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EQT AB (publ) Year-end Report 2024

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STOCKHOLM, Jan. 23, 2025 /PRNewswire/ — Gearing up for long-term growth  

“Private markets are returning to their long-term growth trajectory. The global economy is growing, paced by Asia and the US, central banks have cut interest rates, and capital markets are robust albeit volatile. We live in times of rapid technological and societal shifts. At EQT we continuously adapt, while remaining focused on building resilient companies, infrastructure, and real estate. In 2024, we returned to record levels of investments, increased exit activity, drove significant value in our portfolios, and closed the largest private equity fund globally1. In recent years, we launched a number of new strategies and are now primed to hit the ground running as we embark on a new EUR 100 billion fundraising cycle.”

Christian Sinding,
CEO and Managing Partner

1) PEI 

Highlights for the period Jan-Dec 2024 (Jan-Dec 2023)

Strategic

EQT introduced two new strategies: EQT Healthcare Growth, a dedicated healthcare buyout strategy, and EQT Transition Infrastructure, investing in energy transition-related infrastructureEQT enhanced its focus on private wealth through senior team hires, branding efforts, the addition of further distribution banks, and the launch of new products. In 2025, EQT expects to launch three additional evergreen vehicles, and thereby have five active vehicles available for private wealth, including three dedicated to the US, and two dedicated to Europe and AsiaEQT strengthened its central platform to enable continued scalable growth, as EQT expands its offering of vehicles for private wealth, enhances its capital raising efforts to attract new clients and increase cross-selling, launches new investment strategies, and expands its investment advisory teams and investment activities across North America and AsiaIn recent years, EQT has launched ten strategies which are at an early stage of scalability and profitability, and is currently incurring costs associated with its recently launched and upcoming private wealth products, which had an impact on EQT’s marginsEQT continues to assess strategic opportunities, organically or through acquisitions to strengthen its platform

Adjusted Financials – reflecting EQT’s underlying performance1

Management fees increased primarily due to closed out commitments. Carried interest and investment income increased driven by value creation and higher realization activity, and the EBITDA margin was flat, reflecting the impact of long-term growth initiatives. EQT continues to expect to be at the upper end of its stated 55-65% EBITDA margin target range in years when substantial carried interest is recognized. As outlined at EQT’s capital markets day in March 2024, EQT furthermore expects to reach the 55-65% EBITDA margin target range also excluding carried interest and investment income during the next fundraising cycleThe US Multifamily fund initiative has been discontinued. The associated costs such as redundancies and the revaluations of certain investments made with the support of EQT’s balance sheet – totaling approximately EUR 80m net of tax – are treated as an item affecting comparability and are therefore excluded from EQT’s adjusted financials (see Note 1)Total Revenue amounted to EUR 2,355m (EUR 2,131m), an increase of 11%. Management fees increased by 7%. Carried Interest and Investment Income amounted to EUR 251m (EUR 165m), an increase of 52%EBITDA amounted to EUR 1,359m (EUR 1,226m), corresponding to an EBITDA margin of 58% (58%). Fee-related EBITDA amounted to EUR 1,108m (EUR 1,062m), corresponding to a Fee-related EBITDA margin of 53% (54%)Net Income from continuing operations amounted to EUR 1,115m (EUR 1,019m)Earnings Per Share for continuing operations before and after dilution amounted to EUR 0.942 (EUR 0.860) and EUR 0.942 (EUR 0.859), respectively

1) Adjusted Financials, which are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section “Alternative performance measures”

Reported Financials – IFRS1

Total Revenue amounted to EUR 2,653m (EUR 2,122m). Carried Interest and Investment Income amounted to EUR 549m (EUR 156m)EBITDA amounted to EUR 1,324m (EUR 731m), corresponding to an EBITDA margin of 50% (34%)Net Income from continuing operations amounted to EUR 776m (EUR 177m)Earnings Per Share for continuing operations before and after dilution amounted to EUR 0.656 (EUR 0.149) and EUR 0.656 (EUR 0.149), respectively

1) As of Jan 1, 2024, EQT has, in accordance with IAS 8, changed accounting principles relating to carried interest, see Note 6. Adjusted Revenue is unchanged compared to prior periods

Fundraising

In 2024, the global fundraising market saw lower volumes of completed fundraisings compared to 2023, extended fundraising timelines, and marginal improvements in liquidity dynamics as realization volumes across global private markets remained subduedLarger managers with an established track-record attracted an outsized share of client commitments as clients consolidated their relationships with fewer managers, a trend which EQT benefited from. EQT strategies across the world completed fundraises in 2024 that combine to around EUR 30bn in total commitments1, including EQT X, the largest private equity fundraise to be completed globally in 20242Gross inflows amounted to EUR 11bn (EUR 24bn), primarily driven by closed out commitments from EQT X and Infrastructure VIFAUM increased to EUR 136bn (EUR 130bn). Total AUM was EUR 269bn (EUR 232bn)EQT Infrastructure VI had fee-generating commitments of EUR 18.1bn. The fund is expected to reach its target size upon its final close in the first quarter of 2025EQT set the hard cap for investor commitments of USD 14.5bn for EQT Private Capital Asia’s BPEA Private Equity Fund IX. The target fund size for BPEA IX is USD 12.5bn, and EQT expects commitments to approach the target fund size upon first close during the first half of 2025. BPEA IX is expected to be activated in the first half of 2025EQT Nexus’ NAV amounted to approximately EUR 1bn, with inflows accelerating during the fourth quarter. EQRT, EQT’s semi-liquid strategy focusing on direct investments in commercial real estate, announced its first investments and is expected to gradually increase marketing and fund raising efforts when the real estate fund raising market improves

1) EQT X (EUR 22bn), EQT Future (EUR 3.6bn), BPEA Mid-Market Growth (EUR l.5bn), and EQT Active Core Infrastructure (EUR 2.9bn)
2) PEI

Investment and exit activity1

EQT had one of its most active investment years ever, with total investments by the EQT funds amounting to EUR 22bn, an increase of 27% compared to 2023. In addition, EQT provided co-investment opportunities of EUR 12bn for its clientsEQT announced new investments across focus themes including digitalisation, energy transition, cyber security, education, waste management, transportation, and logisticsEQT Exeter more than doubled investment volumes to almost EUR 4bn, to mark its most active investment year since the combination with EQT in 2021EQT accelerated exit activity and announced total gross fund exits of EUR 11bn, a 72% increase on 2023Exit events included complete sales, Initial Public Offerings (IPOs), monetizations of listed holdings, and minority stake sales making 2024 a record year in terms of the number of exit events for the EQT fundsEQT was the most active private markets firm globally in 2024 as it relates to IPOs and follow-on volumes2

1) Signed transactions, if not otherwise mentioned
2) Dealogic and Goldman Sachs

Investment performance

All Key funds continued to perform On or Above plan. At the end of the period, EQT increased its expectation for BPEA VIII to perform Above plan, based on the fund’s strong value creation outlookValue creation in key funds amounted to 18% during 2024, underpinned by strong underlying Sales and EBITDA developments, supportive valuation references, realizations and exit processes. In particular, the fourth quarter of 2024 marked a meaningful improvement, being the strongest quarter in three years in terms of value creationKey funds in EQT Infrastructure, and more recent vintages in Private Capital EU & North America and Private Capital Asia saw the strongest performance. EQT IX performed particularly well towards the end of the year on the back of strong operational performance and supportive pies, including for companies being readied for exits

Balance sheet, realizations of carried interest and liquidity

At 31 December 2024, interest bearing liabilities amounted to EUR 2,000m1. Cash and cash equivalents amounted to EUR 1,024m. EQT’s EUR 1.5bn sustainability-linked revolving credit facility was undrawn and the facility was extended in July 2024 with a tenor of 5 years with two 1-year extension options. Net Debt (ND) amounted to EUR 976m. ND/ Adjusted EBITDA was 0.7x and ND/Adjusted Fee-related EBITDA 0.9xReported Carried Interest amounted to EUR 587m (EUR 134m)2. Adjusted Carried Interest amounted to EUR 176m (EUR 142m). Realized (cash) carried interest amounted to EUR 59m (EUR 115m)EQT repurchased a total of 4.2 million shares (EUR 118m) to offset the potential dilution from EQT’s equity incentive programsIn addition to EQT’s A- (Stable) rating from Fitch, EQT obtained an A- (Stable) rating from S&P, underscoring EQT’s operational strength and robust financial position

Note: The adjusted metrics are alternative performance metrics for the EQT AB Group. For a full reconciliation, please refer to section “Alternative performance measures’
1) Nominal amount
2) As of Jan 1, 2024, EQT has, in accordance with IAS 8, changed accounting principles relating to carried interest, see Note 6. Adjusted Revenue is unchanged compared to prior periods

People and future-proofing

The number of full-time equivalent employees and on-site consultants (FTE+) amounted to 1,941 (1,838), of which 1,886 (1,777) were FTEs. New hires in 2024 were made to strengthen the capital raising platform as well as the investment teams to enable scalable future growthMasoud Homayoun was appointed Head of EQT InfrastructureHenry Steinberg was named Global Head of EQT Exeter, after Ward Fitzgerald decided to step downDuring 2024, the number of portfolio companies with validated science-based targets increased by 28, taking the total number of portfolio companies with validated targets to 52, or more than 60% of invested capital, at the end of the period. This is about three times higher than the median alternative asset manager1. In addition, 14 companies are in the process of setting targets

1) BCG, May 2024

Other

EQT Exeter, which will operate under the EQT Real Estate brand going forward, will continue to focus primarily on industrial (logistics) real estate. The US Multifamily fund initiative has been discontinued, and the associated costs such as redundancies and the revaluations of certain investments made with the support of EQTs balance sheet – totaling approximately EUR 80m net of tax – are reported in the period as an item affecting comparability (see Note 1). EQT Real Estate has also decided not to pursue further investments in the office and life sciences property sector for the time beingEQT established offices in Warsaw, Poland and Bengaluru, India. The Warsaw office is expected to become a significant tech development hub for EQT, and the Bengaluru office will host junior investment advisory professionals working with our global teamsDuring 2023 and 2024, lock-ups related to 20% of EQT’s share capital expired (including 12% in September 2024). Current and former employees subject to lock-up expiries during 2023 and 2024 continue to own a majority of those shares. Liquidity in the EQT share increased by approximately 33% following the 2024 lock-up expiry in September, compared to the 12 month period prior (source: Bloomberg), and EQT’s weight in certain indexes increased during the fourth quarterIn December, EQT was included in the Dow Jones Sustainability Index (DJSI) for the third consecutive year, and is the only private market firm globally to be part of DJSI World

Events after the reporting period

The Board proposes a dividend per share of SEK 4.30 (3.60), to be paid in two installments, SEK 2.15 (1.80) in June 2025 and SEK 2.15 (1.80) in December 2025Investment levels in EQT Key funds as of 23 January 2025 were 45-50% in EQT X, 45-50% in EQT Infrastructure VI and 80-90% in BPEA VIIIAnna Wahlstrom, Leadership Strategy and Culture Enabler, stepped down from EQT’s Executive Committee. Anna’s role and scope remains unchangedAlex Lowen was appointed Global Head of Human Resources

Presentation of EQT AB’s Year-end Report 2024

Financial analysts and media are invited to participate in a conference call, including a presentation at 08:30 CET.

The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.

To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, shareholderrelations@eqtpartners.com 
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, press@eqtpartners.com , +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 CET on 23 January 2025.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-ab–publ–year-end-report-2024,c4094903

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

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

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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.

Logo: https://mma.prnewswire.com/media/2931510/5858548/Fractal_Logo.jpg

 

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SOURCE Fractal Analytics Limited

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

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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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