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Wilson Ho, CFA+852 2903 2656Barclays Bank, Hong KongSands China: Early redemption underscores liquidity and funding flexibility; Maintain OW,26 May 2025Melco Resorts/Studio City: Turning a corner?, 9 May 2025MGM China: New credit facility to boost liquidity, 16 April 2025SJM Holdings Ltd: Satellite casino resolution in focus, 7 March 2025Wilson Ho is a Director in the Asia credit research team atBarclays, based in Hong Kong. Wilson has more than 15years of experience as a research analyst, and he wasranked the No.1 analyst in Asia (ex-Japan) High YieldStrategy in the Excel (formerly Institutional Investor (II))Fixed Income survey in 2024, and the No.2 analyst in Asia(ex-Japan) High Yield Strategy in the Institutional Investor(II) Fixed Income survey in 2022 and 2023. Wilson joinedBarclays in January 2018. Before that, he was an equityanalyst in Macquarie’s Hong Kong and China propertyresearch team. Wilson was a Top 10 analyst in the BestResearch Report Competition 2016 organized by the HongKong Society of Financial Analysts (HKSFA) and wasranked a runner up in the property team in InstitutionalInvestor’s 2015 All-Asia Research survey. Wilson holds amaster’s degree with a major in fund management fromthe University of New South Wales (Distinction) and aBachelor of Business Administration (InformationSystems) degree from the University of Hong Kong, and isa CFA, FRM and CAIA charterholder. He has been awardedthe CFA Institute Certificate in ESG Investing.View Analyst Page••This event is intended for Barclays institutional investor clients only. This event is strictly and solelyfor the benefit of the intended recipients. Please do not forward this invitation to any other partywithout written consent from Barclays Research. Barclays' Investment Bankers are prohibited fromattending this event. Participant comments are not for attribution.If your firm is in-scope for research unbundling under MiFID II and you require further informationregarding pricing to participate in this Barclays Research content event, please contact your salesrepresentative. For FICC clients this Event will qualify as Level 4 This document is intended for institutional investors and is not subject to all of the independence anddisclosure standards applicable to debt research reports prepared for retail investors under U.S. FINRARule 2242. Barclays trades the securities covered in this report for its own account and on adiscretionary basis on behalf of certain clients. Such trading interests may be contrary to therecommendationsofferedin this report.Any views or opinions by Barclays research analysts have been previously published in researchreports available to our clients on Barclays Live.For analyst certifications and important disclosures including, where applicable, foreignaffiliatedisclosures, and the date and time when the production of each recommendation was completed andfirst disseminated, please refer to the full document(s) included in this email or go to our Researchportal on Barclays Live. To access conflict of interest disclosures relating to issuers covered byBarclays Research, please see https://publicresearch.barclays.com.Barclays Events Terms of Service | Barclays Events Privacy NoticeDisclaimer:BARCLAYSThis communication has been prepared by Barclays.“Barclays” means any entity within the Barclays Group of companies, where “Barclays Group” meansBarclays Bank PLC, Barclays PLC and any of their subsidiaries,affiliates,ultimate holding companyand any subsidiaries oraffiliatesof such holding company.CONFLICTS OF INTERESTBARCLAYS IS A FULL SERVICE INVESTMENT BANK. In the normal course ofofferinginvestment bankingproducts and services to clients, Barclays may act in several capacities (including issuer, marketmaker and/or liquidity provider, underwriter, distributor, index sponsor, swap counterparty andcalculation agent) simultaneously with respect to a product, giving rise to potential conflicts ofinterest which may impact the performance of a product.BARCLAYS POSITIONSBarclays may at any time acquire, hold or dispose of long or short positions (including hedging andtrading positions) and trade or otherwiseeffecttransactions for their own account or the account oftheir customers in the products referred to herein which may impact the performance of a product.FOR INFORMATION ONLYTHIS DOCUMENT IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IT IS SUBJECT TO CHANGE.This information has been prepared by the Research Department within the Investment Bank ofBarclays. The information, analytic tools, and/or models referenced herein (and any reports or resultsderived from their use) are intended for informational purposes only. Barclays has no obligation toupdate this information and may cease provision of this information at any time and without notice.NO OFFERBarclays is notofferingto sell or seekingoffersto buy any product or enter into any transaction. Anyofferor entry into any transaction requires Barclays’ subsequent formal agre