Revisiting the Iran Bullwhip: A 2027 Benefit For Durables & Electronics

Research evidence excerpt

Revisiting the Iran Bullwhip: A 2027 Benefit For Durables & Electronics

ect 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, Kevin Estok, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject

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

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

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 22, 2026 11:05 A.M.

Recommendation Distributed June 23, 2026 0:00 A.M.

Company Specific Disclosures

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

Within the past twelve months, Jefferies Financial Group Inc.