NASDAQ: VBNK | TSX: VBNK Dial-In to Ask Questions For those wishing to ask questions during the Q&A, please access today's call through the telephone dial-in: Toll-free: 1-888-699-1199 (Canada/US) Local: 416-945-7677 Advisory The Bank occasionally makes forward-looking statements about its objectives, operations and targeted financial results. These statements may be written or verbal and may be included in such things as press releases, corporate presentations, annual reports and other disclosure documents ...

Strategic Partnership with Apollo Funds - Capital Power and Apollo Funds are forming a US$3 billion investment partnership to acquire U S natural gas generation assets[1,6,7] - Apollo Funds may commit up to US$225 billion in equity and Capital Power up to US$750 million[8] - Capital Power will operate acquired assets and receive management and performance fees[8] - The partnership aims for a 50% cumulative increase in U S capacity or approximately 35 GW[7] Financial Targets and Guidance - The company targets a 13-15% annual Total Shareholder Return (TSR)[7] - The company targets an 8-10% annual AFFO per-share growth[7] - The company aims to maintain a 2-4% annual dividend growth target[7] - 2026 Adjusted EBITDA is projected to be between $1565 million and $1765 million[18] - 2026 AFFO is projected to be between $890 million and $1010 million[18] - 2026 Sustaining Capital is projected to be between $290 million and $330 million[18] Powering AI in Alberta - Capital Power has a binding MOU with a data center developer for a 250 MW Electricity Supply Agreement (ESA) in Alberta[7,9] - The ESA has a term of 10+ years and is expected to start in 2028[9]

Transaction Overview - WTW will acquire Newfront to enhance its footprint in key markets and sectors, bringing innovative technology and agentic AI capabilities[10] - The purchase price is $105 billion at closing, with up to $250 million of contingent consideration[11] - The net purchase price represents approximately 12x Newfront's 2026E pro forma adjusted EBITDA, inclusive of cost synergies[11] Newfront Overview - Newfront is a tech-native, specialty-focused broker primarily serving middle market clients[12] - Newfront's 2024A pro forma revenue is $234 million, with an organic revenue growth CAGR of 20% from 2018 to 2024[13] - Newfront's 2025E pro forma revenue is approximately $250 million, and 2026E pro forma revenue is approximately $275 million[13] - Newfront's 2026E pro forma Adjusted EBITDA margin is approximately 26%[13] Synergies and Financial Impact - Approximately $35 million of run-rate cost synergies are expected by the end of 2028[11, 30] - One-time cash transaction and integration costs are estimated at approximately $125 million over the next 3 years[29, 30] - The transaction is expected to be approximately $010 dilutive to Adjusted EPS in 2026 and accretive to Adjusted EPS in 2027[29]

Company Presentation & KOL Webinar MDNA11 Clinical Data Update 10 December 2025 ESMO-IO Congress 2025 Disclaimer Certain statements in this presentation may constitute "forward-looking statements" under applicable securities laws. These forward-looking statements include, but are not limited to, information about possible or assumed future results of the Medicenna Therapeutics Corp's (the "Company" or "Medicenna") business, clinical trials, drug development, financial condition, results of operations, liqui ...

Company Overview - Casey's has a total enterprise value of approximately $21 billion and operates around 2,900 convenience stores across 19 states[6] - The company processes over 800 million guest transactions annually and employs roughly 50,000 team members[6] - Approximately 2/3 of Casey's stores are located in towns with populations of 20,000 or fewer, providing a stronger market position in rural areas[8,67,68] Strategic Advantages - Casey's Rewards program boasts over 9.5 million active members, driving higher transaction values and more frequent visits[8] - The company's strategic investments in digital platforms and food offerings, coupled with a reduced reliance on tobacco sales, have resulted in higher inside gross margins[21] - Casey's private label products exceed 300 SKUs, offering better quality and lower prices than national brands, resulting in larger margins[19,43] Growth and Financial Performance - Casey's aims to deliver top quintile EBITDA growth of 8-10% through FY2026[24,27,70] - The company plans to add approximately 500 additional stores through new builds and acquisitions by FY2026[27,29] - Casey's anticipates generating approximately $1.25 billion in free cash flow through FY2026[27] Operational Efficiency - Casey's is focused on enhancing operational efficiency through store simplification, streamlined kitchen operations, and inventory optimization[53] - From FY19 to FY25, Casey's OPEX CAGR was 10.6% compared to an EBITDA CAGR of 13.4%[69] - The company's Return on Invested Capital (ROIC) improved to 11.5% in FY25, up approximately 240 bps from FY19[69]

Investor Presentation December 2025 PHOTRONICS Safe Harbor Statement PHOTRONICS This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the risk factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subseque ...

Financial Performance - Consolidated recurring revenue is at 68%[13] - Q3 FY26 revenue for Product ID increased by 8.5% Q/Q[11] - Q3 FY26 revenue for Aerospace increased by 8.6% Q/Q[12] - Adjusted Gross Profit Margin for Q3 2026 is 37.2%, compared to 34.0% in Q3 2025[20] - Adjusted EBITDA Margin for Q3 2026 is 10.7%, compared to 8.0% in Q3 2025[33] - Net cash provided by operating activities for the nine months ended October 31, 2025, was $8.1 million[35] Segment Performance - Aerospace segment operating income margin increased to 36.8% in Q3 FY26 from 23.0% in Q3 FY25[27] - Product ID segment adjusted operating income margin increased to 10.6% in Q3 FY26 from 7.2% in Q3 FY25[25] Orders and Backlog - Product ID orders decreased by $4.3 million Y/Y due to delays in renewing blanket orders[38] - Aerospace orders increased 24% Y/Y due to improved OEM demand[38]

Financial Performance - Allstate's property-liability insurance premiums reached $56.839 billion, an increase of 8.2% year-over-year [4] - Net investment income increased by 18.4% to $3.390 billion [4] - Total revenues grew by 7.1% to $66.846 billion [4] - Net income applicable to common shareholders increased significantly by 100.9% to $8.261 billion [4] - Adjusted net income increased by 72.8% to $7.578 billion [4] - Adjusted net income return on equity was 34.7%, an increase of 8.6 percentage points [4] Market Share and Growth Strategy - Allstate is implementing a transformative growth plan initiated in 2019 to increase property-liability market share [9, 10] - The company increased marketing investments to $2.2 billion over the last 12 months, compared to $0.9 billion in 2019 [15] - Allstate has expanded distribution and product offerings, with new issued applications increasing significantly in exclusive agent (2x higher) and independent agent (2.4x higher) channels compared to 2019 [16] Operational Improvements - Allstate has reduced its adjusted expense ratio by 6.7 percentage points since 2018 [19] - The company has implemented a direct channel discount of 7-8% [19] Technology and Innovation - Allstate is leveraging its Large Language Intelligent Ecosystem (ALLIE) to enhance business performance, including a 45% reduction in policy billing inquiries [24, 25] - 15% of new coding is handled by AI [25] - 100% of claims adjuster emails are reviewed or generated by AI [25]

Financial Highlights - Net sequential active customer additions reached 250,000[8] - The company returned $55 million to shareholders through share repurchases in Q3 2025[8] - Net sales per active customer were $595[10] - Autoship customer sales accounted for 84% of net sales[10] - Q3 2025 Adjusted EBITDA was $181 million, representing a 58% margin[10] Revenue Performance - Full year net sales reached $12584 billion, a 64% year-over-year growth[12] - Q3 2025 net sales were $3117 billion, an 83% year-over-year growth[14] - Full year Autoship customer sales reached $10371 billion, a 106% year-over-year growth[16] - Q3 2025 Autoship customer sales were $2614 billion, a 136% year-over-year growth[18] Profitability and Cash Flow - Full year gross profit was $3720 billion, with a gross margin of 296%[24] - Full year Adjusted EBITDA reached $682 million, with a margin of 54%[28] - Full year Free Cash Flow reached $488 million[33] - Q3 FY25 cash balance was $675 million[34] Guidance - The company projects fiscal year 2025 net sales to be between $1258 billion and $1260 billion[37] - The company projects fiscal year 2025 Adjusted EBITDA margin to be between 56% and 57%[37] - The company projects fiscal fourth quarter 2025 net sales to be between $324 billion and $326 billion[37] - The company projects fiscal fourth quarter 2025 Adjusted Diluted EPS to be between $024 and $027[37]

Capital Markets Day "Leading the Transformation" London, December 10, 2025 Agenda Investment Management Solutions Christian Kromann Trading & Clearing Thomas Book Fund Services & Securities Services Stephanie Eckermann Financial Perspective Jens Schulte Strategy Update Stephan Leithner Chief Executive Officer Member of the Executive Board Member of the Executive Board Member of the Executive Board Chief Financial Officer Q&A Deutsche Börse Group │ December 10, 2025 2 2 Strategy Update "Leading the Transform ...