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    Nikolaus Priebe • CIBC Capital Markets

    Nikolaus Priebe's questions to Brookfield Business Partners LP (BBU) leadership

    Nikolaus Priebe's questions to Brookfield Business Partners LP (BBU) leadership • Q1 2025

    Question

    Nikolaus Priebe from CIBC World Markets asked about any dialogue between Clarios and the IRS regarding its 2024 tax filing and the expected timing for receiving the cash credit. He also inquired about the early impact of the higher mortgage insurance cap on Sagen's transactional premiums.

    Answer

    CFO Jaspreet Dehl responded that the Clarios tax filing is progressing in the normal course and that the company remains confident it will receive the payment, noting anecdotally that others in the industry have received payments. She also confirmed that regulatory changes, including the increased cap and extended amortization periods, drove a significant increase in Sagen's transactional volumes from first-time homebuyers.

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    Nikolaus Priebe's questions to Brookfield Business Partners LP (BBU) leadership • Q4 2024

    Question

    Nikolaus Priebe asked about the potential evolution of vehicle electronic architecture away from 12-volt systems and how Clarios is positioned for that shift. He also inquired about the timeline for converting the recognized Inflation Reduction Act (IRA) tax credits into cash.

    Answer

    Mark Wallace, CEO at Clarios, explained that vehicles will continue to need low-voltage systems (under 60 volts) for subsystems and functional safety, leading to multiple energy storage devices per vehicle rather than a single high-voltage network. Jaspreet Dehl, CFO, stated that the business is filing its 2024 tax return based on finalized regulations and expects to receive the cash from the tax credits shortly after filing in Q1.

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    Nikolaus Priebe's questions to Brookfield Business Partners LP (BBU) leadership • Q2 2024

    Question

    Nikolaus Priebe sought confirmation that CDK Global would not require a capital injection from BBU, asked about insurance coverage for potential litigation, and questioned if Clarios's full-year U.S. GAAP EBITDA would surpass $2 billion.

    Answer

    CFO Jaspreet Dehl confirmed that CDK is self-sufficient, generates strong free cash flow, and will not require any downstream capital from BBU. She stated that while the business has cyber insurance, it is unlikely to cover potential litigation. Regarding Clarios, she indicated that full-year EBITDA should be 'at and about $2 billion,' pending final Q4 performance.

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    Nikolaus Priebe's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership

    Nikolaus Priebe's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership • Q1 2025

    Question

    Nikolaus Priebe inquired about the potential impact of global trade disruptions, particularly between the U.S. and China, on Poseidon Corp.

    Answer

    Peter Clarke, President and COO, stated that Fairfax is confident in Poseidon's prospects due to its long-term, fixed contracts and new production. He conveyed that Poseidon's management does not anticipate tariffs or economic uncertainty to have a significant effect on the business, highlighting the security provided by these locked-in contracts.

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    Nikolaus Priebe's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership • Q1 2025

    Question

    Nikolaus Priebe inquired about the potential impact of global trade disruptions, particularly between China and the U.S., on Fairfax's investment in Poseidon Corp. He asked if lower shipping demand could negatively affect charter rates at renewal and the residual values of its container ships.

    Answer

    Peter Clarke, President and COO, expressed confidence in Poseidon's outlook, emphasizing its long-term fixed contracts and new production. Clarke relayed that Poseidon's management does not anticipate tariffs or economic uncertainty to have a significant effect on the business, highlighting the advantage of its locked-in contracts.

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    Nikolaus Priebe's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership • Q2 2024

    Question

    Nikolaus Priebe inquired about Fairfax's potential exposure to two high-profile events that occurred after quarter-end: Hurricane Beryl and the CrowdStrike-induced IT outage.

    Answer

    Peter Clarke, President and COO, stated that the company expects very little impact from either event. He characterized Hurricane Beryl as an attritional catastrophe loss for Q3 and noted the CrowdStrike event's impact was mitigated by a quick corrective patch and policy waiting periods, making it unlikely to be a material event.

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    Nikolaus Priebe's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership • Q2 2024

    Question

    Nikolaus Priebe inquired about Fairfax's potential exposure to recent high-profile events, specifically Hurricane Beryl and the CrowdStrike-induced IT outage.

    Answer

    Peter Clarke, President and COO, stated that Fairfax expects very little impact from either event. He characterized Hurricane Beryl as more of an attritional catastrophe loss for Q3. Regarding the CrowdStrike outage, Clarke noted that while it will mostly impact business interruption policies, the quick corrective patch and policy waiting periods of 8-12 hours are significant mitigating factors. He concluded that the company has received only precautionary notifications and does not believe it will be a material event.

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    Nikolaus Priebe's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership

    Nikolaus Priebe's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q4 2024

    Question

    Nikolaus Priebe of CIBC Capital Markets asked about the strategy for U.S. index inclusion, specifically whether a change in incorporation from Canada would be considered for S&P 500 eligibility. He also questioned how a change in the U.S. tax treatment of carried interest would affect compensation structures.

    Answer

    CFO Hadley Peer Marshall stated that recent changes, like moving the headquarters to New York and the share exchange, position the firm well for broader U.S. index inclusion without needing to change its Canadian incorporation. President Connor Teskey responded on carried interest, explaining that since the business is global with varying tax treatments worldwide, a change in U.S. policy would not alter their global compensation approach.

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