Mexico | CNBV (May-26) | P&L and Credit | Resilience and Softness, Hand in Hand

Research evidence excerpt

Mexico | CNBV (May-26) | P&L and Credit | Resilience and Softness, Hand in Hand

Banks

Equity Research

July 15, 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 July 15, 2026 18:23 P.M.

Recommendation Distributed July 15, 2026 18:23 P.M.

Company Specific Disclosures

Recipients located in Brazil should be aware that this communication is intended exclusively for institutional or professional investors The views expressed

herein reflect the personal opinions of the analyst who is based outside of Brazil and is not registered with the Brazilian Securities Exchange Commission CVM

This communication does not constitute an offer or solicitation to buy or sell any security nor does it represent a public distribution of research in Brazil

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

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-