Technology

Wi-Fi chipset Market to Reach USD 48.40 Bn by 2030, Growing at a 6.44% CAGR – Credence Research

Published

1 year ago

February 18, 2025

PUNE, India, Feb. 18, 2025 /PRNewswire/ — The global Wi-Fi chipset market is poised for substantial growth, driven by increasing demand for high-speed wireless connectivity across various industries. The market, valued at USD 29.27 billion in 2022, is expected to expand at a CAGR of 6.44%, reaching USD 48.40 billion by 2030. The rapid adoption of Wi-Fi 6 and Wi-Fi 6E technologies, along with the emergence of Wi-Fi 7, is fueling advancements in performance, latency reduction, and network efficiency. The proliferation of smart devices, IoT applications, and smart home solutions is further accelerating the need for power-efficient and high-performance Wi-Fi chipsets. Additionally, the deployment of 5G networks and edge computing is complementing the demand for robust Wi-Fi infrastructure, enabling seamless connectivity in both consumer and enterprise sectors.

The increasing penetration of Wi-Fi-enabled devices in industries such as healthcare, automotive, telecommunications, and industrial automation is a key driver of market expansion. As businesses transition towards hybrid work environments and digital transformation, the reliance on Wi-Fi solutions for seamless remote connectivity is growing. Companies are investing heavily in R&D to develop energy-efficient and secure Wi-Fi solutions, addressing concerns related to network congestion, cybersecurity, and bandwidth limitations. As demand for high-speed, low-latency wireless connectivity continues to surge, the Wi-Fi chipset market is set to witness sustained growth across global regions.

Key Growth Determinants

Rising Demand for High-Speed and Low-Latency Connectivity

The growing adoption of Wi-Fi 6, Wi-Fi 6E, and Wi-Fi 7 is driving the demand for advanced Wi-Fi chipsets capable of delivering faster data transmission, lower latency, and improved network efficiency. These next-generation technologies enhance user experience in applications such as streaming, online gaming, cloud computing, and remote work, further accelerating market growth. Additionally, the integration of 5G and edge computing is complementing the demand for high-performance Wi-Fi networks across both residential and enterprise environments.

Expanding IoT and Smart Device Ecosystem

The rapid expansion of smart homes, smart cities, and industrial IoT (IIoT) is significantly boosting the need for power-efficient Wi-Fi chipsets. Devices such as smart thermostats, security cameras, connected appliances, and autonomous systems rely on seamless wireless connectivity to function efficiently. As IoT adoption increases across industries including healthcare, automotive, and manufacturing, Wi-Fi chipsets are becoming essential for enabling real-time communication and automation, contributing to sustained market expansion.

Growing Investments in Digital Transformation and Smart Infrastructure

The acceleration of digital transformation initiatives across businesses, along with the rising implementation of smart infrastructure projects, is fueling demand for reliable and scalable Wi-Fi solutions. Enterprises are investing in cloud-based services, hybrid work environments, and high-performance networking solutions, increasing the reliance on advanced Wi-Fi chipsets. Furthermore, government initiatives to expand public Wi-Fi networks, smart transportation systems, and connected healthcare services are supporting market growth.

Increasing Security and Power Efficiency Requirements

As cybersecurity threats and energy consumption concerns rise, manufacturers are focusing on developing secure and energy-efficient Wi-Fi chipsets. Advanced security protocols such as WPA3 encryption and AI-driven threat detection are being integrated into chipset designs to safeguard networks against cyberattacks. Simultaneously, power-efficient architectures are being introduced to extend battery life in portable and IoT devices, enhancing adoption across multiple industry verticals. These advancements are driving technological innovation, making Wi-Fi chipsets more versatile and in demand.

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Key Growth Barriers

Increasing Network Congestion and Spectrum Limitations

With the rapid adoption of Wi-Fi-enabled devices and growing demand for high-speed wireless connectivity, network congestion has become a major challenge. The limited availability of radio spectrum, particularly in densely populated urban areas, leads to interference, reduced speeds, and network instability. While Wi-Fi 6E and Wi-Fi 7 aim to mitigate congestion by utilizing the 6 GHz band, regulatory constraints in certain regions are delaying widespread adoption, restricting market growth.

High Manufacturing and R&D Costs

Developing next-generation Wi-Fi chipsets requires substantial investment in research and development (R&D) to improve network efficiency, power consumption, and security features. The rising costs of semiconductors and raw materials, along with the complexities of fabrication and miniaturization, pose challenges for manufacturers. Additionally, the global chip shortage has led to supply chain disruptions, impacting production capabilities and delaying market expansion.

Cybersecurity Vulnerabilities and Data Privacy Concerns

The increasing reliance on Wi-Fi networks for critical applications, including healthcare, finance, and smart infrastructure, has raised concerns about cybersecurity risks. Unauthorized access, data breaches, and malware attacks can compromise sensitive information and disrupt network operations. While advanced encryption and security protocols like WPA3 have been introduced, many legacy systems and IoT devices remain vulnerable to cyber threats, hindering the market’s growth potential.

Competition from Alternative Wireless Technologies

The rise of alternative wireless communication technologies, such as 5G, Li-Fi, and private LTE networks, poses a competitive threat to the Wi-Fi chipset market. 5G networks, in particular, offer ultra-low latency, high-speed mobile connectivity, and enhanced security, making them a preferred choice for applications such as autonomous vehicles, industrial automation, and mission-critical communications. As enterprises explore these alternatives, the demand for traditional Wi-Fi solutions may face limitations in certain segments.

Segments Covered in the Report

Global Wi-Fi Chipset Market – By MIMO configuration

SU-MIMO MU-MIMO

Global Wi-Fi Chipset Market – By Band

Single & dual band Tri band

Global Wi-Fi Chipset Market – By IEEE standard

802.11be (Wi-Fi 7) 802.11ax (Wi-Fi 6 and 6E) 802.11 ac (Wi-Fi 5) 802.11ad 802.11b/g/n.

Global Wi-Fi Chipset Market – By Vertical

By IEEE standard Electronics Enterprise Industrial Retail BFSI Healthcare Automotive Others (government & public sector)

Global Wi-Fi Chipset Market – By End-use Application

By IEEE standard devices Cameras Smart home devices Gaming devices AR/VR devices Mobile robots Drones Networking devices mPOS In-vehicle infotainmentOthers (medical devices, portable devices, defense equipment, and educational devices)

By Region

North AmericaThe U.S.CanadaMexicoEuropeGermanyFranceK.ItalySpainRest of EuropeAsia PacificChinaJapanIndiaSouth KoreaSouth-east AsiaRest of Asia PacificLatin AmericaBrazilArgentinaRest of Latin AmericaMiddle East & AfricaGCC CountriesSouth AfricaRest of Middle East and Africa

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Regional Analysis

North America: Technological Advancement and Strong Consumer Demand

North America dominates the Wi-Fi chipset market, driven by high consumer demand for smart devices, strong digital infrastructure, and rapid adoption of advanced Wi-Fi technologies. The United States and Canada are at the forefront of Wi-Fi 6E and Wi-Fi 7 deployment, with extensive investments in smart homes, enterprise networking, and cloud-based solutions. The region also benefits from the presence of leading chipset manufacturers and technology giants, such as Qualcomm, Broadcom, and Intel, which are heavily investing in R&D for next-generation wireless connectivity solutions. Additionally, government initiatives to expand public Wi-Fi networks and 5G integration are further boosting market growth.

Europe: Increasing Investments in Smart Infrastructure

Europe is experiencing significant growth in the Wi-Fi chipset market, fueled by increasing investments in smart infrastructure, digital transformation, and industrial automation. Countries such as Germany, the UK, and France are focusing on Wi-Fi-driven solutions in healthcare, automotive, and industrial IoT. The European Union’s (EU) regulatory framework for spectrum allocation is supporting the adoption of Wi-Fi 6E, ensuring seamless connectivity in public and enterprise environments. Moreover, the region’s push towards sustainable and energy-efficient technologies is driving innovation in low-power Wi-Fi chipsets, creating new growth opportunities.

Asia Pacific: Fastest-Growing Market with High IoT Adoption

Asia Pacific is the fastest-growing region in the Wi-Fi chipset market, driven by expanding smartphone penetration, increasing IoT adoption, and government-backed smart city initiatives. Countries like China, India, Japan, and South Korea are witnessing a surge in demand for high-speed wireless connectivity, particularly in e-commerce, smart homes, and industrial automation. China, home to major semiconductor manufacturers and electronics giants such as MediaTek and Huawei, is playing a crucial role in driving Wi-Fi chipset innovation. Additionally, 5G expansion and fiber broadband deployment in the region are enhancing connectivity infrastructure, further accelerating the demand for advanced Wi-Fi chipsets.

Latin America: Emerging Market with Growing Internet Penetration

Latin America is witnessing steady growth in the Wi-Fi chipset market, supported by rising internet penetration and increasing adoption of connected devices. Countries such as Brazil, Mexico, and Argentina are investing in broadband infrastructure development to improve Wi-Fi accessibility in both urban and rural areas. The expansion of telecommunications networks and government-led digital transformation initiatives is expected to create new opportunities for Wi-Fi chipset manufacturers. However, challenges such as high infrastructure costs and economic volatility may hinder the region’s full market potential.

Middle East & Africa: Expanding Smart City and Public Wi-Fi Projects

The Middle East & Africa (MEA) region is witnessing growing investments in smart city projects, public Wi-Fi networks, and enterprise digitalization, driving demand for Wi-Fi chipsets. The United Arab Emirates, Saudi Arabia, and South Africa are at the forefront of network infrastructure expansion, with governments investing in 5G and fiber-optic connectivity to enhance wireless broadband access. Additionally, increasing adoption of cloud computing and AI-driven applications is further fueling market growth. However, limited broadband penetration in some parts of Africa and regulatory challenges in spectrum allocation could act as barriers to widespread Wi-Fi adoption in the region.

Credence Research’s Competitive Landscape Analysis

The Wi-Fi chipset market is highly competitive, with key players such as Qualcomm, Broadcom, Intel, MediaTek, Texas Instruments, NXP Semiconductors, and Marvell Technology driving innovation through Wi-Fi 6, Wi-Fi 6E, and Wi-Fi 7 advancements. These companies focus on R&D investments, strategic partnerships, and regional expansions to strengthen their market presence. The industry is witnessing AI-driven network optimization, enhanced security protocols (WPA3), and energy-efficient chipset designs, with major players collaborating with telecom providers, cloud service companies, and device manufacturers to accelerate adoption. While North America and Europe remain strongholds for high-end solutions, Asia Pacific and Latin America present lucrative growth opportunities due to rising smartphone adoption and broadband expansion. Companies such as MediaTek and Huawei are targeting cost-sensitive markets, intensifying competition with Western firms. Despite growth, challenges such as semiconductor shortages, high production costs, and regulatory hurdles in spectrum allocation persist, alongside competition from 5G and private LTE networks. Companies that prioritize innovation, security, and power efficiency will maintain a competitive edge in this rapidly evolving market.

Key Market Companies

Qualcomm Technologies, Inc.,Broadcom Inc.,MediaTek Inc.,Intel Corporation,Texas Instruments Incorporated,Hewlett Packard Enterprise Co.,STMicroelectronics N.V.,Samsung Electronics Co., Ltd.,NXP Semiconductors N.V.,On Semiconductor Co., Inc.,Skyworks Solutions, Inc.,Cisco Systems Inc.,Dell Technologies,Cypress Semiconductor Corporation,CommScope Holding Co.,Extreme Networks, Netgear,ASUS,D-Link,Fibocom,Quectel,Peraso Technologies, Inc.,Simcom Wireless Solutions Limited

Recent Industry Developments

Qualcomm Technologies, Inc. launched the FastConnect 7900 Wi-Fi 7/Bluetooth 5.4 combo chipset in Q4 2024, emphasizing ultra-low latency for AR/VR applications.Broadcom Inc. unveiled the BCM4398 Wi-Fi 7 chipset for enterprise routers in January 2025, targeting multi-gigabit speeds and enhanced IoT integration.MediaTek Inc. announced the Filogic 980 platform in September 2024, integrating Wi-Fi 7 with AI-driven network optimization for smart homes.Intel Corporation released the AX2100 Wi-Fi 7 module in November 2024, focusing on seamless integration with next-gen Intel Core Ultra processors.Texas Instruments Incorporated Introduced the CC3300 low-power Wi-Fi 6E chip for industrial IoT in March 2024, emphasizing energy efficiency

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Reasons to Purchase this Report:

Gain a comprehensive understanding of the market through qualitative and quantitative analyses, considering both economic and non-economic factors, with segmentation and sub-segmentation details provided in terms of market value (USD Billion).Identify regions and segments expected to experience the fastest growth or dominate the market, with a detailed analysis of geographic consumption patterns and the factors driving or hindering market performance in each region.Stay informed about the competitive environment, with rankings of major players, recent product and service launches, partnerships, business expansions, and acquisitions from the past five years.Access detailed profiles of major market players, including company overviews, insights, product benchmarking, and SWOT analysis, to understand competitive advantages and market positioning.Explore the present and forecasted market landscape, with insights into growth opportunities, market drivers, challenges, and constraints for both developed and emerging regions.Benefit from Porter’s Five Forces analysis and Value Chain insights to evaluate various market perspectives and competitive dynamics.Understand the evolving market scenario, including potential growth opportunities and trends expected in the coming years.

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Technology

ASUS Accelerates Enterprise AI at Scale with 6th-Gen AMD EPYC Server CPUs

Published

43 minutes ago

July 24, 2026

ASUS leverages 6th-gen AMD EPYC Server CPUs to deliver scalable, efficient compute for enterprise AI, cloud, virtualization and business-critical workloads

SAN FRANCISCO, July 24, 2026 /PRNewswire/ — ASUS today announced its groundbreaking new server lineup powered by the AMD EPYC™ 9006 processors, engineered to deliver unmatched performance for the most demanding intensive enterprise workloads. This advanced portfolio introduces two highly optimized series with efficiency-optimized AMD EPYC SP8 server CPU, the flagship dual-socket ASUS RS700A/720A for extreme compute density and the single-socket ASUS RS500A/520A for superior space efficiency and deployment flexibility.

Both series integrate full PCIe® 6.0, leading memory support, and high-density E3.S storage, all underpinned by proprietary ASUS innovations for superior thermal management and operational efficiency to meet and exceed the rigorous demands of enterprise AI, virtualization, storage and cloud environments.

“The new ASUS server series, powered by 6th-gen AMD EPYC server CPUs, is engineered to power every enterprise workload with flexible, scalable infrastructure,” Paul Ju, Senior Vice President of ASUS, commented, “This launch marks a significant milestone for ASUS and our clients. The new series empowers businesses with a resilient foundation to achieve unprecedented computing efficiency and accelerating AI innovation with inference.”

ASUS expands 6th-gen AMD EPYC server portfolio with dual optimized series

ASUS has introduced a new server lineup segmented into two distinct series, each precisely engineered to meet diverse enterprise demands.

The flagship RS700A/720A series (dual-socket) delivers extreme compute density, making it ideal for AI inferencing, and complex simulations. It offers exceptional bandwidth with PCIe 6.0, memory leadership via 32 DIMM slots supporting ultrafast MRDIMM, and high-density storage with up to 32 E3.S bays in a compact 2U form factor.

Complementing this is the RS500A/520A series (single-socket), a highly efficient and space-optimized solution with depth under 800mm, perfect for mainstream enterprise workloads and rack-constrained environments. Featuring full PCIe 6.0 capabilities, E3.S storage support, and modular scalability through shared components with the RS700A and RS720A series, it provides uncompromised performance in a streamlined, deployment-friendly design.

ASUS elevates the AMD EPYC platform with cutting-edge proprietary innovations

ASUS has significantly advanced the AMD EPYC 9006 platform with a series of proprietary engineering breakthroughs focused on superior reliability, thermal management, and operational efficiency.

The DC-MHS modular architecture features a zone-partitioned chassis that separates I/O, HPM, fan, and storage modules to accelerate development, reduce capital costs, and enable rapid serviceability. The patented ASUS DIMM.2 Innovation repositions M.2 storage to the cooler DIMM region, eliminating thermal throttling without extra heatsinks and unlocking greater scalability. Thermal Radar 3.0 with PID Control delivers precise real-time fan regulation via advanced algorithms, reducing energy use and maintaining peak performance under heavy enterprise-level workload.

Completing the suite is the optimized tool-less operational-velocity design, which boosts maintenance efficiency, maximizing uptime and lowering TCO and sustaining peak performance even under volatile, high-load AI/HPC workloads.

AVAILABILITY & PRICING

ASUS RS700A/720A series and RS500A/520A series servers will be available soon. Please contact your local ASUS representative for further information.

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Technology

Fractal posts 20% revenue growth and 92% net income growth in Q1 FY27

Published

43 minutes ago

July 24, 2026

Adjusted EBITDA Grows at 35% YoYGross Margin up 29 bps1 to 46%; Adjusted EBITDA Margin up 189 bps to 17%

NEW YORK, July 24, 2026 /PRNewswire/ — Fractal Analytics Ltd (BSE: 544700) (NSE: FRACTAL) announced its consolidated financial results for Q1 FY27, ending June 30, 2026.

In Q1 FY27, the Company reported consolidated operating revenue of INR 9,125 m, a growth of 20% year on year (YoY). Revenue growth was led by the company’s Healthcare and Life Sciences (HLS) industry, which clocked 69% growth YoY. Strong sustained growth in HLS over the last several quarters has resulted in it becoming the second largest industry in the portfolio. Banking, Financial Services and Insurance (BFSI) also performed very well, growing 36% YoY in Q1. Fractal’s largest industry, Consumer Packaged Goods and Retail (CPGR), continued to gather momentum, growing 19% YoY. On the other hand, TMT declined 22% YoY.

Fractal’s focus on deepening customer relationships continues to yield good outcomes. Its clients collectively increased their spending with the company, as reflected in the Net Revenue Retention2 of 117% in Q1. Further, its Net Promoter Score (NPS) during the period stood at 77.

The company reported improved profit margins at all levels. Gross Margin in Q1 was at 46%, while Adjusted EBITDA Margin expanded by 189 bps YoY to 17%. Net Income grew 92% YoY to INR 723 m.

Commenting on the performance, Srikanth Velamakanni, Group CEO and Executive Vice-Chairman, said:

“Enterprises are putting real transformation budgets behind AI now and we’re seeing it directly in the size of the deals coming to us. TMT was the drag on our headline growth this quarter. Excluding TMT, our business grew 35% year on year, which is a better read on the underlying demand we’re seeing.

As data sovereignty becomes a bigger priority for governments and enterprises, and as open-weight models keep improving, clients need a partner who can work across models and infrastructure. We have invested heavily in our people, our research, and our own intellectual property to be that partner.”

1 Basis points = 1/100th of 1%
2 Net Revenue Retention in our Fractal.ai segment measures how effectively we retain and expand revenue from our existing clients over a defined period and is calculated by comparing the current period’s revenue from the clients who existed at the start of the period, with their revenue in the previous period – including the effects of upsells, cross-sells and contractions

About Fractal

Fractal Analytics Ltd (BSE: 544700) (NSE: FRACTAL) is a globally recognized pure-play enterprise AI company trusted by Fortune 500®-sized enterprises to power decision-making through AI services, solutions, and products, anchored by Cogentiq, its flagship agentic AI platform. With over 6,000 professionals across North America, EMEA, and Asia-Pacific, Fractal partners with business leaders to drive competitive differentiation for their organizations by embedding AI into critical decisions across business functions and industry verticals.

Fractal invests more than 6% of its revenue in AI R&D, supporting foundational AI research, product development, and IP creation that address both immediate client needs and long-term technological advancement. Fractal’s track record includes developing proprietary models and products such as Cogentiq Health – Vaidya.ai and Cogentiq Data Science – PiEvolve, as well as incubating and spinning out Qure.ai, a global healthcare AI leader focused on the rapid identification and management of tuberculosis, lung cancer, and stroke (or critical health conditions). Fractal’s suite of businesses consists of Asper.ai (a Revenue Growth Management product for CPG companies) and Analytics Vidhya (an Ed-tech platform).

For more information, go to www.fractal.ai.

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Technology

Xryma Plc : Pre-Listing Liquidity Facility and Price Discovery Process

Published

43 minutes ago

July 24, 2026

NICOSIA, Cyprus, July 24, 2026 /PRNewswire/ — Xryma Plc (“Xryma”) announces its intention to reapply within the next twelve months for admission to list on Euronext Paris (“Euronext”), with such admission being subject to Euronext’s approval. Before submitting its application, Xryma intends to launch a pre-listing liquidity facility and price discovery process, comprising a private placement to institutional and qualified investors alongside a secondary market offer to Xryma existing shareholders (“shareholders”) wishing to exit prior to listing.

The admission referred to above that is subject to the approval of Euronext may also be subject to approval by relevant regulatory authorities, and no assurance can be given that approval will be granted or as to the timing of any admission.

The pre-listing liquidity facility and price discovery process is designed to:

Enable shareholders seeking an exit to participate without the need to open an EU brokerage account,Provide a clear and orderly opportunity for existing shareholders to sell all or part of their holdings ahead of any potential admission to trading on Euronext Paris,Enable shareholders to sell all or part of their holdings at the same price at which qualified and institutional investors subscribe for shares in the Company,Establish, through a bookbuild with qualified and institutional investors, a market-validated referenced price for Xryma shares ahead of any potential admission on Euronext Paris (the “Primary Market Placement Price”),Support orderly trading upon potential admission.

Individual shareholder mailouts explaining the details of the pre-listing liquidity facility scheme with instructions and necessary documentation will be conducted during August 2026.

As the Primary Market Placement Price is to be determined by the subsequent bookbuild, shareholders will be given the opportunity to set a floor price which will result in the sale of their shares if the Primary Market Placement Price is higher. Shareholders will receive the Primary Market Placement Price minus applicable fees.

Shareholders and Investors may be scaled back to match corresponding demand from the other party, with partial fulfilment a possibility if the Company cannot match supply to demand.

Completion of the process is subject to achieving a level of institutional and qualified investor demand that the Board considers appropriate to support an orderly market should Xryma subsequently be admitted to trading on Euronext Paris.

Participation is entirely voluntary. Shareholders who do not wish to sell will simply retain their shares. Shareholders that do not intend to participate should continue to onboard with a Euronext participating broker, or a Euroclear ESES custodian, per previous communications.

The major shareholders, SCP Select All Enterprise (Monaco) and SCP Red 5 Solutions (Monaco) will not participate in the offer and will be subject to lock up arrangements.

Mr Nikogiannis (John) Karantzis, CEO of Xryma Plc comments: “Our shareholders have told us they would value a straightforward way to realise their holdings without the time and cost of opening an EU brokerage account. This process is our response to that feedback. We are structuring the placement to be large enough to establish a credible reference price whilst limiting dilution, with demand directed first towards meeting shareholder sell interest. We look forward to updating the market on the revised timetable in due course.”

Shareholders seeking a more detailed explanation of the pre-listing liquidity facility and price discovery process, should refer to the guide available at https://www.xryma.com/investors

Important Information & Disclaimers

This press release may contain inside information within the meaning of Article 7(1) of Regulation (EU) 596/2014 (Market Abuse Regulation).

This publication is not for publication or distribution or release, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia), Canada, Australia, South Africa, Japan or any other jurisdiction where such an announcement would be unlawful. The distribution of this publication may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. No action has been taken that would permit an offering of the treasury shares or possession or distribution of this publication in any jurisdiction where action for that purpose is required.

This publication does not constitute or form part of an offer for sale or solicitation of an offer to purchase or subscribe for securities in the United States, Canada, Australia, South Africa, Japan or any other jurisdiction and the securities referred to herein have not been registered under the securities laws of any such jurisdiction. Any New Shares (if such are issued) will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any State or any other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of, the Securities Act and in compliance with all applicable securities laws of any State or any other jurisdiction of the United States. No public offering of securities is being made in the United States or in any other jurisdiction.

The information set forth herein must not be distributed in any jurisdiction where such distribution is unlawful, and any recipients are requested to inform themselves about and to observe such restrictions.

The Offering referred to herein by Xryma Plc will only be made in accordance with all applicable corporate and securities laws. Any shares referred to herein will exclusively be offered or sold in reliance on any applicable exemptions from prospectus or registration requirements in any jurisdiction. In member states of the European Economic Area, this publication is only addressed to and directed at persons who are ‘qualified investors’ within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (as amended and including any relevant delegated regulations, the “Prospectus Regulation”) or in any other circumstances falling within exemptions available in the relevant member state under Article 1(4) and/or 1(5) of the Prospectus Regulation. In the United Kingdom, this publication is only addressed to and directed at qualified investors within the meaning of the Prospectus Regulation, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (“EUWA”), who are persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (ii) falling within article 49(2)(a) to (d) (high net worth companies, incorporated associations, etc.) of the Order, or (iii) to whom it may otherwise be lawfully communicated; any other persons in the United Kingdom should not take any action on the basis of this publication and should not act on or rely on it.

This publication does not constitute a recommendation concerning the prospective Offering. This announcement does not constitute an Offer or invitation to subscribe.

This announcement includes statements that are, or may be deemed to be, ‘forward looking statements’. These forward-looking statements can be identified by the use of forward looking terminology, including the terms ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’, or ‘should’ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. By their nature, forward looking statements involve risk and uncertainty because they relate to future events and circumstances which may or may not occur. Many of these factors are beyond the control of the Company. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results and circumstances may vary materially from those described in this announcement as anticipated, believed, estimated or expected.

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