LEG 1H26: No surprises; guidance confirmed

Research evidence excerpt

LEG 1H26: No surprises; guidance confirmed

eams ahead of our expectations could add further

value beyond the underlying rental business. Planned disposals could be agreed ahead of our expectations. Across Germany, rent

growth may be stronger than we anticipate.

Downside — Across Germany, enhanced rent controls and restrictions across Germany's residential sector could further slow the

capture of market rent upside. Property disposals could take longer to achieve compared to our expectations.

RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION

EQUITY RATINGS DEFINITIONS

Bernstein brand

The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for

stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap Price

Return Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia

Pacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japanese

exchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian

(ex-Japan) exchanges -unless otherwise specified.

The Bernstein brand has three categories of ratings:

• Outperform: Stock will outpace the market index by more than 15 pp

• Market-Perform: Stock will perform in line with the market index to within +/-15 pp

• Underperform: Stock will trail the performance of the market index by more than 15 pp

Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targets

are suspended temporarily, are no longer current, and should therefore not be relied upon.

PROPERTY/REAL ESTATE 4