General Business Terms and Conditions

These general business terms and conditions (the “Terms”) apply for professional clients (including eligible counterparties) of DNB Bank ASA London Branch (the “Client(s)”), and have been prepared in accordance with applicable legislation, directives and regulations on the securities markets.

These terms come into effect May 12, 2025.

The Terms supersede earlier versions of the general business terms and conditions.

The Clients are deemed to have accepted the Terms as binding on themselves when they, after having received a copy of the Terms, submit orders or enter into contracts or carry out transactions with DNB Carnegie and/or DNB Bank ASA, London Branch.

1 DNB Carnegie

DNB Carnegie is part of DNB Bank ASA (Norwegian Org. No. 984 851 006), and DNB Bank ASA is thus the legal counterparty in this and any associated agreements. DNB Bank ASA’s business address is Dronning Eufemias gate 30, 0191 Oslo, Norway. Our LEI (Legal Entity Identifier) is 549300GKFG0RYRRQ1414.

DNB Bank ASA is authorised and regulated by Finanstilsynet, the Norwegian Financial Supervisory Authority of Norway, to deliver all regulated investment services and activities and ancillary services, except portfolio management and operation of MTF/OTF.

DNB and the DNB Carnegie Group also include DNB Bank ASA’s affiliate DNB Carnegie Investment Bank AB (“DCIBAB”), a company registered in Sweden with registration number 516406-0138 and LEI 529900BR5NZNQZEVQ417. DCIBAB also operates branches outside Sweden, including a UK Branch.

As part of DNB Bank ASA, DNB Carnegie operates in the United Kingdom through DNB Bank ASA London Branch. DNB Bank ASA London Branch is authorised by the Prudential Regulation Authority to provide specified regulated services under the Financial Services and Markets Act 2000 (“Part 4A permission”) as a third country branch in the UK. DNB Bank ASA London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. DNB Bank ASA London Branch's reference number on the Financial Conduct Authority’s Register is: 204731. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Your attention is drawn to certain regulatory disclosures set out in Appendix 1.

The client consents to DNB Carnegie’s authority to share client and personal information to other relevant departments within DNB Carnegie, or to other entities within the DNB Carnegie group, that have a legitimate need for the information.

To the extent DNB Bank ASA may provide services to Clients from outside the United Kingdom, the consumer and regulatory protections which apply to Clients under local law may be different from the UK consumer and regulatory protections applicable to UK firms.

2 Scope and interpretation

The Terms apply when DNB Carnegie deliver investment services and associated services to the Clients.

Additionally, separate agreements may be entered into, inter alia for certain services or transactions. Such agreements shall take precedence in the case of any conflict with the Terms.

Trading may take place on trading venues, defined as regulated markets, multilateral trading facilities (MTFs), Organised Trading Facilities (OTFs), or by trading bilaterally with DNB as a systematic internaliser (SI). DNB will publish separate and updated information about where we have opted in as SI and our related reporting obligations.

Trading, clearing and settlement may also be regulated by separate trading rules/standard terms and conditions in the individual trading venues and clearing houses where trading and settlement/clearing take place, which in such case shall take precedence over the Terms.

In addition, DNB Carnegie is obliged to comply with the conduct of business rules determined for the individual markets.

In the case of any conflict with legislation that may be waived by agreement, the Terms are to take precedence.

Where you are serviced by DNB Bank ASA London Branch, any reference to an EEA regulation should be read, as the context requires, either as a reference to the provision of such regulation as incorporated into UK law by the European Union (Withdrawal) Act 2018 or to any successor provision of UK regulation, and as amended from time to time, where applicable, or a reference to the provision of such regulation as continues to operate as a matter of EEA law, and as amended from time to time, or both. For example, any reference to MiFIR should be read, where appropriate, as a reference to MiFIR (Regulation (EU) No 600/2014) or MiFIR as incorporated into UK law and amended under the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (as amended) or to any successor provisions of UK regulation following the repeal of MiFIR in the UK.

Any reference to a provision of an EEA Directive is to be read, as the context requires, as a reference to the provision of such relevant UK legislation and Prudential Regulation Authority (PRA) or Financial Conduct Authority (FCA) rules, or legislation or rules in any other relevant jurisdiction (or such legislation or rules across all relevant jurisdictions), as may give effect (or have given effect) to that directive. Any reference to EEA guidance is to be read, as the context requires, as a reference to either that guidance, as amended, superseded or supplemented from time to time, or that guidance as applied by the PRA and FCA as relevant, as amended, superseded or supplemented from time to time.

Any consent obtained or disclosure given by DNB Bank ASA London Branch pursuant to applicable regulation shall, for all purposes, and subject to applicable law, by treated by DNB Bank ASA London Branch as being obtained or given for the purposes of either EEA and UK regulation, or both, to the extent applicable.

3 Managers representing the Client

When DNB Carnegie delivers services regulated by the Terms to a Client who is represented by a third party (the “Manager”), the Manager represents and warrants that:

- the Client has duly authorised the Manager to act on his behalf;

- the Terms are accepted both by the Manager and the Client; and

- the Manager’s customer relationship with the Client has been established in accordance with the legislation in the relevant jurisdiction, including anti money laundering rules.

Further, the Manager represents and warrants, to the best of his knowledge and belief, that:

- the Client has the power and legal capacity to enter into the contracts concluded with DNB Carnegie; and

- the Client has sufficient assets and financial resources to perform its obligations under the contracts concluded with DNB Carnegie.

If the Client is in breach of the Terms, the Manager undertakes to disclose the identity and address of the Client to DNB Carnegie, and to take all reasonable steps to assist DNB Carnegie in rectifying such breach.

The Manager will be jointly and severally liable to DNB Carnegie for the Client’s obligations towards DNB Carnegie to the extent that the relevant losses are a consequence of the Manager’s negligent actions or non-actions.

The Manager may only use an intermediary if separately agreed on with DNB Carnegie. The use of such intermediaries does not exempt the Client from his responsibilities under the Terms.

The provisions in the Terms regarding governing law and jurisdiction also apply for the Manager.

4 Establishment of client relationships

When establishing the client relationship, the Client shall notify DNB Carnegie of relevant requested details such as identification, contact details and settlement instructions. Any changes to such details are to be notified to DNB Carnegie immediately.

Pursuant to applicable Money Laundering Legislation, DNB may not establish a client relationship if a customer due diligence cannot be carried out. Moreover, an established customer relationship shall be terminated if the continuation of the customer relationship entails a risk of transactions associated with proceeds of crime, money laundering or terrorist financing.

DNB Carnegie has a duty to classify its customers. The Client has been classified as a professional customer, which reduces the applicability of the customer protections rules. The Client is therefore generally expected to possess the experience, knowledge and expertise to make its own investment decisions and properly assess the risks that it incurs. The principles to act honestly, fairly and professionally and the obligation to be fair, clear and not misleading apply to the relationship with all clients irrespective of classification. The Client may request DNB Carnegie to change his client classification. Information on such reclassification and on the consequences of this may be obtained from DNB Carnegie.

DNB Carnegie will act in accordance with the conduct of business rules and to obtain the best possible result when executing orders for the Client as specified further in our Order Execution Policy. The latest version of the Order Execution Policy is available on www.dnb.no/en/agreements.

5 The Client’s responsibility for authorisations, etc.

The Client warrants that all transactions take place in accordance with and within the scope of any required permits and authorisations. If requested by DNB Carnegie, the Client shall document such permits and authorisations. DNB Carnegie reserves the right to demand the Client to present, at the Client’s expense, a reasoned legal opinion on his permits and authorisations that are relevant to the transaction in question.

The Client shall on request give DNB Carnegie an overview of the persons that may enter into agreements relating to financial instruments/products on behalf of him. A trade or acceptance from these is binding unless DNB Carnegie did not act in good faith in relation to the individual’s authorisations. DNB Carnegie will not accept authorisations which stipulate limits for the individual client’s transactions unless this has been agreed on in writing in advance. The Client undertakes to ensure that the assets and financial instruments included in the individual assignment are free from liens, charges and encumbrances of any kind. The same applies when the Client acts as a proxy for a third party.

The Client undertakes that the selling entity has access to equivalent financial instruments to ensure timely delivery on the agreement date, when placing an order to sell a financial instrument.

6 Risk

The Client understands that investing in financial instruments and other related instruments involves a risk of loss, and that the Client is responsible for evaluating the risk relating to the instrument and market in question, and whether the investment is in accordance with the Client’s investment objective.

All transactions carried out through DNB Carnegie are the responsibility of the Client and take place according to the Client’s own discretion and decision. DNB Markets does not guarantee any specific outcome of the Client’s transactions.

The Client understands that he bears all risk relating to own assets that are transferred to foreign banks, investment firms, clearing agents, clearing houses, etc., in the form of settlement or security, and that DNB Carnegie’s liability to the Client for such assets is limited in accordance with the laws and regulations in the country or market in question. Notwithstanding, DNB Carnegie accepts no liability other than that laid down in applicable laws and regulations, unless this has been agreed upon in writing with the Client.

7 Orders and contracts

Orders from the Client may be placed orally, in writing, or by electronic communication channels used by DNB Carnegie. Orders are binding when they have been received by DNB Carnegie, unless otherwise is separately agreed on.

Agreements regarding non-standardised derivatives (OTC) and currency and interest-rate instruments shall be regarded as having been entered into once the Client and the broker have agreed on the terms and conditions for the transaction. DNB Bank ASA will normally act as counterparty in this type of transaction.

DNB Carnegie will not be obliged to carry out orders or enter into transactions that DNB Carnegie assumes may lead to a breach of public law legislation or rules stipulated for the trading venue(s) in question.

For orders in financial instruments, the order applies on the assignment date or until the regulated market where the order has been placed closes and thereafter lapses unless otherwise agreed or is apparent for the order type or order specification in question. For other related instruments or assignments, the duration of the assignment is to be agreed on separately.

According to relevant trading rules, the individual trading venue may under certain circumstances cancel orders and transactions. Such a cancellation will be binding on the Client.

The Client may cancel an order only as far as it has not been executed by DNB or transmitted to a third party for execution.

8 Settlement

Unless otherwise specifically agreed, settlement of transactions will be made in accordance with the usual terms for settlement of the appropriate exchange, market, or clearing house where applicable and/or market convention.

For trading in non-standardised derivatives (OTC) and trading in currency and interest-rate instruments, including currency exchange, the settlement deadlines and settlement rules may be agreed on when the contract is entered into.

The Client is obliged to inform DNB Carnegie about Standard Settlement Instructions (SSI) and changes thereto.

In the event of a breach of contract by DNB Carnegie or the Client, interest is payable at the prevailing interest rate decided by the Norwegian Ministry of Finance in accordance with the Act on Overdue Payments, unless otherwise specifically agreed.

9 Contract notes and other confirmations

Immediately after a transaction has been executed, the Client will receive a contract note or other confirmation in the form and through the medium agreed with DNB Carnegie.

Confirmations that are to be signed by the Client must be signed as soon as they are received and then be returned to DNB Carnegie as stated in the confirmation or otherwise agreed on.

DNB Carnegie reserves the right to correct obvious errors in the contract note or other confirmation. Such corrections shall be made as soon as the error is discovered.

10 Complaints

Any complaints must be made as soon as the Client becomes aware of or should have become aware of the circumstances which form the basis for the claim, and in any case no later than the next trading day. Otherwise, the right to complain is to be regarded as having lapsed.

11 Default remedies

If the Client

1. fails to make any payments or to deliver any securities to DNB Carnegie within the agreed settlement deadline or to perform any other obligation owed to DNB Carnegie or associated companies;
2. makes a representation or warranty to DNB Carnegie or associated companies that proves to be false or misleading;
3. enters into a separate agreement with his creditors regarding a deferment of payments, becomes insolvent, enters into debt negotiations in any form, suspends payments, has bankruptcy proceedings initiated against him or is placed under public administration; or
4. terminates his activities or a substantial parts of these.

DNB Carnegie shall be entitled, without prior notice to the Client, to take any or all of the following actions:

1. to treat any or all unsettled trades as having been cancelled and terminated;
2. to sell any or all of the investments or other property which DNB Carnegie is holding or entitled to receive on your behalf and to apply the proceeds in or towards satisfaction of any obligation or liability;
3. to set off any obligation DNB Carnegie owes to you, and/or apply any cash we hold for your account, against any obligation or liability you may have to us (including any contingent or prospective liability);
4. to close out, replace or reverse any transaction, enter into any other transaction or take, or refrain from taking, such other action at such time or times and in such manner as, at our sole discretion, DNB Carnegie consider necessary or appropriate to cover, reduce or eliminate our loss or liability under or in respect of any contracts, positions or commitments; and
5. to demand payment of all costs and losses that DNB Carnegie has incurred as a result of the Client’s breach of contract.

Without prejudice and in addition to any general lien, right of set-off or other similar right which DNB Carnegie may be entitled to exercise whether by law or otherwise over any of your investments, monies or other property, the Client’s investments, monies and other property shall be subject to a general lien in our favour, insofar as there remain any outstanding amounts due or liabilities (whether actual or contingent) outstanding.

In the case of offsetting transactions resulting from the Client’s breach of contract, the Client bears the risk of price or market fluctuations through to the completion of the transaction, however in such a way that any gain does not accrue to the Client unless the Client can prove that he could have fulfilled its obligation on the settlement date and that the reason for settlement not taking place cannot be held against him.

If the delivery of payment or financial instruments to the Client has not taken place by the settlement date, the Client must immediately notify DNB Carnegie that the contract is terminated if he wishes to terminate the contract on the basis of the delay. However, such a notice will not have any effect if the Client receives fulfilment within two trading days after DNB Carnegie has received such a notice of termination. Partial delivery does not entitle the Client to terminate the contract, unless an all or nothing order was submitted.

12 Contractual recognition of UK bail-in

Notwithstanding any agreement, arrangement or understanding between DNB Bank ASA London Branch and the Client, each of DNB Bank ASA London Branch and the Client acknowledges and accepts that any liability of either party under or in connection with agreements in place between them from time to time, as amended may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

any Bail-In Action in relation to any such liability, including (without limitation):

1. a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;
2. a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and
3. a cancellation of any such liability; and
4. a variation of any term of our agreements to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

“Bail-In Action” means the exercise of any Write-down and Conversion Powers.

“Bail-In Legislation” means any law or regulation relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings), including applicable legislation implementing the EU Bank Recovery and Resolution Directive.

“Resolution Authority” means any body which has authority to exercise any Write-down and Conversion Powers.

“Write-down and Conversion Powers” means in relation to any Bail-In Legislation, the powers described as such in relation to that Bail-In Legislation.

13 Remuneration

DNB Carnegie's remuneration in the form of brokerage, price differences or other, possibly with the addition of charges related to trading and clearing, etc., will be regulated by an individual agreement.

DNB Carnegie reserves the right to deduct expenses mentioned in the first paragraph, as well as any taxes, purchase taxes, etc., from the Client’s credit balance.

In the event that a trade is not effected, DNB Carnegie will not demand any remuneration unless otherwise is specifically agreed.

14 Safekeeping of clients’ assets – client accounts

DNB Carnegie does not provide custody from DNB Bank ASA London Branch. Any cash held by DNB Bank ASA will be held as banker and not as trustee and be subject to subject to the applicable conditions governing banking services. Any other assets will be held by DNB Bank ASA in Norway. The Client’s assets will be held separately from DNB Bank ASA's own assets and, as far as possible, protected from DNB Bank ASA's other creditors.

Assets which are being held in safekeeping for the Client by DNB Carnegie will be deposited in DNB Carnegie's client account with DNB Bank ASA, an appointed global custodian or another credit institution or approved money-market fund pursuant to the written explicit consent of the Client. This account may be a combined account for assets being held in safekeeping for several clients by DNB Carnegie. Should the credit institution be wound up, the account may be covered by the guarantee scheme in the country where the credit institution is a member.

If the Client’s financial instruments are registered in VPS or a similar securities register, they will be transferred to the Client’s account with this register. Should the financial instrument not be registered, it will be held in safekeeping by a bank, an appointed global custodian or other depository. Should a register, bank or other depository become insolvent, the Client’s financial instruments will normally be protected as a claim kept separate from the assets of an insolvent debtor.

DNB Carnegie may not use financial instruments that DNB Carnegie is holding for safekeeping on behalf of the Client unless the Client has given his prior express consent in writing and the use of the Client’s financial instruments is restricted to the specified term to which the Client consents.

In the event of DNB Bank ASA’s insolvency, DNB Bank ASA’s failure would be administered under Norwegian law.

15 Liability and exemption from liability

DNB Bank ASA is liable for the fulfilment of purchases or sales it has entered into, unless the Client has approved another party to the deal in advance.

DNB Carnegie accepts no liability for settlement if the Client does not make available to DNB Carnegie the agreed funds and/or financial instruments on or before the settlement date.

DNB Carnegie accepts no liability for indirect damages or losses incurred as a result of contracts the Client has entered into with third parties.

Furthermore, DNB Carnegie and its employees are not liable for any losses as long as DNB Carnegie or its employees have complied with normal requirements of due care when providing advice or carrying out orders or assignments. In the event that DNB Carnegie has used credit institutions, investment firms and other licensed intermediaries, DNB Carnegie or its employees will only be liable for these intermediaries’ acts or omissions if DNB Carnegie has failed to use reasonable care when selecting its intermediaries.

DNB Carnegie is not liable for delays, losses and damage due to impediments or other factors outside DNB Carnegie's control.

DNB Carnegie will not be liable for errors or breaches committed by regulated markets or any clearing houses.

DNB Carnegie accepts no liability to the Client for assets that have been transferred to client accounts with third parties (including combined accounts) provided such a third party has been chosen in accordance with prevailing law and DNB Carnegie has otherwise complied with normal requirements of due care. This also applies if such third party becomes insolvent or bankrupt.

16 Notifications

The Client’s written notifications are to be sent by letter, SWIFT or other electronic communication accepted by DNB Carnegie. To the extent that the Client knows or should have known which entity in DNB Carnegie that is the proper recipient, the notification must be sent to the entity in question in order to be regarded as having been received by DNB Carnegie. The client may communicate with DNB Carnegie in English, or another language if agreed upon.

17 Storing of communication between the Client and DNB Carnegie

DNB Carnegie will record telephone conversations and electronic communications as required by applicable laws and regulations. Orders placed through other channels must be made in a durable medium such as e-mails or documentation of client orders made at meetings. In particular, the content of relevant face-to-face conversations with a client may be recorded by using written minutes or notes. DNB Carnegie may be ordered to hand the information over to public authorities and others that may so demand pursuant to the law.

18 Withholding of taxes, etc.

DNB Carnegie may be obliged, pursuant to law, regulation or a tax treaty, to withhold amounts corresponding to various forms of taxes and duties, and may in such case provisionally calculate the amount in question and withhold this amount. When a final calculation is available from a competent authority, any excess amount withheld as tax shall be paid to the Client as quickly as possible. The Client is responsible for producing necessary and correct documentation.

19 Conflicts of interest

DNB Carnegie shall take all appropriate steps to identify and to prevent or manage conflicts of interest between themselves, including their managers and employees, or any person directly or indirectly linked to them by control and their clients or between one client and another client.

DNB Carnegie and its employees may have interests of their own in relation to the transactions the Client wishes to make. However, DNB Carnegie will endeavour to prevent such conflicts of interest from arising.

DNB Carnegie has guidelines and rules for ensuring that its business areas operate independently of each other so that the Client’s interests are satisfactorily safeguarded, and places special emphasis on there being satisfactory information barriers between the departments providing corporate finance activities and advisory services and other departments, and between DNB's banking activities and the ordinary trading activities in DNB Carnegie.

DNB Carnegie also has a special duty to ensure that the Client’s interests take precedence over DNB Carnegie's interests and over the interests of persons with direct or indirect control of DNB Carnegie. Similarly, individual clients are not to be unfairly favoured at the expense of other clients.

Should DNB Carnegie have a particular interest above and beyond that of ordinary earnings, for example as a result of its own positions of a certain size in the financial instruments to which the advice refers, this interest will be disclosed.

This, along with the separate confidentiality provisions which apply, may result in DNB Markets’ employees who have contact with the Client being prevented from using or not being aware of information that is available within the DNB Group and which may be relevant to the Client’s investment decisions. In certain cases, the Client’s contact person(s) in DNB Carnegie will not be able to provide advice on specific investments. In such cases, DNB Carnegie will be unable to state why it cannot provide advice or carry out a specific order.

The latest version of our policy for handling conflicts of interest is available on www.dnb.no/en/agreements.

20 Investor Compensation

DNB Carnegie is a member of the Norwegian Investor Compensation Scheme, which provides compensation for claims due to its members’ inability to repay money or hand back financial instruments that are stored, administered and managed by the members in connection with the provision of investment services and associated services. Each client is covered for up to NOK 200,000.

This scheme does not cover claims arising from transactions covered by a legally enforceable money laundering conviction or clients that are responsible for or have benefited from circumstances that affect DNB Carnegie when such circumstances have caused DNB Carnegie's financial difficulties or contributed to a worsening of DNB Carnegie's financial situation. Nor does the scheme cover claims from financial institutions, credit institutions, insurance companies, investment firms, securities funds and other collective management undertakings, pension institutions and pension funds, or from any of the companies in the same group as DNB Carnegie.

DNB Bank ASA London Branch is covered by the UK Financial Services Compensation Scheme. If the Client is an eligible claimant, the Client may be entitled to compensation from the scheme if DNB Bank ASA cannot meet its obligations. This depends upon the type of business and the circumstances of the claim.

Claims under the UK Financial Services Compensation Scheme are subject to maximum limits on compensation. As of September 2023, the limit for investment business is £85,000 per person per authorised firm, and the limit for deposit taking is £85,000 per depositor per authorised firm. In addition, certain deposits, known as temporary high balances, may qualify for compensation in excess of £85,000.

Further information about the UK Financial Services Compensation Scheme (including information as to who is an eligible claimant) is available from DNB Bank ASA on request and is also available from the UK Financial Services Compensation Scheme website (see www.fscs.org.uk).

21 Duty to provide information to public authorities, etc.

Notwithstanding the statutory duty of confidentiality, DNB Carnegie will provide information regarding the Client and individual transactions to any public authorities that demand such information pursuant to prevailing law.

The Client is assumed to have agreed that information which is subject to a duty of confidentiality may also be given to any regulated markets, clearing houses, etc., that request such information pursuant to laws, regulations or other rules laid down for these bodies.

The relevant supervisory authority or market place may also require details of the end client's identity. In such situations, where transactions are executed on behalf of others, the Client must ensure that he can provide this customer information immediately through his client agreements. If necessary, the opportunity might be given to send this information directly to the relevant market or supervisory authority instead of through DNB Carnegie.

22 Amendments

DNB Carnegie reserves the right to amend the Terms. Significant amendments take effect from the date when the Client is notified in writing of the new terms. Amendments which are not significant come into force from the date they are published on DNB Carnegie's website. Amendments will not have any effect on orders, trades, transactions, etc., that are entered into or completed prior to the date when the amendments are notified.

23 Governing law and jurisdiction

These Terms shall be governed by and construed in accordance with Norwegian law.

With respect to any suit, action or proceedings relating to any dispute arising out of or in connection with the Terms, each party irrevocably submits, to the benefit of DNB Carnegie, to the exclusive jurisdiction of the Norwegian courts, with Oslo City Court/Oslo Conciliation Court, as applicable, as court of first instance. The Client waives any objection which he may have at any time to the laying of venue of any proceedings brought in any such court, waives any claim that such proceedings have been brought in an inconvenient forum, and further waives the right to object, with respect to such proceedings, that such court does not have any jurisdiction over such party.

Nothing in this clause shall limit the right of DNB Carnegie to start proceedings in another court of competent jurisdiction, and the Client agrees to the extent permitted by applicable law, that DNB Carnegie may bring proceedings against the Client also in any such other court.

24 Personal Data

DNB Bank ASA, represented by the board and CEO, has the role of controller of Personal Data pursuant to prevailing laws and regulations. Personal data will be processed in accordance with prevailing laws and regulations. DNB Carnegie will according to these terms and conditions receive, collect and process personal data in accordance with the DNB Group’s general data protection policy which can be found at www.dnb.no/en/about-us/protection-of-personal-privacy.html

The objectives of processing personal data are the execution of the contracts entered into between DNB Carnegie and the Client, administration, invoicing/settlement and the marketing of investment products and services. In cases where DNB Carnegie has a statutory duty to disclose information, personal data may be handed over to public authorities.

The Client may ask for information on the kind of processing of personal data DNB Carnegie carries out and what information is registered. The Client may demand that incorrect or incomplete information is rectified, and that information is to be deleted when the purpose of the processing has been completed and the information cannot be used/archived for other purposes.

UK branch disclosures

1. Application
1. The disclosures contained in this Appendix apply from the date of authorisation of DNB Bank ASA London Branch.
2. UK regulatory disclosures
1. Please note the following required disclosures, each of which apply to DNB Bank ASA London Branch unless and until we notify you otherwise:

(a) Statutory status disclosure:

Authorised and regulated by the Norwegian financial supervisory authority, Finanstilsynet. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

(b) UK Financial Services Compensation Scheme disclosures:

Investment Protection

The FSCS protects claims against the firm in connection with investment business. Protected investment business includes, but is not limited to, instances where DNB Bank ASA London Branch provides services to you such as: dealing as agent or principal, arranging or bringing about deals in investments and advising on investments. “Investments” broadly means a security or a contractually-based investment.

You will currently be eligible under the FSCS for investment protection of up to a maximum of £85,000 per person if you are an eligible claimant.

Individuals and small businesses are generally eligible claimants. Investments by persons such as those set out below in (i)-(x) are generally not eligible for FSCS investment protection:

1. firms authorised in the UK or overseas;
2. other financial institutions including collective investment schemes, alternative investment funds (“AIF”), AIF managers or depositories of an AIF;
3. pension and retirement funds (with certain exceptions);
4. governments and provincial, regional, local and municipal authorities;
5. directors of DNB Bank ASA London Branch (with certain exceptions);
6. corporates in the same group as DNB Bank ASA London Branch (subject to certain conditions);
7. persons that, in the FSCS’ opinion, are responsible for, or have contributed to the bank’s default;
8. certain large companies (i.e., that satisfy two or more of the following requirements: (i) turnover of more than £10.2 million; (ii) balance sheet total of more than £5.1 million; or (iii) more than 50 employees), large partnerships (i.e., with net assets of more than £1.4 million) and large mutual associations (i.e., with net assets of more than £1.4 million);
9. persons whose claim arises from transactions in connection with which they have been convicted of an offence of money laundering; or
10. protected debt management business, unless the person is a natural person.