Hunting and mining engines working well: Buy

Research evidence excerpt

Hunting and mining engines working well: Buy

he specific recommendations or views

expressed in this research report.

Registration of non-US analysts: Akshat Agarwal, CFA is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not

registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore

may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held

by a research analyst.

Registration of non-US analysts: Ayush Bansal is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/

qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may

not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by

a research analyst.

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Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published May 12, 2026 15:37 P.M.

Recommendation Distributed May 12, 2026 15:37 P.M.

Company Specific Disclosures