Global Commercial Portfolio Next-generation Innovative Platform March 2026 HKEX:13 | Nasdaq/AIM:HCM 1 Safe Harbor Statement & Disclaimer The performance and results of operations of the HUTCHMED Group contained within this presentation are historical in nature, and past performance is no guarantee of future results. The performance and results of operations of the Group contained within this presentation are historical in nature, and past performance is no guarantee of future results of the Group. This pres ...

© 2026 Rand Capital Corporation Nasdaq: RAND Daniel P. Penberthy President & CEO Margaret W. Brechtel EVP & CFO FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS March 5, 2026 This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, including but not limited to statements regarding the strategy of the Company and its ou ...

Financial Data and Key Metrics Changes - In 2025, Canadian Natural achieved record annual production of 1,571,000 BOEs per day, a year-over-year growth of 15% or approximately 207,000 BOEs per day from 2024 levels [5][10] - Adjusted net earnings for the year were CAD 7.4 billion or CAD 3.56 per share, with adjusted funds flow of CAD 15.5 billion or CAD 7.39 [18] - Net earnings for Q4 2025 were CAD 5.3 billion or CAD 2.55 per share, influenced by a non-cash gain of approximately CAD 3.8 billion after tax from an asset swap [19][20] - The company returned approximately CAD 9 billion to shareholders in 2025, including CAD 4.9 billion in dividends and CAD 1.4 billion in share repurchases [20][21] Business Line Data and Key Metrics Changes - Record total liquids production in 2025 was approximately 1,146,000 barrels per day, an increase of 14% from 2024 levels [6] - Oil Sands mining and upgrading production reached approximately 565,000 barrels per day with upgrader utilization at 100% [6][7] - Thermal in-situ production was approximately 275,000 barrels per day, reflecting an 11% growth from 2024 levels [8] - Record natural gas production was approximately 2.5 Bcf per day, a 19% increase from 2024 levels [8] Market Data and Key Metrics Changes - The company received regulatory approval for the Pike 2 70,000 barrel per day SAGD Growth Project opportunity [8] - Year-end 2025 total proved reserves increased by 4% to 15.9 billion BOE, while total proved plus probable reserves increased by 3% to 20.75 billion [15][16] Company Strategy and Development Direction - The company is focused on organic growth and accretive acquisitions, with a commitment to continuous improvement and operational efficiency [12][25] - A strategic acquisition in Q1 2026 led to an increase in the midpoint of 2026 production guidance by 20,000 BOEs per day [11] - The company is deferring capital for the Oil Sands Jackpine Mine expansion due to regulatory uncertainties around carbon pricing and methane [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the balance sheet and the ability to return free cash to shareholders [20][21] - The company is focused on maintaining a robust balance sheet and managing capital development programs effectively [32] - Management highlighted the importance of long-term planning in response to market volatility and external factors affecting commodity prices [47] Other Important Information - The board approved a 6% increase in the quarterly dividend, marking the 26th consecutive year of dividend increases [21] - The company adjusted its net debt target levels in its free cash flow allocation policy to accelerate shareholder returns [22] Q&A Session Summary Question: Opportunities with Albian Mine - Management discussed potential savings and efficiencies from controlling 100% of the Albian mine, estimating annual savings of CAD 30-40 million [28][29] Question: Capital Allocation Flexibility - Management emphasized the robustness of the balance sheet and the ability to manage capital development programs effectively [32][33] Question: Capital Opportunities in 2026 - Management indicated a balanced rig program and the potential to shift capital based on market conditions, focusing on high-value returns [37] Question: Operational Performance and Utilization - Management noted that 105% upgrader utilization is strong but not necessarily indicative of future performance [40][41] Question: Macro Environment and Pricing - Management acknowledged market volatility and the impact of geopolitical events on pricing, emphasizing a long-term focus [44][47] Question: Natural Gas Pricing Outlook - Management discussed the need for additional LNG export capacity to improve natural gas pricing and market conditions [50]

Financial Data and Key Metrics Changes - In 2025, the company generated CAD 1.5 billion in adjusted funds flow and CAD 275 million in free cash flow, with CAD 262 million of adjusted funds flow and CAD 76 million in free cash flow in Q4 2025 [11][12] - The net loss for 2025 was CAD 604 million, primarily due to non-recurring losses from the Eagle Ford disposition and a CAD 148 million impairment on Viking assets [12] - The company exited 2025 with CAD 857 million in cash and no net debt, marking the strongest financial position in its history [12][13] Business Line Data and Key Metrics Changes - The Canadian portfolio delivered annual production of 65,500 BOE per day, representing 6% organic growth year-over-year [7] - Production from the Duvernay increased to 10,600 BOE per day in Q4 2025, a 46% increase over Q4 2024, with plans to bring 12 wells on stream in 2026 [9] - Heavy oil assets support 12 years of drilling at the current pace, with 91 heavy oil wells expected to be brought on stream in 2026 [9][10] Market Data and Key Metrics Changes - WTI averaged US $59 per barrel during Q4 2025, impacting the company's financial performance [11] - The company is monitoring the macroeconomic environment and has the flexibility to adjust growth plans based on commodity prices [28] Company Strategy and Development Direction - The company has repositioned itself as a focused high-return Canadian oil producer following the Eagle Ford sale [4] - Future growth will prioritize heavy oil and Duvernay assets, with a commitment to technical leadership and disciplined capital allocation [6] - The company plans to return a significant portion of the Eagle Ford proceeds to shareholders through share buybacks and maintain an annual dividend of CAD 0.09 per share [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and financial flexibility to navigate market environments [4][14] - The 2026 production guidance remains unchanged at 67,000-69,000 BOE per day, representing 3%-5% organic growth year-over-year [14] - Management is optimistic about the potential of the Duvernay and heavy oil assets, with significant inventory depth and optionality [14] Other Important Information - The company has initiated a share buyback program, repurchasing 30 million shares for CAD 141 million since late December [13] - The company is advancing two waterflood pilots to enhance recovery and reduce decline rates in its heavy oil production [10][25] Q&A Session Summary Question: Growth outlook and potential for exceeding guidance - Management indicated that while the current guidance is for 3%-5% growth, there is potential for increased growth if oil prices remain elevated, with decisions to be made during breakup [19][20] Question: Materiality of waterflood opportunities - Management is deploying two pilot projects for waterfloods, aiming to understand their impact on production and potential for future development [21][23] Question: Breakeven prices and growth scenarios - The company has set its budget around CAD 60 oil, with flexibility to adjust growth plans based on market conditions [28] Question: Capital efficiencies and cost of production - Management discussed the budget allocation aimed at improving capital efficiency, particularly in the Duvernay and heavy oil programs [29][31] Question: Allocation of net cash balance - A significant portion of the net cash will be returned to shareholders through buybacks, with some funds allocated for strategic acquisitions [33] Question: Existing hedges and future hedging policy - The company is currently hedged on WTI and WCS, but does not expect to be active in hedging WTI contracts in the future due to its strong balance sheet [36][37]

TURKCELL GROUP Q4 & FY 2025 MAR 5, 2026 Q4 & FY 2025 BUSINESSOVERVIEW Ali Taha Koç, PhD Turkcell CEO 2025 Results: Exceeded Guidance Strong Execution Across All Key Areas Resilience in Core Services • Dual tranche bond issuance: 1 billion USD Çorlu Data Center Solar Power Plant Shifting to a Digital & Sustainable Future Q4 & FY 2025 Results| 3 * Turkcell has been awarded a total frequency band of 160 MHz in ICTA's 5G tender. ** BOTAŞ Petroleum Pipeline Corporation is the state-owned crude oil and natural ga ...

Financial Data and Key Metrics Changes - In 2025, the company generated CAD 1.5 billion in adjusted funds flow and CAD 275 million in free cash flow, with CAD 262 million of adjusted funds flow and CAD 76 million in free cash flow in Q4 2025 [11][12] - The net loss for 2025 was CAD 604 million, primarily due to non-recurring losses related to the Eagle Ford disposition and a CAD 148 million impairment on Viking assets [12] - The company exited 2025 with CAD 857 million in cash and no net debt, marking the strongest financial position in its history [12] Business Line Data and Key Metrics Changes - The Canadian portfolio delivered annual production of 65,500 BOE per day, representing 6% organic growth year-over-year [6] - Duvernay production grew to 10,600 BOE per day in Q4 2025, a 46% increase over Q4 2024, with plans to bring 12 wells on stream in 2026 [9] - Heavy oil assets support 12 years of drilling at the current pace, with 91 heavy oil wells expected to be brought on stream in 2026 [10] Market Data and Key Metrics Changes - WTI averaged US $59 per barrel during Q4 2025, impacting the overall financial performance [11] - The company is monitoring the macroeconomic environment and has the flexibility to adjust growth plans based on commodity prices [28] Company Strategy and Development Direction - The company has repositioned itself as a focused high-return Canadian oil producer following the Eagle Ford sale [4] - Future growth will prioritize heavy oil and Duvernay assets, with a commitment to technical leadership and disciplined capital allocation [6] - The company plans to return a significant portion of the Eagle Ford proceeds to shareholders through a normal course issuer bid (NCIB) program [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial flexibility and ability to navigate market environments [4] - The company is optimistic about its production growth potential and has significant inventory depth to support future plans [14] - Management emphasized the importance of capital efficiency and ongoing improvements in production costs [29] Other Important Information - The company has initiated a buyback program, repurchasing 30 million shares for CAD 141 million since late December [12] - The company is advancing two waterflood pilots to enhance recovery rates and reduce decline rates in its heavy oil production [10][22] Q&A Session Summary Question: Growth outlook and potential for exceeding guidance - Management indicated that while the current guidance is for 3% to 5% growth, there is potential for exceeding this if oil prices remain elevated [19][20] Question: Materiality of waterflood opportunities - Management discussed deploying two pilot projects for waterfloods, emphasizing the importance of understanding the rock characteristics before scaling up [21][22] Question: Breakeven prices and growth scenarios - Management stated that the budget is centered around $60 oil, with flexibility to adjust growth plans if prices fall below this level [28] Question: Capital efficiencies and production costs - Management highlighted ongoing efforts to improve capital efficiency through targeted investments in infrastructure and exploration [29][30] Question: Allocation of net cash balance - Management confirmed that a significant portion of the net cash will be returned to shareholders through buybacks, while also considering land acquisitions [33]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of $0.56 per share, with a net asset value (NAV) per share of $5.19, reflecting a net quarterly loss overall due to significant mark-to-market losses on CLO equity [12][17] - The net asset value based total return for the quarter was negative 9.1%, with the company limiting fund losses to approximately 9% of NAV, outperforming the overall peer set [5][17] Business Line Data and Key Metrics Changes - The company increased its allocation to CLO mezzanine debt tranches, which represented approximately 70% of CLO purchases during the nine-month period following its conversion to a CLO closed-end fund [7] - CLO equity represented 52% of total CLO holdings, remaining roughly unchanged from the prior quarter, while CLO debt accounted for nearly 50% of the portfolio by year-end [14][17] Market Data and Key Metrics Changes - The CLO equity market faced significant challenges, with the median CLO equity return for Q4 being negative 9% and negative 14% for the full year, driven by elevated credit dispersion and ongoing coupon spread compression [6][12] - In the U.S. leveraged loan market, lower-rated CCC loans experienced significant pressure, while premium-priced loans continued to refinance at par, leading to a divergence in performance [12] Company Strategy and Development Direction - The company emphasized a disciplined and active portfolio management strategy, focusing on CLO mezzanine debt for better yield and downside protection, while avoiding new issue CLO equity due to unattractive pricing dynamics [7][19] - The company plans to explore the potential issuance of long-term unsecured debt to provide additional capital, viewing the current market environment as an opportunity-rich investment landscape [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging market conditions for CLOs in Q4 but expressed confidence in the company's active trading approach and risk management, positioning it well for future opportunities [11][22] - The company believes that a substantial portion of recent price declines are reversible, as they reflect yield spread widening rather than fundamental credit impairment [27] Other Important Information - The company executed 218 CLO trades during the nine-month period following its conversion, comprising $272 million of purchases and $63 million of sales, indicating a highly active trading strategy [24] - The company maintained a significant credit hedge portfolio, equal to roughly 90% of its NAV, to protect against market volatility [10][17] Q&A Session Summary Question: What is the company's stance on the software sector amid negative headlines? - Management noted that while there has been damage in the software sector, the diversified nature of the CLO portfolio helps mitigate risks, and there will be both winners and losers within the sector [31][34] Question: Can the company quantify the proportion of loans that are triple C rated or lower? - Management indicated that the typical CCC bucket in a CLO is around 7.5%, and they believe their exposure is not far off from the CLO market average of about 4.4% [39][45] Question: What is the drag from credit hedges on the portfolio? - Management estimated that the drag from credit hedges amounts to about 1%-2% of fund NAV per annum, which they consider reasonable for the protection provided against larger market shocks [48][54] Question: How does the company view the relationship between redemptions and spread widening in the CLO market? - Management highlighted that redemptions create opportunities for active trading, as flows move between different funds, allowing for better price discovery [66] Question: What is the recovery rate for potential defaults in the CLO market? - Management stated that historically, recoveries in leveraged loans have been well above zero, with an average par burn or loss rate of about 75 basis points annually, indicating that recoveries can vary significantly based on deal specifics [70]

Financial Data and Key Metrics Changes - Consolidated net sales increased by more than 4% to $1.04 billion, exceeding expectations [4][11] - Adjusted earnings per share (EPS) rose to $0.74, up from $0.65 a year ago, driven by higher earnings in the professional segment [5][12] - Free cash flow for the quarter was $14.6 million, with a conversion rate of 22%, marking a significant year-over-year increase of over $80 million [13] Business Line Data and Key Metrics Changes - Professional segment net sales were $824 million, while residential segment net sales were $206 million, both benefiting from higher shipments of snow and ice products [11] - Professional segment earnings reached $137.6 million, and residential segment earnings were $13.2 million, both exceeding expectations [12] - The consolidated adjusted operating earnings margin improved to 9.8%, up from 9.4% a year ago [11] Market Data and Key Metrics Changes - Strong execution in both professional and residential segments allowed the company to capitalize on seasonal demand for snow and ice products [4][6] - The integration of Tornado Infrastructure Equipment contributed positively to the professional segment's growth [5][11] - International markets showed some softness, impacting overall performance, particularly in Europe and Asia [54] Company Strategy and Development Direction - The company is focused on operational excellence, leveraging its portfolio of leading brands for profitable growth and competitive advantage [4][6] - Continued investment in technology and innovation is a priority, with a multi-year AMP program aimed at achieving $125 million in cost savings [5][8] - The company is raising its sales and earnings outlook for fiscal 2026, expecting total company net sales growth of 3% to 6.5% [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction and ability to deliver sustainable, profitable growth [23][18] - The company is optimistic about strong customer demand in underground construction and specialty markets, anticipating multi-year growth [7][19] - External factors such as the economy and geopolitical environment are ongoing considerations, but the company is committed to aligning inventories with expected demand [9][54] Other Important Information - The company repurchased approximately $95 million of common stock, reflecting its commitment to returning value to shareholders [5] - The recent launch of innovative products, such as the BOSS plows with Cold Front Technology, has been well received by customers [6][7] - The company is actively pursuing opportunities in the growing global demand for underground construction equipment [19] Q&A Session Summary Question: What was the organic growth in professional sales excluding Tornado effects? - Management indicated that organic growth was approximately 5%, with Tornado contributing about 1-2% [26][27] Question: How much was snow and ice up in the quarter? - Snow and ice products were the largest portion of sales growth in both segments, with shipments well above the 10-year average [29][30] Question: Why was the residential guide raised but not the professional guide? - Management noted softness in international markets for the professional segment, while residential saw upside from snow events [38] Question: What is the overlap between snow contractors and lawn and garden contractors? - There is significant overlap, and strong snow performance is expected to positively impact the professional landscape business [39][40] Question: What is the outlook for autonomous solutions in golf? - There is growing interest in autonomous solutions due to labor challenges, and the company is optimistic about future growth in this area [42][44] Question: What improvements are seen in the Ditch Witch business margins? - The Ditch Witch business has shown steady profitability growth since its acquisition, with continued improvements expected [52] Question: What is the strategy regarding leverage and capital allocation? - The company maintains a disciplined capital allocation strategy, prioritizing investments in innovation and productivity improvements [60][61] Question: What is the current field inventory position? - The company is in a healthy field inventory position, which provides confidence for the second half of the year [64][65]

Financial Data and Key Metrics Changes - In 2025, the company achieved record annual production of 1,571,000 BOEs per day, a year-over-year growth of 15% or approximately 207,000 BOEs per day from 2024 levels [4] - Adjusted net earnings for the year were CAD 7.4 billion or CAD 3.56 per share, with adjusted funds flow of CAD 15.5 billion or CAD 7.39 [17] - Net earnings for Q4 2025 were CAD 5.3 billion or CAD 2.55 per share, influenced by a non-cash gain of approximately CAD 3.8 billion after tax from an asset swap [18] - The company returned approximately CAD 9 billion to shareholders in 2025, including CAD 4.9 billion in dividends and CAD 1.4 billion in share repurchases [19] Business Line Data and Key Metrics Changes - Record total liquids production reached approximately 1,146,000 barrels per day, an increase of 141,000 barrels per day or 14% from 2024 levels [5] - Oil Sands mining and upgrading production was approximately 565,000 barrels per day, with upgrader utilization at 100% [5] - Thermal in-situ production was approximately 275,000 barrels per day, reflecting an 11% growth from 2024 levels [6] Market Data and Key Metrics Changes - Record natural gas production was approximately 2.5 Bcf per day, an increase of 400 million per day or 19% from 2024 levels [6] - The company has a diversified portfolio with 256,000 barrels a day, well distributed between the U.S. Gulf Coast and the West Coast of Canada [44] Company Strategy and Development Direction - The company is focused on organic growth and has deferred capital for the Oil Sands Jackpine Mine expansion due to regulatory uncertainties [11] - A strategic acquisition in Q1 2026 has led to an increase in the midpoint of 2026 production guidance by 20,000 BOEs per day [10] - The company aims to leverage its diverse asset base to create long-term shareholder value while maintaining flexibility in development opportunities [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of a strong balance sheet and operational efficiencies in navigating volatile commodity prices [30] - The company is committed to continuous improvement and maximizing shareholder value through effective operations and cost management [23] - There is a focus on long-term planning despite short-term market fluctuations, particularly in the context of geopolitical events affecting supply [45] Other Important Information - The company achieved a 6% increase in its quarterly dividend, marking the 26th consecutive year of dividend increases [20] - The adjusted net debt target in the free cash flow allocation policy has been modified to enhance shareholder returns [21] Q&A Session Summary Question: Opportunities with Albian Mine - Management discussed estimated savings of CAD 30 million annually from synergies after acquiring full control of the Albian mine [27] Question: Capital Allocation Flexibility - Management emphasized the robustness of the balance sheet and the ability to manage capital development programs effectively [30] Question: Capital Opportunities for 2026 - Management indicated a balanced rig program and the potential to shift capital towards high-return projects while monitoring commodity prices [36] Question: Operational Performance and Utilization - Management noted that 105% upgrader utilization is strong but does not necessarily indicate a future rerate of assets [37] Question: Macro Environment and Pricing - Management acknowledged the impact of geopolitical events on pricing and emphasized the need for long-term planning [45]

Financial Data and Key Metrics Changes - In Q4 2025, revenue reached $76.2 million, a 26% increase year-over-year, while full-year revenue totaled $270.3 million, up approximately 21% compared to 2024 [18] - Adjusted EBITDA for Q4 was $18.2 million, with a record full-year Adjusted EBITDA of $61.4 million, representing a margin of approximately 22.7% [20][21] - Free cash flow more than doubled year-over-year to $28.1 million, with Q4 free cash flow at $10.8 million [22][29] Business Line Data and Key Metrics Changes - Equipment and supply sales increased by $19.4 million or approximately 63% year-over-year, driven by growth in sleep resupply and maternal health from the Lehan acquisition [19] - Ventilator rentals increased by $12.2 million, or roughly 10%, reflecting higher patient volumes [19] - PAP therapy patient count reached 34,528, representing a 62% year-over-year growth, while resupply patients increased by 49% year-over-year [10][11] Market Data and Key Metrics Changes - The company noted a significant long-term opportunity in in-home ventilation, despite a moderation in patient growth due to updated National Coverage Determination (NCD) requirements [6][8] - The maternal health segment contributed approximately 3% of revenue in 2025, with expectations for significant growth as the company expands its payer network [14][19] Company Strategy and Development Direction - The company aims to build a diversified home care platform with multiple growth engines, focusing on high-touch clinical models and technology-enabled approaches [4][10] - Maternal health is viewed as a scalable extension of the platform and a long-term growth opportunity, with plans to expand beyond the original footprint of the Lehan acquisition [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunity, citing strong early signals in the business and a solid foundation for growth due to regulatory clarity [4][10] - The company anticipates 2026 net revenue in the range of $310 million to $320 million, representing approximately 17% year-over-year growth, with Adjusted EBITDA guidance of $65 million to $69 million [25][26] Other Important Information - The company ended the year with $13.5 million in cash and approximately $46 million available under credit facilities, effectively having no net debt [23][29] - A new share repurchase program for 2026 was authorized, reflecting confidence in cash flows and long-term outlook [24][29] Q&A Session Summary Question: What is the top priority for the Lehan acquisition expansion? - Management indicated that expanding the payer network is the top priority, along with training sales staff to support growth [34] Question: How does the company assess the need to add or reduce respiratory therapist capacity? - The number of respiratory therapists is driven by patient volumes, and management expects growth in 2026 as patient numbers increase [50] Question: What are the key assumptions underlying the current revenue guidance? - Management noted that while vent growth is not forecasted to be aggressive due to NCD adjustments, significant growth is expected in sleep and maternal health segments [48]