Newsflow Reaction: Open Standard USD Stablecoin; Interim CFO; M&A Deals Closed

Research evidence excerpt

Newsflow Reaction: Open Standard USD Stablecoin; Interim CFO; M&A Deals Closed

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.

Registration of non-US analysts: Hannes Leitner is employed by Jefferies International 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

a research analyst.

Registration of non-US analysts: Charles Brennan is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/

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 July 2, 2026 1:33 A.M.

Recommendation Distributed July 2, 2026 1:33 A.M.

Company Specific Disclosures

James Heaney owns shares in Salesforce.com

Within the past twelve months, Jefferies Financial Group Inc.