Disclaimers

E-mail

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 unless the criteria for preparing investment research, according to the Norwegian Securities Trading Regulation 2007/06/29 no. 876, are met.

The Information is based on information obtained from public sources that DNB Markets, a division of DNB Bank ASA, 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 the Information was prepared and are subject to change without notice. Any use of non-DNB logos in this report is solely for the purpose of assisting in identifying the relevant issuer. DNB is not affiliated with any such issuer.

DNB Markets and the DNB Group have incorporated internal rules and regulations in order to avoid any potential conflicts of interest. Confidentiality rules and internal rules restrict the exchange of information between different parts of DNB Markets/DNB Bank ASA. This may prevent employees of DNB Markets who are preparing the Information, from utilising or being aware of information possessed by DNB Markets/DNB Bank ASA that may be relevant to the recipients’ decisions.

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 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 6144in 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 e-mail 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., 200 Park Avenue, New York, NY 10166-0396, 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 associatesholds 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

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 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.

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 Markets' 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 Markets' 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 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 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 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

Research analysts’ statement of independence

We hereby certifies 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 Markets’ 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 Markets believe to be reliable but which DNB Markets has not independently verified. Sources for coverage also include communication with the companies. DNB Markets makes no guarantee, representation or warranty as to its accuracy or completeness.

DNB Markets, DNB Bank ASA and the DNB Group

The Reports are being prepared by DNB Markets, a division of DNB Bank ASA (“DNB Bank”), a Norwegian bank organized 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. Details about the extent of our regulation by local authorities outside Norway are available from us on request.

Reports are subject to the General Business Terms for DNB Markets. Information about DNB Markets and the General Business Terms can be found at dnb.no/markets. For information regarding the General Business Terms of the Singapore Branch of DNB Bank ASA, please contact our Singapore Branch at telephone +65 6212 6144. DNB Bank ASA is a subsidiary of DNB ASA, and part of the DNB group (the “DNB Group”). Information about the DNB Group can be found at dnb.no.

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

DNB Markets is a member of the Norwegian Securities Dealers Association, which has issued recommendations and market standards for securities companies. The Association's Internet address where the recommendations and market standards can be found is: www.vpff.no/eng.

Property Rights

Reports are the property of DNB Markets. DNB Markets 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 Markets’ 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 Markets as the source.

Distribution

Reports are for clients only, and not for publication, and are prepared for information purposes only. Distribution of research reports is in certain jurisdictions restricted by law. Persons with access to Reports should seek further guidance regarding such restrictions. Reports are distributed out of our Oslo office.

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. 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 unauthorized purposes.

Good faith and limitations

DNB Bank, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (individually, each a “DNB Party”; collectively, “DNB Parties”) do not guarantee the accuracy, completeness, timeliness or availability of Reports. DNB Parties are not responsible for any errors or omissions, regardless of the cause, nor for the results obtained from the use of Reports, nor for the security or maintenance of any data input by the user. Reports are provided on an “as is” basis. DNB PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT REPORTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT REPORTS WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall DNB Parties 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 Reports, even if advised of the possibility of such damages. DNB Parties assume no obligation to update the Reports in any form or format. The Reports should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. Recipients are urged to base their investment decisions upon such investigations as they deem necessary. No DNB Party is acting as fiduciary or investment advisor in connection with the dissemination of the Reports. While Reports are based on information obtained from public sources that the DNB Bank believes to be reliable, no DNB Party has performed an audit of, nor accepts any duty of due diligence or independent verification of, any information it receives.

Any use of non-DNB logos in the Reports are solely for the purpose of assisting in identifying the relevant issuer. DNB is not affiliated with any such issuer.

Prevention and avoidance of conflicts of interest

Confidentiality rules and internal rules restricting the exchange of information between different parts of DNB Markets/DNB Bank ASA or the DNB Group may prevent employees of DNB Markets who are preparing Reports from utilizing or being aware of information available in the DNB Group that may be relevant to the recipients’ decisions. DNB Markets and the DNB Group have incorporated internal rules and regulations in order to avoid any potential conflicts of interest. All Reports are produced by DNB Markets’ research department, which is separated from the rest of DNB Markets’ activities by an information barrier; as such, research reports are independent and based solely on publicly available information.

Potential conflicts of interest

DNB Markets or other companies in the DNB Group may have been giving investment-banking services or acted as financial advisor or manager/co-manager (and in such capacity received compensation), to companies subject to coverage in Reports during the last 12 months. Further, from companies covered, DNB Markets or other companies in the DNB Group may receive compensation for investment banking or other services in the next 12 months.

Furthermore, in view of DNB Markets’ position in its markets, one should assume that it may currently (or may in the coming three months and beyond) be providing or seeking to provide confidential investment banking services to the companies subject to coverage in Reports. DNB Markets may be a market maker/liquidity provider in covered companies. A member of, or an entity associated with, DNB Group or its affiliates, officers, directors, employees or shareholders of such members may from time-to-time be represented on the board of directors or similar supervisory entity of the companies covered, buy or sell the securities issued by such companies or options relating to them, or have a long or short position or holding in such securities. DNB Markets/DNB Group may have made agreements with companies to prepare and issue Reports. Reports may be disclosed to companies before distribution for facts control.

Please see DNB Markets' website (dnb.no/disclaimer) for an overview of all recommendations from DNB Markets over the past 12 months, as per Market Abuse Regulations (MAR).

Please contact DNB Markets at telephone 08940 (+47 915 08940) for further information and inquiries regarding Reports.

Recommendation structure and risk classification

• Buy - indicates an expected return greater than 10% within 12 months
• Hold - indicates an expected return between 0 and 10% within 12 months
• Sell - indicates an expected negative return within 12 months

The return-requirement bands above may be applied with some degree of flexibility depending on the liquidity and volatility characteristics of the individual share.

• High risk - Volatility above 40 percent
• Medium risk - Volatility from 25 percent to 40 percent
• Low risk - Volatility under 25 percent

Investing in any security is subject to substantial risk. Return on investment may vary greatly. Price targets are based on a combination of several valuation methods such as discounted cash flow, pricing based on earnings multiples, multiple on book value, net asset value and peer comparison.

Substantial material sources for coverage include historical financial figures and communication with the companies, and relevant third party information. If you would like further information on the valuation, methodology or underlying assumptions used in the Reports, please contact the analyst on front page of each note. Recommendations and historical target prices in Reports may not compile all recommendations by DNB Markets, for further information please contact DNB Markets.

ADDITIONAL INFORMATION

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

Each research analyst named on the front page of Reports, or at the beginning of any subsection thereof, certifies that (i) the views expressed in Reports accurately reflect that research analyst’s personal views about the companies and the securities that are subject of Reports; and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in Reports.

The research analyst(s) named on Reports are foreign research analysts as defined by FINRA Rule 1050. The only affiliate contributing to Reports is DNB Bank through its DNB Markets division (“DNB Markets/DNB Bank”); the foreign research analysts employed by DNB Markets/DNB Bank are named on the first page; the foreign research analysts are not registered/qualified as research analysts with FINRA; foreign research analysts are not associated persons of DNB Markets, 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.

Reports are Third Party Research 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 Markets/DNB Bank as a research provider or the subject company of a DNB Markets/DNB Bank research report, including the disclosures required by FINRA Rules 2241 and 2242 can be found in Reports.

Reports are 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. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Markets, Inc., a separately incorporated subsidiary of DNB Bank that is a U.S. broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).

Any U.S. recipient of 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., 200 Park Avenue, New York, NY 10166-0396, 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 disclosed 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

Reports and any materials attached with it, will be 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

Sales view

The material in this marketing communication is not investment research, a research recommendation or a personal investment advice, and has accordingly not been prepared in accordance with any requirements designed to promote the independence of investment research nor is it subject to any prohibition on dealing ahead of the dissemination of investment research or any rules regarding suitability. This material has been compiled by DNB Markets sales and trading from various publicly available news sources, including newspapers and news services. It is not intended to be a comprehensive summary of newsworthy business or economic events nor is it a substitute for DNB’s Research and it may not be relied upon as such. The information has not been reviewed or approved by, or in conjunction with, DNB Research. To the extent that the information in this communication reflects the views of DNB Markets or its affiliates, this information and views expressed are subject to change without notice to you. Although the information set out in this marketing communication is obtained from sources believed to be reliable, DNB Markets does not guarantee its accuracy or completeness.