What You Need to Know in A&D — UK Destroyers & Frigates, Safran Exail

Research evidence excerpt

What You Need to Know in A&D — UK Destroyers & Frigates, Safran Exail

-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: Laura Ojeil is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as

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 29, 2026 2:47 A.M.

Recommendation Distributed June 29, 2026 2:47 A.M.

Company Specific Disclosures

Jefferies International Limited is acting as financial advisor to Airbus on its definitive agreement to acquire certain industrial assets from Spirit Aerosystems Inc.

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 Babcock International.