Company Update March 2026 Disclaimers 2 LIMITATIONS ON THE USE OF INFORMATION This presentation has been prepared by Tiptree Inc. and its consolidated subsidiaries ("Tiptree", "the Company" or "we") solely for informational purposes, and not for the purpose of updating any information or forecast with respect to Tiptree, its subsidiaries or any of its affiliates or any other purpose. Tiptree reports a non-controlling interest in certain operating subsidiaries that are not wholly owned. Unless otherwise note ...

Core Insights - Mondelēz International is committed to long-term value creation through its global portfolio of iconic snack brands, focusing on growth in both Developed and Emerging Markets [1][2] Group 1: Strategic Priorities - The company aims to reignite growth in Developed Markets while maintaining momentum in Emerging Markets, supported by significant investments in innovation and brand activation [2][4] - Mondelēz International reaffirms its long-term growth algorithm of 3 to 5 percent organic net revenue growth, high-single-digit adjusted EPS growth, and over $3 billion in free cash flow [3] Group 2: Market Positioning - The company has a strong portfolio of consumer-loved brands and a diversified global footprint, which provides confidence in delivering consistent growth and resilience [2][8] - Approximately 80 percent of net revenues come from core categories of chocolate, biscuits, and baked snacks, with a goal to increase this to 90 percent over time [9] Group 3: Action Plans - Specific action plans are in place to improve volumes in Developed Markets, particularly in U.S. biscuits and European chocolate, while also expanding growth in Emerging Markets like China, India, Brazil, and Mexico [9] - The company is focused on disciplined capital allocation to support brand reinvestment and growth-accretive mergers and acquisitions, while maintaining balance sheet flexibility [9]

Core Viewpoint - OBOOK Holdings Inc. (OwlTing) emphasizes a long-term value creation strategy in the blockchain industry, focusing on building a reliable financial infrastructure rather than pursuing short-term gains [1][20]. Group 1: Company Philosophy - The company aims to solve real-world problems related to money transfer, highlighting the disparity between the speed of information and money movement [4][6]. - OwlTing prioritizes compliance and technology, believing that operating within regulatory frameworks is essential for building trust in financial systems [5][8]. - The company’s long-term vision is inspired by successful models like Amazon, focusing on sustainable growth and competitive barriers [7][8]. Group 2: Recent Developments - Over the past five years, OwlTing has chosen a slower, more deliberate approach to development, focusing on building a solid foundation rather than chasing visibility [10]. - In 2025, the company further slowed its pace to strengthen its infrastructure, dedicating resources to partnerships and compliance [11][14]. - Key integrations include partnerships with Visa Direct and the Circle Payments Network, enhancing the usability of stablecoins in financial workflows [12][13]. Group 3: Future Focus - For 2026, OwlTing plans to lower barriers to stablecoin access, aiming to improve user experience without complicating the underlying technology [16][18]. - The company emphasizes disciplined cost management and the importance of hiring exceptional talent to drive long-term shareholder value [17]. - OwlTing's goal is to enable businesses and consumers to benefit from stablecoins through familiar tools, enhancing settlement speed and cost efficiency [18]. Group 4: Company Background - OBOOK Holdings Inc. operates as OwlTing Group, with a diversified ecosystem across payments, hospitality, and e-commerce, and is recognized as a top player in the stablecoin market [21].

Core Insights - MercadoLibre has delivered strong long-term performance, ranking as the 35th best stock over the past decade with an annualized return of 32% [1] - The stock has increased over 100% in the last three years, outperforming the S&P 500's 64% gain, although it has declined over the past year [2] - Revenue growth has been significant, with a nearly 4,000% increase over the past decade, indicating strong long-term value creation [3] Long-term Value Creation - Successful long-term stock performers are often high-growth companies, and MercadoLibre exemplifies this with substantial revenue and profit growth [3][5] - The company's revenue has reached $26 billion, growing at nearly 40% in the most recent quarter, while maintaining profit margins around 10% [9] - Operating margins have improved after a dip due to investments in logistics, showcasing a recovery in profitability alongside revenue growth [5] Short-term Market Dynamics - Despite long-term growth potential, MercadoLibre's stock has faced a decline over the past year, highlighting the volatility of stock prices in shorter time frames [7] - Investor sentiment can significantly influence stock prices, leading to fluctuations that may not align with the company's fundamental performance [7] - The ability to sustain profitable growth will be crucial for future shareholder returns, as indicated by the current market conditions [8] Future Outlook - MercadoLibre is positioned to continue delivering profitable growth, which could enhance stock returns and mitigate recent underperformance [10]

Group 1 - Triba Research aims to identify high-quality businesses that can deliver sustainable, double-digit returns over the long term [1] - The firm's strategy emphasizes finding companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and having skilled management teams [1] - Triba Research prioritizes long-term value creation while staying informed about the latest developments in the market [1]

Financial Performance - PDD Holdings' revenue grew by 7% year over year, reaching approximately 104 billion yuan ($14.5 billion) in the second quarter [2] - The company's operating profit fell by 21% year over year during the same period [2] - This revenue growth was reported as the slowest pace in years, although it exceeded analysts' expectations for the first time in four quarters [3] Strategic Focus - Executives emphasized that PDD Holdings is prioritizing long-term impact over short-term results, indicating a commitment to sustained investments [3] - The company is investing in merchant support initiatives, which may continue to affect short-term profitability [3] Market Challenges - PDD Holdings faces challenges from fluctuating Chinese consumption, escalating U.S. tariffs, and the elimination of the U.S. de minimis tax loophole that previously benefited Temu and other discount retailers [4] - Following the end of the de minimis exemption on May 2, Temu experienced a significant drop of 58% in daily U.S. visitors to its eCommerce platform [5] - Temu has paused and then resumed U.S. advertising spending while attempting to attract third-party sellers with lower fees and incentives [5]

Financial Data and Key Metrics Changes - In Q2 2025, total revenues increased by 7% year over year, driven by growth in online marketing services and transaction services [23] - Operating profit declined by 21% year over year, reflecting the company's commitment to long-term investments over short-term financial results [6][28] - Non-GAAP operating profit margin decreased to 27% from 36% in the same quarter last year [28] - Net income attributable to ordinary shareholders decreased by 4% year over year [28] Business Line Data and Key Metrics Changes - Revenues from online marketing services increased by 30% year over year [24] - Revenues from inspection services grew by 1% compared to the same quarter last year [24] - Significant investments in merchant support initiatives impacted revenue growth and profit margins [14][51] Market Data and Key Metrics Changes - The company observed a 40% growth in order numbers from remote regions due to logistic support initiatives [7] - The June 18 shopping festival saw record sales across multiple categories, indicating strong consumer demand [10][67] Company Strategy and Development Direction - The company launched a RMB100 billion support program to enhance the merchant ecosystem and prioritize long-term value creation [5][14] - Focus on high-quality growth by investing in consumer experience and merchant services [11][21] - Commitment to exploring new business models and markets to navigate complex business environments [10][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the rapid changes in the external environment and the need for substantial investments to support merchants [5][11] - The company expects fluctuations in profitability due to ongoing investments and competitive pressures [39][63] - Confidence in the resilience of China's consumer market, with steady growth in retail sales and online penetration [65] Other Important Information - The company is actively engaging with agricultural regions and manufacturing belts to provide tailored support to merchants [16][19] - The Doudu grocery business is viewed as a long-term investment despite challenges faced by competitors [52][56] Q&A Session Summary Question: Insights on revenue growth rate narrowing and competitive dynamics - Management noted intensified competition leading to slower revenue growth and a decline in operating profit, emphasizing a long-term investment approach to strengthen the ecosystem [36][38] Question: Future directions for global business and growth opportunities - Management highlighted the need for continuous investment in supply chain capabilities and localized operations to adapt to changing consumer demands and regulatory requirements [41][42] Question: Key changes observed since the launch of the RMB100 billion support program - Management reported early positive effects in agriculture and manufacturing sectors, with a focus on reducing operating costs for merchants [49][51] Question: Company's view on the Doudu grocery business - Management expressed commitment to increasing investments in the grocery business, focusing on supply chain improvements and meeting consumer demand for fresh produce [53][56] Question: Stability of profit margins and consumer demand trends - Management indicated that Q2 profits benefited from e-commerce seasonality and that future profitability may fluctuate due to ongoing investments [61][63]

Group 1 - Triba Research aims to identify high-quality businesses that can deliver sustainable, double-digit returns over the long term [1] - The firm's strategy emphasizes finding companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and having skilled management teams [1] - Triba Research prioritizes long-term value creation while staying informed about the latest developments in the market [1]

Core Insights - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term [1] - The firm's strategy emphasizes companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and led by skilled management teams [1] - Triba Research prioritizes long-term value creation while staying informed about the latest market developments [1] Company Strategy - Focus on uncovering businesses with sustainable growth potential [1] - Emphasis on competitive advantages and low debt levels [1] - Importance of skilled and aligned management teams in driving company success [1] Market Positioning - Targeting companies in growing markets to maximize investment returns [1] - Long-term value creation is the primary goal, indicating a strategic approach to investment rather than short-term gains [1]

Business Strategy & Restructuring - Paramount aims to restructure its business for greater efficiency and invest in growth areas like studios, streaming, and sports [3] - The company is focused on long-term value creation rather than short-term stock price management [4] - Paramount needs to become a scaled streaming service to replace its cable business, requiring investment in content and technology [6] Financial Performance & Synergies - Paramount has announced $2 billion in synergies and expects to significantly exceed that number [2] - Cutting costs alone is not a viable growth strategy [3] Streaming Service (Paramount Plus) - Paramount Plus has approximately 77 million subscribers and is considered subscale [7] - The company aims to improve the user experience and tech stack of Paramount Plus to increase engagement [9][10] - Increasing engagement on Paramount Plus requires more content and a better platform [10] Content & Partnerships - Paramount's content engines, including those from Skyens, have contributed significantly to top original content rankings [9] - The company highlights the quality of its content, particularly mentioning Taylor Sheridan's work and sports partnerships with the NFL [8] Linear TV - Broadcast, particularly CBS, is not declining as rapidly as cable [5] - Cable is being replaced by direct-to-consumer services [6]