From time to time, you may receive a communication consisting of a case study on an investment banking transaction and/or market commentary prepared by Barclays’ investment bank. This disclaimer shall apply to those communications in addition to any disclaimers on the communication itself. This communication has been prepared by Barclays Capital Inc. (“Barclays”) for information purposes only. This communication is confidential and is for the intended recipient and cannot be redistributed, published, reproduced or disclosed, in whole or in part, without the prior written permission from Barclays.

This communication has not been produced by Barclays Group’s (as defined below) research department and does not constitute investment research or a research recommendation for the purposes of Financial Conduct Authority rules or a research report under U.S. law. Moreover, any information provided was not prepared for or intended for use by any individual for personal, family or household purposes. Barclays Group’s research analysts and research departments are independent from Barclays Group’s banking business and are subject to certain regulations and internal policies. Barclays Group’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to any company referred to in such communication, the transactions contemplated in such communication or any person involved therein or related thereto that differ from or are inconsistent with the views or advice communicated by Barclays Group’s banking business.

The communication was prepared on the basis of information and data, obtained from publicly available sources, in each case prior to or on the date hereof. This communication is a summary of the terms and conditions of the securities/corporate transaction described in such communication and may be amended, superseded or replaced by subsequent summaries and is not intended to be used for any personal, family or household purpose. Prices shown in such communication are indicative only and Barclays is not offering to buy or sell, or soliciting offers to buy or sell any financial instrument nor is Barclays providing investment advice relating to such financial instrument or making a recommendation to buy or sell any financial instrument. Unless otherwise specified, the source for all graphs, charts, and other information is Barclays. Barclays’ databases are derived from various internal and external sources. The final terms and conditions and any applicable risk factors of the securities/ corporate transaction will be set out in full in the applicable offering document(s) or binding transaction document(s). Barclays makes no warranty or representation, express or implied, as to the accuracy or completeness of information which is contained in such communication and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. The information in this document has not been independently verified by Barclays and Barclays does not assume any liability for any such information. Any data on past performance, modelling, scenario analysis or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling, scenario analysis, back-testing or any other information contained in such communication. All levels, prices and spreads are historical and do not represent current market levels, prices or spreads, some or all of which may have changed since the issuance of such communication. All opinions and estimates are given as of the date of the communication and are subject to change and Barclays assumes no obligations to update any communication to reflect any such change. The value of any investment may also fluctuate as a result of market changes. The information in such communication is not intended to predict actual results and no assurances are given with respect thereto.

Any transactions referred to in such communication labelled as “green”, “social”, “sustainable” or equivalent were labelled as such at the point of issuance/origination (or equivalent) of the relevant transaction. Please note such labelling is distinct from the reporting eligibility criteria of Barclays’ own sustainable finance /transition finance frameworks. Any such transactions are referenced merely as examples of the types of transactions in which Barclays has been able to assist its clients.  By including them in any communication Barclays is not making any current claims about their sustainability related characteristics.

The recipient is responsible for making its own independent investigation and appraisal of the risks, benefits, appropriateness and suitability of any corporate transaction or commercial or business matter contemplated by such communication. Barclays is not making any recommendation (personal, family, household or otherwise) or giving any investment advice. The decision to proceed with any corporate transaction or commercial or business action contemplated by such communication must be made by the recipient in light of its own commercial assessments, and Barclays will not be responsible for such assessments. Barclays 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 corporate transaction and/or any related securities described therein.

Neither Barclays nor any of its subsidiaries or affiliates, nor any of their respective officers, directors, employees, advisors or other representatives (Barclays together with such persons being the “Barclays Group”) accepts any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of any such communication or its contents or any reliance on the information contained therein. Barclays Group is not responsible for any specialist advice, including legal, regulatory, accounting, model accounting, tax, actuarial or other advice.

The communication does not constitute nor does it form part of an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities or any of the businesses or assets described herein or an offer or recommendation to enter into any business transaction described therein nor does the communication constitute an offer or commitment to provide, arrange or underwrite any financing.

Members of Barclays Group are involved in a wide range of commercial banking, investment banking and other activities out of which conflicting interests or duties may arise. Barclays Group may make a market or deal as principal in the securities mentioned in such communication or in options or other derivatives based thereon. Barclays Group may be on the opposite side of any orders executed for securities or financial instruments that are related to or the subject of such communication. In addition, Barclays Group may also, from time to time, effect transactions for its own account or the account of its clients and hold long or short positions in debt, equity or other securities of the companies referred to therein or in other financial products and instruments. Unless otherwise expressly agreed or provided for in other applicable Barclays disclosures governing such transactions or required by law or regulation, Barclays conducts these activities as principal and executes its principal transactions as an arm’s length counterparty. Barclays does not act as a fiduciary in relation to these transactions. Barclays Group operates in accordance with a conflicts of interest policy that identifies conflicts of interest Barclays Group faces in the ordinary course of its business, and establishes organizational and procedural measures to manage those conflicts where it is reasonably able to do so. Neither Barclays nor any other part of Barclays Group shall have any duty to disclose or utilize for the recipient’s benefit any non-public information acquired in the course of providing services to any other person, engaging in any transaction (on its own account or otherwise) or otherwise carrying on its business. Members of Barclays Group, may from time to time act as manager, co-manager, arranger or underwriter of an offering or otherwise, in the capacity of principal or agent, transact in, hold or act as market-maker or advisor, broker or commercial and/or investment banker in relation to the securities, instruments or related derivatives which are the subject of such communication.

NO ACTION HAS BEEN MADE OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF THE SECURITIES, FINANCIAL INSTRUMENT OR OTHER TRANSACTION DESCRIBED THEREIN IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF ANY SECURITIES OR INSTRUMENTS DESCRIBED THEREIN OR DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO ANY SUCH SECURITIES, FINANCIAL INSTRUMENTS OR TRANSACTIONS MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON BARCLAYS OR ANY OF ITS AFFILIATES.

THIS COMMUNICATION DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES, FINANCIAL INSTRUMENTS OR BUSINESS TRANSACTIONS DESCRIBED IN SUCH COMMUNICATION. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE RELEVANT SECURITIES AND BUSINESS TRANSACTION AND ANY APPLICABLE RISKS.

THE INFORMATION CONTAINED IN SUCH COMMUNICATION IS NOT INTENDED TO BE DISTRIBUTED TO ANY PROSPECTIVE OR ACTUAL INVESTORS AND, ACCORDINGLY, MAY NOT BE SHOWN OR GIVEN TO ANY PERSON OTHER THAN THE RECIPIENT, AND IS NOT TO BE FORWARDED TO ANY OTHER PERSON (INCLUDING ANY RETAIL INVESTOR OR CUSTOMER), COPIED OR OTHERWISE REPRODUCED OR DISTRIBUTED TO ANY SUCH PERSON IN ANY MANNER WHATSOEVER. FAILURE TO COMPLY WITH THIS DIRECTIVE CAN RESULT IN A VIOLATION OF THE SECURITIES ACT OF 1933, AS AMENDED.

Please note that the Australian Securities and Investments Commission (“ASIC”) has provided certain exemptions to Barclays Bank PLC, Barclays Capital Securities Limited, Barclays Capital Asia Limited and Barclays Capital Inc. under paragraph 911A(2)(l) of the Corporations Act 2001 (the “Corporations Act”) from the requirement to hold an Australian financial services licence (“AFSL”) in respect of financial services provided to Australian wholesale clients (as defined by the Corporations Act), on the basis that: (a) each of Barclays and Barclays Capital Securities Limited are authorised by the Prudential Regulation Authority of the United Kingdom (“PRA”) and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom and the PRA under United Kingdom laws; (b) Barclays Capital Asia Limited is regulated by the Hong Kong Securities and Futures Commission under Hong Kong laws; and (c) Barclays Capital Inc. is a registered broker-dealer in the United States.  United Kingdom, Hong Kong and United States laws differ from Australian laws. When providing financial services to Australian wholesale clients, each Barclays entity, as applicable, relies on the relevant exemption from the requirement to hold an AFSL and, accordingly, does not hold an AFSL.

Barclays Capital Inc. is the United States investment bank of Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 122702). Registered in England. Registered No. 1026167. Registered office: 1 Churchill Place, London E14 5HP. Neither Barclays Bank PLC, New York Branch nor Barclays Bank Delaware is responsible for the obligations of its affiliates. Copyright Barclays Bank PLC, 2026 (all rights reserved).