Wolters Kluwer Investor Teach-In: Artificial Intelligence December 8, 2025 Investor Teach-In: Artificial Intelligence – December 2025 1 Forward-looking statements This presentation contains forward-looking statements. These statements may be identified by words such as "expect", "should", "could", "shall", and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from ...

OPTAGE Inc Summary - OPTAGE's consumer business generated ¥258.3 billion in revenue in FY2024, with 54% from FTTH services, 35% from mobile business, and 11% from business solutions[12] - OPTAGE has 1.7 million FTTH subscribers and 1.37 million mobile subscribers as of end-October 2025[7] - OPTAGE aims to transition to a business portfolio where Business Solutions exceed 50% of revenue by FY2035, targeting approximately ¥430 billion in revenue and ¥75 billion in ordinary profit[68, 69] - OPTAGE plans to invest approximately ¥300 billion in growth areas by 2035 to enhance competitiveness and grow as a core non-energy company[59] Kanden Realty & Development Co,Ltd Summary - Kanden Realty & Development's revenue nearly doubled and profit before taxes increased by 2.8 times from 2016 to 2024[82, 83] - Kanden Realty & Development aims for FY2030 targets of ¥310 billion in revenue, ¥40 billion in profit before taxes, and an ROA of 4.5% or higher[103, 104] - Kanden Realty & Development has established a capital recycling business model, with 50% of on-balance sheet assets allocated to capital recycling as of FY2024[73, 93, 94] - Kanden Realty & Development targets an annual increase of ¥180 billion from FY2026 to FY2030 by strengthening the capital recycling business[99] Nuclear Power Generation Summary - The company supplies approximately 50% of Japan's operating nuclear capacity, with a total of 6,578 MW[113, 114] - The company has invested approximately ¥1.19 trillion in safety measures for all seven plants under the new regulatory standards[115] - The company aims to maximize the utilization of existing reactors and steadily advance the development of next-generation advanced reactors[140]

Transaction Overview - Ageas will acquire 100% ownership of AG Insurance from BNP Paribas Fortis for EUR 1.9 billion[4] - The transaction will be financed via an equity placement of 18.5 million shares at EUR 60 per share, totaling EUR 1.11 billion, along with existing cash and financing facilities[4] - The closing is subject to regulatory approval and is expected in Q2 2026[4] Strategic Rationale - The acquisition offers strategic flexibility and strengthens Ageas' position for potential future inorganic growth opportunities[22, 25] - It allows for further leveraging of AG Insurance's distribution, technical, and operational expertise to deepen group synergies[25] - The deal re-confirms the long-term nature of the bancassurance distribution agreement with BNP Paribas Fortis and deepens collaboration on investments[8, 25, 41] Financial Impact - The transaction is expected to deliver an attractive levered Return on Invested Capital (ROIC) of 15-16%[26, 40] - It is projected to increase HFCF (Holding Free Cash Flow) per share by 7-8% by 2027[26, 33] - The acquisition is expected to provide an immediate uplift of EUR 160-175 million from Belgium and EUR 15 million from the Reinsurance segment starting in 2028[33] Partnership with BNP Paribas - BNP Paribas will maintain a significant stake in Ageas, with a shareholding cap of 25%-1[52] - The partnership is governed by a Relationship Agreement with a 5-year duration and automatic renewal[52] - BNP Paribas supports Ageas' future growth as an independent and autonomous group[52] Elevate27 Targets - The transaction leads to an upgrade of Elevate27 financial targets, including an increase in HFCF and shareholder remuneration[26, 53, 59, 60] - The shareholder remuneration is expected to increase by +10%[60] - HFCF is expected to increase by +13%[59]

Conference Call on Helvetia Baloise Pro Forma Financial Information Matthias Henny, Group CFO Helvetia Baloise 8 December 2025 Overview of contents 2 1) Key messages and preliminary remarks 2) Pro Forma Financial Information 3) Outlook and next milestones 4) Appendix Key messages Merger of equals to form Helvetia Baloise completed on 5 December 2025. Previous communication on benefits of the deal, including on cash and dividend capacity uplift, remain valid. Preparation for operational integration well adva ...

Acquisition Overview - Agreement to acquire a 49% interest in Ohio Utica upstream and midstream assets for $588 million[3, 10] - The acquisition includes approximately 35,000 net acres with over 100 identified gross locations[4, 10] - The asset includes over 140 miles of gathering pipelines and approximately 90 miles of water delivery systems[4, 10] - Expected to close by the end of Q1 2026, with an effective date of July 1, 2025[5, 10] Production and Financial Projections - 2026 net production is estimated at approximately 65 MMcfe per day, with an anticipated growth rate of over 30% CAGR through the end of the decade[4, 10] - Projected cash flow from operations for CY2026 is approximately $100 million net to NOG, with substantial growth projected[10] - Average annual capital spending of approximately $100 million is expected on the asset through the end of the decade[10] Strategic Rationale - The acquisition strategically positions NOG to benefit from global demand growth for gas driven by LNG, AI, and continued growth in power[10, 12] - The integrated midstream system enhances margins, improving combined asset operating costs by over $0.70/mcfe[15] - The midstream cash flows are expected to grow by 140% by the end of the decade[10]

Project Overview - Gonneville is a globally significant palladium-nickel-copper project in Western Australia, poised to become a new critical minerals mine[1,9] - The project is expected to generate approximately A$4.7 billion in pre-tax free cash flow over an initial 23-year open-pit life[9,117] - Chalice Mining is funded to a targeted Final Investment Decision (FID) in H1 CY28[10,24,117] Resource and Reserve - The Gonneville Resource contains 17 million ounces of palladium-platinum-gold (3E), 960kt of nickel, 540kt of copper, and 96kt of cobalt[23] - The Ore Reserve is estimated at 7.1 million ounces of 3E, 400kt of nickel, 260kt of copper, and 43kt of cobalt[23] - The open-pit phase is designed for an initial 23-year life, exploiting approximately 50% of the Resource[21] Financial Metrics - The Pre-Feasibility Study (PFS) outlines a pre-tax Net Present Value (NPV8%) of A$1.4 billion and an Internal Rate of Return (IRR) of 23%[21] - The project boasts a rapid payback period of approximately 2.7 years at base case prices[21] - Average annual production is projected at 220koz of 3E, 7kt of nickel, 8kt of copper, and 0.7kt of cobalt[21,25] - The project is positioned as the lowest-cost PGM producer in the Western world, with All-In Sustaining Costs (AISC) of US$370/oz 3E[21] Project Execution and Upside - The project benefits from a low strip ratio of 1.2x for the open-pit mine plan[21,68] - Approximately 50% of the Resource remains unmined below the PFS pit, offering future growth potential[21,92] - Chalice Mining owns approximately 2,600ha of farmland surrounding the Resource, de-risking the project[64]

Financial Performance & Guidance - Q3 2025 net product sales grew to $64.1 million, a 65% increase compared to Q3 2024[10, 158] - Rigel increased its 2025 net product sales guidance to $225 million - $230 million, up from $210 million - $220 million[12] - Rigel anticipates 2025 total revenue of ~$285 million to $290 million[162] - Cash, cash equivalents & short-term investments as of September 30, 2025, was $137.1 million compared to $77.3 million as of December 31, 2024[162] Product Performance - TAVALISSE Q3 2025 net product sales reached $44.7 million, a 70% increase compared to Q3 2024[16] - GAVRETO Q3 2025 net product sales reached $11.1 million, a 56% increase compared to Q3 2024[16] - REZLIDHIA Q3 2025 net product sales reached $8.3 million, a 50% increase compared to Q3 2024[16] R289 Clinical Development - In a Phase 1b study in R/R lower-risk MDS, 33% (6/18) of evaluable transfusion-dependent patients receiving ≥500 mg QD achieved RBC-TI >8 weeks[124, 131] - The median duration of RBC-TI was 22.9 weeks (9 - 104.3)[124] Strategic Collaborations - Contract revenues from collaborations were $5.4 million in Q3 2025[158]

Pociredir 20mg Cohort Data Highlights - The 20 mg cohort data raises the bar on Pociredir's best-in-class potential for treating sickle cell disease[14, 17] - At Week 6, the 20 mg cohort (n=12) showed a 99% mean absolute increase in HbF[17] - 58% of patients (7/12) in the 20 mg cohort achieved ≥20% HbF at their latest study visit[17] - In the 20 mg cohort, the six patients who completed the 12-week treatment period achieved >375-fold induction of HbF[17] Clinical Improvements - The study observed a 28% reduction in Lactate Dehydrogenase (LDH) and a 37% reduction in indirect bilirubin, indicating consistent reductions in markers of hemolysis with the 20 mg dose[71, 72] - There was a 31% reduction in Mean Absolute Reticulocyte Count (ARC) and a 22% reduction in Mean Red Cell Distribution Width (RDW-CV) with the 20 mg dose, indicating consistent improvements in red blood cell morphology and erythropoiesis[75] - Mean hemoglobin increased from 73 g/dL to 81 g/dL in the 20 mg cohort[81] - 67% of patients (8/12) reported no vaso-occlusive crises (VOCs) during the 12-week treatment period[86] Safety and Tolerability - Pociredir at 20 mg was generally well-tolerated, with 23% of patients (3/13) reporting treatment-related adverse events[90] - There were no serious treatment-related adverse events in the 20 mg cohort[90]

Acquisition Overview - Virtus Investment Partners will acquire a 56% majority interest in Keystone National Group for $200 million in cash at closing[13] - Up to $170 million in deferred consideration, including earnout payments, may be paid based on future revenue targets[13] - Management will retain a 44% stake, with Virtus increasing ownership to 75% through staged equity purchases in years 3-6[13] Keystone National Group Highlights - Keystone manages $2.5 billion in assets under management (AUM) across four core strategies[8, 11] - Keystone's flagship $2.0 billion tender offer fund (KPIF) is available in the RIA market[8, 11] - Keystone has invested over $6 billion of capital in more than 750 transactions since its founding in 2006[11] - Keystone's Real Estate Private Credit AUM is ~$400 million and Real Estate Equity AUM is ~$100 million[12] Financial Impact - The transaction is expected to increase Virtus' operating margin by approximately 200 basis points[13] - The estimated contribution to 2026 EPS, as adjusted, is approximately $1.50[13] - Intangible assets are expected to create annual tax savings of approximately $5 million per year[13] Market Context - Non-bank financing represents $1.9 trillion of the ~$5.5 trillion US Specialty Finance market[20] - Private credit accounts for $200-300 billion of the Specialty Finance market[20]

Financial Performance (3Q 2025) - Revenues reached $96.9 million[10], with an operating income of $30.6 million[10] and a net income of $15.1 million[10] - Adjusted EBITDA stood at $61.6 million[10] - A cash distribution of $0.026 per common unit was paid in November 2025[10, 18] Key Transactions & Refinancing - Daqing Knutsen was purchased for a net cash cost of $24.8 million[12], with KNOT guaranteeing the hire rate until July 2032[12, 22] - A common unit buyback program was concluded in October, with 384,739 common units purchased for $3.03 million, averaging $7.87 per unit[13, 28] - The Synnøve Knutsen loan was refinanced with a new $71.1 million senior secured term loan facility[24] - Refinancing of the Tove Knutsen was completed, generating $32 million of net proceeds[16] Contractual Agreements & Fleet Utilization - Fleet operated with 99.9% utilization, or 96.5% overall including the drydocking of the Tove Knutsen[10, 74] - The term of the current time charter for the Bodil Knutsen was extended to a fixed term ending in March 2029, followed by two charterer's options each of one year[17] - The term of the current time charter for the Hilda Knutsen was extended by 3 months firm (to June 2026) plus a further 9 months at the company's option (to March 2027)[15] - A time charter for the Fortaleza Knutsen was executed with KNOT, to commence Q2 2026 for a fixed period of one year plus two charterer's options each for one additional year[27] Strategic Developments - KNOT made an unsolicited non-binding offer to purchase all publicly held common units of the Partnership for $10 in cash per common unit[9, 25] - Contractual backlog expanded to $939.5 million of fixed contracts averaging 2.6 years, with charterers' options averaging a further 4.2 years[32, 54]