Q3 2025 Investor Presentation November 4, 2025 Forward Looking Statements Certain statements contained in this presentation, other than purely historical information, including, but not limited to estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are forward-looking statements. Statements preceded by, followed by or that otherwise include the word "believes," "expects," "anticipates," "inte ...

Group 1: Tariffs on Kitchen Products - President Trump announced new tariffs of up to 50% on imported kitchen cabinets and bathroom vanities, alongside a 30% levy on upholstered furniture, effective October 1, 2025, escalating further by January 1, 2026 [3][4] - Companies with significant domestic manufacturing, such as MasterBrand (MBC), saw stock increases, while high-end retailers reliant on imports, like RH and Williams-Sonoma, experienced declines [4][5] - Analysts predict these tariffs will lead to higher consumer prices, with potential double-digit increases, impacting home renovation budgets [5] Group 2: Movie Tariffs - Trump proposed a 100% tariff on movies produced outside the U.S., causing immediate concern in the film industry [6][7] - Stock prices for streaming giants like Netflix and Disney dipped briefly following the announcement, reflecting market apprehension [8] - Industry analysts criticized the practicality of imposing tariffs on digital products, warning of potential retaliatory measures and increased costs for consumers [9] Group 3: Infrastructure Funding Freeze - The Trump administration announced a freeze of $2.1 billion in transit funding for Chicago, part of a broader pattern of withholding funds from Democratic-led cities, totaling at least $28 billion [13][14] - This political maneuvering introduces uncertainty in the construction and engineering sectors, affecting companies reliant on federal funding [14] Group 4: Market Reactions to Trump's Social Media Activity - Trump's posts on Truth Social have been shown to influence market sentiment, with significant fluctuations in stock prices for companies like Alphabet Inc. following his comments [10][11] - The stock of Truth Social, trading under the ticker DJT, has experienced a dramatic decline of nearly 30% over the past year, highlighting the volatility associated with Trump's political activities [11]