杰富瑞-中美科技战：传对华虹出台禁令或为黎明前的黑暗-US-China Tech War：Reported Banning of Hua Hong May be the Darkness before Dawn-20260428

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Jefferies

China(PRC)|Technology

EquityResearchApril28,2026

US-ChinaTechWar:ReportedBanningofHuaHongMaybetheDarknessbeforeDawn

ReutersreportedtheUSDoCtoldUSWFEvendorstostopshippingcertaintoolstotwoHuaHongfabs,topreventHuaHong/Hualifrombeingabletoproduceadvancednodes.Wearenotsurprised,aslocalindustryexpertshaveflaggedHuali's7nmpotentialsincelastyear.Butthetimingisintriguing,givenTrump'supcomingvisittoChina.ThiscouldgiveTrumpmorechips,butwestillthinkWFEexportcontrolrelaxationisapossibilityattheTrump-Ximeeting.

USsuspensionofcertainWFEshipmentstoHuaHongaheadofTrump'svisittoChinaisaninterestingevent.OnApr29,ReutersreportedtheDoChasaskedmultipleUSWFEvendorstostopshippingcertaintoolstotwofabsofHuaHong(Fab6and8a),thepurposeofwhichistopreventHuaHong/HualifromleveragingUStoolstomakeAIchipsusingadvancednodes(14nmandbelow).NotetheUSdidthesametoCXMTinJan2025.However,webelieveHuali's(anunlistedsistercompanyofHuaHong)ambitioninadvancednodesisnotnew,sincebothReutersandlocalindustryexpertshavebeenflaggingHuali's7nmpotentialsincemid-2025.HuaHong'sstockhasrallied146%inthepast12months,webelievedrivenmainlybythepotentialforittoacquiretheadvancednodeoperationsfromHuali.WehavebeenhighlightingthatifHuaHongundertakessuchanacquisition,therewillbeahighriskthatitwillbesanctionedbytheUS,whichiswhathashappenedtoSMICsince2021.NowHuaHongisbeingunofficiallysanctionedbytheUSeventhoughithasnotdonesuchanacquisition.

CurrentUSrulesalreadybanthesaleofWFEenablingChina'sproductionof14nmorbelow,sothenewinitiativecouldinclude22nm/28nm.OurunderstandingisthatHuaHongdoesnothaveanyadvancednodeproductionlinesyet,asthoselinesarestillpartofHuali.However,itwillbedifficultfortheUSgovtotellwhoinfactcontrolswhichfacilities.Moreover,sinceHuaHongislistedandhasahigherprofile,webelievethatiswhythecurrenttargetfocusesonHuaHong.HuaHongisbuildingits3rdfab,whichis40nmspecialtylogic.Its2026capexisestimatedatUS$1.7bn,whilesomemainlandChina-basedinvestorsbelievethecapexofHuaHong/Hualicombinedin2026/7couldbeuptoUS$10bn.Ifthatistrue,itwillbecomparabletoSMIC,sinceSMIC's2026capexguidanceisUS$8bn.Therefore,thereportedsuspensionofcertainshipmenttoHuaHongcouldhavemeaningfulimpactonmainstreamUSWFEplayers.However,sinceOct2024,theUShasimposedacountrywidebanagainstChinaonWFEtoolsthatcoulddirectlyenabletheproductionof14nmorbelownodes.Therefore,thisnewsuspensionlikelyappliestocertain22nm/28nmtools(deposition,ionimplantingandetching)thatwouldalsobeneededinnewproductionlinesof14nm/7nm.

ThiscouldbedesignedtoboostTrump'sbargainingpowerforhisChinavisit,butWFEexportcontrolsrelaxationcouldstillbeabargainingchip.ThetimingofthisbanisintriguingasTrumpisscheduledtovisitChinain2.5weeks.WebelieveitcouldbedesignedtogiveTrumpmorebargainingchipsagainstChina,asChinahasrecentlygainedbargainingpowerowingtoitsrareearthexportcontrolsandtheUS-Iranwar.InsteadofworryingaboutanescalationofWFEexportcontrols,weinfactbelieve(andhavebeenflagging)WFEwillbeanimportanttopicoftheTrump-Xidiscussionsasakeybargainingchip.Whileanofficialmoderaterelaxationofexportcontrolsispossible(allowing14nm/7nmWFEtobesoldtoChinabutnoEUVandstillbanninganythingenabling5nmandbelow),anunofficialrelaxationtargetingspecificcompanies(eg,HuaHong,Huali,CXMT)isalsoanoption.

EdisonLee,CFA*|EquityAnalyst

8523743

8009|edison.lee@

NickCheng*|EquityAnalyst

+8523743

8750|nick.cheng@

JackyHe*|EquityAnalyst

+8523743

8084|jacky.he@

MattMa*|EquityAnalyst

85237671109|matt.ma@

AnniePing,CFA,FRM*|EquityAssociate

+

85237671273|annie.ping@

Pleaseseeanalystcertifications,importantdisclosureinformation,andinformationregardingthestatusofnon-USanalystsonpages2-7ofthisreport.

*JefferiesHongKongLimited

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TechnologyEquityResearchApril28,2026

CompanyValuation/Risks

HuaHongSemiconductor

OurpricetargetofHK$91.00forHK-shareisbasedonend-2026EDCFvaluationusingaWACCof8.6%andaterminalgrowthrateof4.5%.OurpricetargetofRmb120.00forA-shareisbasedon4.4x2026EPB.Upside/downsiderisksinclude1)faster/slowerASPhikesinthefollowingquartersduetoweaknessesinenddemand,2)12"fabrunningcapacityramp-upfaster/slowerthanexpected,and3)ASMLcontinues/stopssellingArFDUVtoChina.

AnalystCertification:

I,EdisonLee,CFA,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

I,NickCheng,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

I,JackyHe,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

I,MattMa,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

I,AnniePing,CFA,FRM,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

Registrationofnon-USanalysts:EdisonLee,CFAisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.

Registrationofnon-USanalysts:NickChengisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.Registrationofnon-USanalysts:JackyHeisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.Registrationofnon-USanalysts:MattMaisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.Registrationofnon-USanalysts:AnniePing,CFA,FRMisemployedbyJefferiesHongKongLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.

AsisthecasewithallJefferiesemployees,theanalyst(s)responsibleforthecoverageofthefinancialinstrumentsdiscussedinthisreportreceivescompensationbasedinpartontheoverallperformanceofthefirm,includinginvestmentbankingincome.Weseektoupdateourresearchasappropriate,butvariousregulationsmaypreventusfromdoingso.Asidefromcertainindustryreportspublishedonaperiodicbasis,thelargemajorityofreportsarepublishedatirregularintervalsasappropriateintheanalyst'sjudgement.

InvestmentRecommendationRecord

(Article3(1)eandArticle7ofMAR)

RecommendationPublishedApril28,202623:25P.M.

RecommendationDistributedApril28,202623:25P.M.

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.ForHoldratedsecuritieswithanaveragesecurityprice

Pleaseseeimportantdisclosureinformationonpages2-7ofthisreport.3

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TechnologyEquityResearchApril28,2026

consistentlybelow$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,volatilityandexpectedtotalreturnoverthenext12months.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,andreturnonequity(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

•HuaHongSemiconductor(1347HK:HK$113.30,HOLD)

08/10/2023

Jan2411/07/202402/12/2026

11/09/2023

Jul2402/13/2025

Apr24

HOLD:HK$17.0005/13/2024HOLD:HK$18.03

Apr25Jul25Oct25Jan26Apr26HOLD:HK$33.0008/11/2025HOLD:HK$40.00

05/11/2023HOLD:HK$27.77

Jul23Oct2308/08/2024HOLD:HK$20.0011/10/2025HOLD:HK$75.00

HOLD:HK$25.00

HOLD:HK$22.00

HOLD:HK$91.00

HOLD:HK$21.00

Oct24

HOLD:HK$24.00

02/06/2024

Jan25

05/08/2025

RatingandPriceTargetHistoryfor:HuaHongSemiconductor(1347HK)asof04-28-2026

140

120

100

80

60

40

20

0

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TechnologyEquityResearchApril28,2026

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

2183

61.95%

370

16.95%

110

5.04%

HOLD

1183

33.57%

104

8.79%

17

1.44%

UNDERPERFORM

158

4.48%

1

0.63%

1

0.63%

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TechnologyEquityResearchApril28,2026

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,whichisasecuritiescompanyregisteredbytheFinancialServicesAgencyofJapanandisamemberoftheJapanSecuritiesDealersAssociation;locatedatTokyoMidtownHibiya30FHibiyaMitsuiTower,1-1-2Yurakucho,Chiyoda-ku,Tokyo100-0006;telephone+81352516100;facsimile+81352516101.

India:JefferiesIndiaPrivateLimited(CIN-U74140MH2007PTC200509),licensedbytheSecuritiesandExchangeBoardofIndiafor:StockBroker(NSE&BSE)INZ000243033,ResearchAnalystINH000000701andMerchantBankerINM000011443,locatedatLevel16,ExpressTowers,NarimanPoint,Mumbai400021,India;Tel+912243566000.ComplianceOfficername:SanjayPai,TelNo:+912242246150,Email:

spai@

,Grievanceofficername:SanjayPai,Telno.+912242246150,Email:compliance_india@.RegistrationgrantedbySEBIandcertificationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors.

Australia:Jefferies(Australia)PtyLimited(ACN623059898),whichholdsanAustralianfinancialserviceslicense(AFSL504712)andislocatedatLevel20,60MartinPlace,SydneyNSW2000;telephone+61293642800.

Dubai:JefferiesInternationalLimited,Dubaibranch,whichislicensedbytheDubaiFinancialServicesAuthority(DFSAReferenceNumberF007325);registeredofficeUnitL31-06,L31-07,Level31,ICDBrookfieldPace,DIFC,POBox121208,Dubai,UAE.

ThisreportwaspreparedbypersonnelwhoareassociatedwithJefferies(JefferiesSecuritiesInc.,JefferiesInternationalLimited,JefferiesGmbH,JefferiesHongKongLimited,JefferiesSingaporeLimited,Jefferies(Japan)Limited,TokyoBranch,JefferiesIndiaPrivateLimited),andJefferies(Australia)PtyLtd;orbypersonnelwhoareassociatedwithbothJefferiesLLCandJefferiesResearchServicesLLC("JRS").JefferiesLLCisaUSregisteredbroker-dealerandisaffiliatedwithJRS,whichisaUSregisteredinvestmentadviser.JRSdoesnotcreatetailoredorpersonalizedresearchandallresearchprovidedbyJRSisimpersonal.Ifyouarepayingseparatelyforthisresearch,itisbeingprovidedtoyoubyJRS.Otherwise,itisbeingprovidedbyJefferiesLLC.JefferiesLLC,JRS,andtheiraffiliatesarecollectivelyreferredtobelowas"Jefferies".Jefferiesmayseektodobusinesswithcompaniescoveredinthisresearchreport.Asaresult,investorsshouldbeawarethatJefferiesmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyoneofmanyfactorsinmakingtheirinvestmentdecisions.SpecificconflictofinterestandotherdisclosuresthatarerequiredbyFINRA,theCanadianInvestmentRegulatoryOrganizationandotherrulesaresetforthinthisdisclosuresection.

***

Ifyouarereceivingthisreportfromanon-USJefferiesentity,pleasenotethefollowing:UnlessprohibitedbytheprovisionsofRegulationSoftheU.S.SecuritiesActof1933,asamended,thismaterialisdistributedintheUnitedStatesbyJefferiesLLC,whichacceptsresponsibilityforitscontentsinaccordancewiththeprovisionsofRule15a-6undertheUSSecuritiesExchangeActof1934,asamended.TransactionsbyoronbehalfofanyUSpersonmayonlybeeffectedthroughJefferiesLLC.IntheUnitedKingdomandEuropeanEconomicAreathisreportisissuedand/orapprovedfordistributionbyJefferiesInternationalLimited("JIL”)and/orJefferiesGmbHandisintendedforuseonlybypersonswhohave,orhavebeenassessedashaving,suitableprofessionalexperienceandexpertise,orbypersonstowhomitcanbeotherwiselawfullydistributed.JefferiesLLC,JIL,JefferiesGmbHandtheiraffiliates,maymakeamarketorprovideliquidityinthefinancialinstrumentsreferredtointhisreport;andwheretheydomakeamarket,suchactivityisdisclosedspecificallyinthisreportunder“companyspecificdisclosures”.

ForCanadianinvestors,thismaterialisintendedforuseonlybyprofessionalorinstitutionalinvestors.NoneoftheinvestmentsorinvestmentservicesmentionedordescribedhereinisavailabletootherpersonsortoanyoneinCanadawhoisnota"permittedclient"asdefinedbyNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations,asapplicable.Thisresearchreportisageneraldiscussionofthemeritsandrisksofasecurityorsecuritiesonly,andisnotinanywaymeanttobetailoredtotheneedsandcircumstancesofanyrecipient.Theinformationcontained

Pleaseseeimportantdisclosureinformationonpages2-7ofthisreport.6

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hereinisnot,andundernocircumstancesistobeconstruedas,anoffertosellsecuritiesdescribedherein,orsolicitationofanoffertobuysecuritiesdescribedherein,inCanadaoranyprovinceorterritorythereof.AnyofferorsaleofthesecuritiesdescribedhereininCanadawillbemadeonlyunderanexemptionfromtherequirementstofileaprospectuswiththerelevantCanadiansecuritiesregulators,ifapplicable,andonlybyadealerproperlyregisteredunderapplicablesecuritieslawsor,alternatively,pursuanttoanexemptionfromthedealerregistrationrequirementintherelevantprovinceorterritoryofCanadainwhichsuchofferorsaleismade.TheinformationcontainedhereinisundernocircumstancestobeconstruedasinvestmentadviceinanyprovinceorterritoryofCanadaandisnottailoredtotheneedsoftherecipient.Totheextentthattheinformationcontainedhereinreferencessecuritiesofanissuerincorporated,formedorcreatedunderthelawsofCanadaoraprovinceorterritoryofCanada,anytradesinsuchsecuritiesmustbeconductedthroughadealerregisteredinCanada.NosecuritiescommissionorsimilarregulatoryauthorityinCanadahasreviewedorinanywaypassedjudgmentuponthisresearchreport,theinformationcon