Budweiser APAC: 2Q26 Preview

Research evidence excerpt

Budweiser APAC: 2Q26 Preview

ely 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: Anne Ling 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 a research analyst.

Registration of non-US analysts: Lisa Liao 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

Registration of non-US analysts: Edward Mundy, ACA 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.

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.