Conflicts of Interests Disclosures and Regulatory Disclosures Key

Disclosures as at 19 December 2025

1. 1

   Panmure Liberum is a market maker in the company.

2. 2

   Panmure Liberum acts as corporate finance adviser and/or provides investment banking services to the company for which it receives compensation.

3. 3

   Panmure Liberum has in the previous 12 months led or co-managed a publicly disclosed offer of securities by the company.

4. 4

   Panmure Liberum has in the previous 12 months acted as corporate finance adviser or broker and/or provided investment banking services to the company for which it received compensation.

5. 5

   Panmure Liberum has a net long position of more than 0.5% in the issued securities of the company.

6. 6

   Panmure Liberum has a net short position of more than 0.5% in the issued securities of the company.

7. 7

   Panmure Liberum has an agreement with the company to produce and disseminate research and may receive remuneration in return for this service.

8. 8

   Panmure Liberum had such a research production and dissemination agreement in place during the previous 12 months and may have received remuneration in return.

9. 9

   Panmure Liberum acts as corporate broker to the company for which it receives compensation.

10. 10

    Panmure Liberum has an agreement with the investment fund to produce and disseminate research and receives remuneration in return for this service.

11. 11

    The author of, or an individual who assisted in the preparation of, this investment recommendation (or a connected person), or a person who although not involved in the preparation of the recommendation had or could reasonably be expected to have had access to the substance of the recommendation prior to its dissemination, has a direct ownership position in securities issued by the company. For the avoidance of doubt this does not include any discretionary holdings that an individual caught by the foregoing holds.

12. 12

    The author of, or an individual who assisted in the preparation of, this investment recommendation (or a connected person), or a person who although not involved in the preparation of the recommendation had or could reasonably be expected to have had access to the substance of the recommendation prior to its dissemination, is a director or officer of the company.