Cross-Sector Multiples Imply Stronger Q3, Deceleration Into 1H27

Research evidence excerpt

Cross-Sector Multiples Imply Stronger Q3, Deceleration Into 1H27

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, 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

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

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Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published July 12, 2026 16:42 P.M.

Recommendation Distributed July 13, 2026 0:00 A.M.

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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. and/or its affiliates received compensation for products and services other than investment banking

services from non-investment banking, securities related compensation for client services it provided to Quaker Houghton.

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