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The Industrialist Weekly Webcast Summary

Core Content

This document outlines the upcoming The Industrialist Weekly Webcast and includes essential details about the event, ratings methodology, and important legal and compliance disclosures. The webcast will feature Steve Volkmann, Saree Boroditsky, and Chirag Patel from Jefferies' industrials team, alongside the Industrials Equity Strategist, Sid Sandilya (who is absent this week and will return next). The session will take place today at 3:00 PM EST and will last 30 minutes, with a replay available for those who cannot attend.

The webcast will cover key themes and insights from recent events, including:

• CARR investor day (Read HERE)
• URI specialty event (Read HERE)
• NRA Show meeting with MIDD management (Read HERE)
• Implications of the rescinded EPA emissions waiver for California's ACT and Low-NOx rules (Read HERE)
• Investor feedback from recent meetings

Audience members are encouraged to submit questions in advance for inclusion in the Q&A session.

Key Information

Webcast Details

• Time: 3:00 PM EST today
• Duration: 30 minutes
• Format: Live and interactive
• Replay: Available for those unable to attend

Speakers

• Stephen Volkmann (CFA) – Equity Analyst
• Saree Boroditsky (CFA) – Equity Analyst
• Chirag Patel – Equity Associate
• Sid Sandilya – Industrials Equity Strategist (absent this week)

Registration

• Link: Register HERE
• Note: For those in different time zones or unable to attend, a recording will follow.

Investment Ratings and Methodology

Rating Definitions

• Buy: Expected total return of 15% or more over 12 months.
• Hold: Expected total return of ±15% over 12 months.
• Underperform: Expected total return of ≤10% or less over 12 months.

Special Notes for Low-Priced Securities

• For securities priced consistently below $10, the expected return thresholds are adjusted:
  • Buy: 20% or more
  • Hold: ±20%
  • Underperform: ≤20%

Rating Suspension

• NR: Rating and price target are temporarily suspended due to regulatory or internal policies.
• CS: Coverage has been suspended.
• NC: Not covered by Jefferies.
• Restricted: Certain communication restrictions apply due to transactions or regulations.
• Monitor: No financial projections or investment opinions are provided.

Valuation Methodology

Jefferies uses a variety of methods to determine ratings and price targets, including:

• Market capitalization
• Maturity
• Growth/value analysis
• Volatility
• Expected total return over 12 months
• Discounted cash flow (DCF)
• EBITDA, EPS, cash flow, and free cash flow (FCF)
• EV/EBITDA, P/E, P/CF, P/FCF
• Premium/discount to average group metrics
• Sum of the parts, net asset value, and return on equity (ROE)

Jefferies Franchise Picks

• Includes Buy-rated stocks identified by Jefferies analysts over a 12-month period.
• Selection is based on:
  • Fundamental analysis
  • Analyst conviction
  • Differentiated analysis
  • Risk/reward ratio
  • Investment themes
• Not sector-based, but may be categorized as growth or value.
• Stocks are added or removed based on:
  • New opportunities
  • Achievement of desired returns
  • Change in rating
  • Triggering of a stop loss
• Stop loss thresholds:
  • 15% for stocks with 120-day volatility in the bottom quartile of S&P stocks
  • 20% for others

Important Disclosures

Conflict of Interest

• Jefferies may have conflicts of interest due to its relationship with companies covered in the research.
• Investors are advised to consider this report as only one factor in their investment decisions.

Legal and Regulatory Information

• The report is distributed by different Jefferies entities in various jurisdictions, each with specific regulatory status and distribution rules.
• No personalized or tailored advice is provided.
• No guarantee of performance or returns.
• Exchange rate risk is highlighted for non-US denominated instruments.

Compliance and Restrictions

• Restricted and Monitor ratings indicate communication or investment restrictions.
• Certain reports are not suitable for retail investors in some regions (e.g., Dubai, Singapore, India, etc.).
• Not an offer to buy or sell securities in jurisdictions such as China, India, and others unless specified.

Forward-Looking Statements

• The report may contain forward-looking statements that are subject to risks, uncertainties, and changes in assumptions.

Third-Party Content

• Some content is sourced from third parties, such as credit rating agencies.
• Reproduction or distribution of third-party content is prohibited without written consent.

Risks and Limitations

• Market Risk: Prices and returns may fluctuate due to economic, financial, and political factors.
• Currency Risk: Non-US denominated investments are subject to exchange rate fluctuations.
• No Suitability Analysis: Jefferies does not perform suitability or other analysis for individual investors.
• No Fiduciary Duty: Jefferies and its affiliates do not have a fiduciary duty in relation to the distribution of these reports.
• No Guarantee of Success: Financial success is not guaranteed, and losses may occur.

Contact Information

• Stephen Volkmann:
  Email: svolkmann@jefferies.com
  Phone: (212) 284-2031

• Saree Boroditsky:
  Email: sboroditsky@jefferies.com
  Phone: (212) 284-2280

• Chirag Patel:
  Email: cpatel@jefferies.com
  Phone: (212) 284-1773

Additional Information

• The report is not an investment recommendation but a general discussion of risks and merits.
• Important Disclosures are available on Jefferies' website or via the provided links.
• For further inquiries, contact the Compliance Officer or Grievance Officer for specific regions.

Distribution of Ratings (Summary)

Disclaimer

This report is not an offer to sell or solicitation of an offer to buy any security or derivative instrument. It is intended for general circulation only and should not be relied upon as investment advice. Investors are advised to consult their own financial advisors and conduct their own due diligence before making any investment decisions.