Morning Summary - May 13 2026

Research evidence excerpt

Morning Summary - May 13 2026

s. Clients should consider whether any advice or recommendation

in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of

investments referred to in this research and the income from them will fluctuate. Past performance is not a guide to future performance, future returns are

not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income

derived from, certain investments.

This communication does not constitute an offer of Shares to the public in the United Kingdom. No prospectus has been or will be approved in the United

Kingdom in respect of the Securities. Consequently, this communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons

who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005 (the “Order”), (iii) high net worth entities falling within Article 49(2) of the Order (iv) and other persons to whom it may lawfully be

communicated (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will only be

available to, and will only be engaged with, relevant persons. Any person who is not a relevant person, or otherwise in a territory where it is not intended

to, or may not, be distributed, should not act or rely on this document or any of its contents.

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