Copa Holdings (CPA US) Buy: A niche international network pays off

Research evidence excerpt

Copa Holdings (CPA US) Buy: A niche international network pays off

ofessional experience in matters relating to investments should not rely on it. HSBC Yatırım Menkul Degerler A.S. is regulated and authorised by the Capital Markets Board of Türkiye and is a

member of Borsa Istanbul AS.

If you are a customer of HSBC International Wealth & Premier Banking ("IWPB"), including HSBC Private Bank, you are eligible to receive this publication only if: (i) you have been approved to

receive relevant research publications by an applicable HSBC legal entity; (ii) you have agreed to the applicable HSBC entity's terms and conditions and/or customer declaration for accessing

research; and (iii) you have agreed to the terms and conditions of any other internet banking, online banking, mobile banking and/or investment services offered by that HSBC entity, through which

you will access research publications (collectively with (ii), the "Terms"). If you do not meet the above eligibility requirements, please disregard this publication and, if you are a IWPB customer,

please notify your Relationship Manager or call the relevant customer hotline. Distribution of this publication is the sole responsibility of the HSBC entity with whom you have agreed the Terms.

Receipt of research publications is strictly subject to the Terms and any other conditions or disclaimers applicable to the provision of the publications that may be advised by IWPB.

© Copyright 2026, HSBC Yatirim Menkul Degerler AS, ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any

means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC.

[1282452]