HALYK FINANCE NOTIFIES OF EXTENDING ORDER COLLECTION PERIOD FOR OFFERING OF CHINESE YUAN-DENOMINATED NOTES OF DEVELOPMENT BANK OF KAZAKHSTAN

/KASE, August 25, 2025/ – Subsidiary organization of Halyk Bank of Kazakhstan "Halyk Finance" JSC (in the heading – Halyk Finance) as a joint global coordinator, joint bookrunner and joint lead manager, has provided Kazakhstan Stock Exchange (KASE) with the following notice: quote THIS MESSAGE IS NOT INTENDED FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. Halyk Finance JSC hereby announces the extension of the order collection period for participation in the initial offering of the Chinese yuan-denominated notes of Development Bank of Kazakhstan JSC (the Issuer), issued in accordance with the legislation of a foreign state (hereinafter – the Notes) until 16:00 Astana time. All orders from investors are accepted through the "Subscription" trading system on KASE. Ticker – BRKZe21. Collection of orders from potential investors through the "Subscription" trading system on KASE begins on the same day (taking into account the time difference) with the start of offering of the Notes on the territory of a foreign state, on the same terms for the Notes offering (including the terms for determining their offering price) as when they are offered on the territory of a foreign state. Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers: China International Capital Corporation, China CITIC Bank International, China Zheshang Bank Co., Ltd (Hong Kong Branch)*, Deutsche Bank**, Halyk Finance, Hong Kong Branch of Industrial Bank Co., Ltd. *** and J.P. Morgan. Joint Bookrunner and Joint Lead Manager: CMBC Capital. NOTES' PARAMETERS: ------------------------------------------------------------------------------------ Issuer's name: Development Bank of Kazakhstan JSC Expected issue ratings: Baa1 by Moody's Issuer's ratings: Baa1 (stable) by Moody's / BBB- (stable) by S&P / BBB (stable) by Fitch Brief description of Notes: Senior Unsecured Debt Notes issued under English law and offered in accordance with Regulation S (Category 2) Term: 3 years Security: unsecured Yield to maturity on Notes: determined based on the results of collecting investor orders. The final yield to maturity on the Notes is in the range of 3.35-3.45% per annum Issue's expected face value: will be determined based on the results of the order collection Issue currency: Chinese yuan Settlement currency: All settlements on the Notes (incl. settlements during the initial offering, coupon and principal payments are made in Chinese yuan) Denomination: 1,000,000 (one million) Chinese yuan or a larger amount in multiples of 10,000 (ten thousand) Chinese yuan Applicable law: English law Listing: Kazakhstan Stock Exchange JSC and Hong Kong Stock Exchange Clearing settlements: СMU (The Central Moneymarkets Unit) / Euroclear / Clearstream Purpose: General corporate purposes, including for financing various investment projects and export operations ------------------------------------------------------------------------------------------------------ PROCEDURE FOR OFFERING NOTES FOR PURCHASE IN KAZAKHSTAN: ------------------------------------------------------------------------------------------------------ Order collection day: August 25, 2025 Order collection start time: 08:00 Astana time Order collection end time: 16:00 Astana time Expected date for determining August 25, 2025 the price and volume of executed investor orders: Expected settlement date: September 1, 2025 (T+5) Settlements at the initial offering are carried out in Chinese yuan Order price: The yield to maturity is indicated, expressed as a percentage per annum (in the "Reference" field). The price in the order is indicated as 100 (for technical purposes). In case of submitting market orders, the "market yield" is indicated (in the "Reference" field), the price value is not indicated. Order volume: Order volumes of must be indicated in Chinese yuan. The minimum order amount (notes' par value) is 1,000,000 (one million) Chinese yuan or a larger amount in multiples of 10,000 (ten thousand) Chinese yuan --------------------------------------------------------------------------------------------------------- Conditions for settlements of the Notes: By submitting a buy order, the trading participant confirms that he has a valid trading line with the counterparty: - J.P. Morgan Securities Plc; or - China International Capital Corporation and assumes responsibility for making payments if his order is executed. If the submitted buy order is executed, the responsibility for the timely delivery of money, the submission of settlement instructions (on the part of the buyer), taking into account the transfer of holidays in Kazakhstan, is borne by the trading participant who submitted the buy order. The responsibility for the accuracy of the information specified in the order of the trading participant is borne by the trading participant who submitted the buy order. * A limited liability joint-stock company incorporated in the People's Republic of China; ** Deutsche Bank Aktiengesellschaft (registered in the Federal Republic of Germany, limited liability of shareholders); *** Hong Kong Branch of Industrial Bank Co., Ltd. (a limited liability joint-stock company incorporated in the People's Republic of China). For all questions, as well as for additional information, please contact representatives of Halyk Finance JSC at the following contacts: +7 (727) 339-43-77 (ext. 3373, 3327, 3448), ib@halykfinance.kz. FCA / ICMA STABILISATION APPLIES. MANUFACTURER TARGET MARKET (MIFID II PRODUCT GOVERNANCE) IS ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ONLY (ALLDISTRIBUTION CHANNELS). NO EEA OR UK PRIIPS KEY INFORMATION DOCUMENT (KID) HAS BEEN PREPARED AS THE NOTES WILL NOT BE MADE AVAILABLE TO RETAIL INVESTORS IN THE EEA OR UK.THE INFORMATION CONTAINED HEREIN SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THE NOTES REFERRED TO HEREIN IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION, EXEMPTION FROM REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. FOR A DESCRIPTION OF THESE AND CERTAIN FURTHER RESTRICTIONS ON OFFERS, SALES AND TRANSFERS OF THE NOTES AND THE DISTRIBUTION OF THE BASE INFORMATION MEMORANDUM (INCLUDING ANY SUPPLEMENT THERETO) AND THE PRELIMINARY DRAWDOWN INFORMATION MEMORANDUM RELATED TO THE NOTES, SEE "TRANSFER RESTRICTIONS" AND "SUBSCRIPTION AND SALE" IN THE BASE INFORMATION MEMORANDUM. THE BASE INFORMATION MEMORANDUM DATED 25 MARCH 2025, INCLUDING EACH OF THE SUPPLEMENTS TO THE BASE INFORMATION MEMORANDUM DATED 26 JUNE 2025 AND 18 AUGUST 2025, IS AVAILABLE, AND THE DRAWDOWN INFORMATION MEMORANDUM AND PRICING SUPPLEMENT, WHEN PUBLISHED, WILL BE AVAILABLE, AT HTTPS://KDB.KZ/EN/INVESTORS/EUROBONDS-AND-CREDIT-RATINGS/. THE DISTRIBUTION OF THIS ANNOUNCEMENT, THE BASE INFORMATION MEMORANDUM (INCLUDING ANY SUPPLEMENT THERETO) AND THE PRELIMINARY DRAWDOWN INFORMATION MEMORANDUM IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW AND PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT OR SUCH OTHER INFORMATION COMES SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTIONS. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE NOTES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND THE NOTES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE LAWS OF OTHER JURISDICTIONS. THE NOTES WILL ONLY BE OFFERED FOR SALE OUTSIDE THE UNITED STATES TO PERSONS OTHER THAN U.S. PERSONS UNDER REGULATION S UNDER THE SECURITIES ACT. THIS ANNOUNCEMENT IS NOT BEING DISTRIBUTED TO, AND MUST NOT BE PASSED ON TO, THE GENERAL PUBLIC IN THE UNITED KINGDOM AND IS NOT INTENDED TO BE AN INVITATION OR INDUCEMENT TO ENGAGE IN INVESTMENT ACTIVITY FOR THE PURPOSE OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 OF THE UNITED KINGDOM (THE "FSMA"). THIS ANNOUNCEMENT IS DIRECTED ONLY AT: (I) PERSONS WHO ARE OUTSIDE THE UNITED KINGDOM; (II) PERSONS WHO ARE INVESTMENT PROFESSIONALS WITHIN THE MEANING OF ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED) OF THE UNITED KINGDOM (THE "FINANCIAL PROMOTION ORDER"); (III) PERSONS FALLING WITHIN ANY OF THE CATEGORIES OF PERSONS DESCRIBED IN ARTICLE 49 (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE FINANCIAL PROMOTION ORDER; AND (IV) ANY OTHER PERSONS TO WHOM THIS ANNOUNCEMENT FOR THE PURPOSES OF SECTION 21 OF THE FSMA CAN OTHERWISE LAWFULLY BE DISTRIBUTED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"), AND MUST NOT BE ACTED ON OR RELIED UPON BY PERSONS OTHER THAN RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA, THIS ANNOUNCEMENT IS DIRECTED ONLY AT PERSONS WHO ARE "QUALIFIED INVESTORS", WITHIN THE MEANING OF PROSPECTUS REGULATION (REGULATION (EU) 2017/1129). THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS FOR THE PURPOSES OF THE REGULATION. HONG KONG SECURITIES AND FUTURES COMMISSION CODE OF CONDUCT (PARAGRAPH 21 – BOOKBUILDING AND PLACING): PROSPECTIVE INVESTORS SHOULD BE AWARE THAT CERTAIN INTERMEDIARIES IN THE CONTEXT OF THIS OFFERING OF THE NOTES, INCLUDING CERTAIN OF THE JOINT LEAD MANAGERS AND OTHER INTERMEDIARIES ARE "CAPITAL MARKET INTERMEDIARIES" (TOGETHER, THE "CMIS") SUBJECT TO PARAGRAPH 21 OF THE CODE OF CONDUCT FOR PERSONS LICENSED BY OR REGISTERED WITH THE SECURITIES AND FUTURES COMMISSION (THE "SFC CODE"). THIS NOTICE TO PROSPECTIVE INVESTORS IS A SUMMARY OF CERTAIN OBLIGATIONS THE SFC CODE IMPOSES ON SUCH CMIS, WHICH REQUIRE THE ATTENTION AND COOPERATION OF PROSPECTIVE INVESTORS. CERTAIN CMIS MAY ALSO BE ACTING AS "OVERALL COORDINATORS" FOR THIS OFFERING AND ARE SUBJECT TO ADDITIONAL REQUIREMENTS UNDER THE SFC CODE. ASSOCIATED ORDERS AND PROPRIETARY ORDERS: PROSPECTIVE INVESTORS WHO ARE THE DIRECTORS, EMPLOYEES OR MAJOR SHAREHOLDERS OF THE ISSUER, A CMI OR ANY OF ITS GROUP COMPANIES WOULD BE CONSIDERED UNDER THE SFC CODE AS HAVING AN ASSOCIATION WITH THE ISSUER, THE RELEVANT CMI OR THE RELEVANT GROUP COMPANY. PROSPECTIVE INVESTORS ASSOCIATED WITH THE ISSUER OR A CMI (INCLUDING ANY OF ITS GROUP COMPANIES) SHOULD SPECIFICALLY DISCLOSE WHETHER THEY HAVE ANY SUCH ASSOCIATION TO A CMI AND THE JOINT LEAD MANAGERS (AND SUCH CMI AND THE JOINT LEAD MANAGERS MAY BE REQUIRED TO PASS SUCH INFORMATION TO THE ISSUER AND CERTAIN OTHER CMIS) WHEN PLACING AN ORDER FOR THE NOTES AND SHOULD DISCLOSE, AT THE SAME TIME, IF SUCH ORDERS MAY NEGATIVELY IMPACT THE PRICE DISCOVERY PROCESS IN RELATION TO THE OFFERING. PROSPECTIVE INVESTORS WHO DO NOT DISCLOSE THEIR ASSOCIATIONS ARE DEEMED NOT TO BE SO ASSOCIATED. WHERE PROSPECTIVE INVESTORS DISCLOSE SUCH ASSOCIATIONS BUT DO NOT DISCLOSE THAT SUCH ORDER MAY NEGATIVELY IMPACT THE PRICE DISCOVERY PROCESS IN RELATION TO THE OFFERING, SUCH ORDER IS HEREBY DEEMED NOT TO NEGATIVELY IMPACT THE PRICE DISCOVERY PROCESS IN RELATION TO THE OFFERING. IF A PROSPECTIVE INVESTOR IS AN ASSET MANAGEMENT ARM AFFILIATED WITH A CMI, SUCH PROSPECTIVE INVESTOR SHOULD INDICATE WHEN PLACING AN ORDER IF IT IS FOR A FUND OR PORTFOLIO WHERE SUCH CMI OR ITS GROUP COMPANY HAS MORE THAN 50% INTEREST, IN WHICH CASE IT WILL BE CLASSIFIED AS A "PROPRIETARY ORDER" AND SUBJECT TO APPROPRIATE HANDLING BY CMIS IN ACCORDANCE WITH THE SFC CODE AND SHOULD DISCLOSE, AT THE SAME TIME, IF SUCH "PROPRIETARY ORDER" MAY NEGATIVELY IMPACT THE PRICE DISCOVERY PROCESS IN RELATION TO THE OFFERING. PROSPECTIVE INVESTORS WHO DO NOT INDICATE THIS INFORMATION WHEN PLACING AN ORDER ARE HEREBY DEEMED TO CONFIRM THAT THEIR ORDER IS NOT SUCH A "PROPRIETARY ORDER". IF A PROSPECTIVE INVESTOR IS OTHERWISE AFFILIATED WITH A CMI, SUCH THAT ITS ORDER MAY BE CONSIDERED TO BE A "PROPRIETARY ORDER" (PURSUANT TO THE SFC CODE), SUCH PROSPECTIVE INVESTOR SHOULD INDICATE TO SUCH CMI AND THE JOINT LEAD MANAGERS WHEN PLACING SUCH ORDER. PROSPECTIVE INVESTORS WHO DO NOT INDICATE THIS INFORMATION WHEN PLACING AN ORDER ARE HEREBY DEEMED TO CONFIRM THAT THEIR ORDER IS NOT SUCH A "PROPRIETARY ORDER". WHERE PROSPECTIVE INVESTORS DISCLOSE SUCH INFORMATION BUT DO NOT DISCLOSE THAT SUCH "PROPRIETARY ORDER" MAY NEGATIVELY IMPACT THE PRICE DISCOVERY PROCESS IN RELATION TO THE OFFERING, SUCH "PROPRIETARY ORDER" IS HEREBY DEEMED NOT TO NEGATIVELY IMPACT THE PRICE DISCOVERY PROCESS IN RELATION TO THE OFFERING. ORDER BOOK TRANSPARENCY: PROSPECTIVE INVESTORS SHOULD ENSURE, AND BY PLACING AN ORDER PROSPECTIVE INVESTORS ARE DEEMED TO CONFIRM, THAT ORDERS PLACED WITH A CMI ARE BONA FIDE, ARE NOT INFLATED AND DO NOT CONSTITUTE DUPLICATED ORDERS (I.E. TWO OR MORE CORRESPONDING OR IDENTICAL ORDERS PLACED VIA TWO OR MORE CMIS). IN ADDITION, ANY OTHER CMIS (INCLUDING PRIVATE BANKS) SUBMITTING ORDERS WITH THE JOINT LEAD MANAGERS SHOULD DISCLOSE THE IDENTITIES OF ALL INVESTORS WHEN SUBMITTING ORDERS WITH THE JOINT LEAD MANAGERS (EXCEPT FOR OMNIBUS ORDERS WHERE UNDERLYING INVESTOR INFORMATION MAY NEED TO BE PROVIDED TO ANY OVERALL COORDINATORS WHEN SUBMITTING ORDERS). FAILURE TO PROVIDE UNDERLYING INVESTOR INFORMATION FOR OMNIBUS ORDERS, WHERE REQUIRED TO DO SO, MAY RESULT IN THAT ORDER BEING REJECTED. CMIS SHOULD NOT PLACE "X-ORDERS" INTO THE ORDER BOOK WITH THE JOINT LEAD MANAGERS. WHEN PLACING AN ORDER, PRIVATE BANKS SHOULD DISCLOSE, AT THE SAME TIME, IF SUCH ORDER IS PLACED OTHER THAN ON A "PRINCIPAL" BASIS (WHEREBY IT IS DEPLOYING ITS OWN BALANCE SHEET FOR ONWARD SELLING TO INVESTORS). PRIVATE BANKS WHO DO NOT PROVIDE SUCH DISCLOSURE ARE HEREBY DEEMED TO BE PLACING THEIR ORDER ON SUCH A "PRINCIPAL" BASIS. OTHERWISE, SUCH ORDER MAY BE CONSIDERED TO BE AN OMNIBUS ORDER (SEE FURTHER BELOW) PURSUANT TO THE SFC CODE. PRIVATE BANKS SHOULD BE AWARE THAT PLACING AN ORDER ON A "PRINCIPAL" BASIS MAY REQUIRE THE RELEVANT JOINT LEAD MANAGERS TO CATEGORISE IT AS A PROPRIETARY ORDER AND APPLY THE "PROPRIETARY ORDERS" REQUIREMENTS OF THE SFC CODE TO SUCH ORDER. IN THE CASE OF OMNIBUS ORDERS PLACED WITH THE JOINT LEAD MANAGERS, CMIS (INCLUDING PRIVATE BANKS) SHOULD, AT THE SAME TIME, DISCLOSE UNDERLYING INVESTOR INFORMATION (NAME, UNIQUE IDENTIFICATION NUMBER, WHETHER THE UNDERLYING INVESTOR HAS ANY ASSOCIATIONS AND WHETHER ANY UNDERLYING INVESTOR ORDER IS A "PROPRIETARY ORDER" AND/OR A DUPLICATE ORDER) IN THE FORMAT AND TO THE RELEVANT RECIPIENTS INDICATED TO SUCH CMIS (INCLUDING PRIVATE BANKS) BY THE JOINT LEAD MANAGERS AT THE RELEVANT TIME. FAILURE TO PROVIDE SUCH INFORMATION MAY RESULT IN THAT ORDER BEING REJECTED. IN SHARING SUCH UNDERLYING INVESTOR INFORMATION, WHICH MAY BE PERSONAL AND/OR CONFIDENTIAL IN NATURE, CMIS (INCLUDING PRIVATE BANKS) (I) SHOULD TAKE APPROPRIATE STEPS TO SAFEGUARD THE TRANSMISSION OF SUCH INFORMATION; (II) ARE DEEMED TO HAVE OBTAINED THE NECESSARY CONSENTS TO DISCLOSE SUCH INFORMATION; AND (III) ARE DEEMED TO HAVE AUTHORISED THE COLLECTION, DISCLOSURE, USE AND TRANSFER OF SUCH INFORMATION BY THE JOINT LEAD MANAGERS, OTHER CMIS AND/OR ANY OTHER THIRD PARTIES AS MAY BE REQUIRED BY THE SFC CODE. IN ADDITION, PROSPECTIVE INVESTORS SHOULD BE AWARE THAT CERTAIN INFORMATION MAY BE DISCLOSED BY THE JOINT LEAD MANAGERS AND OTHER CMIS WHICH IS PERSONAL AND/OR CONFIDENTIAL IN NATURE TO THE PROSPECTIVE INVESTOR. BY PLACING AN ORDER WITH THE JOINT LEAD MANAGERS, PROSPECTIVE INVESTORS ARE DEEMED TO HAVE AUTHORISED THE COLLECTION, DISCLOSURE, USE AND TRANSFER OF SUCH INFORMATION BY THE JOINT LEAD MANAGERS TO THE ISSUER, CERTAIN OTHER CMIS, RELEVANT REGULATORS AND/OR ANY OTHER THIRD PARTIES AS MAY BE REQUIRED BY THE SFC CODE, IT BEING UNDERSTOOD AND AGREED THAT SUCH INFORMATION SHALL ONLY BE USED IN CONNECTION WITH THE OFFERING. SINGAPORE SECURITIES AND FUTURES ACT PRODUCT CLASSIFICATION – IN CONNECTION WITH SECTION 309B OF THE SECURITIES AND FUTURES ACT 2001 OF SINGAPORE, AS MODIFIED OR AMENDED FROM TIME TO TIME (THE "SFA") AND THE SECURITIES AND FUTURES (CAPITAL MARKETS PRODUCTS) REGULATIONS 2018 OF SINGAPORE (THE "CMP REGULATIONS 2018"), THE ISSUER HAS DETERMINED, AND HEREBY NOTIFIES ALL RELEVANT PERSONS (AS DEFINED IN SECTION 309A(1) OF THE SFA), THAT THE NOTES ARE "PRESCRIBED CAPITAL MARKETS PRODUCTS" (AS DEFINED IN THE CMP REGULATIONS 2018) AND EXCLUDED INVESTMENT PRODUCTS (AS DEFINED IN MAS NOTICE SFA 04-N12: NOTICE ON THE SALE OF INVESTMENT PRODUCTS AND MAS NOTICE FAA-N16: NOTICE ON RECOMMENDATIONS ON INVESTMENT PRODUCTS). SINGAPORE: THE NOTES HAVE NOT BEEN OR WILL NOT BE OFFERED OR SOLD, OR BE MADE THE SUBJECT OF AN INVITATION FOR SUBSCRIPTION OR PURCHASE, WHETHER DIRECTLY OR INDIRECTLY, TO PERSONS IN SINGAPORE OTHER THAN (I) TO AN INSTITUTIONAL INVESTOR (AS DEFINED IN SECTION 4A OF THE SFA) PURSUANT TO SECTION 274 OF THE SFA, OR (II) TO AN ACCREDITED INVESTOR (AS DEFINED IN SECTION 4A OF THE SFA) PURSUANT TO AND IN ACCORDANCE WITH THE CONDITIONS SPECIFIED IN SECTION 275 OF THE SFA AND (WHERE APPLICABLE) REGULATION 3 OF THE SECURITIES AND FUTURES (CLASSES OF INVESTORS) REGULATIONS 2018. NO MONEY, SECURITIES OR OTHER CONSIDERATION IS BEING SOLICITED BY THIS ANNOUNCEMENT OR THE INFORMATION CONTAINED HEREIN AND, IF SENT IN RESPONSE TO THIS ANNOUNCEMENT OR THE INFORMATION CONTAINED HEREIN, WILL NOT BE ACCEPTED. A RATING IS NOT A RECOMMENDATION TO BUY, SELL OR HOLD THE NOTES AND MAY BE SUBJECT TO REVISION, SUSPENSION, REDUCTION OR WITHDRAWAL AT ANY TIME BY THE RATING AGENCY. THE SIGNIFICANCE OF EACH RATING SHOULD BE ANALYSED INDEPENDENTLY FROM ANY OTHER RATING. ANY DISCLAIMER OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS ANNOUNCEMENT AND SHOULD BE DISREGARDED AND SHOULD NOT BE DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION IS PROHIBITED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS ANNOUNCEMENT BEING SENT VIA BLOOMBERG OR OTHER EMAIL SYSTEM. unquote [2025-08-25]