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]

Company Overview and Strategy - Aclaris is developing therapeutic franchises to address gaps in important Immune and Inflammatory (I&I) diseases, focusing on patient-driven innovation [1, 8] - The company anticipates having three clinical programs in 2025 and four in 2026, with 2026 being an important year for potential inflection points [11] - Aclaris expects its cash runway to extend into the second half of 2028, supporting its preclinical and clinical development plans [11, 14] Pipeline and Programs - Aclaris's pipeline includes Bosakitug (ATI-045), a monoclonal antibody targeting TSLP, ATI-052, a bispecific antibody targeting both TSLP and IL-4Rα, and ATI-2138, an oral inhibitor of ITK/JAK3 [14] - ATI-2138's Phase 2a open-label trial in Atopic Dermatitis (AD) achieved primary and key secondary endpoints, validating ITK as a therapeutic target; at week 12, 63% of patients experienced a ≥4-point improvement in worst itch [14, 103] - Bosakitug is currently in a two-arm placebo-controlled Phase 2 trial, while ATI-052 is in a Phase 1a/1b SAD MAD program with ongoing dosing [14] - The company is developing next-generation ITK selective inhibitors and bispecific antibodies, with potential for IND submissions starting in 2026 [14, 61] Market Opportunity and Technology - The total addressable market for select Th1, Th2, and Th17-mediated diseases is projected to be in the range of $0 to $70 billion globally from 2028-2034 [16] - Aclaris is leveraging its KINect® Technology Platform to target approximately 60% of the Kinome, with the annual sales of kinase drugs in 2024 at $62.8 billion and a market opportunity of $88.6 billion in 2029 [28, 30] - The global healthcare spending in autoimmune diseases in 2024 was $215 billion, with a global AI disease therapeutics market opportunity of $396 billion by 2030 [38] - Multi-specific antibodies had annual sales of $12.6 billion in 2024, highlighting an opportunity for best-in-class multi-specific antibodies for autoimmune and inflammatory diseases [38]

Financial Performance - BlackRock's Assets Under Management (AUM) reached $135 trillion as of September 30, 2025[2] - Q3 2025 Base Fees and Securities Lending Revenue amounted to $50 billion[2] - Q3 2025 Operating Income, as adjusted, was $2621 million[9] - Q3 2025 Net Income, as adjusted, reached $1907 million[11] - Q3 2025 EPS, as adjusted, was $1155[11] Net Flows - Total BlackRock experienced net inflows of $22 billion in Q3 2025[5] - ETFs Long-term net inflows were $153 billion in Q3 2025[5] Revenue Breakdown - Base fees constituted 75% of the quarterly revenue[23] - Securities lending revenue accounted for 1% of the quarterly revenue[23] - Performance fees represented 8% of the quarterly revenue[23] - Tech services & subscription revenue made up 8% of the quarterly revenue[23] Expense Analysis - Employee compensation and benefits represented 43% of the adjusted quarterly expenses[33] - General & administration expenses accounted for 17% of the adjusted quarterly expenses[33] Alternatives - Alternatives Fee-Paying AUM was $663 billion in Q3 2025[38]

CEO Introduction Shauna McIntyre October 2025 Safe Harbour Statement This presentation includes "forward-looking" statements, including, without limitation, projections and expectations regarding Ensurge and its subsidiaries (the "Group") and its future financial position, business strategy, plans and objectives (the "Forward-looking Statements"). All Forward-looking Statements included herein are based on information available to the Group, and views and assessments of the Group, as of the date of this pre ...

Financial Performance - Ericsson's organic sales decreased by 2% year-over-year in Q3 2025 [6] - The adjusted gross margin was 48.1% in Q3 2025 [6] - The adjusted EBITA margin was 14.7% in Q3 2025, excluding a SEK 7.6 billion capital gain from the iconectiv divestment [6, 9] - Free cash flow before M&A was SEK 6.6 billion in Q3 2025 [14] Sales Development by Market Area - Americas net sales were SEK 19.8 billion, with an organic growth decline of 8% [10] - Europe, Middle East, and Africa net sales were SEK 16.7 billion, with an organic growth of 3% [10] - South East Asia, Oceania, and India net sales were SEK 7.1 billion, with an organic growth of 1% [10] - North East Asia net sales were SEK 3.8 billion, with an organic growth of 10% [10] Segment Performance - Networks segment experienced a 5% organic sales decline [24] - Cloud Software and Services segment achieved 9% organic sales growth [28] - Enterprise segment experienced a 7% organic sales decline [31]

Ajinomoto Group's Latin America Strategy - The Ajinomoto Group aims to enhance corporate value in Latin America by focusing on Food and Bio & Fine Chemicals businesses, accelerating sustainability efforts with "AminoScience," and promoting organic growth and new business development[3] - The Latin America Division is structured around Brazil and Peru, with headquarters flexibly managing regional operations[4] Ajinomoto do Brasil (ABR) Overview - ABR's FY2024 sales amounted to approximately 3500 million BRL (approximately 100 billion JPY), contributing to the Ajinomoto Group's total sales of 1530 billion JPY[39] - ABR's sales composition in FY2024 was approximately 50% Food, 30% Food Ingredients & Agriculture (FI & Agri), and 20% Bio & Fine Chemicals (BF)[43] - ABR's Food business is experiencing steady expansion, with a CAGR of 9% from FY2018 to FY2024, driven by the strong growth of the Seasonings segment[53, 54] Market Presence and Growth - Tempero SAZÓN® flavor seasoning holds approximately 70% market share in Brazil, with a brand recognition rate of 96%[21, 64] - AJI-NO-MOTO® umami seasoning has approximately 98% recognition rate in Brazil[21] - Peru's Aji-no-men® instant noodles and Doña Gusta® flavor seasoning have approximately 98% and 80% market share, respectively[21] - Sales in Latin America are forecasted to reach approximately 125 billion JPY in FY2024, with CAGR from FY2018-2024 of 8% in Brazil, 14% in Peru and 18% in other neighboring countries[19] Sustainability and Innovation - ABR is participating in the "Recovery of Degraded Pasture Verification Study" to contribute to environmental and societal well-being through its Agri business[79] - AjiProTM-L initiatives in Brazil aim to reduce GHG emissions by approximately 1 t-CO2 eq per head per year and lower feed costs by approximately $100 per head per year[92] - ABR is actively engaged in Digital Transformation (DX) initiatives across all areas, including the implementation of AI, with Sales 6X YoY in FY2024[107, 108]