TNL: 2Q26 Review

Research evidence excerpt

TNL: 2Q26 Review

to update its opinions or the information in this publication. Unless otherwise disclosed herein, the analysts who authored this report have

not received any compensation from the subject companies in the past 12 months. If this publication contains recommendations, they are general

recommendations that were prepared independently of any other interests, including those of Barclays and/or its affiliates, and/or the subject

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other investments discussed herein may not be suitable for all investors and may not be available for purchase in all jurisdictions. The United States

imposed sanctions on certain Chinese companies (https://ofac.treasury.gov/sanctions-programs-and-country-information/chinese-military-

companies-sanctions), which may restrict U.S. persons from purchasing securities issued by those companies. Investors must independently evaluate

the merits and risks of the investments discussed herein, including any sanctions restrictions that may apply, consult any independent advisors they

believe necessary, and exercise independent judgment with regard to any investment decision. The value of and income from any investment may

fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not

intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.