Redburn (Europe) Limited (“Redburn,” “we,” or “us”), is a wholly owned subsidiary of Rothschild & Co Continuation Holdings AG, ultimately owned by Rothschild & Co SCA (“Rothschild”). Redburn, established in 2003, is authorized and regulated by the Financial Conduct Authority (“FCA”) and headquartered in London. Redburn engages in the business of offering investment research services (“Research Services”) to institutional clients. The Rothschild & Co Group is a global financial advisory group which is family-controlled and independent. It has been at the center of the world’s financial markets for more than 200 years. Rothschild is a publicly traded French partnership, over which the Rothschild family has voting control. This Brochure discusses the services that we offer to our U.S. resident clients. Research Services Redburn provides investment research to institutional clients through the provision of proprietary research products and services pertaining to global equities, prepared by experienced research analysts to whom clients are given access. Redburn’s equity research products and services consist of 80 publishing analysts covering around 500 stocks from its research center in London. Redburn’s coverage includes but is not limited to, Aerospace and Defense, Automotive, Capital Goods, Chemicals, Construction and Building materials, Consumer Staples: Beverages, Consumer Staples: Food & HPC, Energy, Financials: Banks, Financials: Capital Markets, Financials: FinTechs, Healthcare: Biopharmaceuticals, Healthcare: Medical Technology, Luxury Goods, Media, , Retail and Sporting Goods, Technology: Software and IT Services, Telecommunications, and Transport and Leisure. Redburn is not responsible for the re‐distribution of its research and a person’s receipt of such re‐ distributed research shall not, by itself, be deemed to create an investment adviser‐client relationship between Redburn and any such person. Research Services do not include any services

or communications provided by any institutional sales associates or trading desk strategists (including any services or communications that may refer to or be based on Research Services). Although, as further discussed in Item 14 below, certain employees of our affiliates act as representatives of Redburn to market Redburn’s services, Redburn does not employ any institutional sales associates and such services provided by our affiliated broker‐dealers are not part of Research Services. The delivery of Research Services does not include trade execution, trading or brokerage services provided to clients. Our advisory relationship with our clients is strictly limited to the provision of Research Services, and any trades, transactions or orders that may be executed, routed, or otherwise processed through us on behalf of clients will be handled by us (or our affiliates) solely in our capacity as a broker-dealer. Impersonal Investment Advice Research Services do not include any evaluation or recommendation by Redburn of the investment guidelines or security selection for a client’s investment portfolio or the management of assets. Research Services are solely impersonal investment advice; Redburn has no discretion over a client’s investment decision and does not recommend particular investment products or investment strategy that a client or any permitted user may make in connection with the use of Research Services or any information or data provided therein or otherwise obtained or derived therefrom. If you were to engage in securities transactions with us, we will not be acting as an investment adviser with respect to such transactions absent a specific written agreement by us to so act. Research Services are offered only to institutional clients. Wrap Fee Programs We do not participate in wrap fee programs. Assets Under Management Redburn does not manage any assets on a discretionary or non‐discretionary basis and thus does not have any assets under management.