ESG Quarterly Credit Update: Q2 26

Research evidence excerpt

ESG Quarterly Credit Update: Q2 26

market maker or otherwise) in the debt securities that are the

subject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,

other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject to

appropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regarding

current market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but not

limited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), the

profitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset class

covered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes no

representation that it is accurate or complete. All levels, prices and spreads are historical and do not necessarily represent current market levels, prices

or spreads, some or all of which may have changed since the publication of this document. Barclays Research Department produces various types of

research including, but not limited to, fundamental analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations and

trade ideas contained in one type of Barclays Research may differ from those contained in other types of Barclays Research, whether as a result of

differing time horizons, methodologies, or otherwise.