More Pulled-in Demand for iPhone; 18 Remains a Challenge

Research evidence excerpt

More Pulled-in Demand for iPhone; 18 Remains a Challenge

reflect my personal views about the subject security(ies) and

subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or

views expressed in this research report.

I, Nick Cheng, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject

company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views

expressed in this research report.

I, Jacky He, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject

I, Matt Ma, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject

I, Annie Ping, CFA, FRM, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)

and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations

or views expressed in this research report.

Registration of non-US analysts: Edison Lee, CFA is employed by Jefferies Hong Kong 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