Disclaimere

Denne disclaimeren gjelder DNB Markets' webTV-sendinger:

Ansvarsforhold

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

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

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

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

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

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

Denne disclaimer gjelder podkaster laget i regi av DNB Markets:

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

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

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

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

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

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

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

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

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

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

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

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

Rapporten baserer seg på kilder som vurderes som pålitelige, men DNB Markets garanterer ikke at informasjonen er presis eller fullstendig. Uttalelser i rapporten reflekterer DNB Markets’ oppfatning på det tidspunkt rapporten ble utarbeidet, og DNB Markets forbeholder seg retten til å endre oppfatning uten varsel. Rapporten skal ikke oppfattes som et tilbud om å kjøpe eller selge finansielle instrumenter eller som en personlig anbefaling om investeringsstrategi. DNB Markets påtar seg ikke noe ansvar, verken for direkte eller indirekte tap, som følge av at rapporten legges til grunn for investeringsbeslutninger. For informasjon om publiserte investeringsanbefalinger og potensielle interessekonflikter i henhold til Market Abuse Regulation (MAR).

Les mer om MAR på Finanstilsynets sider.

KOMPLETT DISCLAIMER

Generelt

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

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

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

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

Informasjon om DNB Markets Alminnelige forretningsvilkår er tilgjengelig på vår hjemmeside www.dnb.no/markets. DNB Markets, DNB Bank ASA (organisasjonsnummer 984 851 006), er medlem av Verdipapirforetakenes Forbund og er underlagt tilsyn av Finanstilsynet i Norge. DNB Markets er også underlagt lokale tilsyn i Singapore, og i noen grad i Storbritannia og Sverige. Detaljer vedrørende omfanget av lokale tilsynsreguleringer utenfor Norge er tilgjengelig på forespørsel. Ytterligere informasjon om DNB Markets og DNB Bank ASA finnes på www.dnb.no.

Risiko

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

Interessekonflikter

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

E-mail disclaimer English-spoken countries:

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 Markets' website (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 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 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., 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 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:

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.

1. The jurisdiction of DNB Bank ASA (DNB Markets) and DNB Markets, Inc.'s head office is Norway.
2. 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.
3. 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

Bloomberg-disclaimer

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 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 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:

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.

The jurisdiction of DNB Bank ASA (DNB Markets) and DNB Markets, Inc.'s head office is Norway.

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.

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:

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.

The jurisdiction of DNB Bank ASA (DNB Markets) and DNB Markets, Inc.'s head office is Norway.

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.

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

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