Crosscurrents

The following analyst(s), who is(are) primarily responsible for this document, certifies(y) that the opinion(s), views or forecasts expressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: Janet Henry, James Pomeroy, Bethan Ellis, Ryan Wang, Jing Liu, Frederic Neumann, Erin Xin, Taylor Wang, Justin Feng, Akiko Kitamura, Pranjul Bhandari, Aayushi Chaudhary, Paul Bloxham, Jamie Culling, Jin Choi, Aris Dacanay, Simon Wells, Stefan Schilbe, Chantana Sam, Elizabeth Martins, Anja Sabine Heimann, Agata Urbanska-Giner, Melis Metiner, Simon Williams, Hugo Pienaar, Daniel Lavarda, Jose Carlos Sanchez, Joseph Incalcaterra, CFA, Clyde Wardle, Allison Buck, Yun Liu and Chris Hare

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Additional disclosures

1. This report is dated as at 23 June 2026.
2. All market data included in this report are dated as at close 17 June 2026, unless a different date and/or a specific time of day is indicated in the report.
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5. Janet Henry is a Non-Executive Director of HSBC UK Bank Plc.

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