Indiana Affordability Review: No Immediate Hit, but ROE Range Widens

Research evidence excerpt

Indiana Affordability Review: No Immediate Hit, but ROE Range Widens

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.

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as appropriate in the analyst's judgement.

Investment Recommendation Record

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

Recommendation Published July 16, 2026 9:29 A.M.

Recommendation Distributed July 16, 2026 9:29 A.M.

Company Specific Disclosures

Rayyan Matraji owns shares of Amazon.com common stock.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Ameren Corp.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of AES Corp.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Hawaiian Electric Industries Inc.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of IDACORP Inc.