American Express: AXP Credit: Trending Better than LT Avgs - NCO Sale Helped

Research evidence excerpt

American Express: AXP Credit: Trending Better than LT Avgs - NCO Sale Helped

onal views about the subject security(ies) and subject

company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed

in this research report.

I, Aleksander Labosky, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and

subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views

expressed in this research report.

I, Nick Henderson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject

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 July 15, 2026 12:37 P.M.

Recommendation Distributed July 15, 2026 12:37 P.M.

Company Specific Disclosures

Within the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investment banking