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This information is being distributed in Singapore by, and is attributable to, Klay Capital Pte. Ltd. Singapore (“Klay Singapore”), which is regulated by the Monetary Authority of Singapore (“MAS”) and has its office in 9 Straits View, #08-11 Marina One West Tower 018937, Singapore. Recipients in Singapore should contact Klay Singapore in relation to any matters arising from, or in connection with, this information. IN RELATION TO ANY SECURITY OR SECURITIES-BASED DERIVATIVES CONTRACT REFERRED HERETO, TOGETHER WITH THE ISSUER DOCUMENTATION, SHALL BE DEEMED AN INFORMATION MEMORANDUM. THIS INFORMATION IS INTENDED FOR DISTRIBUTION TO ACCREDITED INVESTORS, AS DEFINED IN SECTION 4A(1)(a) OF THE SFA, OR ON THE BASIS THAT THE SECURITY OR SECURITIES-BASED DERIVATIVES CONTRACT MAY ONLY BE ACQUIRED AT A CONSIDERATION OF NOT LESS THAN S$200,000 (OR ITS EQUIVALENT IN A FOREIGN CURRENCY) FOR EACH TRANSACTION. Further, in relation to any security or securities-based derivatives contract, neither this information nor the issuer documentation has been registered as a prospectus with the MAS under the SFA. This information has not been reviewed by the MAS.

The information hereto is being distributed for general information only. It is not and does not constitute research material, independent research, an offer, recommendation or solicitation to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. This information is for general evaluation only. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person or class of persons and it has not been prepared for any particular person or class of persons. You should not rely on any contents in making any investment decisions. Before making any investment, you should carefully read the relevant offering documents and seek independent legal, tax and regulatory advice. In particular, we recommend you to seek advice regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs, before you make a commitment to purchase the investment product. Opinions, projections and estimates are solely those of Klay Group at the date of this information and subject to change without notice. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. Any forecast contained herein as to likely future movements in rates or prices or likely future events or occurrences constitutes an opinion only and is not indicative of actual future movements in rates or prices or actual future events or occurrences (as the case may be). None of the analysts who prepared this information or their close related persons have material interest in the investments referred herein. Neither Klay Group nor any of its affiliates has a shareholding in any of the securities recommended herein. Neither Klay Group nor any of its affiliates acts as corporate broker, market maker, or has any commercial relationship with any of the issuers of securities in the material published, and none of the issuers of securities in this material has any shareholding in Klay Group or any of its affiliates.

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