A&D Weekly: A&D Trades At 34% Prem to S&P, Vs 17% Historically

Research evidence excerpt

A&D Weekly: A&D Trades At 34% Prem to S&P, Vs 17% Historically

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Investment Recommendation Record

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

Recommendation Published May 22, 2026 11:22 A.M.

Recommendation Distributed May 22, 2026 11:22 A.M.

Company Specific Disclosures

Recipients located in Brazil should be aware that this communication is intended exclusively for institutional or professional investors The views expressed

herein reflect the personal opinions of the analyst who is based outside of Brazil and is not registered with the Brazilian Securities Exchange Commission CVM

This communication does not constitute an offer or solicitation to buy or sell any security nor does it represent a public distribution of research in Brazil

Jefferies is acting as Financial Advisor to L3Harris Technologies in connection with the proposed sale of a controlling interest in L3Harris Space Propulsion and

Power Systems business to AE Industrial Partners

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of BAE Systems PLC.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of BlackSky Technology.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Cadre Holdings, Inc.