Disclaimers

E-mail

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.

Web-TV & Podcast

This telecast does not fulfill the criteria for preparing investment research, according to the Norwegian Securities Trading Regulation 2007/06/29 no. 876, and must be seen as marketing material.

If the broadcast mentions a specific financial instrument or investment recommendation (normally distributed through an investment research report prior to the broadcast), please see DNB Carnegies website (dnb.no/disclaimer/MAR) for information in accordance with Market Abuse Regulation (MAR). This website contains information about distributed investment recommendations and potential conflicts of interests. For the sake of good order, please note that the broadcast must not be seen as personal investment advice/recommendation.

All information submitted during this telecast is obtained from public sources that DNB Carnegie believes to be reliable but which DNB Carnegie 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 Carnegies judgment at the time of the telecast and are subject to change without notice.

Confidentiality rules and internal rules restrict the exchange of information between different parts of DNB Carnegie/DNB Bank ASA and this may prevent employees of DNB Carnegie from utilizing or being aware of information available in DNB Carnegie/DNB Bank ASA which may be relevant to the recipients’ decisions.

No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of information from this telecast.

This telecast has been prepared for information purposes only by DNB Carnegie - a division of DNB Bank ASA registered in Norway number NO 984 851 006 (the Register of Business Enterprises) under supervision of the Financial Supervisory Authority of Norway (Finanstilsynet), 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. Details about the extent of our regulation by local authorities outside Norway are available from us on request.

Further information about DNB Carnegie and DNB Bank ASA can be found at www.dnb.no.

Bloomberg

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 message, 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 Carnegies website (dnb.no/disclaimer) for information in accordance withith 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 has been prepared by DNB Markets – a division of DNB Bank ASA registered in the Norwegian Register of Business Enterprises (NO 984 851 006). DNB Markets is under supervision of the Financial Supervisory Authority of Norway (Finanstilsynet), 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. Details about the extent of our regulation by local authorities outside Norway are available from us on request.

In Singapore

The Information has been 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. You should seek advice from a financial adviser regarding the suitability of any product referred to in any attached report, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product.

You have received a copy of this Information because you have been classified either 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 or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of 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 25, 27 and 36 of the FAA. Section 25 of the FAA requires a financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA requires a financial adviser to include, within any circular or written communications in which he makes 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 telephone the Singapore Branch of DNB Bank ASA at +65 6212 6144 in respect of any matters arising from, or in connection with, the Information.

This Information is intended for and is to be circulated only to persons 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 6212 6144.

We, the DNB group, 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. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Information.

In the United States

The Information is being furnished upon request and is primarily intended for distribution to “Major U.S. Institutional Investors” within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934. To the extent that the Information is being furnished, or will be disseminated, to non-Major U.S. Institutional Investors, such distribution is being made by DNB Markets, Inc., a separately incorporated subsidiary of DNB Bank ASA that is a U.S. broker-dealer and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.

Any U.S. recipient of the message seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should call or write to DNB Markets, Inc., 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800.

In Brazil

If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any individual that works for a company which DNB Markets publish a research note, this will be mentioned under the disclaimer in the relevant research note.

The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed in each research note.

Any financial interests, not mentioned in the relevant research notes, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence.

In Canada

The Information has been distributed in reliance on the International Dealer Exemption pursuant to NI 31-103 section 8.18.

Please be advised that:

1. DNB Bank ASA (DNB Markets) and DNB Markets, Inc. are not registered as a dealer in the local jurisdiction to make the trade. We provide our services in Canada as an exempt international dealer.
2. The jurisdiction of DNB Bank ASA (DNB Markets) and DNB Markets, Inc.'s head office is Norway.
3. There may be difficulty enforcing legal rights against DNB Bank ASA (DNB Markets) and DNB Markets, Inc. because all or substantially all of their assets may be situated outside of Canada.
4. The name and address of the agent for service of process for DNB Bank ASA (DNB Markets) and DNB Markets, Inc. in the local jurisdiction is:

Alberta

Blake, Cassels & Graydon LLP

855 – 2nd Street S.W.

Suite 3500, Bankers Hall East Tower

Calgary, AB T2P 4J8

British Colombia

Blakes Vancouver Services, Inc.

595 Burrard Street, P.O. Box 49314

Suite 2600, Three Bentall Centre

Vancouver, BC V7X 1L3

Manitoba

MLT Aikins

30th Floor, Commodity Exchange Tower

360 Main Street

Winnipeg, MB R3C 4G1

New Brunswick

Stewart McKelvey

Suite 1000, Brunswick House

44 Chipman Hill

PO Box 7289, Station A

Saint John, NB E2L 2A9

Newfoundland and Labrador

Stewart McKelvey

Suite 1100, Cabot Place

100 New Gower Street

P.O. Box 5038

St. John’s, NL A1C 5V3

Nova Scotia

Stewart McKelvey

Purdy’s Wharf Tower One

1959 Upper Water Street

Suite 900, P.O. Box 997

Halifax, NS B3J 2X2

Northwest Territories

Field LLP

601. 4920 52nd Street

Yellowknife, NT X1A 3T1

Nunavut

Field LLP

P.O. Box 1734

House 2436

Iqaluit, NU X0A0H0

Ontario

Blakes Extra-Provincial Services Inc.

Suite 4000, 199 Bay Street

Toronto, ON M5L 1A9

Prince Edward island

Stewart McKelvey

65 Grafton Street

Charlottetown, PE C1A 1K8

Quebec

Services Blakes Quebec Inc.

1 Place Ville Marie

Suite 3000

Montreal, QC H3B 4N8

Saskatchewan

MLT Aikins

1500 Hill Centre I

1874 Scarth Street

Regina, SK S4P 4E9

Yukon

Macdonald & Company

Suite 200, Financial Plaza

204 Lambert Street

Whitehorse, YK Y1A 3T2

SMS

If the receiver of a 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 SMS.

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 Carnegies website (dnb.no/disclaimer) 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 not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of the Information. 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. The Information has been prepared by DNB Carnegie – a division of DNB Bank ASA registered in the Norwegian Register of Business Enterprises (NO 984 851 006). DNB Carnegie is under supervision of the Financial Supervisory Authority of Norway (Finanstilsynet), 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. Details about the extent of our regulation by local authorities outside Norway are available from us on request.

In Singapore

The Information has been 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. You should seek advice from a financial adviser regarding the suitability of any product referred to in any attached report, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product.

You have received a copy of this Information because you have been classified either 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 or as an expert investor, the Singapore Branch of DNB Bank ASA is, in respect of 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 25, 27 and 36 of the FAA. Section 25 of the FAA requires a financial adviser to disclose material information concerning designated investment products which are recommended by the financial adviser to you as the client. Section 27 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 36 of the FAA requires a financial adviser to include, within any circular or written communications in which he makes 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 telephone the Singapore Branch of DNB Bank ASA at +65 6212 6144 in respect of any matters arising from, or in connection with, the Information.

This Information is intended for and is to be circulated only to persons 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 6212 6144.

We, the DNB group, 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. We, the DNB group, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, we, the DNB group, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in the Information.

In the United States

The Information is being furnished upon request and is primarily intended for distribution to “Major U.S. Institutional Investors” within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934. To the extent that the Information is being furnished, or will be disseminated, to non-Major U.S. Institutional Investors, such distribution is being made by DNB Markets, Inc., a separately incorporated subsidiary of DNB Bank ASA that is a U.S. broker-dealer and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. Any U.S. recipient of the SMS seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should call or write to DNB Markets, Inc., 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800.

In Brazil

If the analyst or any close associates serves as an officer, director or board member, or have a personal relationship with any individual that works for a company which DNB Carnegie publish a research note, this will be mentioned under the disclaimer in the relevant research note.

The analyst or any close associates do neither hold nor do they have any direct/indirect involvement in the acquisition, sale, or intermediation of the securities discussed in each research note.

Any financial interests, not mentioned in the relevant research notes, that the analyst or any close associates holds in the issuer discussed in the report is limited to investment funds that do not mainly invest in the issuer or industry discussed in the report and the management of which these persons cannot influence.

In Canada

The Information has been distributed in reliance on the International Dealer Exemption pursuant to NI 31-103 section 8.18.

Please be advised that:

1. DNB Bank ASA (DNB Carnegie) and DNB Markets, Inc. are not registered as a dealer in the local jurisdiction to make the trade. We provide our services in Canada as an exempt international dealer.
2. The jurisdiction of DNB Bank ASA (DNB Carnegie) and DNB Markets, Inc.'s head office is Norway.
3. There may be difficulty enforcing legal rights against DNB Bank ASA (DNB Carnegie) and DNB Markets, Inc. because all or substantially all of their assets may be situated outside of Canada.
4. The name and address of the agent for service of process for DNB Bank ASA (DNB Carnegie) and DNB Markets, Inc. in the local jurisdiction is:

Alberta

Blake, Cassels & Graydon LLP

855 – 2nd Street S.W.

Suite 3500, Bankers Hall East Tower

Calgary, AB T2P 4J8

British Colombia

Blakes Vancouver Services, Inc.

595 Burrard Street, P.O. Box 49314

Suite 2600, Three Bentall Centre

Vancouver, BC V7X 1L3

Manitoba

MLT Aikins

30th Floor, Commodity Exchange Tower

360 Main Street

Winnipeg, MB R3C 4G1

New Brunswick

Stewart McKelvey

Suite 1000, Brunswick House

44 Chipman Hill

PO Box 7289, Station A

Saint John, NB E2L 2A9

Newfoundland and Labrador

Stewart McKelvey

Suite 1100, Cabot Place

100 New Gower Street

P.O. Box 5038

St. John’s, NL A1C 5V3

Nova Scotia

Stewart McKelvey

Purdy’s Wharf Tower One

1959 Upper Water Street

Suite 900, P.O. Box 997

Halifax, NS B3J 2X2

Northwest Territories

Field LLP

601. 4920 52nd Street

Yellowknife, NT X1A 3T1

Nunavut

Field LLP

P.O. Box 1734

House 2436

Iqaluit, NU X0A0H0

Ontario

Blakes Extra-Provincial Services Inc.

Suite 4000, 199 Bay Street

Toronto, ON M5L 1A9

Prince Edward island

Stewart McKelvey

65 Grafton Street

Charlottetown, PE C1A 1K8

Quebec

Services Blakes Quebec Inc.

1 Place Ville Marie

Suite 3000

Montreal, QC H3B 4N8

Saskatchewan

MLT Aikins

1500 Hill Centre I

1874 Scarth Street

Regina, SK S4P 4E9

Yukon

Macdonald & Company

Suite 200, Financial Plaza

204 Lambert Street

Whitehorse, YK Y1A 3T2

Research portal disclaimer

Service Interruptions and Force Majeure

DNB Carnegie shall not be held liable for any losses or claims resulting from delays or interruptions in the service due to circumstances beyond its control, including but not limited to failures in telecommunications, equipment breakdowns, acts of God, governmental actions, fire, explosion, or utility or power failures.

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.

DNB Carnegie generates added value for institutions, companies and private clients in the areas of trading in securities, investment banking, and securities services.

The research of DNB Carnegie is produced in the investment services division of DNB Bank ASA and DNB Carnegie Investment Bank AB; thus, “DNB Carnegie” should be read as meaning these two entities throughout the disclaimer text, unless otherwise expressively stated.

Research analysts’ statement of independence

We hereby certify that the views expressed in any reports available on this site (each a “Report” and collectively “Reports”) reflects the research analysts’ personal views about the companies covered and the securities that are the subject to the Reports. Opinions contained in Reports represent the research analysts’ present opinion only - at the time Reports are prepared - and may be subject to change without notice. Further, new research analysts’ with different opinions could become responsible for coverage.

No part of the research analysts’ compensation are, or will be, directly or indirectly, related to the specific recommendations or views expressed by the respective research analysts in Reports. DNB Carnegie’s employees, including research analysts, may receive compensation that is generated by overall firm profitability.

The Reports are based on information obtained from public sources that DNB Carnegie believe to be reliable but which DNB Carnegie has not independently verified. Sources for coverage also include communication with the companies. DNB Carnegie makes no guarantee, representation or warranty as to its accuracy or completeness.

DNB Carnegie, DNB Bank ASA and the DNB Group

In DNB Carnegie, the Reports are being produced and distributed from:

1. the investment services division of DNB Bank ASA; and
2. DNB Carnegie Investment Bank AB.

Clients receiving Reports from DNB Carnegie will therefore receive Reports produced by both companies. Reports are produced in the DNB Carnegie company where the responsible analyst is employed, thus please see the responsible analyst’s name and DNB Carnegie company in each Report to determine in which DNB Carnegie company the Reports have been produced.

The Reports are distributed in Norway, Singapore, Canada and Australia by the investment services division of DNB Bank ASA; in Sweden, Finland and Denmark by DNB Carnegie Investment Bank AB; and in the US and the UK by the investment services division of DNB Bank ASA and DNB Carnegie Investment Bank AB, respectively.

The research analysts are not registered or qualified as research analysts, representative or associated person under the rules of FINRA, any other US regulatory organisation, or the laws, rules or regulations of any state in the US.

Property rights

Reports are the property of DNB Carnegie. DNB Carnegie retains all intellectual property rights (including, but not limited to, copyright) relating to the Reports. Sell-side investment firms are not allowed any commercial use (including, but not limited to, reproduction and redistribution) of the Reports contents, either partially or in full, without DNB Carnegie’s explicit and prior written consent. However, buy-side investment firms may use the Reports when making investment decisions, and may also base investment advice given to clients on the Reports. Such use is dependent on the buy-side investment firm citing DNB Carnegie as the source.

Distribution

Reports are for clients only, and not for publication, and are prepared for information purposes only. Distribution of the Reports are in certain jurisdictions restricted by law. Persons with access to Reports should seek further guidance regarding such restrictions.

Not for re-distribution

Reports are for clients only, and not for publication or re-distribution.

Use

Reports are not offers to buy or sell any security or other financial instrument or to participate in any investment strategy. The content of the Reports should not be considered or perceived as investment advice. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of the Reports. The Reports shall not be used for any unlawful or unauthorised purposes.

Good faith and limitations

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