Investor Presentation November 2025 I-74 Mississippi River Bridge, Bettendorf, IA – Moline, IL Forward-Looking Statements Statements contained in this presentation that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-histori ...

Portfolio Overview - Douglas Emmett's (DEI) office portfolio comprises 18 million square feet, representing 78% of total annual rent[13] - The multifamily portfolio consists of 4,410 units, accounting for 22% of total annual rent[13] - The company's total capitalization is approximately $7 billion, with annual revenues of approximately $1 billion[19] Market Position and Strategy - Douglas Emmett has approximately 39% average market share of Class A office space in its regions[19] - The company benefits from strong 3% to 5% annual rent increases in its leases[9] - Approximately 96% of DEI's leases are with tenants occupying less than 20,000 square feet[38] Financial Performance and Efficiency - Douglas Emmett's G&A expense as a percentage of NOI is 6.8%, allowing it to convert an extra 11.6% of NOI to cash flow compared to its benchmark group[45] - Recurring TI, LC, and Capex as a percentage of NOI is 14.2%, resulting in an extra 6.3% of NOI converted to cash flow compared to its benchmark group[45] - The company's annualized 2025 dividend is $0.76 per share[19] Sustainability - More than 84% of Douglas Emmett's eligible office space qualified for "ENERGY STAR Certification" as of December 2024[56] - The company has reduced its greenhouse gas emissions by 13% versus 2019 through December 31, 2024[56]

Financial Performance & Strategy - CRC's 3Q25 net total production was 137 MBOE/D, with 78% oil[12] - 3Q25 Adjusted EBITDAX was $338 million[12] - Net Operating Cash Flow Before WC Changes was $322 million in 3Q25[12] - Shareholder returns YTD25 totaled $454 million[12], including $32 million in dividends in 3Q25[23] - The company repaid $122 million of 2026 Senior Notes at par[12] - CRC exited 3Q25 with a leverage ratio of 0.6x[12] - The company raised its dividend by 5% for the 4th consecutive annual increase[12] Merger & Synergies - CRC announced a strategic merger with BRY, expected to close in 1Q26[12] - The BRY merger is estimated to generate annual synergies of $80-$90 million within 12 months post-close[12] - To refinance BRY's debt at close, CRC raised $231 million[12] Carbon Management & Power - CRC is working with MiQ to expand ICG certifications across its operations in California[12] - A new agreement with Capital Power includes up to 3 MMTPA of CO2 emissions[12] - CTV and CPX plan to jointly evaluate and develop CCS solutions for Capital Power's La Paloma facility[33] Guidance & Hedging - 4Q25E net production is guided at 131-135 MBOE/D, with approximately 78% oil[52] - Approximately 70% of remaining 2025E net oil production is hedged with an average Brent floor price of ~$67 per barrel[49] - Approximately 70% of remaining 2025E internal fuel consumption is hedged at an average natural gas price of ~$4 per MMBtu[51]

NOVEMBER 2025 Forward-Looking Statements Certain statements in this presentation may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified. Forward-looking statements include, but are not limited to, statements regarding projections of Live Nation's future financial results, business strategy and expansion plans, product roadmaps, competitive position, and the future development ...

Operational Highlights - Total tonnes processed in Q3 2025 were 65,131, with a daily processing rate of 1,124 tonnes[28] - Year-to-date 2025, the total tonnes processed reached 185,516, with a daily processing rate of 1,144 tonnes[28] - Gold ounces sold in Q3 2025 amounted to 1,422, and silver ounces sold were 417,710[28] - Year-to-date 2025, gold ounces sold totaled 3,159, and silver ounces sold reached 798,395[28] - Gold equivalent ounces sold in Q3 2025 were 6,298, and year-to-date 2025, they totaled 12,150[28] Financial Performance - The company's cash balance as of September 30, 2025, was $9.8 million[29] - Net sales for Q3 2025 were $24.9 million, and for the nine months ended September 30, 2025, net sales were $48.5 million[29] - The net loss for Q3 2025 was $(4.7) million, and for the nine months ended September 30, 2025, the net loss was $(24.5) million[29] - Mining gross profit for Q3 2025 was $6.2 million, while the mining gross profit for the nine months ended September 30, 2025, was $0.3 million[29] - Total cash costs per gold equivalent ounce for Q3 2025 were $2,116/oz, and for the nine months ended September 30, 2025, they were $2,594/oz[29] - Total all-in sustaining costs per gold equivalent ounce for Q3 2025 were $2,983/oz, and for the nine months ended September 30, 2025, they were $3,542/oz[29] Investment and Capital Allocation - Total capital and exploration investment for Q3 2025 was $7.705 million, and for the year-to-date 2025 period, it was $14.859 million[33] - Sustaining investments in Q3 2025 totaled $3.416 million, and year-to-date 2025, they amounted to $6.063 million[33] - Growth investments in Q3 2025 were $4.289 million, and year-to-date 2025, they reached $8.796 million[33]

EQ504: A Novel AhR Modulator for Ulcerative Colitis - Equillium, Inc is developing EQ504, a novel aryl hydrocarbon receptor (AhR) modulator for ulcerative colitis [1] - EQ504 is derived from ITE, a naturally-occurring, endogenous, non-toxic AhR modulator synthesized in the gut & lungs, and is a highly potent and selective modulator of AhR [143][144] - EQ504 has a multi-modal mechanism of action in mucosal homeostasis, modulating immune cell responses and promoting barrier function & tissue repair [148][149][150] - In vitro, EQ504 increases the number and function of suppressive Treg cells that inhibit activity of Th1 and Th17 cells and promote tissue homeostasis [156] - In a DSS colitis animal model, EQ504 blocks weight loss and induces anti-inflammatory cytokines in colon tissue [158][160] Clinical Validation and Market Opportunity - Modulation of AhR has been clinically validated in skin diseases, with up to 34% of patients achieving a PGA-Pso score of 0-1 by week 12 in psoriasis and up to 34% of patients achieving a vIGA-AD score of 0-1 by week 8 in atopic dermatitis [134][136] - Phase 2 trials of Indigo Naturalis in ulcerative colitis showed up to 50% of patients achieved clinical remission with total Mayo score ≤ 2, no individual subscore > 1, and up to 27% of treatment refractory patients achieved clinical remission with total Mayo score < 3, no individual subscore > 1 [138] - Studies of ulcerative colitis patients treated with indigo naturalis demonstrate on-target engagement of AhR through increased intestinal CYP1A1 and high levels of clinical remission [142] - In vivo experiments demonstrate localized delivery of EQ504 directly to the colon of rats, results in >25X greater peak exposures in colon tissues versus blood [167] - The US market for ulcerative colitis treatments is approximately $6 billion, with a substantial unmet need for new oral agents in the pre-biologic setting and opportunities in biologic failure patients and combination therapy [172][173]

Company Overview - Trinity Capital has provided over $5.1 billion in fundings across 449 investments with 257 exits[8] - The company's portfolio includes $1,678.3 million in secured loans across 97 companies, $318.2 million in equipment financings across 24 companies, and $195.9 million in equity & warrants across 152 companies[8] - As of September 30, 2025, Trinity Capital had $2.6 billion in assets under management[8] - The company's Net Asset Value (NAV) per share was $13.31, with an annualized dividend yield of 13.2%[8] Financial Performance (Q3 2025) - Total investment income reached $75.6 million, resulting in a net investment income (NII) of $37.0 million[44] - The company's net interest margin (NIM) was 10.9%, with a consistent third quarter regular dividend distribution of $0.51 per share[44] - Trinity Capital made $773.0 million in debt & equity commitments, funding $470.6 million in debt & equity across 17 new portfolio companies[44] - Total platform assets under management reached $2,550.5 million at fair value[44] Portfolio Composition & Credit Quality - Total debt investments at cost amounted to $2,034.0 million, with total investments at cost reaching $2,204.8 million[44] - The portfolio is diversified across investment type, industry, and geography, with tech lending, equipment finance, life sciences, asset-based lending and sponsor finance[16] - The company maintains disciplined underwriting standards, resulting in an annualized loss rate of 26 bps[24] - As of September 30, 2025, 82.4% of the debt investment portfolio was floating rate[98]

Financial Performance - Sempra reported Q3 2025 adjusted EPS of $1.11 and YTD 2025 adjusted EPS of $3.45[13, 31] - The company is affirming FY 2025 adjusted EPS guidance range of $4.30 - $4.70 and FY 2026 EPS guidance range of $4.80 - $5.30[13, 31] - Sempra is also affirming guidance at the high-end or above projected EPS CAGR of 7% - 9% for 2025 through 2029[13, 31] Strategic Initiatives - Sempra is investing $13 billion this year, prioritizing utility investments and improved returns[14] - The company has deployed approximately $9 billion in CapEx YTD[14] - A definitive equity sales agreement has been announced to unlock value in the LNG franchise, and FID has been reached for Port Arthur LNG Phase 2[14] - Sempra is targeting Ecogas sale close in mid-2026 to sell non-core assets in Mexico, simplifying the business and reducing portfolio risk[14] - The company is executing Fit for 2025 to reduce costs and improve productivity, including reducing full-time and contracted workforce and implementing new technologies[14] Business Updates - Sempra has signed a definitive sales agreement to sell a 45% stake in SI Partners for $10 billion[17] - Oncor invested $4.5 billion CapEx YTD, with Q3 premise count increasing by approximately 16,000 and building or upgrading approximately 660 circuit miles of T+D lines[19] - Oncor's 2026-2030 capital plan is expected to increase by over 30%, driven by transmission expansion plans[19, 20, 31]

Financial Performance - Total revenue decreased to $186.6 million compared to $200.4 million primarily due to asset sales and lower office occupancy[14] - Net loss attributable to common stockholders was $136.5 million or $0.30 per diluted share compared to a net loss of $97.9 million or $0.69 per diluted share mostly attributable to a loss on the deconsolidation of Sunset Glenoaks[14] - Same-store cash NOI decreased by 10.7% to $89.3 million compared to $100.0 million primarily due to lower office occupancy[7] - FFO excluding specified items was $16.7 million or $0.04 per diluted share compared to $14.3 million or $0.10 per diluted share mostly due to general and administrative and interest expense savings and higher studio NOI[14] - AFFO was $12.3 million or $0.03 per diluted share compared to $15.8 million or $0.11 per diluted share mostly due to lower GAAP non-cash revenue partially offset by the items affecting FFO as well as lower recurring capital expenditures[7] Portfolio & Leasing - In-service office portfolio ended the quarter at 75.9% occupied and 76.5% leased up sequentially from 75.1% occupied and 76.2% leased in the second quarter this year[14] - In-service studio portfolio and stages were 64.6% and 65.8% leased respectively over the trailing 12 months up sequentially from 63.0% and 63.6% for the same metrics in the second quarter this year[14] - Executed 75 new and renewal leases totaling 515450 square feet including a 106000-square-foot new lease with an AI company at Page Mill Center in Palo Alto[14] - GAAP and cash rents on new leases signed were 6.3% and 10.0% lower respectively compared to prior levels primarily attributable to several small leases signed in Palo Alto rolling from peak market rents to still healthy rents of approximately $80 per square foot NNN[14] Balance Sheet & Capital Structure - The company has $1 billion of total liquidity comprised of $190.4 million of unrestricted cash and cash equivalents and $795.3 million of undrawn capacity under the unsecured revolving credit facility[7] - HPP's share of net debt to HPP's share of undepreciated book value was 32.2% with 100.0% of debt fixed or capped with a weighted average interest rate of 5.0% and no debt maturities until third quarter 2026[7]

Financial Performance - The company reported adjusted EBITDA of $77.1 million[33] - The company's cash flow from operations reached $110.3 million[33] - The company's adjusted net income per share was $0.27[33] Production Highlights - Consolidated copper production reached 9,073 ounces[31] - Gold production was 2000 ounces[31] - Caraíba Operations achieved record plant throughput, processing nearly 1.0 million tonnes, a 26% increase compared to Q2 2025[54] - Tucumã Operation saw a 19% sequential quarterly production growth due to higher plant throughput[63] - Xavantina Operations experienced a 17% quarter-over-quarter increase in production, driven by higher processed grades and throughput[72] Strategic Objectives - The company aims to achieve commercial production at Tucumã[36] - The company is focused on deleveraging the balance sheet, with the net debt leverage ratio decreasing to 1.9x at the end of Q3 2025[37] - The company plans to continue gold concentrate sales from Xavantina over the next 12–18 months[43]