*INVITE* Jef U: Industry Insights from one of the largest US truck buyers

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*INVITE* Jef U: Industry Insights from one of the largest US truck buyers

USA | Multi-Industrials EquityJuneResearch9, 2026

*INVITE* Jef U: Industry Insights from one of the

largest US truck buyers

We will be hosting Dean Vicha to discuss key trends in commercial vehicles .

from a customer's perspective. Dean is President of NationaLease, which has

a fleet of >100k trucks and purchases >10k new trucks per annum. This makes

NationaLease one of the largest truck buyers in the US (ex private fleets). The

discussion will provide a unique perspective of products. Key topics include

tariffs, current customer health, and regulatory changes. Please register here

When: Friday, 26 June, 2:00 PM BST / 3:00 PM CEST / 9:00 AM ET

Registration: Please follow the link here

Hosted by:

Michael Aspinall (Truck & Tyre OEMs – Europe)•

Stephen Volkmann (Machinery, Diversified, Distributors - US)•

Chirag Patel (Machinery, Diversified, Distributors - US)•

There will be no replay available for this call.

Relevant stocks: DTG, 8TRA, VOLVB, PCAR, CMI

For Institutional Investors Only

Discussion Topics:

Product positioning across OEMs (fleet is c40% DTG, c20% TRA, c10% VOLV/PCAR, and 25%•

Hino or lower class truck).

Where are you seeing the biggest changes in OEM competitiveness (e.g., pricing, lead times,•

operating costs)?

How has sentiment across the fleets you support evolved over the past few months?•

Has increased tariff clarity helped improve confidence, or are customers still delaying•

decisions?

Have you seen any shifts in customer preferences towards certain types of trucks or features?•

What is your latest view on the EPA regulatory environment, and how is it influencing•

purchasing decisions among your customer base?