External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

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<ul><li>Further to our summary on the exchange offers on 3 Nov’25, we share below more of our thoughts on the LME after numerous client discussions and discussions with the LME advisor.</li><li>In brief, NWD launched holistic exchange offers for all of its 5 perps and 6 USD bonds with a total outstanding amount of cUSD6.8bn to exchange into new perp with an initial coupon rate of 9% and bond due 2031 with a coupon rate of 7%.</li><li>The maximum new perp and bond to be issued will be USD1.9bn, including the cap on new perp issue at USD1.6bn. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Further to our summary on the exchange offers on 3 Nov’25, we share below more of our thoughts on the LME after numerous client discussions and discussions with the LME advisor.In brief, NWD launched holistic exchange offers for all of its 5 perps and 6 USD bonds with a total outstanding amount of cUSD6.8bn to exchange into new perp with an initial coupon rate of 9% and bond due 2031 with a coupon rate of 7%.The maximum new perp and bond to be issued will be USD1.9bn, including the cap on new perp issue at USD1.6bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Fixed Income - NWD: A LME focusing on perps

New World Development

CMBI Fixed Income - NWD: A LME focusing on perps