Corby Final Sohn Conference

7/21/2019 Corby Final Sohn Conference

1/27

\rbv`te & Ifkabjektb`m

Yfnk I`k`j` I`pbt`mbze afr Dbjs Ifkaerekie

Fitfher 8

7/21/2019 Corby Final Sohn Conference

2/27

8\rbv`te & Ifkabjektb`m

Jbsim`bcer

Zne `k`myses `kj ifkimusbfks fa @mbokvest I`pbt`m C`k`oecekt Bki. ("@ICB ") ifkt`bkej bk tnbs presekt`tbfk `re h`sej fk

puhmbimy `v`bm`hme bkafrc`tbfk. @ICB reifokbzes tn`t tnere c`y he ifkabjektb`m bkafrc`tbfk bk tne pfssessbfk fa tne ifcp`kbesjbsiussej bk tnbs presekt`tbfk tn`t ifumj me`j tnese ifcp`kbes tf jbs`oree wbtn @ICBs ifkimusbfks. Znbs presekt`tbfk kj tnebkafrc`tbfk ifkt`bkej nerebk bs kft bkvestcekt `jvbie fr ` reifccekj`tbfk fr sfmbibt`tbfk tf huy fr semm `ky seiurbtbes. @mmbkvestcekts bkvfmve rbsd, bkimujbko tne mfss fa prbkibp`m.

Zne `k`myses prfvbjej c`y bkimuje iert`bk st`tecekts, estbc`tes `kj prfgeitbfks prep`rej wbtn respeit tf, `cfko ftnertnbkos, tne nbstfrbi`m `kj `ktbibp`tej fper`tbko perafrc`kie fa tne ifcp`kbes jbsiussej bk tnbs presekt`tbfk, `iiess tf i`pbt`mc`rdets, c`rdet ifkjbtbfks `kj tne v`mues fa `ssets `kj mb`hbmbtbes. Yuin st`tecekts, estbc`tes, `kj prfgeitbfks reameit v`rbfus

`ssucptbfks hy @ICB ifkierkbko `ktbibp`tej resumts tn`t `re bknerektmy suhgeit tf sbokbabi`kt eifkfcbi, ifcpetbtbve, `kj ftnerukiert`bktbes `kj ifktbkoekibes `kj n`ve heek bkimujej sfmemy afr bmmustr`tbve purpfses. Kf represekt`tbfks, express frbcpmbej, `re c`je `s tf tne `iiur`iy fr ifcpmetekess fa suin st`tecekts, estbc`tes fr prfgeitbfks fr wbtn respeit tf `kyftner c`terb`ms nerebk `kj @ICB jbsim`bcs `ky mb`hbmbty wbtn respeit tneretf. @itu`m resumts c`y v`ry c`terb`mmy arfc tneestbc`tes `kj prfgeitej resumts ifkt`bkej nerebk.

Aukjs c`k`oej hy @ICB `re bkvestej bk Ifrhy Ypbrbt `kj _bke Mbcbtej (Ifrhy) ifccfk stfid. @ICB c`k`oes aukjs tn`t`re bk tne husbkess fa tr`jbkohuybko `kj semmbkoseiurbtbes `kj abk`kib`m bkstrucekts. Bt bs pfssbhme tn`t tnere wbmm hejevemfpcekts bk tne auture tn`t i`use @ICB tf in`koe bts pfsbtbfk reo`rjbko Ifrhy. @ICB c`y huy, semm, ifver fr ftnerwbse

in`koe tne afrc fa bts bkvestcekt bk Ifrhy afr `ky re`sfk. @ICB nerehy jbsim`bcs `ky juty tf prfvbje `ky upj`tes frin`koes tf tne `k`myses ifkt`bkej nere bkimujbko, wbtnfut mbcbt`tbfk, tne c`kker fr type fa `ky @ICB bkvestcekt.

7/21/2019 Corby Final Sohn Conference

3/27

9\rbv`te & Ifkabjektb`m

@mbokvest I`pbt`m - Fvervbew

Kfrtn @cerbi`k equbty mfko/snfrt c`k`oer

Yuhsbjb`ry fa @mbokvest C`k`oecekt Ifrpfr`tbfk (@CI)` omfh`m `mterk`tbve `sset c`k`oecekt abrc wnfse c`k`obkop`rtkers, Xez` Y`tinu, ` serb`m ektreprekeur, `kj Zbc Nfjosfk, tne afrcer IEF fa Ofmjc`k Y`ins I`k`j`, n`veexteksbve experbekie hubmjbko wfrmj im`ss fro`kbz`tbfks

@ICB w`s afukjej bk 8

7/21/2019 Corby Final Sohn Conference

4/27

:\rbv`te & Ifkabjektb`m

Ifrhy Ypbrbt `kj _bke (IY_/@-Z, IY_/H-Z)Fvervbew

Ifrhy bs I`k`j`s me`jbko c`rdeter fa spbrbts `kj bcpfrter fa wbkes, represektbko sbx fa tne 85 tfp-

semmbko spbrbt hr`kjs (`kj 85% fa Ifrhys revekue bs jerbvej arfc bts prfprbet`ry hr`kjs, wbtn tne h`m`kie hebkoifccbssbfks fk `oekiy s`mes fa tnbrj-p`rty hr`kjs `kj ftner `kibmm`ry revekues

Ifrhyswnbsdy hr`kj (_bsers) bs tne #0 pm`yer bk I`k`j` wbtn ~8% fwkej hy \erkfj Xbi`rj, tne seifkj m`roest spbrbts ifcp`ky bk tne wfrmj

C`rdet I`pbt`mbz`tbfk $5?8cc

Ket I`sn $0cc

Ekterprbse Q`mue $:1:cc

Jbvbjekj Rbemj 9.5%

Bkstbtutbfk`m Fwkersnbp ~8

7/21/2019 Corby Final Sohn Conference

5/27

5\rbv`te & Ifkabjektb`m

Ifrhy Ypbrbt `kj _bkeHr`kj \frtafmbf

@oekiy Hr`kjsFwkej Hr`kjs

7/21/2019 Corby Final Sohn Conference

6/27

1\rbv`te & Ifkabjektb`m

Ifrhy Ypbrbt `kj _bkeNbstfrbi`m Abk`kib`ms

Afr ye`r ekjbko Guke 9 n`s sbkie orfwk tf heifce tne #0 Brbsn _nbsdy hr`kj bk tne wfrmj

wbtn ` 1>% c`rdet sn`re 8: ifkseiutbve ye`rs fa orfwtn, arfc 5

7/21/2019 Corby Final Sohn Conference

21/2780\rbv`te & Ifkabjektb`m

Zney `mre`jy fwk :>% fa tne ifcp`ky (58% fa tne vftbko sn`res)

Bt abts tne str`teoy h`sej fk reiekt `itbfks `kj puhmbi st`tecekts7

Gumy 8

7/21/2019 Corby Final Sohn Conference

22/2788\rbv`te & Ifkabjektb`m

Nbstfrbi`m Ypbrbts C&@ Zr`ks`itbfks

(0) Yfurie7 Hmffchero.

Re`r @iqubrer Z`roet Ekterprbse Q`mue ($cc) EQ/MZC EHBZJ@

8>> 8

7/21/2019 Corby Final Sohn Conference

23/2789\rbv`te & Ifkabjektb`m

Ifrhy tr`jes `t ` sbokbabi`kt jbsifukt tf spbrbts peers

Ba Ifrhy tr`jej `t tne peer orfup `ver`oe afrw`rj EHBZJ@ cumtbpme fkeye`r arfc kfw, bt wfumj bcpmy ` $90 sn`re prbie (51% upsbje)

Ypbrbts Bkjustry Ifcps

($ bk cbmmbfks) EQ/EHBZJ@

C`rdet I`p Ket Jeht EQ MZC 8.0x 01.?x

J`vbje I`cp`rb 9,808 0,85? :,:1> 0:.5x 08.8x 0 182 9,951 02.9x 0?.?x 05.1x

I`stme Hr`kjs 8?9 09 8>1 KCA KCA KCA

@ver`oe 05,:2: 5,< 8x

Ifrhy Ypbrbt kj _bke 5?8 (0) :1: 00.:x 00.

7/21/2019 Corby Final Sohn Conference

24/278:\rbv`te & Ifkabjektb`m

U.Y. bkvestfrs `ppe`r tf n`ve i`uont fk tf tnbs seium`rstfry, hut I`k`jb`k bkvestfrs `re kfke tne _bser

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