Data by the Truckload Vol. 6: Foodservice & Grocery Distribution Trends

Research evidence excerpt

Data by the Truckload Vol. 6: Foodservice & Grocery Distribution Trends

Food Retail & Distribution

Equity Research

July 15, 2026

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of The Chefs' Warehouse, Inc.

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 The Chefs' Warehouse, Inc..

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.

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

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-

month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistently

below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with an

average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.

NR - The investment rating and price target have been temporarily suspended.