TODAY - Energy Transition Beneficiaries: Nordex & SMA Solar

Research evidence excerpt

TODAY - Energy Transition Beneficiaries: Nordex & SMA Solar

al 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: Amani Mahmood is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/

Registration of non-US analysts: Jacqueline Murdock 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: Ana Zotovic is employed by Jefferies Securities, Inc. , 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.

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.