US Daily Brief: Today‘s Research – July 28, 2026

Research evidence excerpt

US Daily Brief: Today‘s Research – July 28, 2026

nt to the Swiss Financial Market Infrastructure

Act and the Financial Market Infrastructure Ordinance-FINMA, banks must disclose the percentage of voting rights they hold in companies being researched, if these holdings

are equal to or exceed the statutory thresholds. In addition, the Directives on the Independence of Financial Research, issued by the Swiss Bankers Association, mandate a

number of disclosures, including the disclosure of potential conflicts of interest, the participation within previous 12 months in any securities issues on behalf of the company

being researched, as well as the fact that remuneration paid to the financial analysts is based generally upon the performance of (i) the new issues department or investment

banking; or (ii) securities trading performance (including proprietary trading) or sales. Italy: This publication is not intended to constitute a public offer under Italian law. It is

distributed only for information purposes to clients of UBS Europe SE, Succursale Italia, with place of business at Via del Vecchio Politecnico, 3-20121 Milano. UBS Europe SE,

Succursale Italia is subject to the joint supervision of the European Central Bank, the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services

Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”), as well as of the Bank of Italy (Banca d’Italia) and the Italian Financial Markets Supervisory

Authority (CONSOB - Commissione Nazionale per le Società e la Borsa), to which this publication has not been submitted for approval. UBS Europe SE is a credit institution

constituted under German law in the form of a Societas Europaea, duly authorized by BaFin.