Investor Presentaiton

Emerging concerns of economic slowdown in China China's official manufacturing PMI and Credit Impulse Index NOMURA (y-o-y, %) 20.0 15.0 10.0 5.0 0.0 -5.0 (DI) Credit impulse index (LHA) 58.0 Official manufacturing PMI (RHA) 56.0 54.0 52.0 50.0 48.0 46.0 44.0 42.0 -10.0 40.0 05 07 09 11 13 15 17 19 21 (CY) Source: Nomura, based on Haver Analytics data Concern for the Chinese economy is casting a shadow over the global economy heading toward reopening. Besides the deceleration of production activities due to supply constraints, 'Common Prosperity' policy enacted by the Xi Jinping administration is involving various tightening. and controlling measures on economic activities. 4

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