Dye & Durham Ltd. · TSX:DND
Dye & Durham — Proxy Contest (December 2024)
74 slides from Dye & Durham's proxy contest presentation, Dec 2, 2024
Slide 1: A Simple Choice for Shareholders
A Simple Choice for Shareholders Dye & Durham’s experienced and refreshed nominees are leading an orderly transition to a new world-class CEO, supporting the focused and engaged leadership team, and driving strong organic growth. December 2, 2024 When being certain is everything Strictly Strictly pr
Slide 2: Disclaimer (1/3)
DISCLAIMER (1/3) This presentation has been prepared for informational purposes only. These materials are not, and in no circumstances are they to be construed as, a prospectus, an offering memorandum, an advertisement, or a public offering of securities. In addition, these materials do not form par
Slide 3: Disclaimer (2/3)
DISCLAIMER (2/3) The foregoing forward-looking information and/or forward-looking statements demonstrate the Company’s objectives, which are not forecasts or estimates of its financial position, but are based on the implementation of the Company’s strategic goals, growth prospects, and growth initia
Slide 4: Disclaimer (3/3)
DISCLAIMER (3/3) Non-IFRS Measures This presentation makes reference to certain non-IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather
Slide 5: Why We Are Here
WHY WE ARE HERE An activist investor group led by Engine The Dye & Durham Board and management The Board recommends the election of its Capital LP (“Engine”) is seeking to disrupt team have driven a massive growth success seven nominees who we believe have the the Company's progress, a move that wou
Slide 6: Executive Summary
EXECUTIVE SUMMARY • Reducing leverage by allocating at least 70% of Leveraged Free Cash Flow 1,2 to debt reduction3 Dye & Durham is Unlocking • Pausing M&A until leverage is below 4x3 Substantial Value for ALL • Sustaining rapidly growing ARR and aiming for over 50% of revenue under contract by end
Slide 7: Executive Summary
EXECUTIVE SUMMARY • On November 26th, our Board announced that Matthew Proud has decided to step down from the CEO role, after approximately three months or until the Board-led search for his successor is completed CEO Succession Plan • With Dye & Durham well-positioned for a new era of growth, now
Slide 8: Executive Summary
EXECUTIVE SUMMARY • Engine does not want the Board to consider strategic alternatives that could lead to a premium offer Engine Has Been a Poor Capital for all shareholders Allocator, and its Track Record • At the nine companies where Mr. Ajdler served as a director, the median and average company T
Slide 9: Dye & Durham's Business & Value Creation Plan
DYE & DURHAM’S BUSINESS & VALUE CREATION PLAN We are revolutionizing the legal software industry and driving value for all stakeholders When being certain is everything everything Strictly private and and confidential confidentialfor fordiscussion discussionpurposes purposesonly only / 9 9
Slide 10: Our Company, Our Platform, Our Business Model
Our Company Our Platform Our Business Model Full-suite software solution for the legal Diversified customer base of blue-chip legal firms Software and recurring transaction-based communities’ workflow optimization, data and financial institutions model with a SaaS transition insights and payments ac
Slide 11: Dye & Durham at a Glance
DYE & DURHAM AT A GLANCE Dye & Durham’s Global Footprint C$458MM C$255MM LTM Sept-24 LTM Sept-24 Revenue Adj. EBITDA1 Canada UK & I 37,000+ Core Customers Globally3 56% 85% of which ~6,000+ are under contract LTM Sept-24 LTM Sept-24 Adj. EBITDA Margin1 FCF Conversion2 APAC Australia South Africa 54%
Slide 12: Legal Professional Workflow Experience Has Been Disjointed
HISTORICALLY, LEGAL PROFESSIONAL WORKFLOW EXPERIENCE HAS BEEN DISJOINTED…. WE RECOGNIZED THIS OPPORTUNITY • The global legal software market remains fragmented, with law firms utilizing various products from different providers, many of which are transaction-based vs SaaS • With an established globa
Slide 13: Unity: Everything You Need to Run Your Legal Practice
D&D IS REVOLUTIONIZING LEGAL SOFTWARE WITH THE UNITY GLOBAL PLATFORM UNITY® EVERYTHING YOU NEED TO RUN YOUR LEGAL PRACTICE, ALL IN ONE PLACE. From intake to invoice, and everything in between. A SINGLE DESTINATION FOR LAW FIRMS Bringing together multiple legal solutions – that saves time, provides o
Slide 14: Our Journey to Get Where We Are Today
OUR JOURNEY TO GET WHERE WE ARE TODAY Illustrative Revenue Over Time *Showing select acquisitions only Affinity (1) FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 LTM Sep-24 Future Upside Dye & Durham 3.0: Dye & Durham 1.0: Private Ownership Dye & Durham 2.0: Building Global Scale Global Sa
Slide 15: Deploying Capital for Acquisitions in a Purposeful Way
DEPLOYING CAPITAL FOR ACQUISITIONS IN A PURPOSEFUL AND MEASURED WAY Acquisition Capital Deployed (C$MM) Acquisition Capital Deployed C$1.7BN C$230MM Equity Capital Raised / (Returned) 1 C$822MM Raised (C$91)MM Returned Avg. Pre-Synergy Acquisition Multiple (EV/EBITDA) 2,3 17.7x 12.0x Build, Scale an
Slide 16: Result of Strategy: Significantly Scaled Business
THE RESULT OF THIS STRATEGY IS A SIGNIFICANTLY SCALED BUSINESS, COMPRISED OF HIGH-QUALITY ASSETS INTENTIONALLY BROUGHT TOGETHER Revenue3 Adjusted EBITDA1,3 Leveraged Free Cash Flow1,2 Increased by 617% Increased by 614% Increased by 530% C$470MM C$262MM C$55MM C$66MM C$37MM C$9MM At IPO (June 2020 L
Slide 17: Efficient Capital Structure Since IPO
SINCE IPO, WE HAVE BEEN EFFICIENT WITH OUR CAPITAL STRUCTURE IN ORDER TO DRIVE ELEVATED EQUITY RETURNS • Strength and stability of underlying business along with high Net Debt / Adjusted EBITDA (1) cash flow conversion / low capital intensity business enables higher leverage profile Senior Secured a
Slide 18: We Have Delivered for Our Shareholders
AND WE HAVE DELIVERED FOR OUR SHAREHOLDERS D&D Share Performance Since IPO (July 17, 2020) Versus Peers and Relevant Benchmarks Select Peers / Index Share Performance Constellation Software 222% Dye & Durham 173% Thomson Reuters 136% Descartes 134% RELX 113% Current Wolters Kluwer Topicus 111% 91% C
Slide 19: We Now Have a Great Opportunity in Front of Us
WE NOW HAVE A GREAT OPPORTUNITY IN FRONT OF US Why We Are Going to Win As a Company What Makes Us Different 1 Large, global, and loyal customer base We are providing best-in-class practice management solutions to the legal industry Complete solution suite to offer small to 2 medium law We sit at the
Slide 20: The Long-Term Opportunity
THE LONG-TERM OPPORTUNITY We are revolutionizing the legal software industry and driving value for all stakeholders When being certain is everything everything Strictly private and and confidential confidentialfor fordiscussion discussionpurposes purposesonly only / 2020
Slide 21: We Have a Large Addressable Market Opportunity
WE HAVE A LARGE ADDRESSABLE MARKET OPPORTUNITY Total Addressable Market1 Key Drivers Behind Expansion Global Legal Technology Spend (US$) 1 Rising competition in the legal solutions ~$46BN industry, leading to increased focus on productivity TAM 2 Surge in new regulatory structures and legal informa
Slide 22: The Long-Term Opportunity – Where We Are Going
THE LONG-TERM OPPORTUNITY – WHERE WE ARE GOING Requires 30% annual growth to achieve in 10 years1 Requires 70% annual growth to achieve in 5 years1 ~US$46BN Dye & Capturing 10% of the Global TAM Durham Today global TAM would imply (2030) total revenue of (~C$64BN3) C$6.4BN1 C$458MM LTM September 202
Slide 23: Current Suite of Legal Software Solutions
DYE & DURHAM’S CURRENT SUITE OF LEGAL SOFTWARE SOLUTIONS We are one of the few legal software providers that sit at the intersection of industry leading Practice Management and Data Insights & Due Diligence solutions while also offering complementary workflow capabilities for lawyers Enhanced Workfl
Slide 24: Evolving the Core Business Strategy
EVOLVING THE CORE BUSINESS STRATEGY Historical Where We Are Going1 • Independent companies operated by different owners OPERATING THESIS prior to acquisition by Dye & Durham. All single point • Fully integrated solutions • Highly varied and customized with lack of pricing discipline REVENUE MODEL AN
Slide 25: Executing on Long-Term Strategy to Drive Shareholder Value
HOW WE ARE EXECUTING ON OUR LONG-TERM STRATEGY TO DRIVE SHAREHOLDER VALUE CORE BUSINESS STRATEGY1 CAPITAL ALLOCATION STRATEGY1 • Continuing the revenue model transition to more predictable • Allocating excess cash flow from the business towards highest and transparent contracted revenue as the found
Slide 26: Successfully Transitioning the Revenue Model
SUCCESSFULLY TRANSITIONING THE REVENUE MODEL • Beginning in FY 22, Dye & Durham has executed very successfully on transitioning LTM Revenue vs. ARR Contracted Revenue Growth1,2,3 its revenue model towards higher quality contracted revenue – this continues to be FY 24 RE Market Volumes vs. FY 22: par
Slide 27: Capitalizing on the Cross-Sell Opportunity
CAPITALIZING ON THE CROSS-SELL OPPORTUNITY Cross-sell between practice management and data insights & due diligence customers presents a tangible upside opportunity to Dye & Durham, as a one- stop shop for legal professionals • Dye & Durham has industry leading capabilities with highly complementary
Slide 28: Organic Go-To-Market Strategy
DYE & DURHAM’S ORGANIC GO-TO-MARKET STRATEGY A B Managing the Top Customers1 Targeting the Longer Tail1 • Dye & Durham will continue to focus its account • We are focusing our efforts to drive additional management team on its top 3,000 – 5,000 largest subscription revenue from our long tail custome
Slide 29: Consolidating and Rationalizing Product Suite
CORE CONSOLIDATING AND RATIONALIZING PRODUCT SUITE BUSINESS STRATEGY • The company has been actively consolidating its product suite, putting its resources and internal investment behind the core go-forward products, anchored around the Unity brand • Since the start of FY 23, approximately 7,500 cus
Slide 30: A Robust and Diversified Revenue Model
A ROBUST AND DIVERSIFIED REVENUE MODEL We are revolutionizing the legal software industry and driving value for all stakeholders When being certain is everything everything Strictly private and and confidential confidentialfor fordiscussion discussionpurposes purposesonly only / 3030
Slide 31: Diversified Revenue Model with Predictability and Scale
HIGHLY ATTRACTIVE & DIVERSIFIED REVENUE MODEL WITH PREDICTABILITY AND SCALE Breakdown of Revenue Model – Q1 FY2025 1 Non- Contracted Subscription Payment per legal matter or transaction Contracted Contracted Subscription 2 Transactional Contracted 9% Transactional Transactional 54%n 22% 2 Represents
Slide 32: Management Outlook: Target Operating Model
MANAGEMENT OUTLOOK: TARGET OPERATING MODEL LTM September FY2023 FY2024 Near Term1,4 Capital Allocation 2024 Near-term plan Organic Revenue 3% 4% 5-10% (11%) focused on organic Growth2 growth, driving free cash flow and debt repayment until leverage is below Adj. EBITDA Margin2 54% 56% 56% ~55% 4.0x
Slide 33: Path to Reducing Leverage
PATH TO REDUCING LEVERAGE NET DEBT REDUCTION PRINCIPLES4 Illustrative Deleveraging Example – Net Debt / EBITDA2,3 EBITDA (C$MM) • Reduce Leverage: Lower the Company’s Net Debt-to- FY25 Adjusted EBITDA2 ratio below 4.0x by focusing on organic Current 10% Growth 15% Growth 20% Growth Consensus growth
Slide 34: Go-Forward M&A Thesis
DYE & DURHAM’S GO-FORWARD M&A THESIS Select accretive tuck-in M&A to augment our existing capability set and expand our customer base Enhancing Product Disciplined Capital Allocation Capabilities and Technology 1 and Accretive M&A1 • Focus on cloud-based technology • Pause material M&A until leverag
Slide 35: Creating a Global Unified Culture to Win
AND WE ARE CREATING A GLOBAL UNIFIED CULTURE TO WIN • Management is dedicated to building a dynamic global culture while navigating the challenges that come with scaling and 2024 Employee Engagement Results and Benchmarking (1) uniting 35+ unique businesses and cultures worldwide • While today, our
Slide 36: Engaged Long Term Employees Underpin Our Success
ENGAGED LONG TERM EMPLOYEES UNDERPIN OUR SUCCESS • As it rapidly scaled and transformed its business, Dye & Durham continuously aligned its leadership, management team , and work 2024 D&D Employee Tenure vs. US Median 2 (Years) force, to meet the evolving needs of the business and our customers 7.4
Slide 37: We Are Delivering
WE ARE DELIVERING We are revolutionizing the legal software industry and driving value for all stakeholders When being certain is everything everything Strictly private and and confidential confidentialfor fordiscussion discussionpurposes purposesonly only / 3737
Slide 38: Our Results Speak for Themselves
OUR RESULTS SPEAK FOR THEMSELVES • Dye & Durham provided record quarterly guidance for the second quarter of fiscal 2025 3, forecasting its best quarter to date • This is based on the continued success of Dye & Durham’s organic growth initiatives and its revenue model transition to more predictable
Slide 39: Independent Analysts Agree
INDEPENDENT ANALYSTS AGREE “We view the opportunity for new leadership as positive. Furthermore, we continue to mainly focus on the underlying value of DND, which we believe to be a strong asset leveraged to the rebounding real estate market with an increasing focus on organic growth acceleration an
Slide 40: Set Up to Win Under Long-Term Strategy
DYE & DURHAM IS SET UP TO WIN UNDER ITS LONG-TERM STRATEGY Leading Provider Across Core Operating Geographies Mission Critical Cloud-Based Software that is Deeply Embedded in Customer Day-to-Day Operations Low Cost, High Value Legal Software with Growing Contracted Revenue Base Seamless Integration
Slide 41: A World Class Management Team
A WORLD CLASS MANAGEMENT TEAM When being certain is everything everything Strictly private and and confidential confidentialfor fordiscussion discussionpurposes purposesonly only / 4141
Slide 42: The Right Management Team to Continue to Execute
THE RIGHT MANAGEMENT TEAM TO CONTINUE TO EXECUTE • D&D CEO since 2016 and led the successful IPO in July 2020 which enabled the Company to scale its growth Matthew Proud • Grew D&D from a small regional single product company with an enterprise value of approximately $4 million, to a global Chief Ex
Slide 43: CEO Succession Plan
CEO SUCCESSION PLAN • With Dye & Durham well-positioned for a new era of growth, now is the right time to evolve Dye & Durham’s leadership to a new CEO who will inspire this next stage of growth and keep the Company’s momentum going. • CEO Matthew Proud has will remain in his role for approximately
Slide 44: A Track Record of Being Responsive to Shareholders
A TRACK RECORD OF BEING RESPONSIVE TO SHAREHOLDERS When being certain is everything everything Strictly private and and confidential confidentialfor fordiscussion discussionpurposes purposesonly only / 4444
Slide 45: A Track Record of Being Responsive to Shareholders
A TRACK RECORD OF BEING RESPONSIVE TO SHAREHOLDERS • The Board and members of management maintain an active program of engagement and dialogue with shareholders. • This ongoing program of engagement has informed the Company’s track record of Board refreshment, its approach to capital allocation, its
Slide 46: Capital Allocation and Balance Sheet Enhancement
CAPITAL ALLOCATION AND BALANCE SHEET ENHANCEMENT In response to shareholder feedback, the Company reoriented its capital allocation approach and took action to enhance its balance sheet 3 • Committed to lower the Company’s Net Debt1-to Adjusted EBITDA1 ratio to below 4x by focusing on organic growth
Slide 47: Improve and Transition the Business Model
IMPROVE AND TRANSITION THE BUSINESS MODEL Shareholders asked for greater predictability and transparency in the Company’s results and the management team delivered 1 • The management team continued to execute on the Company’s strategy to transition its revenue model to more predictable and transpare
Slide 48: Enhance Investor Transparency and Communications
ENHANCE INVESTOR TRANSPARENCY AND COMMUNICATIONS Engaged with shareholders and sell-side analysts to understand what metrics would assist them in better understanding Dye & Durham’s performance, progress and trajectory • Retained full-time inhouse investor relations professional, supplemented by exp
Slide 49: Active, Engaged Board and Best-in-Class Governance
AN ACTIVE, ENGAGED BOARD, AND BEST-IN-CLASS GOVERNANCE PRACTICES Dye & Durham’s Board is active and engaged with the business, and the independent directors of the Board have acted as accountable fiduciaries for shareholders • The Board, since the Company’s IPO, has used several best-practices to en
Slide 50: Engine Remains Intent on Gaining Control of the Board
ENGINE REMAINS INTENT ON GAINING CONTROL OF THE BOARD We have made multiple, good faith attempts with the activist shareholder group led by Engine to try and avoid a costly, distracting and unnecessary proxy contest When being certain is everything Strictly private and confidential for discussion pu
Slide 51: Dye & Durham Engaged in Good Faith with Engine & OneMove
DYE & DURHAM ENGAGED IN GOOD FAITH WITH ENGINE & ONEMOVE, WHO WERE INTENT ON GAINING CONTROL Dye & Durham has a long and established track record of regular engagement with its shareholders. Members of the Board and management team are regularly involved in this effort and have been available and ac
Slide 52: Dye & Durham Made Multiple Attempts to Reach a Settlement
DYE & DURHAM MADE MULTIPLE ATTEMPTS TO REACH A SETTLEMENT Dye & Durham has a long and established track record of regular engagement with its shareholders. Members of the Board and management team are regularly involved in this effort and have been available and accountable to shareholders. • The Bo
Slide 53: Engine's Campaign Is Not Aligned with Shareholders
ENGINE’S CAMPAIGN IS NOT ALIGNED WITH THE INTERESTS FOR ALL SHAREHOLDERS • The Board made every effort to find accommodations with Engine and OneMove, including offering multiple seats on the Board • Engine’s ever-shifting, escalating and unacceptable demands are making it impossible to find a settl
Slide 54: Engine's Campaign Is Not Aligned with Shareholders
ENGINE’S CAMPAIGN IS NOT ALIGNED WITH THE INTERESTS FOR ALL SHAREHOLDERS • Engine has essentially demanded that the Board abandon its fiduciary duties and not consider potential value maximizing alternatives, while advancing inaccurate and speculative allegations about the Company’s motives Demonstr
Slide 55: Risks to Engine's Plan to Recruit New Management
RISKS TO ENGINE’S PLAN TO RECRUIT NEW MANAGEMENT Engine’s attempt at wholesale change of the Board compounded by its stated intention to replace the management team, is reckless, puts the business at risk, and is potentially value destructive Dye & Durham’s business was The management team has This
Slide 56: Engine Has No Plan to Drive Value for Shareholders
ENGINE HAS NO PLAN TO DRIVE VALUE FOR SHAREHOLDERS A Value Destructive Campaign – With No Plan for Shareholders • The Company believes that Engine and OneMove’s agitation campaign over the past several quarters weighed on the share price, created significant employee anxiety and contributed to staff
Slide 57: Engine's Plan
ENGINE’S PLAN When being certain is everything Strictly private and confidential for discussion purposes only / 57
Slide 58: Engine's Track Record Has Been Abysmal
ENGINE'S TRACK RECORD HAS BEEN ABYSMAL While Mr. Ajdler seeks to gain representation on and control of our Board, shareholders should take note of his value destructive track record. When being certain is everything everything Strictly private and and confidential confidentialfor fordiscussion discu
Slide 59: Engine Is a Poor Capital Allocator
ENGINE IS A POOR CAPITAL ALLOCATOR • Mr. Ajdler’s Engine appears to have a convenient habit of turning up While he seeks to gain at companies in the midst of growth and transition, in an attempt to take credit for initiatives already underway representation on and control of Dye & • He is attempting
Slide 60: Arnaud Ajdler's Track Record on Boards
ARNAUD AJDLER’S TRACK RECORD OF DESTRUCTION ON BOARDS Arnaud Ajdler’s Directorship Tenure Returns vs. Russell 3000 79.7% 48.0% (11.9)% (9.8)% (30.7)% (29.5)% (47.0)% (52.7)% (212.5)% Directorship Tenure: (Mar ‘19 – May ‘20) (Oct ‘18 – Sep ‘22) (May ‘14 – Dec ‘19) (May ‘15 – Mar ‘18) (Mar ‘08 – Oct ‘
Slide 61: Engine's Poorly Qualified Nominees
ENGINE’S POORLY QUALIFIED NOMINEES To displace Dye & Durham’s experienced and highly qualified directors with Engine’s underqualified slate would be potentially value destructive and would not be in the best interests of our business or or shareholders. When being certain is everything everything St
Slide 62: Engine's Poorly Qualified Nominees
ENGINE’S POORLY QUALIFIED NOMINEES Dye & Durham does not believe that Engine’s handpicked nominees are qualified to act as independent fiduciaries for shareholders or effective stewards of Dye & Durham’s business The nominee qualifications and Engine’s nominees, as a group, In addition, Engine nomin
Slide 63: Engine's Poorly Qualified Nominees
ENGINE’S POORLY QUALIFIED NOMINEES Dye & Durham does not believe that Engine’s handpicked nominees are qualified to act as stewards of Dye & Durham’s business As long-term shareholders are Engine and OneMove’s attempt at To displace experienced and aware, since its IPO, Dye & wholesale change of the
Slide 64: Meet Engine's Poorly Qualified Nominees
MEET ENGINE’S POORLY QUALIFIED NOMINEES ▪ Prior board experience appears focused on construction, retail apparel and restaurant chains ▪ No operations or legal or technology industry experience ▪ No executive experience beyond his activities as an activist investor Arnaud Ajdler ▪ Board tenures mark
Slide 65: Dye & Durham's Seven Highly Qualified Nominees
DYE & DURHAM’S SEVEN HIGHLY QUALIFIED NOMINEES Our refreshed Board has the right skills and experience to provide effective oversight of our Company. It has a high level of independence and substantial shareholder representation. When being certain is everything everything Strictly private and and c
Slide 66: Refreshed Board with Strong Independence & Shareholder Representation
REFRESHED BOARD WITH STRONG INDEPENDENCE & SHAREHOLDER REPRESENTATION Timeline of Proactive and Shareholder Informed Board Refreshment 2021 2022 2023 2024 # of Director Addition(s) 1 1 2 4 Ronnie Wahi* Leslie O’Donoghue* Colleen Moorehead Eric Shahinian Peter C. Brimm* Mark Ernst David Oppenheimer 2
Slide 67: Highly Qualified Board with the Right Experience
HIGHLY QUALIFIED BOARD WITH THE RIGHT EXPERIENCE, PERSPECTIVES AND SKILLSETS TO PROVIDE EFFECTIVE OVERSIGHT OF OUR LONG-TERM STRATEGY New Director Incumbent Director Colleen Moorehead Matthew Proud Mark Ernst Luke McCormick Independent Chair CEO • Dye & Durham director since 2023 • Dye & Durham dire
Slide 68: Robust Mix of Skills and Industry Experience
ROBUST MIX OF SKILLS AND INDUSTRY EXPERIENCE CREATING A BALANCED, STRONG BOARD New Director Incumbent Director Management / Leadership Experience Industry Experience Public Capital Corporate Executive / Independent Strategic Information Risk International Finance / Sales / Human Financial Technology
Slide 69: A Closer Look at Our Independent Nominees (1/2)
A CLOSER LOOK AT OUR HIGHLY QUALIFIED INDEPENDENT NOMINEES (1/2) Colleen Moorehead (Independent Chair) Mark Ernst David Oppenheimer Highlighted Experience & Qualifications Highlighted Experience & Qualifications • Former Chief Client Officer at Osler, Hoskin & • Managing Partner of Bellevue Capital
Slide 70: A Closer Look at Our Independent Nominees (2/2)
A CLOSER LOOK AT OUR HIGHLY QUALIFIED INDEPENDENT NOMINEES (2/2) Luke McCormick Edward D. (Ted) Prittie Eric Shahinian1 Highlighted Experience & Qualifications Highlighted Experience & Qualifications Highlighted Experience & Qualifications • Managing Director of Investments & Partner at • Currently
Slide 71: A Simple Choice for Shareholders
A SIMPLE CHOICE FOR SHAREHOLDERS When being certain is everything everything Strictly private and and confidential confidentialfor fordiscussion discussionpurposes purposesonly only / 7171
Slide 72: It's a Simple Choice
IT’S A SIMPLE CHOICE Shareholders have an important choice in front of them, one that will determine the future of Dye & Durham, and their investment: Dye & Durham’s experienced and refreshed nominees, are leading an orderly ✓ transition to a new world-class CEO, supporting the focused and engaged s
Slide 73: Board Is Executing on the Value Creation Plan
DYE & DURHAM'S BOARD IS EXECUTING ON THE VALUE CREATION PLAN TO ENHANCE SHAREHOLDER VALUE Each of Dye & Durham’s highly qualified director nominees contribute important skills, experience and independent shareholder-focused perspectives to Board deliberations. Dye & Durham’s core strategy supports t
Slide 74: Thank You
THANK YOU When being certain is everything everything Strictly private and and confidential confidentialfor fordiscussion discussionpurposes purposesonly only / 7474