{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019de514-8c6d-72ff-b417-0a8a04844593",
  "slug": "6d0c28c5f679313599a923e022d4e550",
  "title": "Centerview Partners | Investment Banking Pitch Book | 5 slides",
  "subtitle": "Centerview Partners · 2022-11",
  "author": "Centerview Partners",
  "date": "2022-11-01 00:00:00",
  "pageCount": 5,
  "kind": "consulting-deck",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "document": {
    "id": "019de514-8c6d-72ff-b417-0a8a04844593",
    "slug": "6d0c28c5f679313599a923e022d4e550",
    "title": "Centerview Partners | Investment Banking Pitch Book | 5 slides",
    "rawTitle": "Centerview Partners | Investment Banking Pitch Book | 5 slides",
    "authorId": "centerview-partners",
    "authorName": "Centerview Partners",
    "authorDisplay": "Centerview Partners",
    "kind": {
      "slug": "consulting-deck",
      "label": "Consulting deck"
    },
    "sourceType": {
      "slug": "investment_bank",
      "label": "Investment bank"
    },
    "fileName": "2022-11__centerview-partners__ib-pitchbook__6d0c28c5.pdf",
    "sourceUrl": "https://www.slidebook.io/company/centerview-partners/presentation/6d0c28c5f679313599a923e022d4e550/",
    "sourceDate": "2022-11-28 00:00:00",
    "presentationDate": "2022-11-01 00:00:00",
    "ingestedAt": "2026-05-01 19:47:02.46906+00",
    "status": "ready",
    "pageCount": 5,
    "orientation": "landscape",
    "aspectRatio": 1.2938006,
    "targetCompany": null,
    "targetTicker": null,
    "metadata": {
      "corpus": "slidebook",
      "industry": null,
      "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2022-11__centerview-partners__ib-pitchbook__6d0c28c5",
      "image_width": 1920,
      "image_format": "jpg",
      "deck_type_raw": "Investment Banking Pitch Book",
      "deck_type_slug": "investment-banking",
      "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/"
    }
  },
  "coverage": {
    "pageCount": 5,
    "pagesIndexed": 5,
    "pagesWithImages": 5,
    "pagesWithMetadata": 5,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 35,
    "chartCount": 0,
    "metricSlides": 0,
    "toolMatches": 2,
    "documentToolMatches": 0,
    "frameworkMatches": 0,
    "arcMatches": 0,
    "beatMatches": 0,
    "loopMatches": 0,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": true,
    "reviewAvailable": true,
    "activistThesisAvailable": false,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [],
    "beats": [],
    "loops": [],
    "tools": [
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "ad326b61-9392-4853-a25d-46e3f617b848",
        "evidence": "table/data: Bonsai Proposals 10/24 11/7 11/19 11/28 $6.25 $6.55 $7.50 $7.75 $7.88 $8.00 $8.13 $8.25",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 01:38:11.536423+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 4,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Valuation: DCF",
          "slug": "dcf",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2031-7273-9014-0c70beb91e11",
          "version": 1,
          "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836",
          "description": "You project free cash flows over an explicit forecast period (typically",
          "familyLabel": "valuation-move",
          "categoryName": "Analysis",
          "categorySlug": "analysis"
        },
        "agent": "architect",
        "layer": "slide",
        "agents": [
          "architect"
        ],
        "matchId": "a572d283-c637-428c-a3bf-f95a0b1afb4b",
        "evidence": "table/data: Methodology Selected Metric Implied Share Price Illustrative Discounted Cash Flow Analysis (Incl. Value of Tax Attributes) (1,2) WACC: 9.50%-11.00% PGR: 2.0%-3.0% $5.94 $9.81",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 01:38:11.609679+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 5,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      }
    ],
    "frameworks": [],
    "patterns": []
  },
  "storymakers": null,
  "score": {
    "backend": "codex",
    "scoredAt": "2026-05-03 01:25:08.633+00",
    "subScores": {
      "scqa_arc": 32,
      "action_titles": 20,
      "mece_structure": 48,
      "closing_strength": 20,
      "evidence_quality": 72,
      "clarity_of_thesis": 45,
      "production_quality": 58,
      "visual_storytelling": 66
    },
    "totalScore": 45,
    "coveragePct": 100,
    "explanations": {
      "scqa_arc": "Slide 3 implies a situation and complication around a committee response to a proposal, but the deck quickly becomes an analytical dump without an explicit question-to-answer arc.",
      "action_titles": "Titles are mostly topic labels rather than insight-bearing sentences; for example, Slide 4, \"Illustrative Analysis At Various Prices,\" names the analysis but not the implication.",
      "mece_structure": "The deck covers front matter, legal caveat, process roadmap, price sensitivity, and valuation, but the financial slides overlap and the structure leaves gaps around decision criteria and recommendation logic.",
      "closing_strength": "The deck ends on Slide 5 with preliminary valuation analysis and draft caveats rather than a clear recommendation, decision request, or next-step plan.",
      "evidence_quality": "Slides 4-5 provide substantial numeric valuation evidence, including 180 and 17 data points respectively, while the process and negotiation claims on Slide 3 are more asserted than evidenced.",
      "clarity_of_thesis": "A practical purpose is inferable by Slide 3, where the special committee roadmap frames proposal evaluation, but Slides 1-5 never state a declarative central thesis or recommendation.",
      "production_quality": "Investment-banking production discipline is visible in the disclaimer, annotations, and tables on Slides 2, 4, and 5, but low action-title density and dense layouts weaken scanability.",
      "visual_storytelling": "The roadmap diagram on Slide 3 and valuation tables on Slides 4-5 fit the underlying content, but the dense numerical pages lack callouts that translate analysis into a visual message."
    },
    "slidesAnalyzed": 5
  },
  "review": {
    "backend": "claude",
    "verdict": "A skeletal banker working draft — analytically credible but narratively inert; not a Storymakers exemplar without action titles, SCQA framing, and an explicit recommendation.",
    "reviewedAt": "2026-05-03 03:07:14.819+00",
    "slidesSeen": 5,
    "suggestions": [
      "Rewrite S4 title to something like 'At $X-$Y per share, offer sits below DCF midpoint and trades comps' to lead with the insight",
      "Insert an executive summary slide after the cover stating the situation, the offer on the table, and the committee's recommended posture",
      "Add a closing 'Recommended Next Steps' slide tying the roadmap (S3) back to the valuation evidence (S4-S5) with a specific price range to negotiate",
      "Group S4 and S5 under a labeled 'Valuation' pillar divider so the reader sees the MECE structure (Process | Valuation | Recommendation)"
    ],
    "closingScore": 40,
    "openingScore": 35,
    "topStrengths": [
      "S3 roadmap dashboard gives the Special Committee a clear procedural spine for the engagement",
      "S4 is data-rich (180 data points) and S5 triangulates multiple methodologies — solid analytical substrate to build a story on"
    ],
    "topWeaknesses": [
      "No SCQA setup: missing situation (company context), complication (the proposal/offer driving the discussion), and explicit recommendation",
      "Action titles are absent across all analytical slides (S3-S5) — reader cannot skim the deck and extract the point",
      "Only 5 slides shown but 2 are front/back matter (cover, disclaimer); analytical payload is just 3 slides with no synthesis page"
    ],
    "narrativeScore": 45,
    "pillarCritique": "There are no real section dividers; the deck jumps from process (S3 roadmap) to pricing scenarios (S4) to valuation methods (S5) without MECE pillars tying them to a single argument.",
    "closingCritique": "Closes on a 'Preliminary Valuation Analysis' table flagged as a working draft — informative but no explicit recommendation, price view, or next-step call to action for the Special Committee.",
    "openingCritique": "Slides 1-5 open with a generic cover ('Project Cactus Discussion Materials'), a full disclaimer, then a procedural roadmap — three pages before any thesis or stake is introduced, and no slide leads with the answer.",
    "extractionSeconds": 50.791,
    "narrativeCritique": "Reads as fragments of a working pitch book rather than a story arc — cover and disclaimer (S1-2), then roadmap (S3), then two valuation slides (S4-5) with no situation/complication setup and no resolution. Tension and recommendation acts are absent.",
    "titleQualityScore": 30,
    "titleQualityCritique": "Titles are topic labels, not action titles: 'Illustrative Analysis At Various Prices' (S4) and 'Preliminary Valuation Analysis' (S5) describe contents but state no insight or recommended price range."
  },
  "activistThesis": null,
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "function": "front_matter",
      "imagePath": "https://imgproxy.kitesheet.com/q93pURfeHdD4nDuZ5vWTwBSaaWAatUtVBtQ8Jzz1xyY/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82ZDBjMjhjNWY2NzkzMTM1OTlhOTIzZTAyMmQ0ZTU1MC9wMDAxLmpwZw",
      "rawType": "cover",
      "block": null,
      "metadata": {
        "slideType": "cover",
        "slideTypeCanon": {
          "name": "Cover",
          "slug": "cover",
          "status": "active",
          "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 25,
        "componentCount": 5,
        "textChars": 155,
        "nDataPoints": 1,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-2.5-flash",
          "runId": null,
          "at": "2026-05-02 09:24:17.779+00",
          "seconds": 4.033,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de514-8c6d-72ff-b417-0a8a04844593/1",
        "deck": "/decks/019de514-8c6d-72ff-b417-0a8a04844593",
        "deckAnchor": "/decks/019de514-8c6d-72ff-b417-0a8a04844593#slide-1",
        "deckJson": "/decks/019de514-8c6d-72ff-b417-0a8a04844593.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.025,
            "w": 0.259,
            "x": 0.702,
            "y": 0.153
          },
          "kind": "image",
          "text": "CENTER VIEW PARTNERS",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:17.779+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4b8ab921-d7b7-47f9-9df6-ed2b5b8d2c78",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.019,
            "w": 0.166,
            "x": 0.63,
            "y": 0.625
          },
          "kind": "paragraph",
          "text": "November 28, 2022",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:17.779+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d9225ff5-811b-40c1-8c5a-abd2ad15d6cd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.016,
            "w": 0.088,
            "x": 0.876,
            "y": 0.02
          },
          "kind": "source-note",
          "text": "Exhibit (c)(6)",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:17.779+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2d621355-0512-4fc0-a415-be81f223a80d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.016,
            "w": 0.401,
            "x": 0.299,
            "y": 0.065
          },
          "kind": "source-note",
          "text": "- Preliminary Working Draft; All Figures Subject to Change / Update -",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:17.779+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "90bdb8b2-94f8-41d9-89f1-16b42667bcff",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.249,
            "x": 0.547,
            "y": 0.505
          },
          "kind": "title",
          "text": "Project Cactus\nDiscussion Materials",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:17.779+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "63402680-cb22-48a8-bbc4-29d6ec65f1de",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/Cp0Ux0NMHh4up6-33M0l1T5paCFDSWXWLIUHPu_zqtA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82ZDBjMjhjNWY2NzkzMTM1OTlhOTIzZTAyMmQ0ZTU1MC9wMDAxLmpwZw",
      "imagePathAlt": "https://imgproxy.kitesheet.com/L3WTZelUtJm39xgA28VZonQ26ysifNGDtNOmAusCJdI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82ZDBjMjhjNWY2NzkzMTM1OTlhOTIzZTAyMmQ0ZTU1MC9wMDAxLnBuZw",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/hbfseVjUJKbNyoyYuMNahp9qJXxanromgGitiIIBrAs/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82ZDBjMjhjNWY2NzkzMTM1OTlhOTIzZTAyMmQ0ZTU1MC9wMDAxLnBuZw"
    },
    {
      "page": 2,
      "type": "setup",
      "function": "appendix",
      "rawType": "disclaimer",
      "block": null,
      "metadata": {
        "slideType": "disclaimer",
        "slideTypeCanon": {
          "name": "Disclaimer",
          "slug": "disclaimer",
          "status": "active",
          "canonId": "019de52d-0801-727b-b98a-5ed095aeee78",
          "version": 1,
          "description": null
        },
        "function": "appendix",
        "functionCanon": {
          "name": "Appendix",
          "slug": "appendix",
          "status": "active",
          "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 63,
        "componentCount": 6,
        "textChars": 3762,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 0.9,
        "extraction": {
          "model": "google/gemini-2.5-flash",
          "runId": null,
          "at": "2026-05-02 09:24:21.511+00",
          "seconds": 7.453,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de514-8c6d-72ff-b417-0a8a04844593/2",
        "deck": "/decks/019de514-8c6d-72ff-b417-0a8a04844593",
        "deckAnchor": "/decks/019de514-8c6d-72ff-b417-0a8a04844593#slide-2",
        "deckJson": "/decks/019de514-8c6d-72ff-b417-0a8a04844593.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.31,
            "w": 0.78,
            "x": 0.113,
            "y": 0.19
          },
          "kind": "disclaimer",
          "text": "This presentation has been prepared by Centerview Partners LLC (\"Centerview\") for use solely by the Special Committee of the Board of Directors (the \"Special Committee\") of Cactus (the \"Company\") in connection with its evaluation of a proposed transaction involving the Company and for no other purpose. The information contained herein is based upon information supplied by or on behalf of the Company and publicly available information, and portions of the information contained herein may be based upon statements, estimates and forecasts provided by the Company. Centerview has relied upon the accuracy and completeness of the foregoing information, and has not assumed any responsibility for any independent verification of such information or for any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of the Company or any other entity, or concerning the solvency or fair value of the Company or any other entity. With respect to financial forecasts, Centerview has assumed that such forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of the Company as to the future financial performance of the Company, and at the Special Committee's direction Centerview has relied upon such forecasts, as provided by the Company's management, with respect to the Company. Centerview assumes no responsibility for and expresses no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise and Centerview assumes no obligation to update or otherwise revise these materials.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.511+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "209e4940-0c09-4a67-8353-69246f1d60a2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.14,
            "w": 0.78,
            "x": 0.113,
            "y": 0.518
          },
          "kind": "disclaimer",
          "text": "The financial analysis in this presentation is complex and is not necessarily susceptible to a partial analysis or summary description. In performing this financial analysis, Centerview has considered the results of its analysis as a whole and did not necessarily attribute a particular weight to any particular portion of the analysis considered. Furthermore, selecting any portion of Centerview's analysis, without considering the analysis as a whole, would create an incomplete view of the process underlying its financial analysis. Centerview may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any particular portion of the analysis described above should not be taken to be Centerview's view of the actual value of the Company.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.511+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3cd73774-c364-463d-a124-8cdac44c6c49",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.16,
            "w": 0.78,
            "x": 0.113,
            "y": 0.675
          },
          "kind": "disclaimer",
          "text": "These materials and the information contained herein are confidential, were not prepared with a view toward public disclosure, and may not be disclosed publicly or made available to third parties without the prior written consent of Centerview. These materials and any other advice, written or oral, rendered by Centerview are intended solely for the benefit and use of the Special Committee (in its capacity as such) in its consideration of the proposed transaction, and are not for the benefit of, and do not convey any rights or remedies for any holder of securities of or any other person. Centerview will not be responsible for and has not provided any tax, accounting, actuarial, legal or other specialist advice. These materials are not intended to provide the sole basis for evaluating the proposed transaction, and this presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind, and is necessarily incomplete and should be viewed solely in conjunction with the oral presentation provided by Centerview.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.511+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cb5c13e6-8cf6-4ce1-b0ad-60f3cd0bbd07",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.017,
            "w": 0.15,
            "x": 0.73,
            "y": 0.902
          },
          "kind": "image",
          "text": "CENTERVIEW PARTNERS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.511+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "84e1c965-d78c-4af0-b716-33f36b156d11",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.01,
            "w": 0.384,
            "x": 0.308,
            "y": 0.066
          },
          "kind": "legend",
          "text": "- Preliminary Working Draft; All Figures Subject to Change / Update -",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.511+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a5ccff59-937f-43f6-a885-ae5b950ccb08",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.22,
            "x": 0.105,
            "y": 0.12
          },
          "kind": "title",
          "text": "Disclaimer",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.511+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "21943d59-595a-45ad-b9ee-1984111e5ee9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "resolution",
      "function": "plan_implementation",
      "rawType": "roadmap",
      "block": null,
      "metadata": {
        "slideType": "roadmap",
        "slideTypeCanon": {
          "name": "Roadmap",
          "slug": "roadmap",
          "status": "active",
          "canonId": "019de52d-0a55-72bc-9b7b-a47ef109839c",
          "version": 1,
          "description": null
        },
        "function": "plan_implementation",
        "functionCanon": {
          "name": "Plan implementation",
          "slug": "plan_implementation",
          "status": "active",
          "canonId": "019de52d-14a2-77ea-b210-d6a95eed4823",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 85,
        "componentCount": 13,
        "textChars": 1225,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 0.9,
        "extraction": {
          "model": "google/gemini-2.5-flash",
          "runId": null,
          "at": "2026-05-02 09:24:21.597+00",
          "seconds": 7.467,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de514-8c6d-72ff-b417-0a8a04844593/3",
        "deck": "/decks/019de514-8c6d-72ff-b417-0a8a04844593",
        "deckAnchor": "/decks/019de514-8c6d-72ff-b417-0a8a04844593#slide-3",
        "deckJson": "/decks/019de514-8c6d-72ff-b417-0a8a04844593.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.402,
            "w": 0.789,
            "x": 0.109,
            "y": 0.202
          },
          "kind": "diagram",
          "text": "Bonsai's 10/24 Proposal\nContextualizing Bonsai's Proposal\nFramework for Negotiation\nEvaluate Proposal and Develop Response\nNegotiate with Bonsai\nReach Agreement with Bonsai\nBonsai Becomes Unfriendly\nBonsai Withdraws Proposal",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Diagram",
              "slug": "diagram",
              "status": "active",
              "canonId": "019de52c-f9f0-734a-81de-15382ff28c65",
              "version": 1,
              "description": "Schematic or relational diagram."
            },
            "tool": null,
            "subkind": {
              "name": "Process flow",
              "slug": "process",
              "status": "active",
              "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "process",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2f214b84-071b-4566-85a0-8f26e89f6d8f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.013,
            "w": 0.202,
            "x": 0.21,
            "y": 0.179
          },
          "kind": "list",
          "text": "Discussed in previous meetings",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "079d7ea5-5e6f-40e3-a701-7acb19ca3377",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.207,
            "w": 0.13,
            "x": 0.258,
            "y": 0.376
          },
          "kind": "list",
          "text": "How does the Bonsai offer price compare to recent stock performance?\nWhat other factors should be taken into consideration?",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0b86a745-a7e1-4efa-8366-1e234b1bca91",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.207,
            "w": 0.339,
            "x": 0.11,
            "y": 0.67
          },
          "kind": "list",
          "text": "Assessment of Management Outlook\nFinancial analysis\nLearnings from diligence\nKey drivers of Management Outlook\nPotential opportunities / risks\nComparison vs. expectations",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "221eb14e-d7b6-491c-88e3-11d5fc1b1664",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.207,
            "w": 0.13,
            "x": 0.534,
            "y": 0.376
          },
          "kind": "list",
          "text": "Offer value vs. potential value of executing on mgmt. outlook\nEconomic and Non-Economic Terms of Bonsai proposal",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2bd5c396-cd62-4171-8ad6-6b9b73e80a3a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.207,
            "w": 0.13,
            "x": 0.12,
            "y": 0.376
          },
          "kind": "list",
          "text": "What are key terms of the proposal?\nItems to clarify with Bonsai",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7d088214-6297-4a52-b2aa-676578a36a8e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.207,
            "w": 0.24,
            "x": 0.459,
            "y": 0.67
          },
          "kind": "list",
          "text": "Negotiation Levers\nOffer value / Premium\nMajority of the minority vote\nReverse termination fee\nFinancing contingency / backstop",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8921992c-0b50-4cd5-b38b-bb3e2de52c47",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.173,
            "w": 0.19,
            "x": 0.709,
            "y": 0.704
          },
          "kind": "list",
          "text": "Necessary regulatory clearances(1)\nBuyer bridge loan\nMinimal R&W\nTicking construct",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a3ffd8dd-1258-4c2b-b2b2-a6c7e0406fce",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.013,
            "w": 0.102,
            "x": 0.589,
            "y": 0.179
          },
          "kind": "list",
          "text": "Focus for today",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bc686de0-59ec-4b35-b777-61dcde219071",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.207,
            "w": 0.13,
            "x": 0.396,
            "y": 0.376
          },
          "kind": "list",
          "text": "What are negotiation dynamics in selected other transactions?\nProcess, timing and tactical considerations",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cb90d3f4-2ab5-4e7d-aef4-e788b4858176",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.013,
            "w": 0.396,
            "x": 0.302,
            "y": 0.066
          },
          "kind": "paragraph",
          "text": "- Preliminary Working Draft; All Figures Subject to Change / Update -",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "54da48cf-eb65-4159-a25d-4ee839ec64b4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.013,
            "w": 0.306,
            "x": 0.105,
            "y": 0.927
          },
          "kind": "source-note",
          "text": "(1) For example, expiration of HSR waiting period. To be confirmed.",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5bc32873-8afc-4b4d-974a-a2b39c2ef39a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.598,
            "x": 0.102,
            "y": 0.125
          },
          "kind": "title",
          "text": "Special Committee “Roadmap Dashboard\"",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:21.597+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0532e228-006f-414b-8325-392e2a11d490",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 4,
      "type": "analysis",
      "function": "analyze_data",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 72,
        "componentCount": 6,
        "textChars": 1841,
        "nDataPoints": 180,
        "notes": null,
        "elementsJson": null,
        "confidence": 0.9,
        "extraction": {
          "model": "google/gemini-2.5-flash",
          "runId": null,
          "at": "2026-05-02 09:24:24.015+00",
          "seconds": 9.875,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de514-8c6d-72ff-b417-0a8a04844593/4",
        "deck": "/decks/019de514-8c6d-72ff-b417-0a8a04844593",
        "deckAnchor": "/decks/019de514-8c6d-72ff-b417-0a8a04844593#slide-4",
        "deckJson": "/decks/019de514-8c6d-72ff-b417-0a8a04844593.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.013,
            "w": 0.397,
            "x": 0.301,
            "y": 0.064
          },
          "kind": "disclaimer",
          "text": "- Preliminary Working Draft; All Figures Subject to Change / Update -",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:24.015+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6b842092-ea6b-4855-be50-f40c1ca57c8a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.16,
            "x": 0.729,
            "y": 0.903
          },
          "kind": "image",
          "text": "CENTER VIEW PARTNERS",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:24.015+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0da72d98-4e0b-4dcb-9642-a1cc1817287a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.013,
            "w": 0.007,
            "x": 0.916,
            "y": 0.905
          },
          "kind": "other",
          "text": "3",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:24.015+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fafebbaa-6a32-419d-8d32-2fa6cf95116e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.09,
            "w": 0.577,
            "x": 0.106,
            "y": 0.862
          },
          "kind": "source-note",
          "text": "Source: Management Outlook and FactSet as of November 22, 2022.\nNote: Dollars in millions, except per share amounts.\n(1) Reflects 20 trading days as of day of 10/24 Bonsai proposal – reflects market close prior to Bonsai proposal.\n(2) Net debt excludes NCI that is related to Up-C structure. Net debt as of September 30, 2022.\n(3) Negative multiples presented as “n.a.”.",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:24.015+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "710824c2-0b51-446b-a133-0eef46e99624",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.68,
            "w": 0.807,
            "x": 0.099,
            "y": 0.18
          },
          "kind": "table",
          "text": "Bonsai Proposals\n10/24 11/7 11/19 11/28\n$6.25 $6.55 $7.50 $7.75\n$7.88 $8.00 $8.13 $8.25\nCounterproposals\n11/21 11/10 11/6\n$8.50 $9.45 $9.75\nShare Price\n% Premium / (Discount) to:\nCurrent Price (11/22/22) $6.90 (9%) (5%) +9% +12% +14% +16% +18% +20% +23% +37% +41%\nClosing Price Prior to 10/24 Proposal $5.03 +24% +30% +49% +54% +57% +59% +62% +64% +69% +88% +94%\n20-Day VWAP(1) $6.71 (7%) (2%) +12% +15% +17% +19% +21% +23% +27% +41% +45%\nPrice Before BBG Rumor (10/10/22) $7.35 (15%) (11%) +2% +5% +7% +9% +11% +12% +16% +29% +33%\nImplied Equity Value $1,807 $1,895 $2,172 $2,245 $2,282 $2,319 $2,356 $2,392 $2,466 $2,747 $2,836\nPlus: Net Debt (2) 1,409 1,409 1,409 1,409 1,409 1,409 1,409 1,409 1,409 1,409 1,409\nImplied Enterprise Value ($mm) $3,216 $3,304 $3,581 $3,654 $3,691 $3,728 $3,765 $3,802 $3,875 $4,156 $4,245\nImplied EV / EBITDA (Management)\n2022E (3) ($1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.\n2023E 130 24.7x 25.4x 27.6x 28.1x 28.4x 28.7x 29.0x 29.3x 29.8x 32.0x 32.7x\n2024E 213 15.1x 15.5x 16.8x 17.2x 17.4x 17.5x 17.7x 17.9x 18.2x 19.5x 20.0x\nImplied EV / EBITDA (Consensus)\n2022E $37 85.9x 88.2x 95.6x 97.6x 98.6x 99.6x 100.6x 101.5x 103.5x 111.0x 113.4x\n2023E 151 21.3x 21.9x 23.7x 24.2x 24.5x 24.7x 25.0x 25.2x 25.7x 27.6x 28.2x\n2024E 164 19.6x 20.1x 21.8x 22.2x 22.5x 22.7x 22.9x 23.1x 23.6x 25.3x 25.8x",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:24.015+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c7e7c315-7965-454c-a2bf-1d44a1879483",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.54,
            "x": 0.106,
            "y": 0.125
          },
          "kind": "title",
          "text": "Illustrative Analysis At Various Prices",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:24.015+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "536d63ef-77a9-4cc6-8c5f-0311a57d4d07",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "ad326b61-9392-4853-a25d-46e3f617b848",
          "evidence": "table/data: Bonsai Proposals 10/24 11/7 11/19 11/28 $6.25 $6.55 $7.50 $7.75 $7.88 $8.00 $8.13 $8.25",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 01:38:11.536423+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 4,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 5,
      "type": "analysis",
      "title": "The slide includes a disclaimer about being a 'Preliminary Working Draft' and that 'All Figures Subject to Change / Update'.",
      "function": "analyze_data",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 56,
        "componentCount": 5,
        "textChars": 1002,
        "nDataPoints": 17,
        "notes": "The slide includes a disclaimer about being a 'Preliminary Working Draft' and that 'All Figures Subject to Change / Update'.",
        "elementsJson": null,
        "confidence": 0.9,
        "extraction": {
          "model": "google/gemini-2.5-flash",
          "runId": null,
          "at": "2026-05-02 09:24:19.706+00",
          "seconds": 5.163,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de514-8c6d-72ff-b417-0a8a04844593/5",
        "deck": "/decks/019de514-8c6d-72ff-b417-0a8a04844593",
        "deckAnchor": "/decks/019de514-8c6d-72ff-b417-0a8a04844593#slide-5",
        "deckJson": "/decks/019de514-8c6d-72ff-b417-0a8a04844593.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.012,
            "w": 0.398,
            "x": 0.301,
            "y": 0.065
          },
          "kind": "disclaimer",
          "text": "- Preliminary Working Draft; All Figures Subject to Change / Update -",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:19.706+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c31dbf6b-0ea3-48be-81ad-94336a4cd75f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.099,
            "w": 0.117,
            "x": 0.79,
            "y": 0.24
          },
          "kind": "legend",
          "text": "10/24 Proposal 11/7 Proposal 11/19 Proposal 11/28 Proposal",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:19.706+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7100ff47-fa0a-449d-a1ff-a21f416f1ad9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.529,
            "x": 0.102,
            "y": 0.885
          },
          "kind": "source-note",
          "text": "Source: Management Outlook and FactSet as of November 22, 2022. (1) Reflects net debt of $1,409mm, excludes NCI that is related to Up-C structure. Net debt as of September 30, 2022. (2) Discount rate used to value tax attributes is equal to midpoint of after-tax cost of debt (4.42%) and midpoint of WACC range (10.25%). (3) Reflects share price targets as of October 24, 2022 (market close prior to the 10/24 Bonsai proposal).",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:19.706+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e17da27a-8a8f-4fa1-b0eb-4b8a18414e1f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.816,
            "x": 0.102,
            "y": 0.204
          },
          "kind": "table",
          "text": "Methodology Selected Metric Implied Share Price Illustrative Discounted Cash Flow Analysis (Incl. Value of Tax Attributes) (1,2) WACC: 9.50%-11.00% PGR: 2.0%-3.0% $5.94 $9.81 Selected Public Comparables Analysis (1) Enterprise Value / FY'24E EBITDA: 13.0x-17.5x $4.69 $7.98 52-Week Closing Share Price Range Low: $5.03 High: $14.15 $5.03 $14.15 Analyst Price Targets (3) Low: Citi $2.75 High: Keybanc $8.00 $2.75 $8.00",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:19.706+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "033e49ea-cc40-431e-9f0c-a1e9d698fc0d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.367,
            "x": 0.109,
            "y": 0.126
          },
          "kind": "title",
          "text": "Preliminary Valuation Analysis",
          "attrs": {},
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 09:24:19.706+00",
            "model": "google/gemini-2.5-flash",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "edd449fb-a942-4a14-9bf8-0aa78fc984c2",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Valuation: DCF",
            "slug": "dcf",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2031-7273-9014-0c70beb91e11",
            "version": 1,
            "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836",
            "description": "You project free cash flows over an explicit forecast period (typically",
            "familyLabel": "valuation-move",
            "categoryName": "Analysis",
            "categorySlug": "analysis"
          },
          "agent": "architect",
          "layer": "slide",
          "agents": [
            "architect"
          ],
          "matchId": "a572d283-c637-428c-a3bf-f95a0b1afb4b",
          "evidence": "table/data: Methodology Selected Metric Implied Share Price Illustrative Discounted Cash Flow Analysis (Incl. Value of Tax Attributes) (1,2) WACC: 9.50%-11.00% PGR: 2.0%-3.0% $5.94 $9.81",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 01:38:11.609679+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 5,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [],
  "loops": []
}