Europe 1: Rolling DSV back on to the Europe 1 list

Research evidence excerpt

Europe 1: Rolling DSV back on to the Europe 1 list

experience higher volatility than the benchmark.

The Europe 1 list has been designed to contain between 15 and 45 European stocks at a

given time. The calculation of the Europe 1 list is based on price appreciation and

excludes dividends or other earnings. It does not incorporate transactions costs. For

purposes of the calculation, stocks on the list were equally weighted at inception of the

list and will be rebalanced to maintain equal weighting whenever a stock is added or

removed from the list.

Additions and deletions to the Europe 1 list and the reweighting of other components

are made using the stock’s closing price as of the day of the implementation of the

change as described below. If the change is published before 8am London local time, the

change will be implemented as of that trading day. If the change is published at or after

8am, it will be implemented on the following trading day.

The Europe 1 list reflects strategic stock recommendations made by the BofA Europe 1

committee. As such, the performance results are model in nature and do not reflect

actual transactions. The performance results of persons following the recommendations

will differ for a variety of reasons, including differences related to incurring transaction

costs, the receipt of dividends and other earnings, the time and price that stocks were

acquired and disposed of and differences in the weighting of such stocks. In addition, no

assurance can be given about future performance results.

We note that as of May 31, 2026, the BofA Europe 1 List stood at +391.1% reflecting

the cumulative returns (as shown below) of the Europe 1 list, which are +291.1% since

inception on 16 October 2000. By comparison, the FTSEurofirst 300 Index has returned