BioAge Platform & Collaborations - BioAge is harnessing the biology of human aging to develop new therapies for metabolic diseases[6], leveraging a validated platform with ongoing partnerships with Novartis & Lilly to discover drugs and drug targets[6, 11, 12] - The platform utilizes a large collection of longitudinal human aging data, comprising over 50 million molecular data points and over 10,000 profiles generated[6, 9] BGE-102 (NLRP3 Inhibitor) - BGE-102, an oral NLRP3 inflammasome inhibitor, shows potential as a best-in-class treatment with robust preclinical weight loss as a monotherapy and in combination with incretins[6] - Preclinical data indicates BGE-102 can achieve over 90% IL-1 suppression 24 hours after a single oral dose (10 mpk) in non-human primates, with an estimated equivalent human dose of less than 50 mg QD[40, 41] - In preclinical obesity models, BGE-102 monotherapy resulted in dose-dependent weight loss, and in combination with semaglutide, more than doubled weight loss[49, 52] - BioAge is planning a Phase 1 SAD / MAD with data anticipated by 2025 YE and an obesity POC trial with results expected in H2:2026[6, 33, 65] APJ Agonism - APJ agonism is being developed as an exercise mimetic for obesity, with the potential to double weight loss and fully restore body composition when combined with an incretin in preclinical models[7] - The company is advancing programs for both oral and parenteral administration of APJ agonists, with an IND submission targeted for 2026 YE[7] - Human genetic data from BioAge's platform shows that higher apelin protein levels are associated with preservation of grip strength and longevity[73, 74] Financial Status - BioAge reported a strong balance sheet with $335 million in cash as of March 31, 2025[93]

Energy Market Outlook - Global energy demand is projected to steadily grow, driven by developing economies like India (32% of incremental demand from 2017 to 2040), China (26%), and Africa (15%) [9, 12] - The U S is the largest oil and gas producer, with production up 23% and 29% respectively in 2017 compared to 2000 and 2010 [16, 17] - U S oil and natural gas production is expected to grow by approximately 33% from 2017 to 2025 [22] Kinder Morgan's Asset and Financial Highlights - Kinder Morgan transports approximately 40% of the natural gas consumed in the U S [26, 39] - The company's 2019 budgeted Segment EBDA is approximately $84 billion, with natural gas pipelines contributing 61%, products pipelines 15%, terminals 14%, CO2 oil production 6%, and CO2 S&T 4% [25] - Kinder Morgan anticipates $5 billion of distributable cash flow (DCF) in 2019, allocating approximately $2 billion for dividends and $3 billion to enhance shareholder value [30] - Approximately 96% of Kinder Morgan's 2019 budgeted segment cash flow is from take-or-pay and other fee-based contracts or hedged [33] Growth and Capital Allocation - Kinder Morgan has $61 billion of commercially secured capital projects underway, with $43 billion specifically for natural gas projects [44] - The company's capital allocation priorities include maintaining a strong balance sheet with a target Net Debt / Adjusted EBITDA of approximately 45x, dividend growth, and share repurchases [37, 38] - U S natural gas production is projected to grow by over 30 Bcfd, or approximately 37%, through 2030, driven by key basins [39] Financial Performance and Valuation - Kinder Morgan's 2019 budgeted Adjusted EBITDA is $78 billion, and distributable cash flow (DCF) is $50 billion [73] - The company's 2019 dividend is targeted at $100 per share, with a planned increase to $125 per share in 2020 [38] - Approximately 69% of Kinder Morgan's 2019 budgeted net revenue is generated by end-users [87]

Energy Market Overview - Global energy demand is expected to grow steadily, driven by population growth, urbanization, and economic development, with developing economies like India (32%), China (26%), Africa (15%), and Southeast Asia (15%) leading the increase from 2017 to 2040[9] - The U S is the largest oil and gas producer globally, with production expected to grow by approximately 33% by 2025, positioning it as a key trade partner[11, 15] - By 2025, the U S is projected to supply over 50% of the expected global supply increase and produce nearly 1 out of every 5 barrels of oil and 1 out of every 4 cubic meters of natural gas worldwide[15] Kinder Morgan's Business and Financial Highlights - Kinder Morgan is a leader in energy infrastructure, operating approximately 70,000 miles of natural gas pipelines and transporting about 40% of the natural gas consumed in the U S [20, 49] - The company anticipates approximately $5 billion in distributable cash flow (DCF) for 2019, allocating around $2 billion for dividends and $3 billion for enhancing shareholder value[21] - Kinder Morgan has a market capitalization exceeding $40 billion and boasts investment-grade rated debt, with recent upgrades to BBB / Baa2 by S&P and Moody's[24] - The company offers a current dividend yield of 5% based on a $20 share price, with a planned 25% dividend growth in both 2019 ($1 00/share) and 2020 ($1 25/share)[24, 30] - Kinder Morgan has repurchased approximately $525 million of its shares since December 2017 as part of a $2 billion share buyback program[24] Growth and Capital Projects - The company has $6 1 billion of commercially secured capital projects underway, primarily focused on natural gas opportunities[36] - U S natural gas production is projected to grow by over 30 Bcfd, nearly 40%, by 2030, with over 70% of the forecasted demand growth concentrated in Texas and Louisiana[33, 34] - Kinder Morgan is investing in Permian takeaway projects, including GCX and PHP, with a combined capacity of 4 1 Bcfd, and is in discussions for a potential third pipeline[40, 42] - The company's network is contracted for over 5 7 Bcfd of transport capacity to U S liquefaction facilities under 19-year average term contracts, with approximately $1 billion invested in transportation infrastructure to support LNG exports[49] Financial Performance and Stability - Approximately 90% of Kinder Morgan's earnings are underpinned by take-or-pay or fee-based contracts, ensuring stable cash flows[65] - The company projects approximately $8 billion in adjusted EBITDA for 2019[66] - Kinder Morgan has a long-term target net debt / adjusted EBITDA ratio of approximately 4 5x, which was reached as of March 31, 2019[30]

Fleet and Operations - The company has a modern jackup fleet with an average age of approximately 6 years[7] - The fleet utilization is at 100%[7] - The company's Q2 2023 Adjusted EBITDA margin was 45%[7] - The company's contract backlog is $1.83 billion[7] - The company's Q2 2023 technical uptime was 98.7%[37] Market Dynamics - Modern jackup rig utilization is back at 2014 levels, reaching 93.7%[13] - Over 30% of the global jackup fleet is over 30 years old, with over 150 jackups retired since 2015, averaging 38 years of age at retirement[18] - The orderbook for new jackup rigs is at a record low, representing approximately 3% of the total fleet[22] Financial Outlook - The company has 75% contract coverage for 2024 at an average dayrate of $129k/day[29] - The company has 53% contract coverage for 2025 at an average dayrate of $130k/day[29] - The company has 18% contract coverage for 2026-2028 at an average dayrate of $125k/day[29]

Financial Performance and Guidance - The company's 2021 budgeted Adjusted EBITDA is $6.8 billion, a decrease of approximately 2% compared to the 2020 forecast, reflecting headwinds from lower re-contracting rates and crude volumes[15] - 2021 Distributable Cash Flow (DCF) is budgeted at $4.4 billion, down approximately 3% from the 2020 forecast, also impacted by higher anticipated sustaining capex[15] - Net income for 2021 is projected to be greater than $2.1 billion, an increase primarily due to asset and goodwill impairments taken during 2020[15] - The company has a $2 billion share buyback program, with $575 million already purchased since December 2017[13] - The company maintains a current dividend yield of over 7%, with a Q3 2020 annualized dividend of $1.05 per share[14] Business Overview and Strategy - The company moves approximately 40% of U S natural gas consumption and exports[9] - Approximately 74% of the company's earnings are from take-or-pay or hedged contracts, providing stable cash flows[37, 48] - The company has commercially-secured capital projects underway totaling $2.6 billion as of September 30, 2020[23] - The company's business mix includes 62% natural gas, 15% products, 14% terminals, 6% CO2, and 3% oil & gas production[11] Market and Industry Trends - U S natural gas demand is expected to grow, with over 85% of the forecasted demand growth driven by Texas and Louisiana[18] - Global biofuels demand is expected to increase by approximately 146% from 2019 to 2040[46]

Acquisitions and Divestitures - Kinder Morgan acquired Northeast Transport & Storage Assets for $1225 million[8], with ~41 bcf of FERC-certificated storage capacity and ~3 bcfd of aggregate transportation pipeline capacity[11] - The company acquired Kinetrex Energy for $310 million[12], which includes 1 operational landfill-RNG facility with ~04 bcf capacity and expects 3 landfill-RNG facilities operational by 2022 end with total capacity of 35 bcf[17] Financial Performance and Projections - The company's 2021 forecast EBITDA is $79 billion[23] - The company has a $2 billion share buyback program with over $14 billion of program capacity remaining[23] - The company's 2021 expected Net Debt / Adjusted EBITDA is 40x[25] Market Position and Strategy - The company moves ~40% of US natural gas consumption & exports[19] - The company's stable cash flows are with ~72% take-or-pay or hedged earnings[26],[79] - The company has a $13 billion project backlog with ~64% allocated to natural gas projects[25],[83] Energy Transition and Renewables - The company's CO2 transport capacity is ~15 bcfd with ~1500 miles of CO2 pipelines[18] - The company handled nearly 260 mbbld of ethanol, biodiesel, & renewable diesel in 2020[69]

FNF Overview - FNF's total revenue for FY2022 was $116 billion[6] - FNF holds a 31% title market share[6] - FNF holds 1 or 2 market share in 44 states[7, 17] Title Segment Performance - FNF's adjusted pre-tax title margin in 1Q23 was 100%[28, 33, 63, 79, 90] - FNF's title revenue in 1Q23 was $91 billion[28] - FNF consistently holds top market share in residential purchase, refinance, and commercial markets[12] F&G Segment Performance - F&G's assets under management reached $45 billion in 1Q23, an 18% year-over-year increase[40, 41, 63, 65] - F&G's gross sales in 1Q23 grew by 27% year-over-year to $33 billion[40, 41, 63, 65] - F&G's adjusted net earnings for 2022 were $317 million[43] Financial Position - FNF's debt-to-capitalization ratio, excluding AOCI, was 285% as of March 31, 2023[60, 61] - FNF held over $800 million in holding company cash and short-term investments as of March 31, 2023[61, 65]

FNF Overview - FNF is an industry-leading insurance solutions company with a strong track record of technology innovation, market share growth, and shareholder value creation[9] - FNF's total revenue for FY2022 was $116 billion[9] - FNF holds the 1 market share in the title insurance industry and is 1 or 2 in 39 states[10, 19, 20] - FNF's title market share is 31%[9, 16] - FNF has approximately 23000 employees[9] Title Segment Performance - FNF consistently holds the top market share in residential purchase, refinance, and commercial markets[15] - FNF's adjusted pre-tax title margin in 1H23 was 132%[31, 36, 65] - FNF's scale provides data to evaluate trends and respond to fluctuations in opened and closed orders[27] - FNF's commercial revenue in 1H23 was $504 million[34] F&G Segment Performance - F&G's gross sales in 1H23 were $63 billion, an increase of 11% year-over-year[44, 45] - F&G's assets under management reached a record $463 billion[44, 45, 65] Financial Performance and Capital Allocation - FNF's adjusted net earnings per share for 1H23 was $157[52, 65] - FNF targets a debt-to-capitalization range of 20-30%[54, 61] - FNF's holding company cash and short-term investments were $885 million as of June 30, 2023[63, 67]

FNF Overview - FNF is the leading provider of title insurance and settlement services with $116 billion in total revenue for FY2022[9] - FNF holds the 1 market share in the title insurance industry and is 1 or 2 in 39 states[10, 20] - F&G is a Top 5 fixed indexed annuity writer in the industry[10] Title Segment Performance - FNF holds a 31% total title market share[9, 16] - FNF's direct title market share is 40% with $2 billion in revenue[18] - FNF's agent title market share is 26% with $5 billion in revenue[18] - FNF consistently delivers industry-leading adjusted pre-tax title margins[35] - The company targets a "normalized" adjusted pre-tax title margin of 15%-20%[27] F&G Segment Performance - F&G's Assets Under Management (AUM) reached a record $474 billion[44, 64] - F&G gross sales were $91 billion YTD 3Q23, a 7% increase year-over-year[44] Financial Performance - Total revenue for 3Q23 was $2778 billion[64] - Adjusted net earnings per share for 3Q23 were $123[64] - The company maintains a strong balance sheet with a 277% debt-to-capitalization ratio as of September 30, 2023[62]

Market Overview - Battery energy storage system (BESS) capacity is predicted to grow substantially between now and 2034[8] - The global energy storage forecast includes growth in the C&I, Residential, and Utility sectors[10] Shoals' Competitive Advantages - Shoals has decades of experience navigating the energy transition[6] - Shoals' strengths in the BESS market are underpinned by product offering, customer book overlap, and innovation and partnership[19] BESS Solutions Portfolio - Shoals offers flexible, scalable components for performance, safety, and longevity in BESS solutions, including combiners & recombiners, multi-load break disconnects, custom solutions, and wiring solutions[12] Target Customers - Shoals' target customers include EPCs, systems integrators, OEMs & technology partners, and datacenter customers[16, 17]