diversification and positioning the company within a premier gold region [4]. - The Maricunga district hosts over 70 million ounces of gold, including assets operated by major mining companies [5]. Group 3: Project Management and Expertise - Mr. Rafael Casas Plata, the newly appointed Project Manager, has over 20 years of experience in leading exploration and development programs in Chile [3]. - The structured program initiated by Mineros aims for disciplined technical progress and early value creation for the La Pepa Project [3]. Group 4: Work Program and Next Steps - The 2026 work program includes: - Environmental baseline studies and characterization - Geophysical surveys to refine geological models and identify new targets - Infill and step-out drill holes to increase confidence in existing Mineral Resources and test potential extensions - Technical data collection to support engineering and economic assessments ahead of a future feasibility study [5].

Core Insights - The company announced the acquisition of an additional 25% ownership in McCormick de Mexico, which is a strategic move to enhance its global flavor leadership and tap into fast-growing markets [1][2] - Post-transaction, Mexico is expected to account for over 10% of the company's overall sales, while the U.S. share of total sales will decrease from 60% to 55% [2] Strategic Rationale - The acquisition aligns with the company's strategic priorities and aims to diversify its geographic mix [2] - Strengthening global flavor leadership is a key objective of this transaction [2] Financial Impact - The deal is anticipated to positively influence the company's sales distribution, particularly increasing the contribution from emerging markets [2]

Group 1 - Berkshire Hathaway has been increasing its stakes in five Japanese companies since July 2019, with an aggregate investment cost of $13.8 billion and a market value of $23.5 billion by the end of 2024 [1][8] - The Japanese companies involved operate in diverse sectors such as energy, commodities, logistics, and technology, and are known for their prudent management and shareholder-friendly practices [1][2] - Corporate governance reforms in Japan have improved transparency and capital efficiency, making these companies more attractive to foreign investors [2] Group 2 - Berkshire Hathaway has strategically issued yen-denominated bonds to limit currency exposure and benefit from Japan's low-cost debt environment, expecting $812 million in annual dividends in 2025 against $135 million in interest expenses [3][8] - Favorable yen-dollar movements have contributed to additional after-tax gains for Berkshire [3] - The investments provide Berkshire with exposure to Japan's industrial and resource networks, enhancing recurring income and geographic diversification [4] Group 3 - MetLife has established a strong presence in Japan's life insurance sector, particularly after acquiring Alico in 2010 [5] - Aflac has focused on innovation in Japan through Aflac Ventures Japan, investing in HealthTech and InsurTech startups [6] Group 4 - Berkshire Hathaway's BRK.B shares have gained 7.9% year to date, outperforming the industry [7] - The stock currently trades at a price-to-book value ratio of 1.57, slightly above the industry average of 1.54 [10] - Consensus estimates for BRK.B's EPS for 2025 and 2026 indicate a decline for 2025 but an increase for 2026 [12]