On 20 January 2026, in connection with the proposed privatisation of ANE (Cayman) Inc. by way of a scheme of arrangement under the Hong Kong Code on Takeovers and Mergers, the Executive received a disclosure of securities dealings from Morgan Stanley & Co. International plc.

According to the filing, on 19 January 2026, Morgan Stanley & Co. International plc sold 1,000 relevant securities in derivative form (other products) at a reference price of US$12.1325, with a total paid amount of US$12,132.50 and a maturity date of 13 November 2026. Subsequently, on the same day, it purchased 1,500 securities in derivative form (other products) at a reference price of US$12.1283, with a total paid amount of US$18,192.45 and a maturity date of 31 July 2026. These dealings resulted in a balance of zero.

The filing also states that Morgan Stanley & Co. International plc is a Class (5) associate connected with the Offeror and ultimately owned by Morgan Stanley. The dealings outlined were made for its own account.