Macquarie Asia Conference 2026 [ERRATUM]

Research evidence excerpt

Macquarie Asia Conference 2026 [ERRATUM]

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

MiniMax Group (100 HK) Macquarie Capital Limited makes a market in the securities of MiniMax Group Inc.

Outperform

12-month target: HK$1,100.00 - Sum of

Parts

Valuation: HKD 1,100.00 - Sum of Parts

Price: HK$742.50

Knowledge Atlas Technology Macquarie Capital Limited makes a market in the securities of Knowledge Atlas Technology JSC Ltd.

(Zhipu) (2513 HK)

12-month target:HK$1,221.40 - Sum of

Valuation: HKD 1,221.40 - Sum of Parts

Price:HK$1,030

Target Price Risk Disclosures

Company Name Risk Disclosure

Unclear path to profitability and funding risks. Knowledge Atlas Technology • (Zhipu) (2513 HK)

Dependence on computing resources and R&D talent. •