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Forex Flash 28 agosto 2026 Produced by the Research Department of Intesa Sanpaolo SpA 4 Appendix Analyst certification and important notices The analysts who have prepared this document declare that the opinions, forecasts or estimates contained herein are the resul t of an independent and subjective assessment of the data, factors and information obtained, and that no part of their remuneration has been, is or will be, directly or indirectly, linked to the opinions expressed. This document has been prepared by Intesa Sanpaolo SpA and distributed by Intesa Sanpaolo SpA, Intesa Sanpaolo SpA – London Branch (a member of the London Stock Exchange) and Intesa Sanpaolo IMI Securities Corp. (a member of the NYSE and FINRA). Int esa San paolo SpA assumes full responsibility for the contents of this document. Furthermore, Intesa Sanpaolo SpA reserves the right to distribute this document to its clients. 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Intesa Sanpaolo SpA publishes and distributes research to ‘Major US Institutional Investors’ in the United States solely through Intesa Sanpaolo IMI Securities Corp., 1 William Street, New York, NY 10004, USA, Tel: (1) 212 326 1199 . Research incentives In accordance with the provisions of Delegated Directive 593/17/EU, this document is classified as a minor non - monetary inducement because: ◼ it contains macroeconomic analysis (so - called ‘Macroeconomic Research’) or relates to Fixed Income, Currencies and Commodities (so - called ‘FICC Research’) and is made freely available to the general public through publication on the website of the IMI Corp orate & Investment Banking Division ( www.imi.intesasanpaolo.com ) - Q&A on Investor Protection topics – ESMA 35 - 43 - 349, Questions 8 and 9. 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Forex Flash 28 agosto 2026 Produced by the Research Department of Intesa Sanpaolo SpA 5 sheet are the exclusive property of the Intesa Sanpaolo Banking Group, unless otherwise stated. Such data, information, opini ons and assessments may not be further distributed or reproduced, in any form or by any means, including in part, without the express written consent of Intesa Sanpaolo SpA. Recipients of this document are obliged to comply with the above provisions. Valuation methodology Comments on macroeconomic data are prepared on the basis of news and macroeconomic and market data available via information sources such as Bloomberg and LSEG Datastream. Macroeconomic forecasts, as well as those for exchange rates and interest rates, are produced by the Research Department of Intesa Sanpaolo SpA using dedicated econometric models. The forecasts are derived from an analysis of historical statistical series made available by leading data providers and are also based on consensus data, taking into account the relevant correlations between them. Disclosure of potential conflicts of interest Intesa Sanpaolo SpA and the other companies of the Intesa Sanpaolo Banking Group (hereinafter also referred to simply as the “Intesa Sanpaolo Banking Group”) have adopted the “Organisation, Management and Control Model pursuant to Legislative Decree No. 23 1 of 8 June 2001” (available on the Intesa Sanpaolo SpA website at: https://group.intesasanpaolo.com/it/governance/dlgs - 231 - 2001 ) which, in accordance with current Italian legislation and international best practice, includes, amongst other things, organi sational and procedural measures for the management of inside information and conflicts of interest, including appropriate mechani sms for organisational separation, known as ‘Information Barriers’, designed to prevent the unlawful use of such information and to e nsure that any conflicts of interest which may arise, given the wide range of activities carried out by the Intesa Sanpaolo Banking Group, do not adversely affect the interests of customers. In particular, the disclosure of interests and the measures put in place to manage conflicts of interest – in accordance with the provisions of Articles 5 and 6 of Commission Delegated Regulation (EU) 2016/958, of 9 March 2016, which supplements Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards regulatory technical standards on the technical arrangement s for the proper presentation of investment recommendations or other information recommending or advising on an investment strategy, and for the disclosure of particular interests or the reporting of conflicts of interest, as subsequently amended a nd supplemented, FINRA Rules 2241 and 2242 where applicable, as well as the FCA Conduct of Business Sourcebook rules COBS 12.4 – b etween the Intesa Sanpaolo Banking Group and issuers of financial instruments, and their group companies – the recommendations produced by Intesa Sanpaolo SpA analysts are set out in the “Rules for Studies and Research” and in the extract from the “Corpora te Model for the Management of Inside Information and Conflicts of Interest”, published on the Intesa Sanpaolo SpA website at https://group.intesasanpaolo.com/it/research/RegulatoryDisclosures . It should be noted that one or more companies within the Intesa Sanpaolo Banking Group: ◼ trade or may trade on their own account in financial instruments (including derivatives) to which this document refers; ◼ intend to solicit investment banking business or receive remuneration in the next three months in relation to the financial instruments covered by this report. Furthermore, in accordance with the aforementioned regulations, specific disclosures regarding the interests and conflicts of interest of the Intesa Sanpaolo Banking Group are available at https://group.intesasanpaolo.com/it/research/RegulatoryDisclosures/archivio - dei - conflitti - di - interesse and are updated at least up to the day prior to the publication date of this report. Intesa Sanpaolo SpA acts as a market maker in the wholesale markets for government bonds of the main European countries and h olds the role of Government Bond Specialist, or similar, for securities issued, amongst others, by the Italian Republic. Intesa Sanpaolo SpA Research Department – Head: Gregorio De Felice Macroeconomic Analysis Luca Mezzomo (Head) luca.mezzomo@intesasanpaolo.com Rates, FX & Commodities Research Chiara Manenti (Head) chiara.manenti@intesasanpaolo.com Sergio Capaldi (Rates and Forex ) sergio.capaldi@intesasanpaolo.com Asmara Jamaleh (Forex) asmara.jamaleh@intesasanpaolo.com Daniela Corsini (Commodities) daniela.corsini@intesasanpaolo.com