082526 The Consumer's Narrowing Margin of Safety

2 Disclaimers This document has been prepared by SMBC Group (including, collectively or individually, Sumitomo Mitsui Banking Corporation (“SMBC”) , SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Leasing and Finance, Inc., and JRI America, Inc.) and is being furnished by SMBC Group solely for use by the client(s) or potential client(s) to whom such materials are directly addressed and delivered. SMBC Nikko Securities America, Inc. (“SMBC Nikko America”) is a U .S.-registered broker- dealer. SMBC Nikko Securities Canada, Ltd. (“SMBC Nikko Canada”) is a U .S. and Canadian registered broker-dealer. SMBC Capital Markets, Inc. (“SMBC Capital Markets”) is a U .S. swap dealer registered with the Commodity Futures Trading Commission ( “ CFTC ” ). SMBC Group deal team members may be employees of any of the foregoing entities. In the U.S., capital markets and other investment banking activities for SMBC Group are performed by a combination of SMBC Nikko America, SMBC Nikko Canada, and SMBC Capital Markets. Derivative activities may be performed by SMBC Capital Markets or SMBC. Lending and other commercial banking activities are performed by SMBC and its banking affiliates. SMBC operates in the U.S. through state-licensed branches, and representative offices, and does not accept deposits from the general public. SMBC is not a member of the Federal Deposit Insurance Corporation (“FDIC”) and is not an FDIC-insured institution. Deposits placed with SMBC are not insured by the FDIC. FDIC deposit insurance coverage only protects against the failure of an FDIC-insured depository institution. Non- deposit products are not insured by the FDIC; are not deposits; and may lose value, subject to certain limited exceptions. This document is for informational purposes only and is not intended to be advice, a recommendation, an offer to sell or the solicitation of an offer to buy any securities, enter into any transaction or adopt any hedging, trading or investment strategy, or any commitment to underwrite, subscribe for or place any securities, is not an offer or commitment to provide any financing or extension of credit or service, and does not contain any tax, accounting, or legal advice. Any transactions or strategies discussed herein do not take into account the particular investment objectives, financial situations, or needs of any client, and may not be suitable for all parties. This document is not a research report, and neither this document nor its author(s) is subject to SMBC Group policies and procedures that apply to the globally branded research reports and research analysts of SMBC Group and its affiliates or to legal requirements designed to promote the independence of investment research. This document has been prepared for and is directed exclusively at Qualified Institutional Buyers, sophisticated institutional investors, and other market professionals. It is not intended for distribution to or use by retail customers. SMBC Group makes no representations to, and does not warrant, this document’s accuracy or completeness. In preparing this document, SMBC Group has relied on information available from third parties, including public sources, and we have assumed, without independent verification, the accuracy and completeness of such information. Any specific prices, indices or measures, including ranges, listed in this document were determined at or around the time the document was prepared and are subject to change without notice. SMBC Group expressly disclaims any liability for any results in connection with use of the information set forth herein, including, without limitation, any use of the information in the preparation of financial statements or accounting material. SMBC Group does not provide tax, accounting, or legal advice. Accordingly, any discussion of tax matters contained herein (including any attachments) is not intended or written to be used in connection with the promotion, marketing or recommendation by anyone for the purpose of avoiding any tax-related penalties. Prior to participating in any transaction or strategy, you should consult your own independent legal, tax, accounting and other professional advisors. This document may contain forward-looking statements, which may include projections, forecasts, income estimates, yield or return, future performance targets, or similar analysis. Any such forward-looking statements, prices, indices, or measures are based upon certain assumptions. All forward-looking statements are based on the information available at the time the document was prepared and SMBC Group is not obligated to provide an update. Any opinions, projections, price/yield information or estimates are subject to change without notice. Actual events may differ from those assumptions or available information. There can be no assurance that any estimated returns or projections will be realized, that forward-looking statements will materialize, or that actual results will not be materially different from those presented herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The value, price, or income from transactions or strategies may fall as well as rise. SMBC Group or an affiliate may have a position in any of the underlying instruments, assets, indices or rates mentioned in this document, at any time. This document is confidential and is the property of SMBC Group, subject to copyright. Any reproduction of this document, in whole or in part, is prohibited, and you may not release this document to any person, except to your advisors and other professionals to assist you in evaluating the document, provided that they are obligated, by law or agreement, to keep the document confidential. ©2026 SMBC Group. SMBC CONNECT is a trademark of Sumitomo Mitsui Banking Corporation. All rights reserved.