PA GGR -6.8% in June, -1.0% in 2Q. Among the Weakest Reports this Month

Research evidence excerpt

PA GGR -6.8% in June, -1.0% in 2Q. Among the Weakest Reports this Month

ecommendations or views

expressed in this research report.

I, Alexander Hino, CFA, 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

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 20, 2026 8:19 A.M.

Recommendation Distributed July 20, 2026 8:19 A.M.

Company Specific Disclosures

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

Jefferies Financial Group Inc., its affiliates or subsidiaries beneficially owned 1% or more of the common equity of Penn Entertainment as of last month's end

(or the prior month’s end if this report is dated later than 10 days after the most recent month end).

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.