Melting Pot – US$740/t NorthStar spread: Australia | Materials (Steel)

Research evidence excerpt

Melting Pot – US$740/t NorthStar spread: Australia | Materials (Steel)

ect 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: Ramoun Lazar is employed by Jefferies (Australia) Pty Ltd, 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: Kai Erman is employed by Jefferies (Australia) Pty Ltd, 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: Henry Copley is employed by Jefferies (Australia) Pty Ltd, 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

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.