US DATA CENTRE ALERT: $500 MN LOAN PORTFOLIO PUT UP FOR SALE; STARGATE DEBT INCLUDED 🔴🔴🔴

• Loan Sale: Bloomberg reports an unidentified seller is auctioning approximately $500 Mn in US data centre loans • Auction Details: Portfolio includes around 12 loans, with bids due November 19 and a minimum bid size of $10 Mn • Stargate Exposure: Includes a $25 Mn loan portion linked to the OpenAI, Oracle and SoftBank-backed Stargate project in New Mexico • Major Operators: Portfolio also includes loans linked to Vantage Data Centers and CyrusOne • Oracle Concerns: Oracle previously issued a force majeure notice related to its New Mexico data centre project, seeking protection against potential delays • Financing Pressure: The auction comes amid growing investor concerns over AI infrastructure debt, project economics and construction risks • Political Uncertainty: US midterm election results have intensified concerns over potential data centre permitting restrictions • Investor Concerns: Wall Street is increasingly questioning whether future AI revenues can justify massive infrastructure investments • Key Risk: Rising construction costs, power availability, permitting delays and financing requirements could pressure project returns • Important Distinction: The sale of existing loans does not mean the underlying data centre projects have been cancelled • Sector Outlook: Growing scrutiny of AI infrastructure financing could increase borrowing costs and make funding more difficult for highly leveraged developers

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