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Research evidence excerpt

EMEA Banks Dashboard

Banks

Equity Research

June 27, 2026

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives

compensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,

but various regulations 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 26, 2026 11:55 A.M.

Recommendation Distributed June 27, 2026 6:00 A.M.

Company Specific Disclosures

Jonathan Pierce has long equity holdings in Invesco AT1 Capital Bond GBP HDG DIST and Invesco AT1 Capital Bond UCITS DIST

Jefferies is acting as financial advisor to Banca Monte dei Paschi di Siena in full acquisition of Mediobanca

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

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

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Lloyds Banking Group.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Paragon Banking Group.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Prudential Plc.

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