Card Issuers: April Trust Review: Credit Outperforms Seasonality; Growth Inches Higher

Research evidence excerpt

Card Issuers: April Trust Review: Credit Outperforms Seasonality; Growth Inches Higher

May 18, 2026

Wolfe Research, LLC Industry Weighting System:

Market Overweight (MO): Expect the industry to outperform the primary market index for the region (S&P

500 in the U.S.) by at least 10% over the next 12 months.

Market Weight (MW): Expect the industry to perform approximately in line with the primary market index

for the region (S&P 500 in the U.S.) over the next 12 months.

Market Underweight (MU): Expect the industry to underperform the primary market index for the region (S&P

Wolfe Research, LLC Distribution of Fundamental Stock Ratings (As of May 18, 2026):

Outperform: 52.18% 5.10% Investment Banking Clients within the previous 12 months

Peer Perform: 42.98% 1.69% Investment Banking Clients within the previous 12 months

Underperform: 4.84% 0.00% Investment Banking Clients within the previous 12 months

Other Disclosures:

Wolfe Research, LLC does not assign ratings of Buy, Hold, or Sell to the stocks it covers. Outperform, Peer Perform, and

Underperform are not the respective equivalents of Buy, Hold, and Sell but represent relative weightings as defined

above. To satisfy regulatory requirements, Outperform has been designated to correspond with Buy, Peer Perform has

been designated to correspond with Hold, and Underperform has been designated to correspond with Sell.

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as brand names. Wolfe Research Securities, a member of FINRA (www.finra.org) and the National Futures Association,

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