提醒：欧盟政策之旅：我们学到了什么？

Equity ResearchJune 3, 2025Luke Sussams * | Sust. & Transition Strategist44 (0)20 7548 4404 | lsussams@jefferies.comAniket Shah, PhD ^ | Head of Sust. &(212) 323-3976 | ashah14@jefferies.comJacqueline Murdock * | Sust. & Transition+44 (0)20 7548 4165 | jmurdock@jefferies.comCharles Boakye, CFA ^ | Sust. & Transition(212) 336-6649 | cboakye@jefferies.comCarina Elfving ^ | Sust. & Transition Strategy+1 (212) 336-7238 | celfving@jefferies.comMatthew Spring, CFA ^ | Sust. & Transition+1 (212) 738-5297 | mspring@jefferies.comAna Zotovic ‡ | Sust. & Transition Strategy+1 (416) 847 7399 | azotovic@jefferies.com Transition StrategyStrategy AssociateStrategistAssociateStrategy AssociateAssociate Analyst Certification:I, Luke Sussams, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Aniket Shah, PhD, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Jacqueline Murdock, 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 recommendationsor views expressed in this research report.I, Charles Boakye, CFA, 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 recommendationsor views expressed in this research report.I, Carina Elfving, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Matthew Spring, CFA, 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 recommendationsor views expressed in this research report.I, Ana Zotovic, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Luke Sussams 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 maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Jacqueline Murdock is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby 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 receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific Disclosures***Luke Sussams is not an Equity Research Analyst; and accordingly, is not subject to the analyst independence requirements in FINRA’s equity research rule,Rule 2241. Any content authored by this person