RHB Guide to Investment Ratings

Investment Research Disclaimers

RHB has issued this report for information purposes only. This report is intended for circulation amongst RHB and its affiliates’ clients generally or such persons as may be deemed eligible by RHB to receive this report and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. This report is not intended, and should not under any circumstances be construed as, an offer or a solicitation of an offer to buy or sell the securities referred to herein or any related financial instruments.

This report may further consist of, whether in whole or in part, summaries, research, compilations, extracts or analysis that has been prepared by RHB’s strategic, joint venture and/or business partners. No representation or warranty (express or implied) is given as to the accuracy or completeness of such information and accordingly investors should make their own informed decisions before relying on the same.

This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to the applicable laws or regulations. By accepting this report, the recipient hereof (i) represents and warrants that it is lawfully able to receive this document under the laws and regulations of the jurisdiction in which it is located or other applicable laws and (ii) acknowledges and agrees to be bound by the limitations contained herein. Any failure to comply with these limitations may constitute a violation of applicable laws.

All the information contained herein is based upon publicly available information and has been obtained from sources that RHB believes to be reliable and correct at the time of issue of this report. However, such sources have not been independently verified by RHB and/or its affiliates and this report does not purport to contain all information that a prospective investor may require. The opinions expressed herein are RHB’s present opinions only and are subject to change without prior notice. RHB is not under any obligation to update or keep current the information and opinions expressed herein or to provide the recipient with access to any additional information. Consequently, RHB does not guarantee, represent or warrant, expressly or impliedly, as to the adequacy, accuracy, reliability, fairness or completeness of the information and opinion contained in this report. Neither RHB (including its officers, directors, associates, connected parties, and/or employees) nor does any of its agents accept any liability for any direct, indirect or consequential losses, loss of profits and/or damages that may arise from the use or reliance of this research report and/or further communications given in relation to this report. Any such responsibility or liability is hereby expressly disclaimed.

Whilst every effort is made to ensure that statement of facts made in this report are accurate, all estimates, projections, forecasts, expressions of opinion and other subjective judgments contained in this report are based on assumptions considered to be reasonable and must not be construed as a representation that the matters referred to therein will occur. Different assumptions by RHB or any other source may yield substantially different results and recommendations contained on one type of research product may differ from recommendations contained in other types of research. The performance of currencies may affect the value of, or income from, the securities or any other financial instruments referenced in this report. Holders of depositary receipts backed by the securities discussed in this report assume currency risk. Past performance is not a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this report relates, either directly or indirectly, may fall or rise against the interest of investors.

This report may contain comments, estimates, projections, forecasts and expressions of opinion relating to macroeconomic research published by RHB economists of which should not be considered as investment ratings/advice and/or a recommendation by such economists on any securities discussed in this report.

This report does not purport to be comprehensive or to contain all the information that a prospective investor may need in order to make an investment decision. The recipient of this report is making its own independent assessment and decisions regarding any securities or financial instruments referenced herein. Any investment discussed or recommended in this report may be unsuitable for an investor depending on the investor’s specific investment objectives and financial position. The material in this report is general information intended for recipients who understand the risks of investing in financial instruments. This report does not take into account whether an investment or course of action and any associated risks are suitable for the recipient. Any recommendations contained in this report must therefore not be relied upon as investment advice based on the recipient’s personal circumstances. Investors should make their own independent evaluation of the information contained herein, consider their own investment objective, financial situation and particular needs and seek their own financial, business, legal, tax and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.

This report may contain forward-looking statements which are often but not always identified by the use of words such as “believe”, “estimate”, “intend” and “expect” and statements that an event or result “may”, “will” or “might” occur or be achieved and other similar expressions. Such forward-looking statements are based on assumptions made and information currently available to RHB and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement to be materially different from any future results, performance or achievement, expressed or implied by such forward-looking statements. Caution should be taken with respect to such statements and recipients of this report should not place undue reliance on any such forward-looking statements. RHB expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events.

The use of any website to access this report electronically is done at the recipient’s own risk, and it is the recipient’s sole responsibility to take precautions to ensure that it is free from viruses or other items of a destructive nature. This report may also provide the addresses of, or contain hyperlinks to, websites. RHB takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to RHB own website material) are provided solely for the recipient’s convenience. The information and the content of the linked site do not in any way form part of this report. Accessing such website or following such link through the report or RHB website shall be at the recipient’s own risk.

This report may contain information obtained from third parties. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of their content.

The research analysts responsible for the production of this report hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions about any and all of the issuers or securities analysed in this report and were prepared independently and autonomously. The research analysts that authored this report are precluded by RHB in all circumstances from trading in the securities or other financial instruments referenced in the report, or from having an interest in the company(ies) that they cover.

The contents of this report is strictly confidential and may not be copied, reproduced, published, distributed, transmitted or passed, in whole or in part, to any other person without the prior express written consent of RHB and/or its affiliates. This report has been delivered to RHB and its affiliates’ clients for information purposes only and upon the express understanding that such parties will use it only for the purposes set forth above. By electing to view or accepting a copy of this report, the recipients have agreed that they will not print, copy, videotape, record, hyperlink, download, or otherwise attempt to reproduce or re-transmit (in any form including hard copy or electronic distribution format) the contents of this report. RHB and/or its affiliates accepts no liability whatsoever for the actions of third parties in this respect.

The contents of this report are subject to copyright. Please refer to Restrictions on Distribution below for information regarding the distributors of this report. Recipients must not reproduce or disseminate any content or findings of this report without the express permission of RHB and the distributors.

The securities mentioned in this publication may not be eligible for sale in some states or countries or certain categories of investors. The recipient of this report should have regard to the laws of the recipient’s place of domicile when contemplating transactions in the securities or other financial instruments referred to herein. The securities discussed in this report may not have been registered in such jurisdiction. Without prejudice to the foregoing, the recipient is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.

The term “RHB” shall denote, where appropriate, the relevant entity distributing or disseminating the report in the particular jurisdiction referenced below, or, in every other case, RHB Investment Bank Berhad and its affiliates, subsidiaries and related companies.

RESTRICTIONS ON DISTRIBUTION

Malaysia

This report is issued and distributed in Malaysia by RHB Investment Bank Berhad (“RHBIB”). The views and opinions in this report are our own as of the date hereof and is subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. RHBIB has no obligation to update its opinion or the information in this report.

Indonesia

This report is issued and distributed in Indonesia by PT RHB Sekuritas Indonesia. This research does not constitute an offering document and it should not be construed as an offer of securities in Indonesia. Any securities offered or sold, directly or indirectly, in Indonesia or to any Indonesian citizen or corporation (wherever located) or to any Indonesian resident or corporation, must be sold pursuant to the requirements of the Indonesian capital market laws and regulations.

Indonesian resident in a manner which constitutes a public offering under Indonesian laws and regulations must comply with the prevailing Indonesian laws and regulations.

Singapore

This report is issued and distributed in Singapore by RHB Bank Berhad (through its Singapore branch) which is an exempt capital markets services entity and an exempt financial adviser under the Financial Advisers Act in Singapore and is regulated by the Monetary Authority of Singapore. For the avoidance of doubt, the information provided in this report has been produced by RHB Investment Bank Berhad (Malaysia) and is not a product of RHB Bank Berhad (through its Singapore branch).

RHB Bank Berhad (through its Singapore branch) does not assume responsibility for the accuracy or completeness of any information or conclusion, if any, contained in this report. In Singapore, this report is distributed only to institutional investors, accredited investors or expert investors as defined in section 4A of the Securities and Futures Act (Chapter 289 of Singapore). It is not intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to the applicable laws or regulations. By accepting this document, the recipient hereof (i) represents and warrants that it is lawfully able to receive this document under the laws and regulations of the jurisdiction in which it is located or other applicable laws and (ii) acknowledges and agrees to be bound by the limitations contained herein. Any failure to comply with these limitations may constitute a violation of applicable laws.

This report has been prepared by RHB Bank Berhad (through its Singapore branch) for its clients in Singapore and is not intended for any other person. This report is not a solicitation or an offer to buy or sell any security or financial instrument discussed herein. Any security or financial instrument discussed herein may not be suitable for all investors. Investors should make their own independent judgment and seek their own financial, legal, business and tax advice before making any investment decision. The contents of this report is strictly confidential and may not be copied, reproduced, published, distributed, transmitted or passed, in whole or in part, to any other person without the prior express written consent of RHB Bank Berhad (through its Singapore branch). RHB Bank Berhad (through its Singapore branch) does not guarantee, represent or warrant, expressly or impliedly, as to the adequacy, accuracy, reliability, fairness or completeness of the information and opinion contained in this report. Neither RHB Bank Berhad (through its Singapore branch) nor its affiliates nor any of their respective associates, directors, employees or agents accepts any liability for any direct, indirect or consequential losses, loss of profits and/or damages that may arise from the use or reliance of this report and/or further communications given in relation to this report. Any such responsibility or liability is hereby expressly disclaimed.

United States

This research report was prepared by RHB for distribution solely to “major U.S. institutional investors” as defined in Rule 15a-6(a)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) via a registered U.S. broker-dealer as appointed by RHB from time to time. This report does not constitute an offer to sell or the solicitation of an offer to buy any security or related financial instrument. In the United States, research reports prepared by non-U.S. broker-dealers are not subject to U.S. rules regarding the preparation of research reports and analyst certification. Consequently, RHB is not subject to any applicable restrictions under Financial Industry Regulatory Authority (“FINRA”) rules on communications with a subject company, public appearances, and personal trading in any non-U.S. securities or related financial instruments discussed in this research report. Prior to placing an order to import or export this report to the U.S. or to effect any transaction in any security discussed in this research report, investors should contact a U.S. registered broker-dealer.

RHB does not have a license to operate in the United States and has not registered as a broker-dealer in the United States. This research report may not be circulated to any U.S. Person (as defined in Regulation S of the Securities Act of 1933) who is not a “major U.S. institutional investor” (as defined in Rule 15a-6(a)(2) of the Exchange Act).

The US broker-dealer (if any) disseminating this report does not have any responsibility for the content of this report or for the accuracy of the information or for the statements or opinions made herein. No person or entity accessing this report from within the US (other than a major US institutional investor) may rely on this report for any purpose whatsoever.

The disclosures and disclaimers herein apply to PT RHB Sekuritas Indonesia, RHB Investment Bank Berhad, and RHB Bank Berhad (Singapore branch) which are members of the RHB Group of companies.

DISCLOSURE OF CONFLICTS OF INTEREST

RHB Bank Berhad (including its regional offices) and associated companies (“RHB Group”) form a diversified financial group, undertaking various activities including, but not limited to, investment banking, asset management, securities trading, market making and corporate finance advisory.

RHB Group may have a financial interest in the issuer(s) or any securities issued by the issuer(s) referred to in this research report. RHB Group may also, from time to time, have business relationships with, hold any positions in or act as market makers for the securities of, or provide corporate finance or other services to, the issuer(s) or any related corporation(s) referred to in this research report. RHB Group is committed to maintaining the highest standards of integrity and will not knowingly engage in any business activities that create conflicts of interest with its client interests. Where any conflict of interest does arise, RHB Group will take all reasonable steps to protect its client interests.

RHB Group does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that RHB Group may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Please note that the RHB Group of companies that includes RHB Bank Berhad (through its Singapore branch) and the RHB Investment Bank Berhad (Malaysia) and PT RHB Sekuritas Indonesia (Indonesia) are separate legal entities, and the analysis and recommendations in this report apply to the shares of the company, and are based on the information as of the date of the report. The analysis and recommendations in this report may differ from those provided by other members of the RHB Group of companies due to different analytical methodologies, assumptions, and/or different market perspectives.

Malaysia

For the disclosure of the following, RHB Investment Bank Berhad declares that:

1. RHB Investment Bank Berhad does not have a financial interest in the securities or other capital market products of the subject company(ies) covered in this report.
2. RHB Investment Bank Berhad has not received compensation for investment banking or corporate finance services from the subject company in the past 12 months.
3. RHB Investment Bank Berhad has not provided corporate finance or advisory services to the subject company in the past 12 months.
4. RHB Investment Bank Berhad has not received a retainer fee from the subject company in the past 12 months.
5. RHB Investment Bank Berhad does not have any relationship or arrangement with the subject company that could affect the objectivity of this report.
6. RHB Investment Bank Berhad does not have any other relationships or arrangements with the subject company that could affect the objectivity of this report.
7. As of the date of this report, RHB Investment Bank Berhad and/or its affiliates do not have actual knowledge of any material conflict of interest that could affect the objectivity of this report.

Indonesia

Set forth in the following link RHB Research Conflict Disclosures Aug 2025 and to the best of our knowledge, PT RHB Sekuritas Indonesia hereby declares that:

1. PT RHB Sekuritas Indonesia and its affiliates have not had any financial interest in the securities of the subject company(ies) covered in this report.
2. PT RHB Sekuritas Indonesia and its affiliates do not directly or indirectly, individually or jointly own/hold securities or derivatives of the subject company(ies) and PT RHB Sekuritas Indonesia and its affiliates are not a market maker in any of the subject company(ies)’ securities covered in this report.
3. PT RHB Sekuritas Indonesia and its affiliates have not received compensation for investment banking or corporate finance services from the subject company in the past 12 months.
4. PT RHB Sekuritas Indonesia and its affiliates have not provided corporate finance or advisory services to the subject company in the past 12 months.
5. PT RHB Sekuritas Indonesia and its affiliates have not received a retainer fee from the subject company in the past 12 months.
6. PT RHB Sekuritas Indonesia and its affiliates do not have any relationship or arrangement with the subject company that could affect the objectivity of this report.
7. As of the date of this report, PT RHB Sekuritas Indonesia and/or its affiliates do not have actual knowledge of any material conflict of interest that could affect the objectivity of this report.
8. The overall disclosure is limited to information pertaining to PT RHB Sekuritas Indonesia only.

Singapore

Save as disclosed in the following link RHB Research Conflict Disclosures Aug 2025 and to the best of our knowledge, RHB Bank Berhad (through its Singapore branch) hereby declares that:

1. RHB Bank Berhad (through its Singapore branch) and associated companies do not make a market in any issuer covered by the Singapore branch research analysts in this report.
2. RHB Bank Berhad (through its Singapore branch) and associated companies do not have a financial interest (including a shareholding of 1% or more) in the issuer(s) covered by the Singapore branch research analysts in this report.
3. RHB Bank Berhad’s Singapore research staff or connected persons do not serve as directors or board members of the issuer(s) covered by the Singapore branch research analysts in this report.
4. RHB Bank Berhad’s subsidiaries and/or its associated companies do not have any interest in the subject company that could affect the objectivity of this report.
5. RHB Bank Berhad (through its Singapore branch) and associated companies have not received compensation from the subject company that is the subject of this report in the past 12 months.
6. RHB Bank Berhad’s Singapore research analysts do not receive any compensation, directly or indirectly, related to the specific recommendations or views expressed in this report.
7. RHB Bank Berhad’s Singapore research analysts have not been involved in the preparation of this report.

Analyst Certification

The analyst(s) who prepared this report, and their associates hereby certify that:

1. They do not have any financial interest in the securities or other capital market products of the subject company mentioned in the analyst-report concept.