INVITE—How Should Investors Think about AI Governance Today?

Research evidence excerpt

INVITE—How Should Investors Think about AI Governance Today?

Sustainability & Transition Strategy

June 16, 2026

may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals

as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published June 15, 2026 14:52 P.M.

Recommendation Distributed June 16, 2026 8:00 A.M.

Company Specific Disclosures

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of HSBC Holdings PLC.

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Aniket Shah, PhD is not an Equity Research Analyst; and accordingly, is not subject to the analyst independence requirements in FINRA’s equity research rule,

Rule 2241. Any content authored by this person or the Sustainability & Transition Strategy team is not Equity Research. References to Equity Research content

in this document, if any, are contributed by Jefferies Equity Research Analysts and identified as such.

Charles Boakye, CFA is not an Equity Research Analyst; and accordingly, is not subject to the analyst independence requirements in FINRA’s equity research rule,

Yujin Kim is not an Equity Research Analyst; and accordingly, is not subject to the analyst independence requirements in FINRA’s equity research rule, Rule

2241. Any content authored by this person or the Sustainability & Transition Strategy team is not Equity Research. References to Equity Research content in this

document, if any, are contributed by Jefferies Equity Research Analysts and identified as such.

Luke Sussams is not an Equity Research Analyst; and accordingly, is not subject to the analyst independence requirements in FINRA’s equity research rule, Rule