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Jefferies Equity Research * | Equity Analyst(888) JEFFERIES | research_support@jefferies.com Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Jefferies Equity Research, 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 orviews expressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresAn analyst named on the cover of this report or a member of their household holds an equity long position in this company's securities. Madeleine Lee or amember of her household holds an equity long position in Vertex Pharmaceuticals Inc.Madeleine Lee or a member of her household holds an equity long position in Vertex Pharmaceuticals Inc.Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Ashland Inc.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from AkeroTherapeutics, Inc. within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from AkeroTherapeutics, Inc..Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for AkeroTherapeutics, Inc. or one of its affiliates.Within the past twelve months, Akero Therapeutics, Inc. has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided.Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for AkeroTherapeutics, Inc. or one of its affiliates within the past twelve months.Within the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investmentbanking services from non-investment banking, securities related compensation for client services it provided to Ashland Inc..Within the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investmentbanking services from non-investment banking, securities related compensation for client services it provided to General Electric Company.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from Scholar RockHolding Corp within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromScholar Rock Holding Corp.Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Scholar RockHolding Corp or one of its affiliates.Within the past twelve months, Scholar Rock Holding Corp has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investmentbanking services are being or have been provided.Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for ScholarRock Holding Corp or one of its affiliates within the past twelve months.Jefferies International Ltd, its affiliates or subsidiaries has, or had, within the past 12 months an agreement to provide investment services to Scholar RockHolding Corp.Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 16, 2025 , 18:42 ET.May 17, 2025 , 10:30 ET.2 For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.E