Sweden Sails In A Different Direction; Other Opportunities Remain

Research evidence excerpt

Sweden Sails In A Different Direction; Other Opportunities Remain

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 expressed in this research report.

I, Vanessa Jeffriess, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and

I, Richard Hill, 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

expressed in this research report.

Registration of non-US analysts: David Farrell is employed by Jefferies International 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.

Registration of non-US analysts: Chloe Lemarie, CFA is employed by Jefferies GmbH, 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.