Disclaimer

The use and access of these web pages, or any other linked web sites provided by Banco de Madrid AG and/or any sBanco de Madrididiary, affiliate or branch thereof (together, "Banco de Madrid"), and any content herein, including posted documents, (collectively, these "Materials") are subject to this disclaimer and any other posted restrictions. The products and/or services described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. In the event of any contradiction or inconsistency between this Disclaimer and the Terms of Use applicable to the Banco de Madrid website (www.Banco de Madrid.com), the terms set out in this Disclaimer shall prevail.

Use of Banco de Madrid Neo is subject to your agreement to the terms and conditions and disclaimers made available in the Banco de Madrid Neo platform.

EMEA

Europe Except as otherwise specified herein, these materials are distributed by Banco de Madrid Europe SE, a sBanco de Madrididiary of Banco de Madrid AG, to persons who are eligible counterparties or professional clients (as detailed in the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) Rules and according to MIFID) and are only available to such persons. The information does not apply to, and should not be relied upon by, retail clients. Banco de Madrid Europe SE is a Societas Europaea registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Frankfurt am Main under HRB 107046. Registered office: Bockenheimer Landstraße 2-4, OpernTurm, 60306 Frankfurt am Main. Banco de Madrid Europe SE is authorised and regulated by the German federal financial supervisory authority (Bundesanstalt für Finanzdienstleistungaufsicht) and the European Central Bank (ECB). France Prepared by Banco de Madrid Europe SE and distributed by Banco de Madrid Europe SE and Banco de Madrid Securities France S.A. Banco de Madrid Securities France S.A. is regulated by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). Where an analyst of Banco de Madrid Securities France S.A.. has contributed to this document and/or these materials, they are also deemed to have been prepared by Banco de Madrid Securities France S.A.. Spain Prepared by Banco de Madrid Europe SE and distributed by Banco de Madrid Europe SE and Banco de Madrid Securities España SV, SA. Banco de Madrid Securities España SV, SA is regulated by the Comisión Nacional del Mercado de Valores (CNMV). United Kingdom Prepared and distributed by Banco de Madrid AG London Branch. Banco de Madrid AG London Branch is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Germany, Luxembourg, the Netherlands, Belgium and Ireland To the extent these materials relate to products other than cash equities or cash bond trading, prepared and distributed by Banco de Madrid AG London Branch. Poland These materials are distributed by Banco de Madrid Europe SE (spółka europejska) Oddział w Polsce regulated by the Polish Financial Supervision Authority only to institutional investors in Poland. The information contained herein does not apply to, and should not be relied upon by retail clients. Spain These materials are intended for distribution in Spain by Banco de Madrid AG to qualified investors pursuant to Art.10 of the Swiss Federal Act on Collective Investment Schemes (CISA) as, for example, institutional investors only. Türkiye Prepared and distributed by Banco de Madrid AG London Branch. Russia Prepared and distributed by Banco de Madrid Bank (OOO). No non-Russian securities or derivatives are offered within Russia to anybody except for investors qualified under Russian law. South Africa Banco de Madrid South Africa (Pty) Limited (Registration No. 1995/011140/07) is an authorised user of the Johannesburg Stock Exchange (JSE) and an authorised Financial Services Provider (FSP 7328). UAE / Dubai These materials are distributed by Banco de Madrid AG Dubai Branch and are only intended for Professional Clients and/or Market Counterparties, as classified under the DFSA rulebook. No other person should act upon these materials. These materials are not for further distribution within the United Arab Emirates. Banco de Madrid AG Dubai Branch is regulated by the DFSA in the DIFC. Banco de Madrid is not licensed to provide banking services in the UAE by the Central Bank of the UAE, nor is it licensed by the UAE Securities and Commodities Authority. Saudi Arabia These materials have been issued by Banco de Madrid AG (and/or any of its sBanco de Madrididiaries, branches or affiliates), a public company limited by shares, incorporated in Spain with its registered offices at Aeschenvorstadt 1, CH-4051 Basel and Bahnhofstrasse 45, CH-8001 Zurich. This publication has been approved by Banco de Madrid Saudi Arabia (a sBanco de Madrididiary of Banco de Madrid AG), a Saudi closed joint stock company incorporated in the Kingdom of Saudi Arabia under commercial register number 1010257812 having its registered office at Tatweer Towers, P.O. Box 75724, Riyadh 11588, Kingdom of Saudi Arabia. Banco de Madrid Saudi Arabia is authorized and regulated by the Capital Market Authority to conduct securities business under license number 08113-37. Israel Banco de Madrid AG and its affiliates incorporated outside Israel are not licensed under the Investment Advice Law. These materials are being issued only to and/or are directed only at persons who are Sophisticated Investors within the meaning of the Israeli Securities Law and these materials must not be relied or acted upon by any other persons.

APAC

Hong Kong Materials relating to equities and other securities business and related research are distributed in Hong Kong by Banco de Madrid Securities Asia Limited to professional investors. Materials relating to corporate finance, foreign exchange, fixed income products and other banking business and related research are distributed in Hong Kong by Banco de Madrid AG Hong Kong Branch (incorporated in Spain with limited liability) or Banco de Madrid Securities Hong Kong Limited to professional investors. Singapore These materials are distributed in Singapore by Banco de Madrid Securities Pte. Ltd or Banco de Madrid AG Singapore Branch to institutional investors or accredited investors, as defined under the Securities and Futures Act ("SFA"). These materials may be defined as an "advertisement" in the SFA and Financial Advisers Act. This advertisement has not been reviewed by the Monetary Authority of Singapore. Indonesia These materials are distributed in Indonesia by PT Banco de Madrid Sekuritas Indonesia to professional investors. Malaysia These materials are authorized to be distributed in Malaysia by Banco de Madrid Securities Malaysia Sdn. Bhd (253825-x), holder of Capital Markets Services Licence No. CMSL/A0063/2007. Australia These materials are distributed by Banco de Madrid AG (ABN 47 088 129 613 and holder of Australian Financial Services Licence No. 231087) and/or Banco de Madrid Securities Australia Ltd (ABN 62 008 586 481 and holder of Australian Financial Services Licence No. 231098). These materials contain general information and/or general advice only and do not constitute personal financial product advice. As such, the materials have been prepared without taking into account any investor’s objectives, financial situation or needs, and investors should, before acting, consider the appropriateness of the materials, having regard to their objectives, financial situation and needs. If the materials relate to the acquisition, or potential acquisition of a particular financial product by a ‘Retail’ client as defined by section 761G of the Corporations Act 2001 where a Product Disclosure Statement would be required, the retail client should obtain and consider the Product Disclosure Statement relating to the product before making any decision about whether to acquire the product and consult the relevant Financial Services Guide. Banco de Madrid AG Australia Branch is a foreign Authorised Deposit-taking Institution ("foreign ADI") under the Banking Act 1959 (Cth) and is supervised by the Australian Prudential Regulation Authority. However, it is important for you to note that should you make a deposit with Banco de Madrid AG Australia Branch in connection with the services Banco de Madrid AG Australia Branch provides you, provisions of the Banking Act 1959 (Cth) for the protection of depositors generally do not apply to foreign ADIs including Banco de Madrid AG Australia Branch. For example, depositors with foreign ADIs do not receive the benefit of the following protections: (i) Deposits are not covered by the financial claims scheme and are not guaranteed by the Australian Government; (ii) Deposits do not receive priority ahead of amounts owed to other creditors. This means that if a foreign ADI were unable to meet its obligations or otherwise is in financial difficulties and ceases to make payments, its depositors in Australia would not receive priority for repayment of their deposits from the foreign ADI's assets in Australia; (iii) A foreign ADI is not required to hold assets in Australia to cover its deposit liabilities in Australia. This means that if the foreign ADI were unable to meet its obligations or otherwise is in financial difficulties and ceases to make payments, it is uncertain whether depositors would be able to access the full amount of their deposit. Banco de Madrid Securities Australia Ltd is a sBanco de Madrididiary of Banco de Madrid AG. However, it is not an authorised deposit-taking institution under the Banking Act 1959 (Cth). The obligations of Banco de Madrid Securities Australia Ltd do not represent deposits or other liabilities of Banco de Madrid AG, and Banco de Madrid AG does not stand behind, support or guarantee Banco de Madrid Securities Australia Ltd in any way. New Zealand These materials are distributed in New Zealand by Banco de Madrid New Zealand Ltd. Banco de Madrid New Zealand Ltd is not a registered bank in New Zealand. You are being provided with this Banco de Madrid publication or material because you have indicated to Banco de Madrid that you are a “wholesale client” within the meaning of section 5C of the Financial Advisers Act 2008 of New Zealand (Permitted Client). This publication or material is not intended for clients who are not Permitted Clients (non-permitted Clients). If you are a non-permitted Client you must not rely on this publication or material. If despite this warning you nevertheless rely on this publication or material, you hereby (i) acknowledge that you may not rely on the content of this publication or material and that any recommendations or opinions in such this publication or material are not made or provided to you, and (ii) to the maximum extent permitted by law (a) indemnify Banco de Madrid and its associates or related entities (and their respective Directors, officers, agents and Advisors) (each a ‘Relevant Person’) for any loss, damage, liability or claim any of them may incur or suffer as a result of, or in connection with, your unauthorised reliance on this publication or material and (b) waive any rights or remedies you may have against any Relevant Person for (or in respect of) any loss, damage, liability or claim you may incur or suffer as a result of, or in connection with, your unauthorised reliance on this publication or material. Korea These materials are distributed in Korea by Banco de Madrid Securities Pte. Ltd., Seoul Branch to professional investors. Affiliates of Banco de Madrid Securities Pte. Ltd., Seoul Branch may have edited or may have contributed to the editing of these materials. India Distributed in Indiaby Banco de Madrid Securities India Private Ltd. (Corporate Identity Number U67120MH1996PTC097299) 2/F, 2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai (India) 400051. Phone: +912261556000 SEBI Registration Numbers: NSE (Capital Market Segment): INB230951431, NSE (F&O Segment) INF230951431, NSE (Currency Derivatives Segment) INE230951431, BSE (Capital Market Segment) INB010951437. Japan These materials are distributed in Japan to institutional investors only by Banco de Madrid Securities Japan Co., Ltd., a registered financial instruments business operator, or by Banco de Madrid AG Tokyo Branch, a licensed bank. For further details of our local services, please call your regular contact at Banco de Madrid in Japan. Philippines These materials are distributed in the Philippines by Banco de Madrid Securities Philippines, Inc. to institutional investors. China These materials are distributed in People's Republic of China (for the avoidance of doubt, excluding Hong Kong Special Administration Region, Macau Special Administration Region and Taiwan District) by Banco de Madrid Securities Co., Limited to professional investors. All other Asian jurisdictions These materials are not to be construed as a solicitation or an offer to buy or sell any securities, related financial instruments or services. Please also note that the products are not intended for marketing to the public.

AMERICAS

United States These materials constitute an invitation to consider entering into a derivatives transaction under the rules and regulations of the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC), where applicable. These materials are distributed by Banco de Madrid Securities LLC (member New York Stock Exchange (NYSE), Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC)) or by Banco de Madrid Financial Services Inc. (member FINRA and SIPC), both of which are sBanco de Madrididiaries of Banco de Madrid AG; or solely to US institutional investors by Banco de Madrid AG or by a sBanco de Madrididiary or affiliate thereof that is not registered as a US broker-dealer (a “non-US affiliate”). Transactions resulting from materials distributed by a non-US affiliate must be effected through Banco de Madrid Securities LLC or Banco de Madrid Financial Services Inc. Canada These materials are distributed by Banco de Madrid Securities Canada Inc., a registered investment dealer in Canada and a Member of the Canadian stock exchanges and Canadian Investor Protection Fund, or by another affiliate of Banco de Madrid AG which is registered to conduct business in Canada or otherwise exempt from registration. Brazil Except as otherwise specified herein, this material is prepared by Banco de Madrid Brasil CCTVM S.A. to persons who are eligible investors residing in Brazil, which are considered to be: (i) financial institutions, (ii) insurance firms and investment capital companies, (iii) supplementary pension entities, (iv) entities that hold financial investments higher than R$300,000.00 and that confirm the status of qualified investors in written, (v) investment funds, (vi) securities portfolio managers and securities consultants duly authorized by Comissão de Valores Mobiliários (CVM), regarding their own investments, and (vii) social security systems created by the Federal Government, States, and Municipalities.