Finals - Racking Up Gains

Research evidence excerpt

Finals - Racking Up Gains

efferies 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.

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives

compensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,

but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are

published at irregular intervals as appropriate in the analyst's judgement.

Investment Recommendation Record

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

Recommendation Published June 19, 2026 3:53 A.M.

Recommendation Distributed June 19, 2026 3:53 A.M.

Company Specific Disclosures

Within the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investment

banking services from non-investment banking, securities related compensation for client services it provided to Cordiant Digital Infrastructure Ltd.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.