Legal & Compliance

Important Disclosures

Agora Capital SA · Place du Port 1, 1204 Geneva, Switzerland · © 2026

This document constitutes general market commentary produced by Agora Capital SA for informational and educational purposes only. It does not constitute investment advice, a personal recommendation, or an offer or solicitation to buy, sell or hold any security, financial instrument or investment.

About Agora Capital SA

This document has been produced by Agora Capital SA, a company incorporated in Switzerland with its registered office at Place du Port 1, 1204 Geneva, Switzerland. [INSERT: FINMA registration or applicable exemption status — to be completed by Swiss legal counsel before publication.] Agora Capital SA is subject to Swiss law and the jurisdiction of the Swiss courts

Nature of this document

This document constitutes general market commentary produced by Agora Capital SA for informational and educational purposes only. It reflects the analytical views of the author(s) on publicly available information and does not constitute investment research, investment advice, a personal recommendation, or an offer or solicitation to buy, sell or hold any security, financial instrument or investment. Nothing in this document should be construed as forming the basis of any investment decision.

No personal advice

The information and opinions expressed in this document do not take into account the specific investment objectives, financial situation, tax position or individual circumstances of any reader. They are intended to inform and stimulate discussion, not to guide individual investment decisions. Any reader considering an investment in any instrument or asset class discussed herein should seek independent professional financial, legal, tax and regulatory advice appropriate to their own circumstances before taking any action

Risk warning

All investments carry risk. Past performance is not a reliable indicator of future results. The value of investments and any income from them may fall as well as rise, and investors may not recover the amount originally invested. Where this document refers to specific asset classes, instruments or markets, the risks associated with those investments may include but are not limited to: market risk, credit risk, liquidity risk, interest rate risk, currency risk, and the risk of total loss of capital.

. This document urges general caution in certain areas of the market; that caution reflects analytical judgement based on publicly available information and should not be read as a prediction of any specific outcome.

Information sources and accuracy

The information and analysis contained in this document are based on sources considered to be reliable at the date of publication. Agora Capital SA does not guarantee the accuracy, completeness or timeliness of any information contained herein, nor does it accept any liability for any loss or damage arising from reliance upon it. All information, opinions, prices and market references may change without notice. Agora Capital SA accepts no obligation to update or revise any statement contained in this document following its publication.

Conflicts of interest

Agora Capital SA and its employees may from time to time hold positions in securities or instruments referred to in its published commentary. This document does not disclose specific position information. Readers should be aware of this possibility when considering the views expressed herein. A copy of Agora Capital SA's Conflicts of Interest Policy is available upon request.

Distribution

This document may be freely shared for informational purposes. It is not intended for distribution in any jurisdiction where its distribution would be contrary to applicable law or regulation. Readers in jurisdictions outside Switzerland are responsible for ensuring compliance with their local laws and regulations.

This document is not directed at persons in the United States of America.

Copyright

© 2026 Agora Capital SA. All rights reserved. This document may be shared freely in its original and unaltered form for non-commercial purposes with appropriate attribution to Agora Capital SA. Any reproduction, adaptation, or use for commercial purposes requires the prior written consent of Agora Capital SA.

Privacy

Agora Capital SA processes personal data in accordance with the Swiss Federal Act on Data Protection (revFADP) and, where applicable, the EU General Data Protection Regulation (GDPR). Further information is available at www.agora-capital.com.