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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 Markets' 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 Markets believes to be reliable but which DNB Markets has not independently verified, and DNB Markets makes no guarantee, representation or warranty as to its accuracy or completeness. Any opinions expressed herein reflect DNB Markets’ 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 Markets/DNB Bank ASA and this may prevent employees of DNB Markets from utilizing or being aware of information available in DNB Markets/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 Markets - 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 Markets and DNB Bank ASA can be found at www.dnb.no.