Regulatory Disclosure

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Regulatory Disclosure

This website is the property of Redburn (Europe) Limited ('Rothschild & Co Redburn'). and is intended for use by Professional Clients and Eligible Counterparties only. Redburn (Europe) Limited is authorised and regulated by the Financial Conduct Authority ('FCA') and is registered as an investment adviser with the Securities and Exchange Commission ('SEC'). Redburn (Europe) Limited and its two subsidiaries, Redburn (USA) LLC and Redburn (France) SA (together, 'Rothschild & Co Redburn') are members of the Rothschild & Co group ('R&Co.'). Redburn (USA) LLC is registered with the SEC and is a member of the Financial Industry Regulatory Authority ('FINRA') and the Securities Investor Protection Corporation ('SIPC'). Redburn (France) SA is an investment firm authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution ('ACPR') and the Autorité des marchés financiers ('AMF').

This website is solely for the information of the addressee only and is not an offer, or solicitation of an offer, to sell, or buy, any securities or any derivative instruments or any other rights pertaining thereto. The information on this website has been compiled from sources believed to be reliable but neither Rothschild & Co Redburn, nor any of its officers or employees makes any representations as to its accuracy or completeness. Any opinions, forecasts or estimates herein constitute a judgement, as at the date of each report, that is subject to change without notice. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the IDEAS team and may differ from the views or opinions expressed by other areas of Rothschild & Co Redburn, including the Research Department. This website does not have regard to the specific instrument objectives, financial situation and the particular needs of any specific person who may access this website. Rothschild & Co Redburn may have disseminated some of the information contained in this website prior to its inclusion herein. Nothing on this website (or any of its attachments) should be construed as investment, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship.

Except as set out in the next paragraph, the copyright in the pages, screens, information and material on this website is owned by Redburn (Europe) Limited. You may print, copy, download or temporarily store extracts from this website for your own personal private use or when you use our products and services. You may not make any changes to any extracts from this website except for your own personal private use. Any other use is prohibited without our written permission. In particular no one may use any part of this website on any other website, or link any other website to this website, without our prior written permission. You may not use any automated software to extract data from this website.

Where the source is given as FTSE International Limited ("FTSE"), this is © FTSE 2025. "FTSE®" is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and / or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE's express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

Where the source is given as FactSet UK Limited (“FactsSet”) this is Copyright © 2025 FactSet UK Limited. All rights reserved. FactSet disclaims all liability to the fullest extent permitted by law for any data provided by it (“FactSet Data”). FactSet does not warrant that the FactSet Data will be uninterrupted, error free or completely secure. FactSet disclaims implied warranties of merchantability and fitness for a particular purpose, and makes no warranty of accuracy, completeness, timeliness, functionality, reliability or speed of delivery of the FactSet Data. User agrees that the FactSet data is not investment advice and any opinions or assertion contained in the FactSet data do not represent the opinions or beliefs of FactSet or its affiliates or any of their respective employees. User expressly assumes the entire risk for the results and performance of the FactSet Data. Nothing, however, shall limit FactSet’s liability for (i) death or personal injury caused by its negligence;(ii) fraud or fraudulent misrepresentation; or (iii) any other liability which cannot be limited or excluded by applicable law.

STRUCTURAL CONFLICT OF INTEREST

Rothschild & Co Redburn or another member of the R&Co group may offer investment banking services to issuers that are the subject of investment recommendations. Should this be the case, information about the nature of the service provided and the relationship between the issuer and Rothschild & Co Redburn will be disclosed on Rothschild & Co Redburn's disclosure webpage https://www.rothschildandco.com/en/legal-information/rothschild-co-redburn/regulatory-disclosures . In addition, employees that make or produce investment recommendations may receive a remuneration based upon various factors including overall firm revenues, which include investment banking revenues. IDEAS remunerations are not linked to investment banking or capital markets transactions activities.

Redburn (Europe) Limited's Conflicts of Interest Policy is set out in Regulatory Information at https://www.rothschildandco.com/en/legal-information/rothschild-co-redburn.

IDEAS

IDEAS is a systematic, data-based service for our clients to help them outperform equity markets through active stock and sector selection. Such information is not a recommendation for the purpose of the Market Abuse Regulation ('MAR'). Clients can find further information on the methodology behind IDEAS at https://ideas.redburn.rothschildandco.com

Notice for US Recipients

This website is intended for distribution in the United States only to Major U.S. Institutional Investors as that term is defined for purposes of SEC Rule 15a-6.

Redburn (Europe) Limited is not a member of the Financial Industry Regulatory Authority ('FINRA'), and as such its Analysts and are not subject to FINRA's rules on research analysts and research reports, including FINRA restrictions on communications with a subject company, public appearances, and trading securities held by a research analyst account. Redburn (Europe) Limited is a correspondent of Redburn (USA) LLC, a SEC-registered broker-dealer. All US persons receiving Research Reports and wishing to buy or sell the securities discussed herein should do so through a representative of Redburn (USA) LLC.

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Redburn (Europe) Limited
Registered In England No. 4710622
New Court, St. Swithin's Lane, London, EC4N 8AL
+44 20 7000 2020 | [email protected]

Authorised and regulated by The Financial Conduct Authority

Redburn (USA) LLC
461 5th Avenue, 15th Floor, New York, NY 10017
+1 212 803 7300 | [email protected]
Member FINRA/SIPC



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