#Upgrades - Dec 10, 2024 • $AAL: Bernstein Upgrades to Outperform from Market Perform - PT $24 (from $14) • $BALL: Mizuho Upgrades to Outperform from Neutral - PT $67 • $CIFR: JPMorgan Upgrades to Overweight from Neutral - PT $8 • $CLSK: JPMorgan Upgrades to Overweight from Neutral - PT $17 (from $10.50) • $CXW: Wedbush Upgrades to Outperform from Neutral - PT $30 (from $19) • $GM: Morgan Stanley Upgrades to Equalweight from Underweight - PT $54 (from $46) • $GPMT: KBW Upgrades to Market Perform from Underperform - PT $3.25 (from $3) • $IPG: Wells Fargo Upgrades to Equal Weight from Underweight - PT $34 (from $26) • $JLL: KBW Upgrades to Outperform from Market Perform - PT $325 (from $292) • $MARA: JPMorgan Upgrades to Neutral from Underweight - PT $23 (from $12) • $NCLH: Goldman Sachs Upgrades to Buy from Neutral - PT $35 (from $29) • $RSG: Deutsche Bank Upgrades to Buy from Hold - PT $237 (from $219) • $SLG: JPMorgan Upgrades to Neutral from Underweight - PT $80 (from $51) • $TRV: HSBC Upgrades to Buy from Hold - PT $290 • $UPS: BMO Capital Upgrades to Outperform from Market Perform - PT $150 (from $155) • $VMEO: Piper Sandler Upgrades to Overweight from Neutral - PT $10 (from $7) • $VSCO: UBS Upgrades to Neutral from Sell - PT $47 (from $18)

#Downgrades - Nov 21, 2024 • $ADNT: BofA Securities Downgrades to Neutral from Buy - PT $24 (from $30) • $GRAB: China Renaissance Downgrades to Hold from Buy - PT $5.40 • $RBC: BofA Securities Downgrades to Neutral from Buy - PT $335 (from $330) • $SHOP: DZ Bank Downgrades to Sell from Hold • $TRV: Janney Downgrades to Neutral from Buy - PT $280 • $ULTA: William Blair Downgrades to Market Perform from Outperform • $WMT: DZ Bank Downgrades to Hold from Buy - PT $91 • $XPEV: Goldman Sachs Downgrades to Neutral from Buy - PT $12.50 (from $11.70)

$TRV RESULTS: Q3 🔸 Net premiums written $11.32B, +7.9% y/y, EST $11.36B 🔸 Core EPS $5.24 vs. $1.95 y/y 🔸 Revenue $11.90B, +12% y/y, EST $11.71B 🔸 ADJ book value per share $131.30 vs. $115.78 y/y, EST $130.32 🔸 Net investment income $904M, +18% y/y, EST $885.5M 🔸 Core ROE 19.2% 🔸 Underlying combined ratio 85.6% vs. 90.6% y/y, EST 90.2% 🔸 Book value per share $122 vs. $87.47 y/y, EST $112.71 🔸 Consolidated combined ratio 93.2% vs. 101% y/y, EST 97.2%