Kaumil‘s Diario | United States

研报英文原文证据摘录

Kaumil‘s Diario | United States

ational 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. 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 8, 2026 15:27 P.M.

Recommendation Distributed July 8, 2026 15:27 P.M.

Company Specific Disclosures

Steven G. DeSanctis owns a position in Procter & Gamble..An analyst named on the cover of this report or a member of their household holds an equity long

position in this company's securities. Kaitlyn Korich or a member of his household holds an equity long position in Procter & Gamble.

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.