Compagnie Financière Richemont SA: The Rich, They‘re Getting Cartier...

Research evidence excerpt

Compagnie Financière Richemont SA: The Rich, They‘re Getting Cartier...

Compagnie Financière Richemont SA (CFR SW)

Equity Research

July 15, 2026

Registration of non-US analysts: James Grzinic is employed by Jefferies GmbH, 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: Frederick Wild 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: Alessandro Astore 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.