The Mosaic Company (NYSE:MOS) BofA Securities 2024 Global Agriculture & Materials Conference February 29, 2024 9:10 AM ET Company Participants Bruce Bodine - President & Chief Executive Officer Jenny Wang - Executive Vice President, Commercial Conference Call Participants Steve Byrne - Bank of America Steve Byrne Good morning, and welcome to the next session. It's a pleasure for me to host a fireside discussion with Mosaic. I have Bruce Bodine, the new CEO. He's been with the company for 25 years or perhaps ...

Company and Industry Overview * **Company**: Harmony Gold Mining Company Limited (NYSE:HMY) * **Industry**: Gold mining and production * **Focus**: Producing gold, silver, and uranium; expanding copper footprint * **Location**: South Africa, Papua New Guinea, Australia Key Points 1. Financial Performance * **Revenue**: Increased by 35% to ZAR 31 billion * **EBITDA**: Increased by 114% to ZAR 17 billion * **Headline earnings per share**: Increased by 226% to ZAR 956 per share * **Operating free cash flow**: Increased by 265% to ZAR 7.1 billion * **All-in sustaining cost**: Improved by 12% to $1,403 per ounce * **Dividend**: Record interim dividend of ZAR 1.47 per share 2. Operational Performance * **Safety**: Lost time injury frequency rate improved to 5.19 per million ounces worked * **Production**: Increased by 14% to 36 tonnes of gold or 832,000 ounces * **Grade**: Underground recovered grade increased by 11% to 6.29 grams per tonne * **Cost**: All-in sustaining cost improved by 5% to 843,000 rand per kilogram 3. Projects and Growth * **Mponeng Life of Mine Extension**: Approved and expected to extend mine life to 20 years * **Eva Copper**: Feasibility studies being updated; expected to start production in 2025 * **Wafi-Golpu**: Negotiations ongoing for permit approval * **Other Projects**: Moab Khotsong extension, Mine Waste Solution, TSF Extension, and Hidden Valley extension progressing well 4. Sustainability and ESG * **Circular Economy**: Largest gold tailings re-treatment business globally * **Energy Efficiency**: Renewable energy programs and green energy mix * **Water Stewardship**: Prioritizing recycling and efficient use of water * **Community Engagement**: Benefit sharing and social impact 5. Future Outlook * **Production**: Expected to reach the upper end of production guidance and the lower end of cost guidance * **Cost**: All-in sustaining cost expected to remain low * **Dividends**: Expected to continue paying dividends in line with policy * **Growth**: Focus on organic growth and potential acquisitions

Company and Industry Overview * **Company**: Nutrien Ltd. (NYSE:NTR) * **Industry**: Agriculture and Materials * **Event**: Bank of America Securities 2024 Global Agriculture and Materials Conference * **Date**: February 28, 2024 * **Time**: 9:50 AM ET Potash Market * **Historical Strategy**: Nutrien has maintained a consistent strategy of maintaining share in the potash market as global demand grows, historically holding a 19% to 20% share. * **Supply Disruptions**: In 2021, supply disruptions due to flooding, sanctions, and the war in Ukraine caused a supply crisis and led to potash prices exceeding $1,000 per ton, damaging demand. * **Market Recovery**: Since 2022, demand has been recovering, with global shipments falling from 70 million tons in 2022 to 61 million tons in 2023. In 2024, Nutrien expects demand to grow from 67 million to 68 million tons last year to 68 million to 71 million tons. * **Balanced Market**: Nutrien sees 2024 as a more balanced market, with demand recovery and improved affordability. The company aims to grow share with the market, targeting 14 million to 15 million tons in 2024. * **Investments**: Nutrien has invested in low-cost assets, with an installed capacity of 15 million tons, positioning the company for organic growth as the market recovers. Nitrogen Market * **U.S. Market**: The U.S. Gulf region is experiencing tightness in nitrogen supply, particularly in urea and UAN, due to strong planting expectations and supply constraints. * **Supply Constraints**: Constraints include exports leaving the U.S. or Trinidad, gas supply issues in Trinidad, production issues in the U.S., and logistics interruptions in the Middle East. * **Retail Supply**: Nutrien's retail business is adequately supplied, with inventory levels sufficient through the middle of April and into May. * **Capacity Expansion**: Nutrien plans to increase nitrogen production from 10.4 million tons in 2023 to 11.5 million to 12 million tons in the mid-cycle case through improvements in Trinidad, Borger, and Geismar, and incremental brownfield projects. Retail Business * **Acquisition**: Nutrien acquired a retail organization with a proprietary platform and scale, doubling profitability. * **Market Share**: Nutrien's retail business has a market share of less than 25% in the U.S. market, with opportunities for further consolidation. * **Synergies**: Nutrien leverages its low-cost position, proprietary products, and scale to drive synergies and profitability. * **Brazilian Business**: Nutrien's Brazilian business faced challenges due to market volatility, devaluation of fertilizer and crop protection markets, and inventory management issues. The company is taking a breather from acquiring further in Brazil and focusing on integrating existing acquisitions. Phosphate Business * **Focus**: Nutrien's phosphate business focuses on optimizing the asset base and product mix, with over 50% of phosphates used for non-agricultural purposes. * **MAP+MST**: Nutrien has successfully converted its traditional dry phosphates business to MAP+MST, a sulfur-enhanced MAP product with strong penetration in North America. * **LFP**: Nutrien is monitoring the global discussion around lithium iron phosphate (LFP) and its potential impact on the existing product mix.

Key Takeaways Industry and Company * **Company**: Mastercard Incorporated (NYSE:MA) * **Industry**: Payments and Financial Technology Core Views and Arguments * **Capital One and Discover Merger**: Mastercard values its relationship with Capital One and expects to continue partnering with them. The merger demonstrates robust competition within the market. * **Macroeconomic Environment**: Consumer spending remains robust, with inflation cooling and charge-offs and delinquencies leveling off. Mastercard's diversified business model allows it to adapt to changing economic conditions. * **P2P Merchant Space**: The secular shift from cash and check to digital payments presents significant opportunities for growth, particularly in less penetrated markets and new merchant segments. * **Value-Added Services**: These services, including data and analytics, cyber and intelligence tools, and loyalty and personalization capabilities, are a key differentiator for Mastercard and are growing faster than the core business. * **Regulation**: Mastercard advocates for balanced interchange regulation and opposes further debit regulation, as it believes it is harmful to consumers and innovation. * **Real-Time Payments**: Mastercard supports real-time payments and has invested in infrastructure to enable these solutions. The company is prepared to work with customers based on their preferred payment methods. * **AI and GenAI**: Mastercard has been using AI for over a decade and has recently launched GenAI solutions to enhance customer experiences and support small businesses. Other Important Content * **Geographic Expansion**: Mastercard is expanding its presence in Latin America, particularly Brazil, through partnerships with Banco Bradesco and other local banks. * **Customer Wins**: Mastercard has been successful in renewing business with existing customers, converting business from competitors, and securing net new agreements across various markets. * **Innovation**: Mastercard is focused on innovation, including digitizing cash and check, expanding into new merchant segments, and leveraging AI and GenAI technologies.

Corteva, Inc. (NYSE:CTVA) Bank of America Securities 2024 Global Agriculture & Materials Conference Call February 28, 2024 9:10 AM ET Company Participants Dave Anderson - Chief Financial Officer Chuck Magro - Chief Executive Officer Conference Call Participants Steve Byrne - Bank of America Steve Byrne I want to get going on this one with Corteva. We have so much to talk about. But I want to make sure you know who is up here with me: Dave Anderson, CFO of Corteva and Chuck Magro, CEO. Chuck has been in this ...

Visa Inc. (NYSE:V) Evercore ISI Payments & Fintech Innovators Forum February 28, 2024 9:40 AM ET Company Participants Chris Suh – Chief Financial Officer Conference Call Participants David Togut – Evercore ISI David Togut Welcome back to Evercore ISI's 8th Annual Payments and Fintech Innovators Forum. We're delighted to host Visa management. Joining us from Visa are Chris Suh, Chief Financial Officer; and Jennifer Como, Global Head of Investor Relations. I'm David Togut. I lead the payments processors and I ...

AGNC Investment Corp. (NASDAQ:AGNC) UBS Financial Services Conference February 27, 2024 2:40 PM ET Company Participants Peter Federico - President, CEO Conference Call Participants Douglas Harter - UBS Douglas Harter Thanks, everyone, for joining us. Happy to welcome AGNC back to now the UBS Financial Services Conference. Joined by President and CEO, Peter Federico, on the stage; and Head of Corporate Development, Sean Reid is also joining us as well. Peter, first of all, thanks for joining us. Peter Feder ...

Ares Capital Corporation (NASDAQ:ARCC) UBS Financial Services Conference Transcript February 27, 2024 12:10 PM ET Executives Kipp deVeer - Chief Executive Officer Scott Lem - Chief Financial Officer Analysts Vilas Abraham - UBS Vilas Abraham Hi, everybody. Thanks for joining us today. I’m Vilas Abraham, the BDC analyst here at UBS. And for this session, I am pleased to be joined by Mr. Kipp deVeer, the CEO of Ares Capital Corporation and Head of Ares Credit Group; as well as Scott Lem, the newly appointed C ...

Visa Inc. (NYSE:V) KBW Fintech & Payments Conference February 27, 2024 10:15 AM ET Company Participants Chris Suh - CFO Conference Call Participants Sanjay Sakhrani - KBW Sanjay Sakhrani All right. So next up, we're pleased to welcome Visa. Representing from the company, we have Chris Suh, who was appointed as CFO this past August. Prior to Visa, he served as CFO of Electronic Arts and VP -- and Corporate VP and CFO of Cloud + AI group at Microsoft. Wow, okay. A lot happened in there. Chris Suh There's a li ...

American Express Company (NYSE:AXP) KBW Fintech Payments Conference Call February 27, 2024 9:30 AM ET Company Participants Christophe Le Caillec - Chief Financial Officer Conference Call Participants Sanjay Sakhrani - KBW Sanjay Sakhrani Okay, perfect. Yes. So for our next presentation, we have American Express and representing from American Express, we have Christophe Le Caillec, who was named CFO August of 2023 after serving as Deputy CFO for American Express Global Consumer business. I know he’s back fro ...