Disclaimer

Disclaimer
This communication has been prepared by Standard Chartered Bank. Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

Banking activities may be carried out internationally by different Standard Chartered Bank branches, subsidiaries and its affiliates (collectively “SCB”) according to local regulatory requirements. With respect to any jurisdiction in which there is an SCB entity, this document is distributed in such jurisdiction by, and is attributable to, such local SCB entity. Recipients in any jurisdiction would contact the local SCB entity in relation to any matters arising from, or in connection with, this document. Not all products and services are provided by all SCB entities.

This material is provided for general information purposes only and does not constitute either an offer to sell or the solicitation of an offer to buy any security or any financial instrument or enter into any transaction or recommendation to acquire or dispose of any investment.

The information contained herein does not purport to identify or suggest all the risks (direct or indirect) that may be associated with conducting business.

This communication is prepared by personnel from SCB’s Sales and/or Trading Desks. It is not research material and is not a product of SCB’s Research.

Any views expressed may differ from those of SCB’s Research. This material has been produced for reference and is not independent research or a research recommendation and should therefore not be relied upon as such. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. This material is not subject to any regulatory prohibition on dealing ahead of the dissemination of investment research.

This material is provided on a confidential basis and may not be reproduced, redistributed or transmitted, whole or in part, without the prior written consent of SCB.

This communication is not independent of SCB’s own trading strategies or positions. Therefore, it is possible, and you should assume, that SCB has a material interest in one or more of the financial instruments mentioned herein. If specific companies are mentioned in this communication, please note that SCB may at times seek to do business with the companies covered in this communication; hold a position in, or have economic exposure to, such companies; and/or invest in the financial products issued by these companies. This communication may be a marketing communication as referenced in the Market in Financial Instruments Directive 2014/54/EU.

SCB may be involved in activities such as dealing in, holding, acting as market makers or performing financial or advisory services in relation to any of the products referred to in this communication. The Sales and Trading personnel who prepared this material may be compensated in part based on trading activity. Accordingly, SCB may have a conflict of interest that could affect the objectivity of this communication.

This communication should not be construed as a recommendation (except to the extent it is an “investment recommendation” under MAR (as defined below)) for the purchase or sales of any security or financial instrument, or to enter into a transaction involving any instrument or trading strategy, or as an official confirmation or official valuation of any transaction mentioned herein.

The information provided is not intended to be used as a general guide to investing and does not constitute investment advice or as a source of any specific investment recommendations as it has not been prepared with regard to the specific investment objectives or financial situation of any particular person.

SCB does not provide, and has not provided, any investment advice or personal recommendation to you in relation to the transaction and/or any related securities described herein and is not responsible for providing or arranging for the provision of any general financial, strategic or specialist advice, including legal, regulatory, accounting, model auditing or taxation advice or services or any other services in relation to the transaction and/or any related securities described herein. The particular tax treatment of a service or transaction depends on the individual circumstances of each client and may be subject to change in the future. Accounting laws, rules, regulations, standards and other guidelines may differ in different countries and/or may change at any time without notice. SCB may not have the necessary licenses to provide services or offer products in all countries or such provision of services or offering of products may be subject to the regulatory requirements of each jurisdiction and you should check with your advisors before proceeding. Accordingly SCB is under no obligation to, and shall not determine the suitability for you of the transaction described herein.

You must ensure that you have sufficient knowledge, experience, sophistication and/or professional advice to make your own evaluation of the merits and risks of entering into such transaction. You are advised to make your own independent judgment (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any matter contained herein.

While reasonable care has been taken in preparing this document, SCB expressly disclaims any liability and responsibility for any damage or loss you may suffer from your use of or reliance of the information contained herein. Any past or simulated past performance including back-testing, modelling or scenario analysis contained herein is not an indication of future performance or results. Changes in rates of exchange may have an adverse effect on the value of investments.

No representation is made as to the accuracy of the assumptions made within, or completeness of, any modelling, scenario analysis or back-testing.

Predictions, projections or forecasts contained herein are not necessarily indicative of actual future events and are subject to change without notice. You are cautioned not to place undue reliance on such statements. While all reasonable care has been taken in preparing this communication, SCB makes no representation or warranty as to its accuracy or completeness.

Any opinions or views of third parties expressed in this material are those of the third parties identified, and not of SCB. Some of the information appearing herein may have been obtained from public sources and while SCB believes such information to be reliable, it has not been independently verified by SCB.

All opinions and estimates are given as of the date of the relevant document and are subject to change without notice. The value of any investment may also fluctuate as a result of market changes. SCB is not obliged to inform the recipients of this communication of any change to such opinions or estimates.

Where this material is an “investment recommendation” as defined in Article 3(1)(35) of the EU Market Abuse Regulation (“EU MAR”) and as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (UK MAR), distribution of this material is subject to the relevant provisions of UK and EU MAR. For more information, please consult the MAR disclosures page available at www.sc.com.

UK: This communication is not directed at Retail Clients as defined in 3.4.1R of the Conduct of Business Sourcebook in the Financial Conduct Authority Handbook.

For distribution in EEA: This material has been prepared by SCB AG for information purposes only and is intended solely for EEA clients and counterparties within the European Economic Area (EEA). It does not constitute marketing or a solicitation on behalf of, any other Standard Chartered Bank Group entity that is not authorised to provide such services within the EEA. References to the broader Standard Chartered Bank Group or its global capabilities are provided for general context only and do not imply any offer or provision of services by non-EEA entities to EEA Clients.

For distribution in Switzerland: This material and the information provided herein is solely an advertisement within the meaning of Art. 68 of the Swiss Financial Services Act and its implementing ordinance for the respective financial instruments and financial services of Standard Chartered Bank, and does not constitute investment advice.

Europe: Within the European Economic Area this communication is issued by Standard Chartered Bank AG, a subsidiary of Standard Chartered Bank, authorised by the European Central Bank and supervised by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht-“BaFin”) and the German Federal Bank (Deutsche Bundesbank). This document is directed at persons Standard Chartered Bank AG can categorise as Eligible Counterparties or per se Professional Clients (such persons constituting the target market of this communication following Standard Chartered Bank AG’s target market assessment) as defined by the Markets in Financial Instruments Directive II (Directive 2014/65/EU) (“MiFID II”) and the German Securities Trading Act (“WpHG”). No other person should rely upon it. In particular, this is not directed at Retail Clients (as defined by MiFID II and WpHG) in the European Economic Area. Nothing in this document constitutes a personal recommendation or investment advice as defined by MiFID II and WpHG.

United States: Except for any documents relating to foreign exchange, rates or commodities, distribution of this document in the United States or to US persons is intended to be solely to major institutional investors as defined in Rule 15a-6(a)(2) under the US Securities Act of 1934. All US persons that receive this document by their acceptance thereof represent and agree that they are a major institutional investor and understand the risks involved in executing transactions in securities. Any US recipient of this document wanting additional information or to effect any transaction in any security or financial instrument mentioned herein, must do so by contacting a registered representative of Standard Chartered Securities (North America) LLC., 1095 Avenue of the Americas, New York, N.Y. 10036, US, Tel +1 212 667 0700. WE DO NOT OFFER OR SELL SECURITIES TO U.S. PERSONS UNLESS EITHER (A) THOSE SECURITIES ARE REGISTERED FOR SALE WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION AND WITH ALL APPROPRIATE U.S. STATE AUTHORITIES; OR (B) THE SECURITIES OR THE SPECIFIC TRANSACTION QUALIFY FOR AN EXEMPTION UNDER THE U.S. FEDERAL AND STATE SECURITIES LAWS NOR DO WE OFFER OR SELL SECURITIES TO U.S. PERSONS UNLESS (I) WE, OUR AFFILIATED COMPANY AND THE APPROPRIATE PERSONNEL ARE PROPERLY REGISTERED OR LICENSED TO CONDUCT BUSINESS; OR (II) WE, OUR AFFILIATED COMPANY AND THE APPROPRIATE PERSONNEL QUALIFY FOR EXEMPTIONS UNDER APPLICABLE U.S. FEDERAL AND STATE LAWS.

Middle East: This document is available in Arabic upon request. يرجى التكرم بالعلم بأننا سنقوم بتزويدكم بترجمة للعربية عن هذه الوثيقة عندالطل ب

SCB DIFC: This communication is issued by Standard Chartered Bank, Dubai International Financial Centre Branch (“SCB DIFC”). SCB DIFC having its offices at Dubai International Financial Centre, Building 1, Gate Precinct, P.O. Box 999, Dubai, UAE is authorised by the Dubai Financial Services Authority (“DFSA”). This document is intended for use only by Professional Clients, as defined by the DFSA Rulebook.

SCB ADGM: This communication is issued by SCB, Abu Dhabi Global Market Branch (“SCB ADGM”). SCB ADGM having its offices at Unit 5, floor 7, Al Khatem Tower, ADGM, Al Maryah Island, Abu Dhabi, UAE is a branch of Standard Chartered Bank and is regulated by the Financial Services Regulatory Authority (“FSRA”). This document is intended for use only by Professional Clients or Market Counterparties and is not directed at Retail Clients by the ADGM Rulebook.

For SCB DIFC Islamic business: For Islamic banking business, SCB DIFC act under the supervision of the banks Shariah Supervisory Committee. Relevant information on the Shari’a Supervisory Committee is available on the Standard Chartered Bank website in the Islamic banking section.

For SCB UAE Islamic business: Please refer to our SCB UAE Islamic Banking page.

For SCB UAE Securities Services: This communication is used by Standard Chartered Bank, United Arab Emirates (“SCB UAE”), SCB UAE having its offices at Downtown Dubai, P.O. Box 999, Dubai, UAE is authorised by the Securities and Commodity Authority (“SCA”) and subject to SCA’s regulation, supervision, and control. SCB UAE holds a license to practice the activity of custody and fund administration.

For SCB Australia: Standard Chartered Bank has been granted an authority to carry on a banking business in Australia pursuant to section 9 of the Banking Act 1959 of Australia (“Banking Act”) and is a foreign authorised deposit taking institution (“ADI”) within the meaning of the Banking Act. Provisions in the Banking Act for the protection of depositors generally do not apply to foreign ADIs including Standard Chartered Bank. For example, depositors with foreign ADIs do not receive the benefit of the following protections:

deposits are not covered by the financial claims scheme and are not guaranteed by the Australian Government;

depositors do not receive priority ahead of amounts owed to other creditors. This means that if a foreign ADI were unable to meet its obligations or otherwise is in financial difficulties and ceases to make payments, its depositors in Australia would not receive priority for repayment of their deposits from the foreign ADI’s assets in Australia; and

a foreign ADI is not required to hold assets in Australia to cover its deposit liabilities in Australia. This means that if the foreign ADI were unable to meet its obligations or otherwise is in financial difficulty and ceases to make payments, it is uncertain whether depositors would be able to access the full amount of their deposit.

The Banking Code of Practice 2020 (as amended, supplemented, revised, replaced and/or restated from time to time) does not apply to any transaction or service made available by Standard Chartered Bank in Australia. Philippines: Standard Chartered Bank (Philippines Branch) is regulated by the Bangko Sentral ng Pilipinas (BSP) (www.bsp.gov.ph). This document may be distributed in the Philippines by Standard Chartered Bank (Philippines) (“SCB PH”, the “Bank”) which is regulated by the Bangko Sentral ng Pilipinas (www.bsp.gov.ph). This document and is directed to Qualified Buyers as defined under Section 10.1 (l) of Republic Act No. 8799, otherwise known as the Securities Regulation Code (“SRC”), other corporate and institutional clients only. This document is for information purposes only and SCB PH does not warrant the appropriateness and suitability of any security, investment or transaction that may have been discussed in this document with respect to any investor. Users of this document are required to undergo SCB PH’s appropriateness and suitability determination process prior to engaging with SCB PH on any transaction involving any of the securities that may have been mentioned in this document. Nothing in this document constitute or should be construed as an offer to sell or distribute in the Philippines securities that are not registered with the Securities and Exchange Commission unless such securities are exempt under Section 9 of the SRC or the transaction is exempt under Section 10 thereof. Any complaint in connection with any product or service of, or offered through, SCB PH should be directed to its Client Services Group via e-mail at straight2bank.ph@sc.com (or any other contact information that SCB PH may notify you from time to time). Hong Kong: This communication is issued by Standard Chartered Bank (Hong Kong) Limited (“SCBHK”), which is regulated by the Hong Kong Monetary Authority ("HKMA") and the Hong Kong Securities and Futures Commission ("SFC") (CE Reference Number: AJI614) to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on future contracts), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities. Products falling under the Hong Kong regulatory regime of the Securities and Futures Commission are available only to, and are intended solely for, “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any rules made thereunder. This document is provided for general information purposes only and does not constitute, and should not be construed as, an offer, invitation, solicitation or recommendation to acquire or dispose of any investment or enter into any transaction. The contents of this document have not been reviewed by any regulatory authority in Hong Kong. If you are in doubt about any of the contents of this document, you should obtain independent professional advice. © 2026 Copyright Standard Chartered Bank and its affiliates. All rights reserved. All copyrights subsisting and arising out of these materials belong to Standard Chartered Bank and may not be reproduced, distributed, amended, modified, adapted, transmitted in any form, or translated in any way without the prior written consent of Standard Chartered Bank.