We acknowledge receipt of your emails dated 12 and 16 September 2025. MUFG Bank (hereinafter “MUFG”) appreciates the opportunity to respond to the concerns raised regarding the NEOM Green Hydrogen project.

MUFG assesses and monitors projects in line with our Environmental and Social Policy Framework and the Equator Principles to ensure that the projects we finance and advise on are developed in a socially responsible manner.

To achieve this, in addition to the Environmental and Social Impact Assessment (ESIA), which is generally publicly disclosed, we require additional Environmental and Social Due Diligence ("ESDD") as needed. This is conducted by an independent environmental and social expert with relevant expertise, including in human rights, biodiversity, and climate change, to ensure alignment with national and/or international standards. Furthermore, during the loan period, MUFG monitors the projects to identify and assess environmental and social impacts that may arise, in communication with the client.

Negative impacts and risks in this project are managed in line with the same approach as described above and will continue to be addressed accordingly