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Research evidence excerpt

Invite Reminder: AppLovin Surveys and Thesis Update Webinar (Today at 2pm ET)

ions or views expressed

in this research report.

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

I, Brent Thill, 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 July 13, 2026 8:35 A.M.

Recommendation Distributed July 13, 2026 8:35 A.M.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.