and starred on "Road Rules All Stars".closure information, and information regarding the status of non-Us analysts on pages 3 -7 of this report Greg Konrad, CFA * IEquity Analyst+1 (212) 284-2391 I gkonrad@jefferies.comSheila Kahyaoglu * I Equity Analyst+1 (212) 336-7216 Isheila.kahyaoglu@jefferies.comEllen Page * IEquity Associate+1 (212) 323-3381 lepage@jefferies.comKyle Wenclawiak * IEquity Associate+1 (212) 323-7671 I kwenclawiak@jefferies.com JefferiesBudget Line ItemExplorationMoon to Mars Transportation SystemMoon to Mars System DevelopmentHuman ExplorationRequirements&ArchitectureSpace OperationsInternational Space StationSpace TransportationSpace and Flight SupportCommercial Leo DevelopmentSpace TechnologyScienceEarthSciencePlanetary ScienceAstrophysicsHeliophysicsBilogical and Physical SciencesAeronauticsSTEM ManagementSafety, Security, and Mission ServicesMissionServices&CapabilitiesEngineering, Safety, & OperationConstruction and Environmental Compliance & RConstruction of FacilitiesEnvironmental Compliance and RestorationInspector GeneralNASA TotalY-o-Y ChangeSource: NASA and JefferiesPlease see important disclosure information on pages 3 - 7 of this reporthis report is intended for Jefferies clients only. Unauthorized distribution is prohibitec JefferiesAnalyst Certification:I, Greg Konrad, CFA, 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 views expressedin this research reportI, Sheila Kahyaoglu, 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 views expressedin this research reportI, Ellen Page, 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 views expressedin this research reporI, Kyle Wenclawiak, 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 views expressedin this research reporAs is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month periodHold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below s10 is 20% or more within a 12month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow s10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with araverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month periodNR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or JefferiespoliciesCS - Coverage Suspended. Jefferies has suspended coverage of this company.NC -Not covered. Jefferies does not cover this company.prohibit certain types of communications, including investment recommendationsMonitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are providedValuation MethodologyJefferies' methodology for assigning ratings may include the following: market capitalization, maturity, g