**[INVITE** July 15 Breakfast w/ BIIB Mgmt in London at AAIC 2026

Research evidence excerpt

**[INVITE** July 15 Breakfast w/ BIIB Mgmt in London at AAIC 2026

views expressed

in this research report.

I, John Cox, Ph.D., 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

I, Matthew Barcus, Ph.D., 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, Fei Yu, 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 30, 2026 15:13 P.M.

Recommendation Distributed June 30, 2026 17:00 P.M.

Company Specific Disclosures

Steven DeSanctis owns shares of Eli Lilly & Company common shares.

Explanation of Jefferies Ratings