Black Forest, Bright Future

Research evidence excerpt

Black Forest, Bright Future

or views expressed

in this research report.

I, Bhumi Kanabar, 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

Registration of non-US analysts: James Grzinic 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.

Registration of non-US analysts: Frederick Wild 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: Alessandro Astore 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.