Disclaimere

Denne disclaimeren gjelder DNB Carnegies webTV-sendinger:

Ansvarsforhold

Denne sendingen og dets innhold skal anses som markedsføringsmateriell fra DNB og må ikke oppfattes som en investeringsanbefaling eller som investeringsanalyse. Innholdet skal heller ikke anses for å være investeringsrådgivning tilpasset den enkelte kundens behov.

I de tilfeller hvor sendingen omhandler konkrete finansielle instrumenter, og eventuelle investeringsanbefalinger (normalt distribuert i form av en investeringsanalyse i forkant av sendingen), henvises det til DNB Carnegie sin webside (dnb.no/disclaimer/MAR) for informasjon i henhold til Market Abuse Regulation (MAR). Denne websiden inneholder informasjon rundt distribuerte investeringsanbefalinger og potensielle interessekonflikter. Det gjøres for ordens skyld oppmerksom på at sendingen ikke må oppfattes som personlig investeringsråd/anbefaling.

Innholdet i sendingen bygger på informasjon fra offentlig tilgjengelige kilder som DNB ser på som pålitelige, men som ikke er uavhengig verifisert, følgelig gir DNB Carnegie ingen garanti i forhold til nøyaktighet og fullstendighet. Alle uttalelser her reflekterer DNB Carnegies vurderinger på tidspunkt for den aktuelle sendingen, og kan i ettertid endres uten nærmere beskjed.

Konfidensialitetsregler og interne regler begrenser informasjon mellom ulike deler av DNB Carnegie og mellom DNB Carnegie og DNB Bank ASA, og dette kan hindre ansatte i DNB Carnegie fra å benytte eller kjenne til informasjon tilgjengelig i andre deler av DNB Carnegie/DNB Bank ASA som kan være relevant for mottakers beslutning.

DNB tar intet ansvar for direkte eller indirekte tap/kostnader som måtte oppstå ved bruk av informasjon i denne sendingen. Sendingen har blitt utarbeidet av DNB Carnegie i det formål å gi informasjon til investor. DNB Carnegie, DNB Bank ASA (organisasjonsnummer 984 851 006), er medlem av Norges Fondsmeglerforbund og er underlagt tilsyn av Finanstilsynet i Norge. DNB Carnegie er også underlagt lokale tilsyn i Singapore, og i noen grad i Storbritannia og Sverige. Detaljer vedrørende omfanget av lokale tilsynsreguleringer utenfor Norge er tilgjengelig på forespørsel.

Ytterligere informasjon om DNB Carnegie og DNB Bank ASA finnes på www.dnb.no.

Denne disclaimer gjelder podkaster laget i regi av DNB:

Denne podkasten og dets innhold skal anses som markedsføringsføringsmateriell fra DNB og må ikke oppfattes som en investeringsanbefaling eller som investeringsanalyse. Innholdet skal heller ikke anses for å være investeringsrådgivning tilpasset den enkelte kundens behov. Informasjonen som gis i podkasten er kun ment som generell spareveiledning og er ikke ment å utgjøre juridisk, finansiell, kommersiell, skattemessig eller regnskapsmessig rådgivning.

I de tilfeller hvor podkasten omhandler konkrete finansielle instrumenter, og eventuelle investeringsanbefalinger (normalt distribuert i form av en investeringsanalyse i forkant av podkasten), henvises det til "Disclosures according to MAR" (dnb.no/disclaimer) for informasjon i henhold til Market Abuse Regulation (MAR). Denne websiden inneholder informasjon rundt distribuerte investeringsanbefalinger og potensielle interessekonflikter. Det gjøres for ordens skyld oppmerksom på at sendingen ikke må oppfattes som personlig investeringsråd/anbefaling.

Innholdet i sendingen er ikke gjennomgått eller godkjent av DNB Carnegies avdeling for analyse. Innholdet i podkasten bygger på informasjon fra offentlig tilgjengelige kilder som DNB ser på som pålitelige, men som ikke er uavhengig verifisert, følgelig gir DNB ingen garanti i forhold til nøyaktighet og fullstendighet. Alle uttalelser her reflekterer DNBs vurderinger på tidspunkt for den aktuelle podkasten, og kan i ettertid endres uten nærmere beskjed.

Konfidensialitets regler og interne regler begrenser informasjon mellom ulike deler av DNB, DNB Carnegie og mellom DNB Carnegie og DNB Bank ASA, og dette kan hindre ansatte fra å benytte eller kjenne til informasjon tilgjengelig i andre deler av DNB Bank ASA som kan være relevant for mottakers beslutning.

DNB tar intet ansvar for direkte eller indirekte tap/kostnader som måtte oppstå ved bruk av informasjon i denne podkasten.

Podkasten har blitt utarbeidet av DNBs i det formål å gi informasjon til investor. DNB Bank ASA (organisasjonsnummer 984 851 006), er medlem av Verdipapirforetakenes Forbund og er underlagt tilsyn av Finanstilsynet i Norge. DNB Carnegie er også underlagt lokale tilsyn i Singapore, og i noen grad i Storbritannia og Sverige. Detaljer vedrørende omfanget av lokale tilsynsreguleringer utenfor Norge er tilgjengelig på forespørsel.

Ytterligere informasjon om DNB Bank ASA finnes på www.dnb.no.

Denne disclaimeren står på slutten av hver artikkel på DNB Nyheter der generelle uttalelser om investering i enkeltaksjer, altså ikke navngitte aksjer eller selskap, fremgår:

Merk: Å kjøpe og selge aksjer innebærer høy risiko fordi verdien i verdipapirer vil svinge med tilbud og etterspørsel. Historisk avkastning i aksjemarkedet er aldri noen garanti for framtidig avkastning. Framtidig avkastning vil blant annet avhenge av markedsutvikling, aksjeselskapets utvikling, din egen dyktighet, kostnader for kjøp og salg, samt skattemessige forhold.

Innholdet i denne artikkelen er ment verken som investeringsråd eller anbefalinger. Har du noen spørsmål om investeringer, bør du kontakte en finansrådgiver som kjenner deg og din situasjon.

Denne disclaimer skal fremgå under publiserte analyser og rapporter fra DNB Carnegie der navngitte selskap eller markeder fremgår:

MERK: Innholdet i dette oppslaget er å anse som en generell investeringsanbefaling. Innholdet må ikke oppfattes som investeringsrådgivning tilpasset den enkelte mottaker, og er heller ikke ment å utgjøre juridisk, finansiell, kommersiell, skattemessig eller regnskapsmessig rådgivning. Anbefalingen er basert på investeringsanalyse («Rapporten») utarbeidet av DNB Carnegie. I denne teksten utgjør DNB Carnegie forretningsområdet DNB Carnegie i DNB Bank ASA og DNB Carnegie Investment Bank AB.

Rapporten baserer seg på kilder som vurderes som pålitelige, men DNB Carnegie garanterer ikke at informasjonen er presis eller fullstendig. Uttalelser i rapporten reflekterer DNB Carnegie’ oppfatning på det tidspunkt rapporten ble utarbeidet, og DNB Carnegie forbeholder seg retten til å endre oppfatning uten varsel. Rapporten skal ikke oppfattes som et tilbud om å kjøpe eller selge finansielle instrumenter eller som en personlig anbefaling om investeringsstrategi. DNB Carnegie påtar seg ikke noe ansvar, verken for direkte eller indirekte tap, som følge av at rapporten legges til grunn for investeringsbeslutninger. For informasjon om publiserte investeringsanbefalinger og potensielle interessekonflikter i henhold til Market Abuse Regulation (MAR), henvises det til DNB Carnegie sin webside «dnb.no/disclaimer/MAR».

Les mer om MAR på Finanstilsynets sider.

KOMPLETT DISCLAIMER

Generelt

Innholdet i dette nyhetsoppslaget er å anse som en generell investeringsanbefaling. Innholdet må ikke oppfattes som investeringsrådgivning tilpasset den enkelte mottaker, og er heller ikke. ment å utgjøre juridisk, finansiell, kommersiell, skattemessig eller regnskapsmessig rådgivning.

Nyhetsoppslaget er basert på en investeringsanalyse («Rapporten») utarbeidet av DNB Carnegie. Rapporten baserer seg på kilder som vurderes som pålitelige, men DNB Carnegie garanterer ikke at informasjonen er presis eller fullstendig. Uttalelser i rapporten reflekterer DNB Carnegie’ oppfatning på det tidspunkt rapporten ble utarbeidet, og DNB Carnegie forbeholder seg retten til å endre oppfatning uten varsel. Rapporten skal ikke oppfattes som et tilbud om å kjøpe eller selge finansielle instrumenter eller som en personlig anbefaling om investeringsstrategi. DNB Carnegie påtar seg ikke noe ansvar, verken for direkte eller indirekte tap, som følge av at rapporten legges til grunn for investeringsbeslutninger.

Regler om konfidensialitet og informasjonshåndtering i DNB-konsernet og DNB Carnegie begrenser utveksling av informasjon mellom ulike områder i DNB Carnegie og mellom DNB Carnegie og enheter i DNB-konsernet. Enheter i DNB-konsernet kan ha informasjon som er relevant for de forhold rapporten gjelder, men som ikke har vært tilgjengelig for forfatteren av rapporten.

Distribusjon av analyser er i enkelte land regulert ved lov. Personer som eventuelt får tilgang til komplett mottar denne rapporten plikter å gjøre seg kjent med slike forhold og ikke formidle rapporten videre til personer som er hjemmehørende i land som er gjenstand for slike begrensninger. Denne rapport er kun til bruk for våre kunder og er ikke ment for offentlig distribusjon.

Ytterligere informasjon om DNB Carnegie og DNB Bank ASA finnes på www.dnb.no.

Risiko

Risiko ved å investere i finansielle instrumenter må generelt ansees å være høy. Historisk avkastning vil ikke være noen garanti for fremtidig avkastning. Ved investering i finansielle instrumenter kan verdien på investeringen bli mindre eller øke, og investor må være innforstått med at hele investeringen kan gå tapt.

Interessekonflikter

I de tilfeller hvor rapporten omhandler konkrete finansielle instrumenter, og eventuelle investeringsanbefalinger (normalt distribuert i form av en separat investeringsanalyse), henvises det til DNB Carnegie sin webside (dnb.no/disclaimer/MAR) for informasjon i henhold til Market Abuse Regulation (MAR). Denne websiden inneholder informasjon rundt distribuerte investeringsanbefalinger og potensielle interessekonflikter.

E-mail disclaimer DNB Carnegie

DNB Carnegie is a Business Area in the DNB Group comprising: 1) the investment services division of DNB Bank ASA; 2) DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA); 3) DNB Markets, Inc. (a wholly owned subsidiary of DNB Bank ASA) and 4) Carnegie, Inc. (a wholly owned subsidiary of DNB Carnegie Investment Bank AB). DNB Carnegie is a leading, Nordic provider of investment banking services.

If the receiver of an e-mail is not the intended recipient, the receiver is hereby notified that the e-mail has been received in error, and that any review or copying of it is strictly prohibited. In such case, please inform the sender by returning the e-mail and destroy all copies of the original message.

The e-mail, including any presentation, report or other material attached to it (the “Information”), must be seen as marketing material and not as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation) and associated rules, implemented in the relevant jurisdiction, unless the criteria for preparing an investment recommendation under Market Abuse Regulation, are met.

Please see DNB Carnegie’s' website (www.dnb.no/disclaimer/MAR) for information in accordance with Market Abuse Regulation (MAR) if this Information include an investment recommendation. This website contains information about our published investment recommendations and potential conflicts of interest.

The Information is based on information obtained from various public sources that DNB Carnegie believes to be reliable but has not independently verified, and DNB Carnegie makes no guarantee, representation or warranty as to its accuracy or completeness. Any opinions expressed herein reflect DNB Carnegie’s judgment at the time the Information was prepared and are subject to change without notice. Any use of non-DNB logos in the Information is solely for the purpose of assisting in identifying the relevant party. DNB Carnegie is not affiliated with any such party.

DNB Carnegie and the rest of DNB Group have implemented a set of rules handling conflicts of interest. This includes confidentiality rules restricting the exchange of information between various parts of DNB Carnegie and the rest of DNB group. In order to restrict flows of sensitive information, appropriate information barriers have been established between the Investment Banking Division and other business departments in DNB Carnegie, and between DNB Carnegie and other business areas in the DNB Group. People outside an information barrier may gain access to sensitive information only after having observed applicable wall-crossing procedures. This means that employees of DNB Carnegie who are preparing the Reports are prevented from using or being aware of information available in other parts of DNB Carnegie or DNB Group that may be relevant to the recipients’ decisions.

The Information is made for information purposes only, and does not constitute and should not in any way be considered as an offer to buy or sell any securities or other financial instruments or to participate in any investment strategy.DNB Bank ASA, its affiliates and subsidiaries are not responsible for any errors or omissions, regardless of the cause, or for the results obtained from the use of the Information, and shall in no event be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the research report. Distribution of certain information is in certain jurisdictions restricted by law. Persons in possession of the Information should seek further guidance regarding such restrictions before distributing the Information.

This Information is produced and distributed by the DNB Carnegie entity where the sender is employed, unless otherwise specified in the Information. DNB Bank ASA is a Norwegian bank organised under the laws of the Kingdom of Norway and under supervision by the Norwegian Financial Supervisory Authority, The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of Sweden. DNB Carnegie Investment Bank AB is a bank incorporated in Sweden with limited liability and is authorised and regulated by the Swedish Financial Supervisory Authority. DNB Carnegie Investment Bank AB is established in the UK via its UK branch which is authorised and regulated by the UK Financial Conduct Authority (FCA). DNB Carnegie Investment Bank AB is established in Finland and Denmark via its Finland and Denmark branches which are subject to limited supervision by the respective national Supervisory Authorities. Further details about the extent of regulation by local authorities outside Norway and Sweden are available on request.

Additional information for clients in Australia

This research report has been prepared and issued outside Australia.

DNB Bank ASA ARBN 675 447 702 is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) (“Corporations Act”) in respect of financial services it provides to “wholesale clients” within the meaning of the Corporations Act (“Wholesale Clients”). DNB Bank ASA accordingly does not hold an Australian financial services licence. DNB Bank ASA is regulated by Finanstilsynet (the Financial Supervisory Authority of Norway) under the laws of Norway, which differ from Australian laws.

This research report is provided only to authorised recipients who are both Wholesale Clients and “professional investors” within the meaning of the Corporations Act. In no circumstances may this research report be provided to any other person.

No member of the DNB Group, including DNB Bank ASA and DNB Carnegie Investment Bank AB, is an authorised deposit-taking institution (“ADI”) under the Banking Act 1959 (Cth). Accordingly, neither DNB Bank ASA nor DNB Carnegie Investment Bank AB is supervised by the Australian Prudential Regulation Authority as an ADI.

DNB Bank ASA is a limited liability company incorporated in Norway.

Nothing in this research report excludes, restricts or modifies a statutory warranty or liability to the extent such an exclusion, restriction or modification would be prohibited under Australian law.

Additional information for clients in Canada

The Information is general investment advice that is not tailored to the needs of any recipient and, accordingly, is distributed to Canadian residents in reliance on section 8.25 of the Canadian Securities Administrators’ National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. For disclosures regarding any financial or other interest that DNB Bank ASA, DNB Carnegie Investment Bank AB and their affiliates may have in the issuer or issuers that are the subject of this Note please see DNB Carnegie's website (www.dnb.no/disclaimer/MAR).

Additional information for clients in Singapore

The Information is distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Please seek advice from a financial adviser regarding the suitability of any product referred to in the Information, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product or security.

You have received a copy of the Information because you have been classified as an accredited investor, an expert investor, or as an institutional investor, as these terms have been defined under Singapore's Financial Advisers Act (Cap. 110) ("FAA") and/or the Financial Advisers Regulations ("FAR"). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor, institutional investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, with respect to certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 34, 36 and 45 of the FAA. Section 34 of the FAA requires a financial adviser to disclose material information concerning designated investment products that are recommended by the financial adviser to you as the client. Section 36 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 45 of the FAA requires a financial adviser to include, within any circular or written communications in which they make recommendations concerning securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities.

Please contact the Singapore branch of DNB Bank ASA at +65 6260 0111 with respect to any matters arising from, or in connection with, the Information.

The Information is intended for and is to be circulated only to people who are classified as an accredited investor, an expert investor, or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6260 0111.

DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may have interests in any products referred to in the Information by acting in various roles including as distributor, holder of principal positions, adviser or lender. DNB Bank ASA, its affiliates, subsidiaries, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions that are not consistent with the information set out in the Information.

Additional information for clients in the United States

The Information is being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S. Institutional Investors as DNB Markets, Inc. or Carnegie, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Markets, Inc. or Carnegie, Inc., separately incorporated subsidiaries of DNB Bank ASA that are U.S. broker-dealers and members of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).

Any U.S. recipient of the Information seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact:

DNB Markets, Inc., 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800,

or

Carnegie Inc, 20 West 55th St., New York, NY 10019, telephone number +1 212-262-5800.

Bloomberg disclaimer

DNB Carnegie is a Business Area in the DNB Group comprising:

• the investment services division of DNB Bank ASA;
• DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA);
• DNB Markets, Inc. (a wholly owned subsidiary of DNB Bank ASA) and
• Carnegie, Inc. (a wholly owned subsidiary of DNB Carnegie Investment Bank AB).
• DNB Carnegie is a leading, Nordic provider of investment banking services.

If the receiver of a message is not the intended recipient, the receiver is hereby notified that the message has been received in error, and that any review or copying of it is strictly prohibited. In such case, please inform the sender by returning the message and destroy all copies of the original message.

The messagel, including any presentation, report or other material attached to it (the “Information”), must be seen as marketing material and not as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation) and associated rules, implemented in the relevant jurisdiction, unless the criteria for preparing an investment recommendation under Market Abuse Regulation, are met.

Please see DNB Carnegie’s' website (www.dnb.no/disclaimer/MAR) for information in accordance with Market Abuse Regulation (MAR) if this Information include an investment recommendation. This website contains information about our published investment recommendations and potential conflicts of interest.

The Information is based on information obtained from various public sources that DNB Carnegie believes to be reliable but has not independently verified, and DNB Carnegie makes no guarantee, representation or warranty as to its accuracy or completeness. Any opinions expressed herein reflect DNB Carnegie’s judgment at the time the Information was prepared and are subject to change without notice. Any use of non-DNB logos in the Information is solely for the purpose of assisting in identifying the relevant party. DNB Carnegie is not affiliated with any such party.

DNB Carnegie and the rest of DNB Group have implemented a set of rules handling conflicts of interest. This includes confidentiality rules restricting the exchange of information between various parts of DNB Carnegie and the rest of DNB group. In order to restrict flows of sensitive information, appropriate information barriers have been established between the Investment Banking Division and other business departments in DNB Carnegie, and between DNB Carnegie and other business areas in the DNB Group. People outside an information barrier may gain access to sensitive information only after having observed applicable wall-crossing procedures. This means that employees of DNB Carnegie who are preparing the Reports are prevented from using or being aware of information available in other parts of DNB Carnegie or DNB Group that may be relevant to the recipients’ decisions.

The Information is made for information purposes only, and does not constitute and should not in any way be considered as an offer to buy or sell any securities or other financial instruments or to participate in any investment strategy.DNB Bank ASA, its affiliates and subsidiaries are not responsible for any errors or omissions, regardless of the cause, or for the results obtained from the use of the Information, and shall in no event be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the research report. Distribution of certain information is in certain jurisdictions restricted by law. Persons in possession of the Information should seek further guidance regarding such restrictions before distributing the Information.

This Information is produced and distributed by the DNB Carnegie entity where the sender is employed, unless otherwise specified in the Information. DNB Bank ASA is a Norwegian bank organised under the laws of the Kingdom of Norway and under supervision by the Norwegian Financial Supervisory Authority, The Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK, and the Financial Supervisory Authority of Sweden. DNB Carnegie Investment Bank AB is a bank incorporated in Sweden with limited liability and is authorised and regulated by the Swedish Financial Supervisory Authority. DNB Carnegie Investment Bank AB is established in the UK via its UK branch which is authorised and regulated by the UK Financial Conduct Authority (FCA). DNB Carnegie Investment Bank AB is established in Finland and Denmark via its Finland and Denmark branches which are subject to limited supervision by the respective national Supervisory Authorities. Further details about the extent of regulation by local authorities outside Norway and Sweden are available on request.

Additional information for clients in Australia

This research report has been prepared and issued outside Australia.

DNB Bank ASA ARBN 675 447 702 is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) (“Corporations Act”) in respect of financial services it provides to “wholesale clients” within the meaning of the Corporations Act (“Wholesale Clients”). DNB Bank ASA accordingly does not hold an Australian financial services licence. DNB Bank ASA is regulated by Finanstilsynet (the Financial Supervisory Authority of Norway) under the laws of Norway, which differ from Australian laws.

This research report is provided only to authorised recipients who are both Wholesale Clients and “professional investors” within the meaning of the Corporations Act. In no circumstances may this research report be provided to any other person.

No member of the DNB Group, including DNB Bank ASA and DNB Carnegie Investment Bank AB, is an authorised deposit-taking institution (“ADI”) under the Banking Act 1959 (Cth). Accordingly, neither DNB Bank ASA nor DNB Carnegie Investment Bank AB is supervised by the Australian Prudential Regulation Authority as an ADI.

DNB Bank ASA is a limited liability company incorporated in Norway.

Nothing in this research report excludes, restricts or modifies a statutory warranty or liability to the extent such an exclusion, restriction or modification would be prohibited under Australian law.

Additional information for clients in Canada

The Information is general investment advice that is not tailored to the needs of any recipient and, accordingly, is distributed to Canadian residents in reliance on section 8.25 of the Canadian Securities Administrators’ National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. For disclosures regarding any financial or other interest that DNB Bank ASA, DNB Carnegie Investment Bank AB and their affiliates may have in the issuer or issuers that are the subject of this Note please see DNB Carnegie's website (www.dnb.no/disclaimer/MAR).

Additional information for clients in Singapore

The Information is distributed by the Singapore Branch of DNB Bank ASA. It is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Please seek advice from a financial adviser regarding the suitability of any product referred to in the Information, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product or security.

You have received a copy of the Information because you have been classified as an accredited investor, an expert investor, or as an institutional investor, as these terms have been defined under Singapore's Financial Advisers Act (Cap. 110) ("FAA") and/or the Financial Advisers Regulations ("FAR"). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor, institutional investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, with respect to certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 34, 36 and 45 of the FAA. Section 34 of the FAA requires a financial adviser to disclose material information concerning designated investment products that are recommended by the financial adviser to you as the client. Section 36 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 45 of the FAA requires a financial adviser to include, within any circular or written communications in which they make recommendations concerning securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities.

Please contact the Singapore branch of DNB Bank ASA at +65 6260 0111 with respect to any matters arising from, or in connection with, the Information.

The Information is intended for and is to be circulated only to people who are classified as an accredited investor, an expert investor, or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6260 0111.

DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may have interests in any products referred to in the Information by acting in various roles including as distributor, holder of principal positions, adviser or lender. DNB Bank ASA, its affiliates, subsidiaries, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions that are not consistent with the information set out in the Information.

Additional information for clients in the United States

The Information is being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S. Institutional Investors as DNB Markets, Inc. or Carnegie, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Markets, Inc. or Carnegie, Inc., separately incorporated subsidiaries of DNB Bank ASA that are U.S. broker-dealers and members of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).

Any U.S. recipient of the Information seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact:

DNB Markets, Inc.

30 Hudson Yards, 81st Floor

New York, NY 10001

Telephone number +1 212-551-9800,

or:

Carnegie Inc, 20 West 55th St., New York, NY 10019,

telephone number +1 212-262-5800.

SMS

DNB Carnegie is a Business Area in the DNB Group comprising:

• the investment services division of DNB Bank ASA;
• DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA);
• DNB Markets, Inc. (a wholly owned subsidiary of DNB Bank ASA) and
• Carnegie, Inc. (a wholly owned subsidiary of DNB Carnegie Investment Bank AB).
• DNB Carnegie is a leading, Nordic provider of investment banking services.

If the receiver of an sms is not the intended recipient, the receiver is hereby notified that the sms has been received in error, and that any review or copying of it is strictly prohibited. In such case, please inform the sender by returning the sms and destroy all copies of the original short message.

The sms, including any presentation, report or other material attached to it (the “Information”), must be seen as marketing material and not as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation) and associated rules, implemented in the relevant jurisdiction, unless the criteria for preparing an investment recommendation under Market Abuse Regulation, are met.

Please see DNB Carnegie’s' website (www.dnb.no/disclaimer/MAR) for information in accordance with Market Abuse Regulation (MAR) if this Information include an investment recommendation. This website contains information about our published investment recommendations and potential conflicts of interest.

The Information is based on information obtained from various public sources that DNB Carnegie believes to be reliable but has not independently verified, and DNB Carnegie makes no guarantee, representation or warranty as to its accuracy or completeness. Any opinions expressed herein reflect DNB Carnegie’s judgment at the time the Information was prepared and are subject to change without notice. Any use of non-DNB logos in the Information is solely for the purpose of assisting in identifying the relevant party. DNB Carnegie is not affiliated with any such party.

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The Reports have been prepared and issued outside Australia.

DNB Bank ASA ARBN 675 447 702 is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) (“Corporations Act”) in respect of financial services it provides to “wholesale clients” within the meaning of the Corporations Act (“Wholesale Clients”). DNB Bank ASA accordingly does not hold an Australian financial services licence. DNB Bank ASA is regulated by Finanstilsynet (the Financial Supervisory Authority of Norway) under the laws of Norway, which differ from Australian laws.

The Reports are provided only to authorised recipients who are both Wholesale Clients and “professional investors” within the meaning of the Corporations Act. In no circumstances may the Reports be provided to any other person.

No member of the DNB Group, including DNB Bank ASA and DNB Carnegie Investment Bank AB, is an authorised deposit-taking institution (“ADI”) under the Banking Act 1959 (Cth). Accordingly, neither DNB Bank ASA nor DNB Carnegie Investment Bank AB is supervised by the Australian Prudential Regulation Authority as an ADI.

DNB Bank ASA is a limited liability company incorporated in Norway

Nothing in the Reports excludes, restricts or modifies a statutory warranty or liability to the extent such an exclusion, restriction or modification would be prohibited under Australian law.

Additional information for clients in Canada

The Reports and the information included herein is general investment advice that is not tailored to the needs of any recipient and, accordingly, is distributed to Canadian residents in reliance on section 8.25 of the Canadian Securities Administrators’ National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. For disclosures regarding any financial or other interest that DNB Bank ASA, DNB Carnegie Investment Bank AB and their affiliates may have in the issuer or issuers that are the subject of the Reports, please see the potential conflict of interest section and the company-specific disclosures section in each Report.

Additional information for clients in Singapore

The Reports are distributed by the Singapore Branch of DNB Bank ASA. They are intended for general circulation and do not take into account the specific investment objectives, financial situation or particular needs of any particular person. Please seek advice from a financial adviser regarding the suitability of any product referred to in the Reports, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product or security. You have received a copy of the Reports because you have been classified as an accredited investor, an expert investor, or as an institutional investor, as these terms have been defined under Singapore's Financial Advisers Act (Cap. 110) ("FAA") and/or the Financial Advisers Regulations ("FAR"). The Singapore Branch of DNB Bank ASA is a financial adviser exempt from licensing under the FAA but is otherwise subject to the legal requirements of the FAA and of the FAR. By virtue of your status as an accredited investor, institutional investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, with respect to certain of its dealings with you or services rendered to you, exempt from having to comply with certain regulatory requirements of the FAA and FAR, including without limitation, sections 34, 36 and 45 of the FAA. Section 34 of the FAA requires a financial adviser to disclose material information concerning designated investment products that are recommended by the financial adviser to you as the client. Section 36 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 45 of the FAA requires a financial adviser to include, within any circular or written communications in which they make recommendations concerning securities, a statement of the nature of any interest which the financial adviser (and any person connected or associated with the financial adviser) might have in the securities. Please contact the Singapore branch of DNB Bank ASA at +65 6260 0111 with respect to any matters arising from, or in connection with, the Reports. The Reports are intended for and are to be circulated only to people who are classified as an accredited investor, an expert investor, or an institutional investor. If you are not an accredited investor, an expert investor or an institutional investor, please contact the Singapore Branch of DNB Bank ASA at +65 6260 0111. DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may have interests in any products referred to in the Reports by acting in various roles including as distributor, holder of principal positions, adviser or lender. DNB Bank ASA, its affiliates, subsidiaries, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions that are not consistent with the information set out in the Reports.

Additional information for clients in the United States

The research analyst(s) named on the Reports are foreign research analysts as defined by FINRA Rule 1220. The only affiliates contributing to the Reports are the investment services division of DNB Bank ASA and DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA) (“hereinafter DNB Carnegie”); the foreign research analysts employed by DNB Carnegie are named on the first page of the Reports; the foreign research analysts are not registered/qualified as research analysts with FINRA; foreign research analysts are not associated persons of DNB Markets, Inc. or Carnegie, Inc. and therefore are not subject to the restrictions set forth in FINRA Rules 2241 and 2242 regarding restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

The Reports are Third Party Research Reports as defined by FINRA Rules 2241 and 2242. Any material conflict of interest that can reasonably be expected to have influenced the choice of DNB Carnegie as a research provider or the Subject Company of a DNB Carnegie research Report, including the disclosures required by FINRA Rules 2241 and 2242, can be found in each Report.

The Reports are being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the US Securities Exchange Act of 1934 and to such other U.S. Institutional Investors as DNB Markets, Inc. or Carnegie, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Markets, Inc. or Carnegie, Inc., separately incorporated subsidiaries of DNB Bank ASA that are US broker-dealers and members of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).

Any U.S. recipient of the Reports seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact :

DNB Markets, Inc., 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800,

or

Carnegie Inc, 20 West 55th St., New York, NY 10019, telephone number +1 212-262-5800.

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