#1HI HA = +☑ Ⓡ DARC MATTER Perspectives on South 34 Korean Overseas Investments 2020#2Disclaimer The material in this presentation has been prepared by DarcMatter ("DarcMatter", "DM" or the "Platform") and is general background information about DM's activities current as of the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial products or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to DM's businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. DM does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside DM's control. ☑ DARC MATTER 2#3DarcMatter Overview South Korean Financial Institutions Global Investors Private Fund Placement Serve as a placement agent for funds seeking to raise capital from South Korean institutional investors AUM range: $500mm $10bn - • Investor mandate driven • Success fee paid by asset manager Direct Deal Advisory Serve as an advisor to South Korean financial institutions on direct transactions Deal size: $50mm+ Investor mandate driven Success fee paid by investor . • FinTech Platform Operate FinTech platform designed to connect LPs and GPs in the alternative fund space ☐ AUM range: $50mm - $1bn Broad coverage of funds Success fee paid by asset manager ☑ DARC MATTER 3#4☑ DARC MATTER Market Overview 4#5Economy & Capital Market Summary • • • Korea's total financial assets have steadily increased alongside the country's economic development. Among Korea's financial sectors, the banking industry has the largest amount of total assets and equity capital. Asset management companies are increasing in number as 27 new firms were established in 2018, driven by the increase in number of hedge funds. Non-financial assets, including real estate, accounted for 62.4% of household assets in 2018. This is shrinking as financial assets are on the rise. Foreign ownership of the Korean stock market comprised of 32.1% of total market capitalization, where foreign ownership of bonds only made up 6.6%. Size of the Capital Market in Korea Annual Financial Asset Volume Market cap (KRW tn) | Outstanding balance of bond issues (KRW tn) 2,200 20,000 Cash/Deposits Investment funds Loans Equities Bonds Insurance/Pensions Others 2,000 1,751 1,8891,830 1,906 18,000 1,800 1,702 1,590 16,000 1,600 1,444 1,510 1,572 14,000 1,400 1,335 12,000 1,200 1,000 10,000 800 8,000 600 6,000 400 4,000 200 2,000 0 0 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 Size of Financial Sectors Category Banking Life Insurance Non-life Insurance Credit Card Securities Units: KRW tn, % Asset Management 19 24 32 8 57 242 # of Companies Total Assets 2,921.5 847.6 277 113.9 439.2 7.7 Equity Capital 197.8 71.4 35.2 26.5 56.6 6.1 Net Profit 11.9 4.1 3.9 2.2 4.1 0.6 ROE 6 5.7 11.4 5 7.2 9.8 ☑ DARC MATTER Sources: KOFIA 2019 Annual Review Exchange Rate: 1 USD = 1,180 South Korean Won 5#6Growing Fund Market • • • The fund market is an important avenue for wealth creation in Korea largely due to the growing volume of pension fund assets. While overall fund assets are growing in Korea, investments into alternatives (real estate & special assets) have driven much of the growth. Investments into overseas funds decreased during the financial crisis but have grown substantially since. Fund distribution has largely been driven by the securities firms, which accounted for 71.3%. Banks have been the second most active on the distribution side at 20.0%. Much like the U.S., demand for ETFs has risen in Korea. Total AUM of ETF's in 2018 exceeded KRW 41tn, up KRW 5.4tn YOY. ☑ DARC MATTER Sources: KOFIA 2019 Annual Review Exchange Rate: 1 USD = 1,180 South Korean Won Fund AUM Investment by Fund Type [KRW tn) Privately placed funds 600 Publicly offered funds 500 (KRW tn) Equity Derivatives Special assets Bond Real estate MMF Fund of funds 600 Hybrid assets 400 300 3,332,194 2,859,726 2,497,028 550 500 450 400 350 300 2,177785 250 2,112,188 200 0 2012 2013 2014 2015 2016 2,196 120 150 2017 2018 100 50 0 2014 2015 2016 2017 2018 200 100 2005 2006 2007 2008 2009 2010 2013 AUM of Overseas Investment Funds [KRW 100bn] 1,600 1,400 1,200 1,000 770 800 730 732 638 600 400 197 200 0 567 579 581 Distribution by Institution Type (%) 1,495 100 1,234 80 940 60 740 627 40 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20 0 Securities companies Insurance companies Banks Others 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 6#7National Pension Service (NPS) Asset Allocation NPS Profile - World's 3rd Largest Pension Fund NPS has total investable assets of $615bn, which has been unprecedented growth since the establishment in 1988. NPS Global Alternative Exposure 58.1tn Asset Value of the Global Alternatives • Total ♦ Real Estate • Annualized investment return has been 5.7% since inception. • Due to the size of the fund, they place great importance on diversifying the portfolio geographically. NPS has been continuously expanding the pursuit of stable generation of income over the long run, with global alternatives expected to be 15% of the portfolio by 2024. 40% of the portfolio is outsourced to other Korean and international managers with longstanding relationships. Investment Allocation of NPS USD billions 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 2014 ■Stock 2015 ■Bond 2016 Infra 2017 2018 2019 2020 Real Estate PE Hedge Fund ☑ DARC MATTER Source: NPS Annual Report 8.1% Weight 24.5 in the Total Fund 32.3 58.1 52.2 44.6 41.7 21.1 23.5 19.1 18.3 40,5% 15.5 12.2 In-house Management Portion of the Global Alternatives 2014 2015 2016 2017 2018 2019 Q3 Geographical Breakdown Fund Туре 69.1% Geography Project 30.9% Asia 14.2% Europe North America 18,2% 33.2% South America 0.3% Global 33.6% 7#8Proportion of Investors Private Equity 80% 70% 70% 66% 59% 60% 50% 40% 30% 20% 10% 0% Buyout Venture Capital Growth Secondaries ☑ DARC MATTER Sources: Preqin Pro Investor Appetite In general, Fund of Funds are not popular among South Korean investors. • Debt deals are more popular in real estate than equity and the investment sales are typically in core properties. 37% 24% 19% 16% Fund of Funds Tumaround Co-Investment • • . Private equity investors shows a strong preference for potentially high return opportunities such as venture capital and growth equity. Investors also favor buyout firms, but typically invest with the largest managers in this space. Within private debt, direct lending and mezzanine debt are the much-preferred strategies. Investors prefer shorter dated loans that pay a predictable income stream. Infrastructure investors prefer to go direct to the project and typically aim to be mezzanine lenders. Proportion of Investors Focus Areas Private Debt Infrastructure 80% 100% 70% 70% 84% 87% 70% 60% 50% 50% 41% 40% 30% 20% Proportion of Investors 80% 60% 40% 20% 10% 0% 0% Direct Lending Mezzanine Distressed Debt Special Situations Primary Debt/ Mezzanine Fund of Funds 12% 7% Secondary Proportion of Investors 0% Real Estate 100% 87% 90% 80% 67% 70% 63% 60% 50% 46% 40% 33% 30% 26% 20% 10% Debt Core Core-Plus Value Added Opportunistic 8 Distressed#9Overseas Real Estate is an Area of High Demand • Korean investors have favored longer term investment assets with consistent and stable return due to the volatility in their stock market. Total Investment into Real Estate Related Funds ($MM) $700 Investment into overseas real estate deals from South Korea has shown a consistent trend with annual growth of $9bn, starting from $12bn in 2015 to $38bn at the start of 2019. Korean capital in European real estate exceeded $8.3bn in 2018 and has outpaced the demand in U.S. real estate. $600 $500 $400 $300 $200 $100 $- • Interest rate differential between South Korea and EU has created attractive swap rates, where USD/KRW swap rate is at a discount. 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Investment into Real Estate Related Funds • The swap rate premium + higher cap rate on EU properties has been the driving factor for heightened interest in EU real estate investment. Total Investment Dollars (billions) ☑ South Korean investors have secured 10% of cross-border CRE sales in Europe. Real estate $60 $50 $40 $30 $20 $10 Overseas Investment Allocations $- Securities Derivatives Real Estate Special Assets Multi Assets Fund Classifications DARC MATTER Sources: Korea Financial Investment Association (KOFIA) Investment in Overseas Real Estate Deals ($Bn) $40 $35 $30 remains a $25 large portion $20 of total $15 overseas $10 investment $5 allocations $- 2015 2016 2017 2018 2019 Investment in Real Estate Overseas 9#10☑ DARC MATTER Investor Mandates 10#11Direct Real Estate Deals • • Seeking private debt opportunities in the commercial real estate space & equity deals for flagship European properties. Clients have long track record of successful $100mm+ closings. Due diligence process timeframe ranges based on transaction complexity and time sensitivity. Debt Equity Deal Jurisdiction: U.S., Europe, Australia, Canada - Investment grade countries only Deal Jurisdiction: Developed Europe Asset Class: Commercial Real Estate Debt Asset Class: Flagship Commercial Real Estate Equity Capital Structure: Senior and/or Mezzanine Debt Cap Rate: 5%+ Yield: L + 250/350bps • In-person meeting availability required before closing. Term Length: Based on transaction ☑ DARC MATTER WALT: 10 years+ Tenant: Credit tenant - fully leased Preferred Deals: Flagship CRE, logistics / data centers Property Value: $250mm+ 11#12Direct Infrastructure Deals • Seeking private debt opportunities in the project finance and infrastructure space. Deal Jurisdiction: U.S., Europe, Australia, Canada - Investment grade countries only • Clients have long track record of successful $100mm+ closings. Asset Class: Project Finance & Infrastructure Debt • Due diligence process timeframe ranges based on transaction complexity and time sensitivity. Capital Structure: Senior and/or Mezzanine Debt Yield: L+ 450/550 bps • In-person meeting availability required before closing. Term Length: Based on transaction ☑ DARC MATTER Preferred Deals: Solar, midstream, airports, bridges, ports 12#13Private Fund Investments Seeking alternative fund managers are seeking to raise capital from South Korean financial institutions. Manager Jurisdiction: U.S., E.U., Australia, Canada Asset Class: Private Credit / Direct Lending / Non- Public Fixed Income Typical initial allocations range from $5 - $15mm with a total process ranging 3-6 months. In-person meeting coordinated by DarcMatter (as necessary). Only funds meeting the necessary criteria will be presented to investors based on 'Reverse Inquiry' provisions. Return Target: 8-10% net-consistent return profile Firm AUM: ~$1.0 Bn or Greater Preferred Strategies: Bridge loans, lower/middle market lending, infrastructure, and commercial real estate 3 Years, preference for shorter lockup periods Firm Track Record: >5 Years Lockup Period: ☑ DARC MATTER 13#14☑ DARC MATTER Overseas Transactions 14#15Direct Real Estate Transactions Example 1 - Commercial Real Estate Mezzanine Debt Location: Tier 1 U.S. Gateway City Net Leasable Area: 1,045,000 ft² Tenant: Location: Example 2 - Commercial Real Estate Equity Tier 1 London Property Net Leasable Area: 72,000 ft² 100% occupied by credit tenant Tenant: Asset Value: $810mm LTV: 66% (Senior) / 74% (Mezzanine) WALT: 100% occupied by 3 credit tenants 15 Years Asset Value: $460mm Role: Underwrote entire mezzanine tranche -$100mm Role: ☑ DARC MATTER Underwrote whole equity tranche 15#16Direct Infrastructure Transactions Example 1 - Power Plant Construction Mezzanine Loan Location: Northeast U.S. Capacity: 1,100MW Plant Fuel: Natural Gas Plant Efficiency: 6,630 Btu/kWh Total Amount: Role: ☑ DARC MATTER $1.58bn (Senior $700mm / Mezz $175mm / Equity $703mm) Underwrote entire mezzanine tranche ~$175mm and a minority portion of equity Location: Example 2 - Power Plant Refinancing Northeast U.S. Capacity: 694MW Plant Fuel: Natural Gas Plant Efficiency: 6,617 Btu/kWh Total Refinancing: Role: $675mm Senior Secured Term Loan B, 7- year Tenor Arranged an investment of $175mm in the senior secured term loan B 16#17Private Credit Fund Investments Strategy: Example 1 - Private Credit Direct Lending Fund Example 2 - Private Credit Middle Market Lending - Pending* Global Direct Lending Strategy: U.S. Middle Market Lending Investment Size: $12mm - 2 tranches Investment Size: $5mm - $15mm Fund Lock Up Period: 1 Year Fund Lock Up Period: 2 Years Firm AUM: $500mm Firm AUM: $700mm Structure: Open-ended fund with a liquidity option after 1 year Structure: Notes: Hong Kong based fund providing globally diversified exposure to direct lending Notes: ☑ DARC MATTER *under current discussion with investment expected to close 3/31/20 Fund-of-One Special arrangement made by GP to provide enhanced liquidity features for investor 17#18Private Equity Fund Investments Example 1 - Private Equity Timberland Fund - Pending* Strategy: Acquisition of Diversified U.S. Timberland Holdings Strategy: Investment Size: $15mm - $50mm Fund Lock Up Period: 2 Years Firm AUM: $50bn Structure: Open-ended fund with a liquidity option after 2 years Example 2 - Private Equity Fund of Funds Diversified Global Private Equity Funds Investment Size: $150mm Fund Lock Up Period: 15 Years Firm AUM: $150bn Structure: Notes: Pending discussion for a Q1 deployment to increase portfolio diversification Notes: ☑ DARC MATTER *under current discussion with investment expected to close 3/31/20 Tailor-made portfolio to meet investor needs Partnership with U.S. PE firm to strengthen Korean alternative investment capabilities 18#19☑ DARC MATTER MY INVESTMENT LP Landscape 19#20Institutional Investors Top 5 Institutional Investors Name 1 National Pension Service AUM ($bn) Alternatives ($bn, %) 594.4 1 75.5 (12.7%) 2 Korea Investment Corporation 138.3 22.6 (16.4%) 2 3 Korea Post 102.6 4.4 (4.3%) 4 Korea Federation of Community Credit Cooperative 66.7 10.0 (15%) 5 The Korean Teachers' Credit Union 32.9 16.4 (50.0%) 3 • Pension Funds There are a total of four Korean pension funds which are known to outsource assets to asset managers via funds or mandates. Of which, the state-run pension fund, National Pension Service (NPS) is the most active in terms of outsourcing assets to external managers. Insurance Companies There are ~25 life insurance players with a total of $558.6bn in assets. Domestic insurers continue to dominate the life insurance market, with a market share of 86.8%. Korean life insurers have been actively deploying to foreign securities, quadrupling assets between 2012 and 2017. Overseas Investment 18% by NPS - By 2% 37% ■ US Japan ■France ■Canada Country 2% ■ UK 3% ■ Germany 4 5% ■ Spain 4% 5% 7% 16% 3% ■ Netherlands Italy ■Australia ■ Others ☑ DARC MATTER PWC Alternatives Report Sovereign Wealth Funds • Korea Investment Corporation (KIC) is ranked 6th in Asia, accounting for ~$110bn in assets. Assets coming from alternatives have quadrupled from 2012 - 2016, with aggressive investment into real estate, infrastructure and private equity. Mutual Aid Associations There are -76 mutual aid associations in Korea. These associations were established to offer financial, welfare, and other social security services to segments of the private sector. Looking at the 6 key associations that outsource managers, combined investable assets were $46bn and 45% into alternatives. 20 20#21Investment Banks - Institutional Deals Underwritten by Top IB - 2019 Brokerage Firms Overseas Deals Mirae Asset Daewoo Mirae Asset Daewoo 15 luxury hotels (US) Tour Majunga (France) Investment Size ($mm) 5,499 907 Investment banks in South Korea are responsible for sourcing investment opportunities, conducting due diligence, and using their balance sheet to underwrite the deal. IB's will then sell down the position to institutional investors in Korea. Meritz Securities Kestrel Mining equity transaction (Australia) 324 Samsung Securities Crystal Park Office (France) 759 Samsung Securities Dunkirk LNG Terminal (France) 472 Top South Korean Investment Banks Shinhan Financial Group NongHyup Financial Group KB Financial Group Hana Financial Group Hana Financial Investment CBX Tower (France) 426 Korea Development Bank (KDB) Korea Investment Securities Foreign Ministry Building (Belgium) 425 Woori Financial Group BNK Financial Group Korea Investment Securities La Defense Tour Europe building (France) 356 DGB Financial Group Mirae Asset Daewoo Time Square Landmark (US) 347 Kakao Bank ☑ DARC MATTER 21#22Asset Management Companies (AMC) - Retail Top 5 Asset Management Companies Asset Management Company 1 Samsung AMC 2 Mirae Asset AMC 3 Hanwha AMC 4 KB AMC 5 Korea Investment Management Total Household Assets in South Korea Net Asset (US$ tn) Financial Asset Non-Financial Asset (US$ tn) (US$ tn) 2014 9.70 0.05 9.65 2015 10.20 0.19 10.01 2016 10.79 0.27 10.52 2017 11.40 0.21 11.19 ☑ DARC MATTER AUM ($bn) 206.3 Proportion of Non-Financial Asset by Country Country South Korea Portion of Non- Financial Asset (%) 75.4 132.0 Australia 74.3 76.7 48.7 France 68.5 42.3 Germany 67.4 Italy 66.3 Asset Management companies in South Korea are responsible for sourcing investment opportunities, conducting due diligence, and structuring a fund vehicle which typically HNW retail clients invest in. This is typically structured as a Korean Investment Trust and can have 49 investor slots. Average fund ticket per individual investor is ~$300k, resulting in a total investment of ~$15mm. United Kingdom 57.5 Canada 57.0 Japan 43.3 US 34.8 22#23M DARC MATTER X Raising Capital 23#24Avenues for Raising Capital in South Korea X Direct Offering - Registration Required All offshore funds marketed to Korean residents must be registered with the Financial Services Commission Strict eligibility requirements with filing taking 4 weeks for approval Marketing must be done through a locally licensed distributor (Korean Broker Dealer) Marketing activities limited, can only meet potential LPs on a low-profile basis and only engage in high level discussion • Korean Feeder Fund Structure - Registration Not Required No registration is required for a Korean Feeder Fund Structure or requirement for local distributor, but other challenges arise for foreign managers including: • • • Language barriers & time zone differences Reporting obligations • FX reporting No direct nexus between offshore fund and end investors • • до Reverse Solicitation - Registration Not Required If reverse solicitation provision is used, there is no need for registration of an offshore fund in Korea or hiring a local distributor LPs use FinTech platforms to find suitable offshore investment opportunities Using platforms, LPs can make direct connections to GPS without the need for the GP to market in the region Investments are typically made into a Cayman feeder ☑ DARC MATTER Sources: Kim & Chang Law Firm 24 24#25Structuring Examples Direct Offering Offshore Korea Offshore Fund Distributor (Required) Korean Investor ☑ DARC MATTER Sources: Kim & Chang Law Firm Korean Feeder Fund Structure Reverse Solicitation Offshore Korea Offshore Fund Offshore Fund Korean Feeder Fund Korean AMC Offshore Distributor (Optional) Korea Korean Investor DarcMatter Korean Investor 25 45#26How to Partner With DarcMatter Through using the reverse solicitation provision, DarcMatter can help seamlessly raise capital in South Korea. Our team is highly experienced in the region and can advise on the nuances that come with overseas investments. ☑ Connect STEP 1 Pre-Screen Opportunity STEP 2 Investor Sounding STEP 3 Due Diligence Transaction Close STEP 4 STEP 5 Initial meeting between sponsor / asset manager and DarcMatter to see if investment opportunity meets current mandates Send investment teaser, investment memo or pitch deck to DarcMatter DarcMatter will review and provide initial feedback on potential investment interest (NDA) Confidentially, sound investment interest from select South Korean institutions Provide ongoing feedback on level of investor interest in opportunity DARC MATTER . • If investor interest is identified, DarcMatter will begin a robust due diligence process Data room access will be requested • Investors may request a meeting with investment team DarcMatter will facilitate communications between investor and sponsor Work closely with all parties and guide transaction to final closing 26#27Appendix Jan Feb M Aut Mason 25 120000 20%#28Due Diligence 88 ☑ DARC MATTER Due Diligence Screening Q 886 • Management & Control Persons Experience • • Review of key management and decision-making personnel professional experience Verification of key personnel made through numerous data point checks Financial Statements/Pro-Forma Review of audited financials (if applicable) • Review of pro-forma projections for assumption viability (if applicable) Comprehensive Background Checks (powered by CrowdCheck) Comprehensive background checks conducted on all control persons at the firm, including non-operational personnel Point checks include, lawsuits, bankruptcies, financial regulatory bodies, criminal background checks Corporate Due Diligence • • Review of key contracts with key service providers and or partnerships material for execution and preservation of competitive edge Review of internal contracts and related entities for conflict check Operational Process/Governance Review • • Review on governance of the firm and decision-making capabilities for trading and/or investments Key man provision review for critical decision makers Third Party Advisor/Reference Verification • Key third party advisor verification: Auditor, Legal Counsel, PB etc. as applicable • Professional reference check verification (when deemed necessary) 28#29DarcMatter Global Leadership Team Sang H. Lee CEO Natasha Bansgopaul COO Stan Solodkyy CTO Jin Song Head of Korea Jerrod Reddick Finance & BD Experienced Investment banker with BNP Paribas and WestLB with advisory and execution of $10.0 Bn+ in private placement transactions Winner of leading entrepreneurship awards Under 30CEO "30 under 30" & GOOD100 Incubation Innovation Lead and Brand Strategist for PepsiCo for 6+ years; MBA from Pennsylvania State University; Bunton Waller Scholar 2010 Winner of Female Entrepreneur of the Year and Executive of the Year - 2018 Stevie Awards Over 14 years of software development experience and senior lead at companies including Estee Lauder and AdvisoryWorld Financial Technology Received Masters degree in Computer Science at age 20 Experienced finance professional with key roles in institutional equity sales, and sales trading Key leadership and management roles of note include J.P. Morgan, KBD Daewoo Securities, Woori Investment and Securities, and Société Générale, throughout South Korea Financial Product & BD Expert with DarcMatter responsible for sourcing investment opportunities and working with investors From leading financial institutions - Evercore and JPMorgan Asset Management M DARC MATTER 29#30Contact Information ☑ DARC MATTER ☑ DarcMatter Questions [email protected] R DARC MATTER DarcMatterHQ lin https://twitter.com/DarcMatterHQ Company Site www.DarcMatter.com LinkedIn https://www.linkedin.com/in/sanglee01/ 30#31Disclaimer The material in this presentation has been prepared by DarcMatter ("DarcMatter", "DM" or the "Platform") and is general background information about DM's activities current as of the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial products or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to DM's businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. DM does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside DM's control. ☑ DARC MATTER 31