杰富瑞-全球华盛顿策略：中美科技博弈谁将赢得全球量子计算竞赛？回顾-US-China Tech Rivalry-Who Will Win the Global Quantum Computing RaceRECAP-20260323

【价值目录】网整理：

Jefferies

Global|WashingtonStrategyMarch23,2026

US-ChinaTechRivalry–WhoWillWintheGlobalQuantumComputingRace?|RECAP

TogetherwithKevinGarrigan丿HeadofQuantumComputing丿wediscussedquantumdevelopmentsinChinalslatest

Five-YearPlan

丿andwherethefocusshouldbeforlong-terminvestorsinglobalquantumcomputing.KTs:1)QuantumhasemergedasacoreareaoffocusoftheUS-Chinatechrivalry;2)theUS&Chinaarepursuingdifferentapproaches(decentralizedvscentralizedstatedirection);3)Commercialadoptionhasbegun丿expectinflectionpointsb/nl28-30.

1)Quantum,aNationalSecurityAsset–Basedonannouncementsinthelatest15th5YP丿itisclearthatChinaconsidersquantumcomputingofequal丿ifnotgreater丿importance丿asAlandsemiconductors.Theseareallcitedasstrategictechnologiesfornationalsecurity.Quantum丿soriginsinChinahavehadsignificantstate-ledinvolvement丿withapplicationsspanningencryption丿code-breaking丿securecommunications丿anddefenseinfrastructure.Shouldonecountryachievesustainedquantumleadership丿boththeUSandChinaacknowledge“irreversiblestrategicconsequences”.

2)DivergentUS&ChinaQuantumApproaches–AcentralthemeacrossourdiscussionwasthecontrastinapproachesbetweentheUS(i.e.decentralization)andChina(i.e.centralization).

•TheUSecosystemcurrentlyspans40+companies丿nationallabs丿universities丿hyperscalers丿andstartups.Eacharepursuingmultiplehardwaremodalitiesinparallel.Governmentinvolvementhashistoricallyfocusedonfunding丿benchmarking(e.g.DARPA)丿andvalidationratherthanselectingnationalchampions.

•Incontrast,Chinahasapproachedthisasatop-downstrategicpriority.WithinthelatestFive-YearPlanitiscitedasoneofsevenfrontiertechnologies.Statedirection丿regionalclustering丿andcoordinatedcommercializationeffortsareconcentratedonasmallersetofinstitutions.Estimatessuggest~$16bnofstatesupport丿roughly4xthatofUSpublicinvestmenttodate.

3)QuantumLeadershipUSvsChina–Chinatodayaccountsforc.60%ofglobalquantumpatentapplications丿thoughasmallershareofgrantedpatents.AcademicoutputandhighlycitedresearchalsoshowChinahasanarrowleadership丿albeitwithleadershipvaryingbysub-domainbetweenthetwocountries.Thiscompetitionisalreadydrivingfurtherpolicyresponses丿beyondfunding(e.g.丿exportcontrolsbytheUS&allies).

4)QuantumCommercialization–Althoughnationalsecuritycurrentlydominatesmuchofthequantumdiscourse丿commercializationhasalsobegun.Companiesinbothcountriesarealreadygeneratingrevenuethroughsalestogovernments丿long-termserviceandmaintenancecontracts丿andquantum-computing-as-a-serviceplatforms.KevinhighlightedaFortune100customerachievinga~20%performanceimprovementfromquantum-enabledoptimization.

5)Catalysts&InvestmentImplications–Lookingahead丿theinvestorcommunityshouldnoteafewcatalysts.1)GivenUSindustrialpolicy丿potentialEOsonquantumstrategy丿discussionofanationalquantumcomputer丿andpossiblegovernmentequitystakes/anchor-customerscouldallmaterialize.2)ForChina丿attentionshouldbeontheproposedNationalVentureGuidanceFund丿(~$120bn)丿whichcouldsignificantlyscaledeploymentofquantumandothersecurity-criticalsectors.

AniketShah,PhD*|HeadofSust.&TransitionStrategy

(212)

323-3976|ashah14@

KevinGarrigan*|EquityAnalyst

+1(212)

284-2317|kgarrigan@

CharlesBoakye,CFA*|Sust.&TransitionStrategist

(212)

336-6649|cboakye@

YujinKim*|Sust.&TransitionStrategyAssociate

+1(212)

778-8314|ykim4@

LukeSussams^|Sust.&TransitionStrategist

44(0)

2075484404|lsussams@

JacquelineMurdock^|Sust.&TransitionStrategyAssociate

+44(0)

2075484165|jmurdock@

AmaniMahmood^|Sust.&TransitionStrategyAssociate

+44(0)207548

5332|amahmood@

AnaZotovic‡|Sust.&TransitionStrategyAssociate

+1(416)

8477399|azotovic@

Pleaseseeanalystcertifications丿importantdisclosureinformation丿andinformationregardingthestatusofnon-USanalystsonpages19-27ofthisreport.

*JefferiesLLC/JefferiesResearchServices丿LLC^JefferieslnternationalLimited‡JefferiesSecurities丿lnc.

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RelatedNotes

•

ThelnvestorGuidetoChinaⅠsFive-YearPlan:HowitWorks丿Themes&Baskets

•

[WATCH]DataOverVibes:APracticalToolkitinTrackingUSChinaTechRivalry

•

ThelnvestorGuidetoChinaⅠsFive-YearPlan:HowitWorks丿Themes&Baskets

•

REPLAY—US-China2026:TheTechnologicalRace丿Geopolitics&Marketlmplications

•

Venezuela:lmplicationsforChina丿sEnergy&USTechRivalry|Recap

•

REPLAY—US-ChinaTechRivalry:HealthcareandBiotech

•

US-ChinaTechRivalry–Energyforlndustrialization&Compute|Recap

•

US–ChinaTechRivalry:TheRaceofOurLivesBeginsw/GenesisMission

•

US–ChinaTechRivalry:HasChinaCommercializedMoltenSaltReactors|Recap

•

WillChinaⅠsTransitionSlow—TheElectrotechRevolutionw/KingsmillBond

•

ChinaⅠsTechLeadership:lsltUnstoppable+WhatArethelmplications?|Recap

•

TheBiggestUnderappreciatedStoryofOurTime:ChinaⅠsTechProwess

•

ChinaShock2.0&TheEnergyTransition

•

DEEPDlVEGeopoliticsThatMatters—US-Chinavia40+KeyDataPoints

【价值目录】网整理：

trategy

Jefferies·”aah"to"

US-ChinaStrategicRivalryQuantumComputing

AniketShah

GlobalHeadofSustainability,Transition&WashingtonStrategy

ashah14@

|+1(212)323-3976

MARCH2026

【价值目录】网整理：

MainMessage

QuantumComputingtechnologyshouldbeseenbyinvestorsasa

nationalsecurityassetandnotsimplya“commercial”technology.

Itsdrivers,fundersandapplicationswillbeheavilygovernment-

influencedintheUS(andinChina).

“IrreversibleStrategicConsequences”-US-ChinaEconomicand

SecurityReviewCommission

Jefferies

washington

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2

【价值目录】网整理：

SOURCE:BertHoffman,Jefferies

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washington

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3

China’s15thFiveYearPlan

Innovation&Technology-relatedterms(e.g.,AI)appearthemostacrossthelatestdocument

Jefferies

washington

mmmmstrategy

4

USPolicySupportforQuantum

National

Quantum

Initiative-2018

【价值目录】网整理：

Passedin2018withunanimoussupportinUSSenateandnear-unanimoussupportinHouse

EstablishedNationalQuantumCoordinationOffice.

ReauthorizationActcurrentlymovingthroughUSG

CoreUSGfundingapprox.$1bnperyear

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ChinaPolicySupportforQuantum–15thFive-YearPlan

【价值目录】网整理：

NewMaterialsAerospaceand

MarineEconomy

Roboticsand

High-End

Equipment

NextGenerationITandAI

BiomedicineandBiomanufacturing

NewEnergyandIntelligentNEVs

Quantum

Technologies

SOURCE:ITIF

Jefferies

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【价值目录】网整理：

ChinaGovernmentFundingOutpacestheUS–NotPrivateSectorFun

【价值目录】网整理：

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7

AcademicResearch–Quantum

ChinahasmorequantumtechpapersthantheUS

SOURCE:Jefferies,MERICS

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8

WIPO–PatentApplicationsQuantum

China’sleadswith60%ofQuantumPatentApplicationsasof2024

12,000.00

10,000.00

8,000.00

6,000.00

4,000.00

2,000.00

0.00

ChinaUnitedStatesJapanSKoreaAustraliaIndiaTaiwan

SOURCE:Jefferies,WIPOIPStats&Data

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ASPI–QuantumTech

China&theUSaretiedonkeyquantumresearchareas

SOURCE:Jefferies,ASPI

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washington

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SOURCE:Jefferies,MERICS

Jefferies

10

QuantumExportControlsvsChina

WesternCountriesarealigningonquantumexportcontrols

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KeyUSandChinaPolicyCatalyststoWatch

【价值目录】网整理：

US:USGTaking

StakesandActively

SupportingQuantum

Computing

Companies

China:Further

DetailsonNational

VentureGuidance

FundtoSupport15th

5-YearPlan

US:ExecutiveOrder

onQuantum

Strategy

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SOURCE:China’s15thFiveYearPlan

【价值目录】网整理：

China’s15thFive-YearPlan–EconomicIndicators

MajorIndicatorsforEconomic&SocialDevelopmentduring155YP(2026-2030)

Jefferies

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WorldIntellectualPropertyOrganization(WIPO)

【价值目录】网整理：

TheWorldIntellectualPropertyOrganization(WIPO)isaUNbodythatsetsrulesforglobalpatents,trademarksandintellectualproperty.

•Patentfilingsprovideasignalontheinnovationpipeline.

•WIPOprovidesdetaileddataonIPactivityglobally,includingpatentapplications

China’sIPofficereceived1.8mpatentapplicationsin2024,>3xthenumbersubmittedtotheUSPatentandTrademarkOffice,andc.50%ofglobalpatents.Chinagranted27xmorenewpatentsthantheUS

【价值目录】网整理：

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SOURCE:Jefferies,WIPOIPStats&Data

14

WIPO–PatentApplications

China’sshareofpatentfilingshasrisento48%ofGlobalTotal

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AustralianStrategicPolicyInstitute’s(ASPI)CriticalTechTracker

【价值目录】网整理：

ASPItrackercomparesresearchoutputin74criticaltechnologies,includingdefence,space,energy,AI,biotech,computing.

•Itshowswhichcountriesandinstitutionswithinthese(i.e.,universities,nationallabs,companies,governmentagencies,tec),areleadingonscientificandresearchinnovationincriticaltechnologies

•Itfocusesonhigh-impactresearch—i.e.,thetop10%ofmosthighlycitedpapersofthepast21years—asanindicatorofacountry’sresearchperformanceandfuturecapability.

Chinaleadsin66ofthe74categories,withtheUSleadingtherest

【价值目录】网整理：

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CompanyValuation/Risks

D-WaveQuantumInc

PriceTargetof$45implies65xourCY30revenueof$433Mdiscountedback.

Risks:

•Uncertainpathtomainstreamadoption:Quantumcomputingremainsformative丿andthetimelinetobroadcommercialuseisunclear.Aprotractedadoptioncurvecouldpushoutindustrycashflows丿compressvaluationmultiples丿anddelayinvestorreturnsacrossthesector.

•Scaledisadvantageversushyperscalers:Largetechplatforms丿suchaslBM丿Google丿Amazon丿Microsoft丿areinvestingheavilywithaccesstosignificantcapital丿talent丿andglobalclouddistribution.Theseincumbentscouldsetde-factostandardsandoutpaceorcrowdoutspecializedvendorssuchasD-Waveasthemarketmatures.

•Pilot-to-productionconversionrisk:D-Wave丿scurrentrevenueisconcentratedinasmallsetofenterpriseandgovernmentpilots.Thegrowthtrajectoryhingesonconvertingpilotsintorecurring丿production-gradeQCaaScontractswithformalSLAs.Slippageorlowconversionrateswouldmateriallyweakenrevenuevisibilityandextendthepathtoprofitability.

•Gate-modelexecutionrisk:D-Wave丿slong-termplanincludesdevelopingandcommercializinggate-modelsystems.Technical丿manufacturing丿orschedulesetbacksingate-modelR&Dcouldlimitcompetitivenessversusgate-basedpeers丿constrainmarketcapturebeyondannealing丿andslowrevenuediversification.

IonQInc

PriceTarget:$90implies41xourCY30revenueof$1.41Bdiscountedback.

Risks:

•Uncertaintimelinetocommercialscale:Quantumcomputingisstillformative丿andthepointatwhichcommerciallyscalablesolutionsconsistentlyoutperformclassicalcomputeremainsunclear.Alonger-than-expectedadoptioncurvecoulddeferindustrywiderevenue丿pressurevaluationmultiples丿anddelayinvestorreturns.

•Competitivepressurefromhyperscalers:Techgiants丿suchaslBM丿Google丿Amazon丿Microsoft丿aredeployingsubstantialcapital丿talent丿andclouddistributionbehindtheirquantumplatforms.Asstandardsandecosystemsconsolidate丿theseincumbentscouldoutpaceormarginalizesmaller丿pure-playvendorssuchaslonQ.

•Architectureriskwithtrapped-ionscalability:lonQ丿splatformreliesontrapped-ionqubits丿competingwithsuperconducting丿neutral-atom丿photonic丿andotherapproaches.Whiletrappedionsofferhighfidelityandmodularity丿scalingandoperationalcomplexityremainchallenges.lfarivalarchitectureprovesmorescalableorcost-efficient丿lonQ丿srelativeadvantagecoulddiminish.

•Customerconcentrationandearlymonetizationprofile:lonQ丿srevenuebaseisearly-stage丿withlimitedrecurringstreamsandasmallnumberoflargecustomers/partners(includingcloudandpublic-sectoraccounts).Loss丿delay丿orreducedscopeofanykeyengagementcouldmateriallyimpactquarterlyperformanceandextendthepathtosustainedprofitability.

RigettiComputing,Inc.

PriceTargetof$20implies35xourCY30revenueof$318Mdiscountedback.

Risks:

•Adoptiontiming&revenueconcentration:Near-termrevenueremainsverysmallandisheavilyskewedtoU.S./U.K.governmentresearch丿makingresultssensitivetoawardcyclesandappropriations.Delays(e.g.丿DARPAprogramtiming)cantranslatedirectlyintorevenuevolatility.

•Executionriskonanaggressivehardwareroadmap:Managementguidesto100+qubits(99.5%median2Qfidelity)byYE-2025丿150+in2026丿and1丿000+in2027—ambitioustargetsthatrequirereliablemulti-chipscalingandsustainedfidelityimprovements;slippagewouldweakenthethesis.

Pleaseseeimportantdisclosureinformationonpages19-27ofthisreport.20

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•Competitiveintensity&standardsrisk:Largerplayers(|BM丿Google)andrivals(|onQ丿AtomComputing丿etc.)areadvancinggatefidelity丿scale丿andecosystems;Rigetti丿ssuperconductingapproachfacesdirectbenchmarkcomparisonswheretrapped-ionpeersoftenshowhigherfidelity丿raisingshare-captureuncertainty.

•Manufacturing&cryogenicscomplexity:Scalingamodular丿multi-chipsuperconductingarchitecture(tunablecouplers丿indiumbonds丿vacuum-gapcapacitors)addsintegrationriskandcalibrationoverheadassystemsgrow.

SkyWaterTechnology,Inc.

OurPriceTargetof$35implies2.6xourCY28ERevenueof$657M.

UpsideRisks:

•Newcontractawardswithlargecustomersthatcouldfillitsnewlyacquiredfab.

•Abetterthanexpectedcyclicalrecovery丿whichcouldacceleraterevenuegrowth.

•Abetterthanexpectedrampinnewtechnology丿includingquantumcomputing.

Risks:

•StrugglestoachievefundingfromCH|PSact丿strugglestoimproveexistingfabandcannotbuildnewfabs.

•Delaysorcancelationsofongoingprogramswithlargecustomersputsthebusinessatriskduetohighcustomerconcentration.

•Continueddeclineinwaferservicesrevenue.

AnalystCertification:

|丿AniketShah丿PhD丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).|alsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

|丿KevinGarrigan丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).|alsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

|丿CharlesBoakye丿CFA丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).|alsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

|丿YujinKim丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).|alsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

|丿LukeSussams丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).|alsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

|丿JacquelineMurdock丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).|alsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

|丿AmaniMahmood丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).|alsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

|丿AnaZotovic丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).|alsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

Registrationofnon-USanalysts:KevinGarriganisemployedbyJefferiesLLC/JefferiesResearchServices丿LLC丿anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithF|NRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC丿aF|NRAmemberfirm丿andthereforemaynotbesubjecttotheF|NRARule2241andrestrictionsoncommunicationswithasubjectcompany丿publicappearancesandtradingsecuritiesheldbyaresearchanalyst.

Registrationofnon-USanalysts:LukeSussamsisemployedbyJefferies|nternationalLimited丿anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithF|NRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC丿aF|NRAmemberfirm丿andthereforemaynotbesubjecttotheF|NRARule2241andrestrictionsoncommunicationswithasubjectcompany丿publicappearancesandtradingsecuritiesheldbyaresearchanalyst.

Registrationofnon-USanalysts:JacquelineMurdockisemployedbyJefferies|nternationalLimited丿anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithF|NRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC丿aF|NRAmemberfirm丿andthereforemaynot

Pleaseseeimportantdisclosureinformationonpages19-27ofthisreport.21

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WashingtonStrategy

March23,2026

besubjecttotheFlNRARule2241andrestrictionsoncommunicationswithasubjectcompany丿publicappearancesandtradingsecuritiesheldbyaresearchanalyst.

Registrationofnon-USanalysts:AmaniMahmoodisemployedbyJefferieslnternationalLimited丿anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFlNRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC丿aFlNRAmemberfirm丿andthereforemaynotbesubjecttotheFlNRARule2241andrestrictionsoncommunicationswithasubjectcompany丿publicappearancesandtradingsecuritiesheldbyaresearchanalyst.

Registrationofnon-USanalysts:AnaZotovicisemployedbyJefferiesSecurities丿lnc.丿anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFlNRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC丿aFlNRAmemberfirm丿andthereforemaynotbesubjecttotheFlNRARule2241andrestrictionsoncommunicationswithasubjectcompany丿publicappearancesandtradingsecuritiesheldbyaresearchanalyst.

AsisthecasewithallJefferiesemployees丿theanalyst(s)responsibleforthecoverageofthefinancialinstrumentsdiscussedinthisreportreceivescompensationbasedinpartontheoverallperformanceofthefirm丿includinginvestmentbankingincome.Weseektoupdateourresearchasappropriate丿butvariousregulationsmaypreventusfromdoingso.Asidefromcertainindustryreportspublishedonaperiodicbasis丿thelargemajorityofreportsarepublishedatirregularintervalsasappropriateintheanalyst丨sjudgement.

lnvestmentRecommendationRecord

(Article3(1)eandArticle7ofMAR)

RecommendationPublishedMarch23丿20260:48A.M.

RecommendationDistributedMarch23丿202612:00P.M.

CompanySpecificDisclosures

Withinthepasttwelvemonths丿RigettiComputing丿lnc.hasbeenaclientofJefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiariesandinvestmentbankingservicesarebeingorhavebeenprovided.

JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiarieshasactedasamanagerorco-managerintheunderwritingorplacementofsecuritiesforRigettiComputing丿lnc.oroneofitsaffiliateswithinthepasttwelvemonths.

Withinthepast12months丿JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiarieshasreceivedcompensationfrominvestmentbankingservicesfromRigettiComputing丿lnc..

JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiariesexpecttoreceiveorintendtoseekcompensationforinvestmentbankingservicesfromSkyWaterTechnology丿lnc.withinthenextthreemonths.

Withinthepast12months丿JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiarieshasreceivedcompensationfrominvestmentbankingservicesfromSkyWaterTechnology丿lnc..

JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiariesisactingasamanagerorco-managerintheunderwritingorplacementofsecuritiesforSkyWaterTechnology丿lnc.oroneofitsaffiliates.

JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiarieshasactedasamanagerorco-managerintheunderwritingorplacementofsecuritiesforSkyWaterTechnology丿lnc.oroneofitsaffiliateswithinthepasttwelvemonths.

Withinthepasttwelvemonths丿SkyWaterTechnology丿lnc.hasbeenaclientofJefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiariesandinvestmentbankingservicesarebeingorhavebeenprovided.

***

AniketShah丿PhDisnotanEquityResearchAnalyst;andaccordingly丿isnotsubjecttotheanalystindependencerequirementsinFlNRA丿sequityresearchrule丿Rule2241.AnycontentauthoredbythispersonortheSustainability&TransitionStrategyteamisnotEquityResearch.ReferencestoEquityResearchcontentinthisdocument丿ifany丿arecontributedbyJefferiesEquityResearchAnalystsandidentifiedassuch.

***

CharlesBoakye丿CFAisnotanEquityResearchAnalyst;andaccordingly丿isnotsubjecttotheanalystindependencerequirementsinFlNRA丿sequityresearchrule丿Rule2241.AnycontentauthoredbythispersonortheSustainability&TransitionStrategyteamisnotEquityResearch.ReferencestoEquityResearchcontentinthisdocument丿ifany丿arecontributedbyJefferiesEquityResearchAnalystsandidentifiedassuch.

***

YujinKimisnotanEquityResearchAnalyst;andaccordingly丿isnotsubjecttotheanalystindependencerequirementsinFlNRA丿sequityresearchrule丿Rule2241.AnycontentauthoredbythispersonortheSustainability&TransitionStrategyteamisnotEquityResearch.ReferencestoEquityResearchcontentinthisdocument丿ifany丿arecontributedbyJefferiesEquityResearchAnalystsandidentifiedassuch.

***

LukeSussamsisnotanEquityResearchAnalyst;andaccordingly丿isnotsubjecttotheanalystindependencerequirementsinFlNRA丿sequityresearchrule丿Rule2241.AnycontentauthoredbythispersonortheSustainability&TransitionStrategyteamisnotEquityResearch.ReferencestoEquityResearchcontentinthisdocument丿ifany丿arecontributedbyJefferiesEquityResearchAnalystsandidentifiedassuch.

***

JacquelineMurdockisnotanEquityResearchAnalyst;andaccordingly丿isnotsubjecttotheanalystindependencerequirementsinFlNRA丿sequityresearchrule丿Rule2241.AnycontentauthoredbythispersonortheSustainability&TransitionStrategyteamisnotEquityResearch.ReferencestoEquityResearchcontentinthisdocument丿ifany丿arecontributedbyJefferiesEquityResearchAnalystsandidentifiedassuch.

Pleaseseeimportantdisclosureinformationonpages19-27ofthisreport.22

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***

AnaZotovicisnotanEquityResearchAnalyst;andaccordingly丿isnotsubjecttotheanalystindependencerequirementsinFlNRA丿sequityresearchrule丿Rule2241.AnycontentauthoredbythispersonortheSustainability&TransitionStrategyteamisnotEquityResearch.ReferencestoEquityResearchcontentinthisdocument丿ifany丿arecontributedbyJefferiesEquityResearchAnalystsandidentifiedassuch.

ExplanationofJefferiesRatings

Buy-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyi