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Stephen Volkmann, CFA * IEquity Analyst(212) 284-2031 I svolkmann@jefferies.comMichael AspinallIEquityAnalyst+44 (0) 20 7029 8431 I maspinall@jefferies.comSaree Boroditsky, CFA * IEquity Analyst(212) 284-2280 I sboroditsky@jefferies.comChirag Patel * IEquity Associate(212) 284-1773 I cpatel@jefferies.com JefferiesCompany 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, Stephen Volkmann, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject 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 viewsexpressed in this research reportI, Michael Aspinall, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(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 expressedin this research reportI, Saree Boroditsky, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject 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 viewsexpressed in this research report.I, Chirag Patel, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(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 expressednthisresearchreportAs is the case with all Jefferies employees, the analyst(s) responsiblefor the coverage of the financial instruments discussed in this reportreceives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresRayyan Matraji owns shares of Amazon.cem common stock Steven DeSanctis owns shares of Amazon.com common sharesRayyan Matraji owns shares of AmazAn.com common stock. Steven DeSanctis owns shares of Amazon.com common shares.Jefferies Financial Group Inc., t or subsidiaries make a market in the securities or ADRs of Ashtead Group plc.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.Explanation of Jefferies RatingsBuy - 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.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below s10 is 20% or more within a 12below s10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below s10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month periodNR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or JefferiespoliciesCs - Coverage Suspended. Jefferies has suspended coverage of this company.NC -Not covered. Jefferies does not cover this companyRestricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendationsMonitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are providedPlease see important disclosure information on pages 2 - 6 of this report. July 10, 202507:10 P.M.July 10, 202577:10 P.M. JefferiesValuation MethodologyJefferies' methodology for