2025 Investor Day General Mills A Reminder on Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements including the statements under the caption "Reaffirming Fiscal 2026 Financial Outlook," and statements made by Mr. Harmening and Mr. Bruce, are subject to certain risks and uncertainties that could cause actu ...

Financial Performance - The company's net revenues for 3Q25 reached $15.18 billion[3], a 20% increase compared to 3Q24[5] - Net earnings for 3Q25 were $4.10 billion[3], with diluted EPS at $12.25[3], a 46% increase compared to 3Q24[5] - The annualized ROE for 3Q25 was 14.2%, and the annualized ROTE was 15.2%[3] - For 3Q25 YTD, net revenues were $44.83 billion[3], a 13% increase compared to the same period last year[5] - 3Q25 YTD net earnings were $12.56 billion[3], with diluted EPS at $37.33[3], a 30% increase compared to the same period last year[5] Segment Performance - Global Banking & Markets reported net revenues of $10.115 billion in 3Q25[5], an 18% increase compared to 3Q24[5] - Asset & Wealth Management's net revenues for 3Q25 were $4.399 billion[5], a 17% increase compared to 3Q24[5] - Platform Solutions generated net revenues of $670 million in 3Q25[5], a 71% increase compared to 3Q24[5] Asset & Wealth Management - Assets Under Supervision (AUS) reached a record $3.45 trillion[3] - Alternative investments AUS increased to $374 billion[24] - Total AUS net inflows were $79 billion during the quarter[29] Capital and Balance Sheet - Deposits totaled $490 billion[51] - The Standardized CET1 capital ratio was 14.4%[52] - Book value per common share increased 1.2% QoQ to $353.79[3, 55]

Financial Performance - The company reported net income of $234 million, or an adjusted net income of $576 million, excluding $44 million in pre-tax merger-related provision and integration expenses[7] - Net revenue was reported as $64 million, with adjusted net revenue reaching $81 million[7] - The company's net interest margin (NIM) expanded to 395%[7] - The efficiency ratio was 632%, but adjusted to 533% after accounting for merger-related adjustments[7] - Return on average assets (ROAA) was 058%, increasing to 143% after adjustments[7] - Return on average tangible common equity (ROATCE) was 582%, adjusted to 147%[7] Merger and Acquisition - The merger with Southern States Bancshares Inc (SSBK) was completed, with systems converted in 3Q, adding $162 billion in assets, $123 billion in loans, and $138 billion in deposits[7] - Deal synergies are ahead of schedule, with 100% expected beginning January 1, 2026[7] Asset Quality and Capital - The allowance for credit losses (ACL) coverage ratio was 150%[7] - Annualized net charge-offs were 005%[7] - Tangible Common Equity to Tangible Assets was 101%[7] - The Common Equity Tier 1 (CET 1) Ratio was 117% and the Total Risk-Based Capital was 135% (preliminary)[7]

Transaction Overview - Rayonier and PotlatchDeltic will merge in an all-stock transaction, with PotlatchDeltic shareholders receiving 1.7339x Rayonier shares for each PotlatchDeltic share[1,9] - The transaction represents an 825% premium to PotlatchDeltic, based on closing stock prices as of October 10, 2025[9] - Pro forma ownership will be 54% for Rayonier shareholders and 46% for PotlatchDeltic shareholders[9] - The combined company is expected to close in late first quarter or early second quarter of 2026[9] Synergies and Financial Impact - The merger is expected to generate $40 million in annual run-rate synergies, primarily from corporate and operating overhead cost savings[8,9] - The combined company will have a pro forma market capitalization of approximately $71 billion[8] - The pro forma net leverage ratio is estimated to be approximately 25x[8] Combined Company Assets - The combined company will own approximately 42 million acres of timberlands[8,15] - The combined company's timberlands include 3227K acres in the U S South and 931K acres in the U S Northwest[18] - PotlatchDeltic's wood products facilities have the capacity to produce 12BBF of lumber annually and 150MMSF of plywood annually[21] Real Estate - Rayonier and PotlatchDeltic have demonstrated improving HBU premium realizations as well as a shift toward higher-value development sales over the past decade[37,38] - Rayonier and PotlatchDeltic have 79K acres under option for solar projects[48] - Rayonier has 154K acres under CCS lease in TX, LA, and AL[48]

1 Table of contents Safe Harbour Notice Company Overview: Delivering Sustainable Free Cash Flow Growth Mirko Bibic, President and CEO, BCE and Bell Canada Deliver the Best Fibre and Wireless Networks Blaik Kirby, Group President, Consumer and Small Business Put the Customer First Hadeer Hassaan, EVP, Chief Information and Customer Experience Officer U.S. Fiber Strategy Harold Zeitz, CEO, Ziply Fiber Lead in Enterprise with AI-powered Solutions John Watson, Group President, Business Markets, AI Fabric and At ...

Transaction Overview - Rayonier and PotlatchDeltic will merge in an all-stock transaction, with PotlatchDeltic shareholders receiving 1.7339x Rayonier shares for each PotlatchDeltic share[1,9] - The transaction represents an 825% premium to PotlatchDeltic, based on closing stock prices as of October 10, 2025[9] - Pro forma ownership will be 54% for Rayonier shareholders and 46% for PotlatchDeltic shareholders[9] - The combined company is expected to close in late first quarter or early second quarter of 2026[9] Synergies and Financial Impact - The merger is expected to generate $40 million in annual run-rate synergies, primarily from corporate and operating overhead cost savings[8,9] - The combined company will have a pro forma market capitalization of approximately $71 billion[8] - The pro forma net leverage ratio is estimated to be approximately 25x[8] Combined Company Assets - The combined company will own approximately 42 million acres of timberlands[8,15] - The combined company's timberlands include 3227K acres in the U S South and 931K acres in the U S Northwest[18] - PotlatchDeltic's wood products facilities have the capacity to produce 12BBF of lumber annually and 150MMSF of plywood annually[21] Real Estate - Rayonier and PotlatchDeltic have demonstrated improving HBU premium realizations as well as a shift toward higher-value development sales over the past decade[37,38] - Rayonier and PotlatchDeltic have 79K acres under option for solar projects[48] - Rayonier has 154K acres under CCS lease in TX, LA, and AL[48]

Financial Performance - Johnson & Johnson's worldwide sales for Q3 2025 reached $24.0 billion, a 6.8% increase compared to Q3 2024[1] - Diluted earnings per share (EPS) increased by 91.0% to $2.12[2] - Adjusted earnings per share increased 15.7% to $2.80[5] Segment Performance - Worldwide Innovative Medicine sales reached $15.6 billion, with a reported increase of 6.8% and an operational increase of 5.3%, impacted by Stelara by approximately -1070 basis points[3] - Worldwide MedTech sales reached $8.4 billion, with a reported increase of 6.8% and an operational increase of 5.6%[8] Regional Sales - U.S sales increased 6.2% to $13.7 billion[40] - International sales increased 7.6% to $10.3 billion[40] Guidance - The company increased operational sales guidance to 5.1% and maintained adjusted operational EPS guidance at 7.0%[55]

DRIVE CUSTOMER GROWTH THROUGH DIGITAL ENGAGEMENT Driving engagement, growth, and long-term value creation through four digital platforms. Q2 -2025 ID Sales +2.2% Digital Sales +23% Adjusted EPS $0.44 Adjusted EBITDA $848M Customers for life. Driving growth with targeted investments Accelerating acquisition, retention, and measurable results with AI-powered technology. BUILD OUR MEDIA BUSINESS Driving transparency and performance with real-time data Enabling seamless experience and amplifying partner value E ...

Financial Performance - The company reported a net income of $14.4 billion, a 12% increase year-over-year (YoY)[2,6] - Managed revenue reached $47.1 billion, up 9% YoY[2,6] - Net interest income (NII) was $24.1 billion, a 2% increase YoY, while noninterest revenue (NIR) was $23.0 billion, up 16% YoY[3,6] - Earnings per share (EPS) diluted reached $5.07[3] - Return on tangible common equity (ROTCE) was 20%[2,3] Balance Sheet Strength - The firm's standardized Common Equity Tier 1 (CET1) capital ratio was 14.8%, and the advanced CET1 capital ratio was 14.9%[2,7] - CET1 capital totaled $287 billion[2,7] - Standardized risk-weighted assets (RWA) were $1.9 trillion[2] - Average loans amounted to $1.4 trillion, up 7% YoY and 3% quarter-over-quarter (QoQ)[2] - Average deposits reached $2.5 trillion, up 6% YoY and 1% QoQ[2] - Cash and marketable securities totaled $1.5 trillion[2] Business Segment Highlights - Consumer & Community Banking (CCB) reported net income of $5.0 billion, with a return on equity (ROE) of 35%[5] - Commercial & Investment Bank (CIB) reported net income of $6.9 billion, with an ROE of 18%[5,20] - Asset & Wealth Management (AWM) reported net income of $1.7 billion, with an ROE of 40%[5] Capital Distribution - The company distributed a common dividend of $4.1 billion, or $1.50 per share[2] - The company executed $8.0 billion of common stock net repurchases[2]

Acquisition Overview - BioCryst is set to acquire Astria for approximately $700 million in total enterprise value [14, 37] - Astria stockholders are expected to own 15% of the pro forma equity [37] - The transaction is expected to close in Q1 2026 [38] Strategic Rationale - The acquisition expands and strengthens BioCryst's presence in the HAE market [14] - It is expected to transform BioCryst's revenue profile through the next decade, with double-digit portfolio CAGR [14] - The acquisition reinforces operational and financial excellence with continued profitability (non-GAAP) and cash flow generation expected [39] Navenibart Potential - Navenibart, Astria's late-stage asset, has the potential to be a best-in-class injectable prophylactic therapy for HAE [14, 39] - Phase 1b/2 data indicates potential for best-in-class efficacy with a favorable safety profile, and infrequent 3-to-6-month dosing [14, 17] - Navenibart could address a market of 5,000+ patients in the US [22] Financial Impact - BioCryst expects to remain profitable (non-GAAP) and cash flow positive post-transaction [14, 37] - The transaction is expected to be significantly accretive to operating profit (non-GAAP) in the first full year of launch [37] - BioCryst anticipates a cash balance of over $1 billion by 2029 [14, 35]