杰富瑞-英国投资企业：电池储能2026年一季度荷电状态-Battery Storage-Q1 State of Charge-20260402

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UK|InvestmentCompanies

EquityResearchApril2,2026

BatteryStorage-Q1StateofCharge

Batteryrevenuefellforthefourthconsecutivequarter,butthismasksstrengthsincethestartoftheU.S.-IranconflictattheendofFebruary.Inthiscontext,wehighlightthepositivecorrelationbetweengaspricesandday-aheadelectricitypricespreads,likelytothebenefitofthefunds'tradingrevenue.

Q1stateofcharge:ModoEnergy'srevenuebenchmarkindicatesthatGBbatteryrevenueweakenedquarter-on-quarterinQ1,achievingc.£39,200/MW/yearfor1-hourbatteriesandc.£64,000/MW/yearfor2-hourbatteries,versusc.£48,800/MW/yearandc.£71,700/MW/year,respectively,inQ4.ThisisalsolowerthaninQ12025,when1-hourand2-hourbatteriesachievedc.£73,200/MW/yearandc.£95,000/MW/year,respectively.However,itmasksstrengthsincethestartoftheU.S.-Iranconflict,withrevenueinMarchstrengtheningtoc.£47,900/MW/yearfor1-hourbatteriesandc.£85,300/MW/yearfor2-hourbatteries.Giventhattherevenueincreasewaslikelydrivenbytrading,thereisamarkeddivergenceintheperformanceof1-hourand2-hourbatteriesduringthemonth.

Exhibit1-ModoGBBESSannualisedweeklyrevenuebyduration(£/MW/year)

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

GBBESSIndex(1-hour)GBBESSIndex(2-hour)

Source:ModoEnergy/Jefferies

Ancillaryservices:Wintermonthstendtobeweakforrevenuegenerationfromancillaryservices,withlessvolumerequiredbythegrid,whichinturnisreflectedingenerallylowerpricesduringthequarter.Similarly,quickreservepriceshavecontinuedtheirdeclinesincetheywerefirstlaunchedinQ12025,althoughthisappearstohavebottomedoutinFebruary.Interestingly,themorevolatilepowerpriceenvironmentdidnothaveanimpactondynamicresponsepricesandvolume,likelyreflectingthestackablenatureofthedifferentsourcesofrevenue.

DCH

DCL

DMH

DML

DRH

DRL

Sep2025

2.1

4.2

2.3

6.8

-1.6

15.3

Oct2025

2.4

4.2

2.7

7.6

-1.4

16.0

Nov2025

2.1

3.1

1.5

5.9

-3.2

15.7

Dec2025

1.5

1.9

0.6

4.5

-4.5

12.7

Jan2026

1.6

1.9

0.7

4.2

-4.7

11.8

Feb2026

1.4

3.0

0.8

6.7

-6.7

19.4

Mar2026

1.1

1.6

-0.3

4.3

-6.5

13.2

Exhibit2-Monthlyweightedaveragepricesineachdynamicresponsemarket(£/MW/hr)

Source:NESO/Jefferies

FLASHNOTE

GreshamHouseEnergyStorage

RATING

BUY

PRICE

73.15p^

PRICETARGET|

NA|

52WHIGH-LOW

83p-55p

FLOAT(%)|ADVMM(USD)

96.9%|35.72

MARKETCAP

£416.3M|$549.1M

TICKER

GRIDLN

GoreStreetEnergyStorageFund

RATING

HOLD

PRICE

54.10p^

PRICETARGET|

NA|

52WHIGH-LOW

69p-44p

FLOAT(%)|ADVMM(USD)

99.5%|81.52

MARKETCAP

£260.4M|$343.5M

TICKER

GSFLN

Price:Intra-day,17July2025

^Priortradingday'sclosingpriceunlessotherwisenoted.

FionaHuang*|EquityAnalyst

+44(0)207548

5149|fhuang@

MatthewHose*|EquityAnalyst

44(0)207029

8557|matt.hose@

Pleaseseeanalystcertifications,importantdisclosureinformation,andinformationregardingthestatusofnon-USanalystsonpages5-10ofthisreport.

*JefferiesInternationalLimited

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Exhibit5-Themonthlyaverageofintra-daypricespread(£/MW)*

Jefferies

InvestmentCompanies

EquityResearchApril2,2026

Exhibit3-Monthlyvolumeineachdynamicresponsemarket(MW)

1400

1200

1000

800

600

400

200

0

Sep-25Oct-25Nov-25Dec-25Jan-26Feb-26Mar-26DCHDCLDMHDMLDRHDRL

Source:NESO/Jefferies

Exhibit4-Monthlyaveragesofvolume-weighteddailyaveragequickreserveprices(£/MW/h)

12.0

10.0

8.0

6.0

4.0

2.0

0.0

Jan

25

Positive(turn-up,discharging)Negative(turn-down,charging)

Jul25Aug25

May

25

Nov

25

Mar

25

Mar

26

Dec

25

Sep

25

Apr

25

Feb

26

Feb

25

Oct

25

Jun

25

Jan

26

Source:NESO/Jefferies

Trading:Day-aheadandintradayspreadsaveraged£60/MWpermonthinQ1,similartoQ4.However,thiswaslargelydrivenbywiderspreadsinMarch,asthespreadswerenotablylowerthisJanuarycomparedtolastyear.Furthermore,historically,one-hourandtwo-hourbatteryperformancetendstoconvergeduringpoorperformanceperiods,butdivergewhenthereareamplerevenueopportunities.Thistrendisinpartbecauseshorter-durationbatteriestendtohaveahighershareofrevenuefromancillaryservicesanddonotfullycapturethetradingupsidewhenelectricitypricesarevolatile.Tothisend,onthedayswhenelectricitypriceswereparticularlyvolatileinMarch,notonlydidthelargestspreadwiden,thesecond,third,andfourth-largestspreadshavesimilarlyfollowed,indicatingmultipleopportunitiestocapturelargemargins,andhence,favouringlonger-durationassets.

89

53

40

74

6162

48

7576

56

57

46

67

60

136

Source:Bloomberg/Jefferies*Previouspublicationscalculatethis

Exhibit6-Averageintra-daypricespreadsyear-to-date

160

140

120

100

80

60

40

20

0

01-Jan15-Jan29-Jan12-Feb26-Feb12-Mar26-Mar

Largest-Smallest2ndLargest-2ndSmallest3rdLargest-3rdSmallest4thLargest-4thSmallest

basedontransactiondates,butthishasbeenchangedtodeliverySource:Bloomberg/Jefferiesdatesnow

Gaspricevolatility:AsnaturalgascontinuestobethemarginalpricesetterintheUKmarket,thevolatilityinnaturalgaspricesshouldtranslatetovolatilityinUKelectricityprices.Whilebatterystorage'stradingmarginsshouldbenefitfromrenewableenergy'sincreasingshareintheUKgenerationmixinthelong-term,near-termintradayspreadswillremaindrivenbypricingvolatilitylinkedtonaturalgascommodityprices,asthespreadsstillshowac.53%correlationwithUKnaturalgasfutures,basedondatasince2022.Lookingatyear-to-datedata,thespreadhasbroadlytrackedthedirectionofUKgasfutures,particularlysincethestartoftheU.S.-Iranconflict.

Pleaseseeimportantdisclosureinformationonpages5-10ofthisreport.3

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InvestmentCompanies

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Exhibit7-Batteries'tradingpotentialbasedondifferentelectricitybackdrop

Source:Jefferies

Exhibit8-UKgaspriceandintradayspreadofUKelectricityprices(£/MWh)*

300

250

200

150

100

50

0

20222023202420252026

UKgasprice(day-ahead)*

IntradayspreadofUKday-aheadelectricityprice(30-daymovingaverage)

Exhibit9-UKday-aheadgaspriceandaverage/idhdltiiti

Source:Bloomberg/Jefferies*Day-aheadgaspricesandday-aheadelectricityprices

Exhibit10-UKaverageday-aheadelectricitypricesandtheintradayspreadyear-to-date

maxmumay-aeaeecrcyprces

Source:Bloomberg/Jefferies

Source:Bloomberg/Jefferies

Foranexplanationofthetechnicaldetailsonbatterystoragepleaseseeourprimershereandhere.Wehavealsoincludedaglossaryofjargoninthefullnote.

Pleaseseeimportantdisclosureinformationonpages5-10ofthisreport.4

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Batteryglossary

Term

Definition

Ancillaryservices

Servicesthathelptomaintainoperationalgridrequirementsbasedonenergyfrequencies.Serviceprovidersaregenerallypaidbasedonavailabilitytodischargeorabsorbenergyfromthegridwithinadefinedtimeperiod

Balancingmechanism(GB)

NESO'stooltomaintainthebalancebetweenelectricitysupplyanddemandinreal-time(orneardelivery).Fromthebatteryperspective,thiswouldbesimilartotradinginthespotmarket

Batterymanagementsystem

Softwaresytemandrelatedhardwarethatoverseethebatterypacks'condition,statusandactions

CAISO

CaliforniaIndependentSystemOperator,electricsystemoperatorinCalifornia

Capacitymarket

Amechanismtosecurefutureelectricitysupply.Capacitymarketcontractsaregenerallypaidbasedontheavailabilityofthecapacityduringhighdemandperiodsandaregenerallysecuredayearormoreinadvance

Day-aheadmarket

Amarketfortradingelectricitytobedeliveredthenextday

Duration

Theamountoftimethebatterycanchargeordischargeatfullcapacity,generallystatedinhoursandcanbecalculatedbyinstalledcapacityinMWhdividedbyInstalledcapcityinMW

Dynamicresponses(GB)

Includesdynamiccontainment(DC),dynamicmoderation(DM),dynamicresponse(DR).Modernancillaryservicesthatreacttosmallfrequencydeviationsofthegrid

ERCOT

ElectricReliabilityCouncilofTexas,electricsystemoperatorinTexas

GC0166

Gridcodechangethataimstointroducenewparametersforbatteriesinthebalancingmechanism

Installedcapacity(MW)

Themaximumelectricaloutputthebatterycanprovidetothesystematanygivenmoment,generallystatedinMW

Installedcapacity(MWh)

Thetotalamountofelectricitythatcanbestoredinthebattery,generallystatedinMWh

Intradaymarket

Amarketfortradingelectricitytobedelieveredthesameday

NESO

NationalEnergySystemOperator,energysystemoperatorinGreatBritain

Optimiser

Generallyalsoknownasroute-to-marketprovider.Itisthesoftwareserviceproviderthatallowsbatterytoparticipateinpowermarkets

QuickReserve

Anelectricityreservedispatchableinashorttimeinresponsetoenergyimbalancesandcorrectthegrid'sfrequencydeviation,workssimilarlytodynamicresposes

Skiprates

Inthecontextofbalancingmechanism,itmeasureshowoftenNESObypass(or'skip)alessexpensivepowerassetinfavourofanotherassetwhencallingforassetstoprovideorabsorbelectricityrealtime.HighskipratesgenerallymeanNESOischoosingmoreexpensiveassetsoverbatteries,whichlimitbatteries'revenueopportunities

SlowReserve

Anelectricityreservethataimstorestoreenergyimbalancespost-fault,generallykicksinwhendeviationiswide

StateofCharge(SoC)

Theamountofelectricalchargeavailableinabatteryatagiventime,generallyexpressedasapercentageoftotalamountstorable

StateofHealth(SoH)

Ameasureofitsoverallconditionandcapacitycomparedtoitsoriginalnewcondition

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CompanyDescription

GreshamHouseEnergyStorage

GRlDinvestsinadiversifiedportfolioofutility-scaleenergystoragesystems.

GoreStreetEnergyStorageFund

GSFisaclosed-endedfundthatinvestsinenergystorageassetsglobally.

CompanyValuation/Risks

GreshamHouseEnergyStorage

OurestimatedNAVincludesaccruedincomeandcost.Risksincludefallingancillaryservicespricesandnarrowingintradayelectricitypricespread丿aswellasconstructiondelays.

GoreStreetEnergyStorageFund

OurestimatedNAVincludesaccruedincomeandcost.Risksincludefallingancillaryservicespricesandnarrowingintradayelectricitypricespread丿aswellasconstructiondelays.

AnalystCertification:

l丿FionaHuang丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).lalsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

l丿MatthewHose丿certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).lalsocertifythatnopartofmycompensationwas丿is丿orwillbe丿directlyorindirectly丿relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

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

Registrationofnon-USanalysts:MatthewHoseisemployedbyJefferieslnternationalLimited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)

RecommendationPublishedApril1丿20264:49A.M.

RecommendationDistributedApril1丿202619:00P.M.

CompanySpecificDisclosures

JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiariesmakeamarketinthesecuritiesorADRsofGreshamHouseEnergyStorageFundPLC.

JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiariesexpecttoreceiveorintendtoseekcompensationforinvestmentbankingservicesfromGreshamHouseEnergyStorageFundPLCwithinthenextthreemonths.

JefferieslnternationalLtd丿itsaffiliatesorsubsidiarieshas丿orhad丿withinthepast12monthsanagreementtoprovideinvestmentservicestoGreshamHouseEnergyStorageFundPLC.

Withinthepast12months丿JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiarieshasreceivedcompensationfrominvestmentbankingservicesfromGreshamHouseEnergyStorageFundPLC.

Withinthepasttwelvemonths丿GreshamHouseEnergyStorageFundPLChasbeenaclientofJefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiariesandinvestmentbankingservicesarebeingorhavebeenprovided.

JefferieslnternationalLimitedactsasacorporatebrokerforGreshamHouseEnergyStorageFundPLC.

JefferiesFinancialGrouplnc.丿itsaffiliatesorsubsidiariesbeneficiallyowned1%ormoreofthecommonequityofGoreStreetEnergyStorageFundplcasoflastmonth丨send(orthepriormonth丿sendifthisreportisdatedlaterthan10daysafterthemostrecentmonthend).

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AllNationalGriddatainthereportaresupportedbyNationalGridESOOpenData.ThisreportalsocontainsBMRSdata-ElexonLimitedcopyrightanddatabaseright(2023).

ExplanationofJefferiesRatings

Buy-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyield)of15%ormorewithina12-monthperiod.

Hold-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyield)ofplus15%orminus10%withina12-monthperiod.

Underperform-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyield)ofminus10%orlesswithina12-monthperiod.Theexpectedtotalreturn(priceappreciationplusyield)forBuyratedsecuritieswithanaveragesecuritypriceconsistentlybelow$10is20%ormorewithina12-monthperiodasthesecompaniesaretypicallymorevolatilethantheoverallstockmarket.ForHoldratedsecuritieswithanaveragesecuritypriceconsistentlybelow$10,theexpectedtotalreturn(priceappreciationplusyield)isplusorminus20%withina12-monthperiod.ForUnderperformratedsecuritieswithanaveragesecuritypriceconsistentlybelow$10,theexpectedtotalreturn(priceappreciationplusyield)isminus20%orlesswithina12-monthperiod.

NR-Theinvestmentratingandpricetargethavebeentemporarilysuspended.Suchsuspensionsareincompliancewithapplicableregulationsand/orJefferiespolicies.

CS-CoverageSuspended.Jefferieshassuspendedcoverageofthiscompany.

NC-Notcovered.Jefferiesdoesnotcoverthiscompany.

Restricted-Describesissuerswhere,inconjunctionwithJefferiesengagementincertaintransactions,companypolicyorapplicablesecuritiesregulationsprohibitcertaintypesofcommunications,includinginvestmentrecommendations.

Monitor-Describessecuritieswhosecompanyfundamentalsandfinancialsarebeingmonitored,andforwhichnofinancialprojectionsoropinionsontheinvestmentmeritsofthecompanyareprovided.

ValuationMethodology

Jefferies'methodologyforassigningratingsmayincludethefollowing:marketcapitalization,maturity,growth/value,volatilityandexpectedtotalreturn

overthenext12months.Thepricetargetsarebasedonseveralmethodologies,whichmayinclude,butarenotrestrictedto,analysesofmarketrisk,

growthrate,revenuestream,discountedcashflow(DCF),EBITDA,EPS,cashflow(CF),freecashflow(FCF),EV/EBITDA,P/E,PE/growth,P/CF,P/FCF,

premium(discount)/averagegroupEV/EBITDA,premium(discount)/averagegroupP/E,sumoftheparts,netassetvalue,dividendreturns,andreturnon

equity(ROE)overthenext12months.

JefferiesFranchisePicks

JefferiesFranchisePicksincludestockselectionsfromamongthebeststockideasfromourequityanalystsovera12monthperiod.Stockselectionisbasedonfundamentalanalysisandmaytakeintoaccountotherfactorssuchasanalystconviction,differentiatedanalysis,afavorablerisk/rewardratioandinvestmentthemesthatJefferiesanalystsarerecommending.JefferiesFranchisePickswillincludeonlyBuyratedstocksandthenumbercanvarydependingonanalystrecommendationsforinclusion.Stockswillbeaddedasnewopportunitiesariseandremovedwhenthereasonforinclusionchanges,thestockhasmetitsdesiredreturn,ifitisnolongerratedBuyand/orifittriggersastoploss.Stockshaving120dayvolatilityinthebottomquartileofS&Pstockswillcontinuetohavea15%stoploss,andtheremainderwillhavea20%stop.FranchisePicksarenotintendedtorepresentarecommendedportfolioofstocksandisnotsectorbased,butwemaynotewherewebelieveaPickfallswithinaninvestmentstylesuchasgrowthorvalue.

RiskswhichmayimpedetheachievementofourPriceTarget

Thisreportwaspreparedforgeneralcirculationanddoesnotprovideinvestmentrecommendationsspecifictoindividualinvestors.Assuch,thefinancialinstrumentsdiscussedinthisreportmaynotbesuitableforallinvestorsandinvestorsmustmaketheirowninvestmentdecisionsbasedupontheirspecificinvestmentobjectivesandfinancialsituationutilizingtheirownfinancialadvisorsastheydeemnecessary.Pastperformanceofthefinancialinstrumentsrecommendedinthisreportshouldnotbetakenasanindicationorguaranteeoffutureresults.Theprice,valueof,andincomefrom,anyofthefinancialinstrumentsmentionedinthisreportcanriseaswellasfallandmaybeaffectedbychangesineconomic,financialandpoliticalfactors.Ifafinancialinstrumentisdenominatedinacurrencyotherthantheinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffectthepriceof,valueof,orincomederivedfromthefinancialinstrumentdescribedinthisreport.Totheextentpricesareshowninnon-UScurrency,pleasenotethatourlocalcurrencypricetargetsarebasedonacurrencyconversionusinganexchangerateasofthepriortradingday(unlessotherwisenoted).Shouldtherebefluctuationsintheexchangerateafterthisdate,thatwillaffectthenon-UStargetpricesandshouldnolongerbereliedupon.Inaddition,investorsinsecuritiessuchasADRs,whosevaluesareaffectedbythecurrencyoftheunderlyingsecurity,effectivelyassumecurrencyrisk.

OtherCompaniesMentionedinThisReport

•GoreStreetEnergyStorageFundplc(GSFLN:p54.10,HOLD)

•GreshamHouseEnergyStorageFundPLC(GRIDLN:p73.15,BUY)

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BUY:NA

Jan24Apr24Jul24Oct24Jan25Apr25Jul25Oct25Jan26

05/18/2023RSTR:NA

Jul23

RatingandPriceTargetHistoryfor:GreshamHouseEnergyStorageFundPLC(GRIDLN)asof03-31-2026

06/05/2023

Oct23

180

160

140

120

100

80

60

40

20

Jefferies

InvestmentCompanies

EquityResearchApril2,2026

RatingandPriceTargetHistoryfor:GoreStreetEnergyStorageFundplc(GSFLN)asof03-31-2026

110

100

90

80

70

60

50

40

Jul23Oct23Jan24Apr24Jul24Oct24Jan25Apr25Jul25Oct25Jan26

Notes:EachboxintheRatingandPriceTargetHistorychartaboverepresentsactionsoverthepastthreeyearsinwhichananalystinitiatedonacompany,madeachangetoaratingorpricetargetofacompanyordiscontinuedcoverageofacompany.

Legend:

I:InitiatingCoverage

D:DroppedCoverage

B:Buy

H:Hold

UP:Underperform

DistributionofRatingsIBServ./Past12Mos.JILMktServ./Past12Mos.

Count

Percent

Count

Percent

Count

Percent

BUY

2174

61.92%

369

16.97%

113

5.20%

HOLD

1177

33.52%

101

8.58%

17

1.44%

UNDERPERFORM

160

4.56%

2

1.25%

2

1.25%

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OtherImportantDisclosure

OtherImportantDisclosures

Jefferiesdoesbusinessandseekstodobusinesswithcompaniescoveredinitsresearchreports,andexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesamongotheractivitiesfromsuchcompanies.Asaresult,investorsshouldbeawarethatJefferiesmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

JefferiesEquityResearchreferstoresearchreportsproducedbyanalystsemployedbyoneofthefollowingJefferiesFinancialGroupInc.("Jefferies")companies:

UnitedStates:JefferiesLLCwhichisanSECregisteredbroker-dealerandamemberofFINRA(anddistributedbyJefferiesResearchServices,LLC,anSECregisteredInvestmentAdviser,toclientspayingseparatelyforsuchresearch).

Canada:JefferiesSecuritiesInc.,whichisaninvestmentdealerregisteredineachofthethirteenCanadianjurisdictionsandadealermemberoftheCanadianInvestmentRegulatoryOrganization,includingresearchreportsproducedjointlybyJefferiesSecuritiesInc.andanotherJefferiesentity(anddistributedbyJefferiesSecuritiesInc.).

WhereJefferiesSecuritiesInc.distributesresearchreportsproducedbyJefferiesLLC,JefferiesInternationalLimited,Jefferies(Japan)Limited,TokyoBranchorJefferiesIndiaPrivateLimited,youareadvisedthateachofJefferiesLLC,JefferiesInternationalLimited,Jefferies(Japan)Limited,TokyoBranchandJefferiesIndiaPrivateLimitedoperatesasadealerinyourjurisdictionunderanexemptionfromthedealerregistrationrequirementscontainedinNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligationsand,assuch,eachofJefferiesLLC,JefferiesInternationalLimited,Jefferies(Japan)Limited,TokyoBranchandJefferiesIndiaPrivateLimitedisnotrequiredtobeandisnotaregistereddealeroradviserinyourjurisdiction.YouareadvisedthatwhereJefferiesLLCorJefferiesInternationalLimitedpreparedthisresearchreport,itwasnotpreparedinaccordancewithCanadiandisclosurerequirementsrelatingtoresearchreportsinCanada.

UnitedKingdom:JefferiesInternationalLimited,whichisauthorizedandregulatedbytheFinancialConductAuthority;registeredinEnglandandWalesNo.1978621;registeredoffice:100Bishopsgate,LondonEC2N4JL;telephone+44(0)2070298000;facsimile+44(0)2070298010.

Germany:JefferiesGmbH,whichisauthorizedandregulatedbytheBundesanstaltfuerFinanzdienstleistungsaufsicht,BaFin-ID:10150151;registered

office:BockenheimerLandstr.24,60323Frankfurta.M.,Germany;telephone:+49(0)697191870

HongKong:JefferiesHongKongLimited,whichislicensedbytheSecuritiesandFuturesCommissionofHongKongwithCEnumberATS546;locatedatLevel26,TwoInternationalFinanceCenter,8FinanceStreet,Central,HongKong;telephone:+85237438000.

Singapore:JefferiesSingaporeLimited,whichislicensedbytheMonetaryAuthorityofSingapore;locatedat10CollyerQuay#41-01,OceanFinancialCentre,Singapore049315,telephone:+6565513950.

Japan:Jefferies(Japan)Limited,TokyoBranch,wh