Disclaimer broker notes

Fearnley Securities

Important Notice Regarding Sales and Trading Desk Commentary

The communication you have received (the “Communication”) has been produced by members of the Fearnley Securities Sales and/or Trading departments as desk commentary. It (i) is not a product of the Fearnley Securities Research department, (ii) has not been produced, reviewed or approved by the Research department, and (iii) is not subject to restrictions applicable to research, including but not limited to prohibitions on dealing ahead of research dissemination.

The views and commentary expressed in the Communication relate solely to the Sales and/or Trading employee(s) from which they originate. Such views and commentary (i) may differ from those of the Research department, as well as from other departments or employees of Fearnley Securities, and (ii) may not be objective or independent of the interests of the authors of the Communication or of other Fearnley Securities employees or departments, all of which may actively participate in markets, investments or strategies relating to the Communication. The Communication is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to research reports prepared for retail investors. As a full-service investment bank, Fearnley Securities simultaneously may act in several capacities with respect to a product, giving rise to potential conflicts of interest regarding the product and views expressed in the Communication. As confidentiality and informational controls restrict the exchange of information between different departments of Fearnley Securities, employees preparing communications also may be prevented from utilizing or knowing information possessed by Fearnley Securities that may be relevant to the Communication. Recipients of the Communication should assume that the Communication is not independent of the proprietary interests of Fearnley Securities. Fearnley Securities may trade, and continue to trade, securities relating to the Communication for its own account and on a discretionary basis on behalf of its clients. Such trading interests may be contrary to, or entered into in advance of, the Communication.

All views and commentary expressed in the Communication should be independently confirmed by any recipient of the Communication and should be considered in the context of more fulsome and independently obtained information that is required for any investment decision. Prior to entering into any transaction, any recipient of the Communication should determine, in consultation with its investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. The Communication in no way assesses suitability of any product or transaction for any investor. Products, investments or strategies described in the Communication may be unsuitable for certain investors depending on their specific investment objectives, risk tolerance and financial position. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is provided in relation to future performance. Fearnley Securities accepts no responsibility for, and expressly disclaims all liabilities relating to, any loss, whether direct or indirect, or any other kind of damage resulting from reliance upon or use of information contained in the Communication.

The Communication has been provided for informational purposes only and does not constitute any offer to sell, or the solicitation of an offer to buy, any security or investment product. The Communication does not constitute any form of investment advice or recommendation, whether as defined in the Norwegian Securities Trading Act Section 2-4(1) or otherwise. In jurisdictions where Fearnley Securities is not registered or licensed to trade in securities, commodities or other financial products, transactions may be executed only in accordance with applicable law and legislation, which may vary from jurisdiction to jurisdiction and which may require that a transaction be made in accordance with applicable exemptions from registration or licensing requirements.

The Communication is confidential to the party to which Fearnley Securities sent it. It may not be distributed or reproduced, in whole or in part, without the prior written consent of Fearnley Securities. The Communication is to be construed as of the date of its creation and is subject to change at any time without notice. No Fearnley Securities party makes any representation, whether express or implied, with respect to the completeness or accuracy of the Communication, or for the fitness of the information in the Communication for any purpose. Any person receiving the Communication is deemed to have accepted this disclaimer and that the disclaimer shall apply even if the Communication in any way is shown to be erroneous, incomplete or based upon incorrect or incomplete facts, interpretations or assessments or assumptions, irrespective of any responsibility of Fearnley Securities.

To the extent that the recipient of the Communication is a U.S. person, please note that it has been furnished in accordance with Rule 15a-6 ("Rule 15a-6") under the U.S. Securities Exchange Act of 1934, as amended. Any U.S. recipient of the Communication that wishes to discuss or receive additional information regarding any security or issuer mentioned in the Communication, or engage in any transaction to purchase or sell or solicit or offer the purchase or sale of such securities, should contact a registered representative of Fearnley Securities, Inc., a U.S. broker-dealer registered with the Securities and Exchange Commission and a Member of FINRA. Any transaction by a U.S. person (other than a registered U.S. broker-dealer or bank acting in a broker-dealer capacity) must be effected with or through Fearnley Securities, Inc., which may be contacted via telephone at +1 (212) 277-3600.

The Communication is not subject to all requirements applicable to U.S.-based research analysts. To the extent the Communication relates to non-U.S. securities, note that investing in non-U.S. securities may entail particular risks. Such securities may not be registered under the U.S. Securities Act of 1933, as amended, and the issuer of such securities may not be subject to U.S. reporting and/or other requirements. Financial statements relating to any Communication with respect to such securities may have been prepared in accordance with non-U.S. accounting standards that may not be comparable to the financial statements of U.S. companies. Available information regarding the issuers of such securities may be limited, and such issuers may not be subject to the same auditing and reporting standards as U.S. issuers. Fluctuations in the values of national currencies, as well as the potential for governmental restrictions on currency movements, can significantly erode principal and investment returns. Market rules, conventions and practices may differ from U.S. markets, adding to transaction costs or causing delays in the purchase or sale of such securities. Securities of some non-U.S. companies may not be as liquid as securities of comparable U.S. companies.

The information contained in the Communication may include forward-looking statements within the meaning of U.S. federal securities laws that are subject to risks and uncertainties. Factors that could cause a company’s actual results and financial condition to differ from expectations include, without limitation: political uncertainty, changes in general economic conditions that adversely affect the level of demand for the company’s products or services, changes in foreign exchange markets, changes in international and domestic financial markets and in the competitive environment, and other factors relating to the foregoing. All forward-looking statements relating to the Communication are qualified in their entirety by this cautionary statement.