Disclaimer for email

If the receiver of an e-mail is not the intended recipient, the reader 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 Fearnley Securities AS ("Fearnley") believes to be reliable but which Fearnley has not independently verified, and Fearnley makes no guarantee, representation or warranty as to its accuracy or completeness. Any opinions expressed herein reflect Fearnley's judgment at the time the Information was prepared and are subject to change without notice. Confidentiality rules and internal rules restrict the exchange of information between different parts of Fearnley. This may prevent employees of Fearnley who are preparing the Information, from utilising or being aware of information possessed by Fearnley which 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 Fearnley registered in the Norwegian Register of Business Enterprises (NO 945 757 647). Fearnley is under supervision of the Financial Supervisory Authority of Norway (Finanstilsynet).

Fearnley, 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. Fearnley, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, Fearnley, 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.

US Disclaimer

If the receiver of an e-mail is not the intended recipient, the reader 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.

Fearnley Securities AS securities research and general presentations are provided by Fearnley Securities, Inc. to major US institutional investors for information purposes only. Fearnley Securities AS is registered in the Norwegian registry of business enterprises under registration no. 945 757 647. Fearnley Securities AS is licensed and supervised by The Financial Supervisory Authority of Norway (“FSA”).

The material should not be used or considered an offer to sell or a solicitation of an offer to buy any financial instruments or should be relied upon in connection with any contract or commitment whatsoever. Any opinions expressed reflect Fearnley Securities AS judgment at the time the information was prepared and are subject to change without prior notice. Fearnley Securities AS securities research and presentations is based on information obtained from public sources that Fearnley Securities AS believes to be reliable but which Fearnley Securities AS has not independently verified, hence Fearnley Securities AS makes no representation or warranty expressed or implied as to its accuracy or completeness. The products discussed in securities research and general presentations are not FDIC insured, may lose value and are not guaranteed by Fearnley Securities AS. Investing in non-U.S. securities may entail certain risks. The securities of non-U.S. issuers may not be registered with or subject to SEC reporting and other requirements. The information available about non-U.S. companies may be limited, and non-U.S. companies are generally not subject to the same uniform auditing and reporting standards as U.S. companies. 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 securities. Securities of some non-U.S. companies may not be as liquid as securities of comparable U.S. companies.

Neither Fearnley Securities AS, its partners and employees, nor any other person connected with its research and presentations, accept any liability whatsoever for any direct or consequential loss of any kind arising out of the use or reliance on the information given. They do not take into account the specific investment objectives and financial situation of any recipient. The securities research and general presentations do not provide individually tailored investment advice or offer tax, regulatory, accounting or legal advice. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own 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. Financial statements included in the report, if any, 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. Investors seeking to buy or sell any financial instruments discussed or recommended in the research or in separate presentations, should seek independent financial advice relating thereto. Fearnley Securities AS research and materials from separate presentations may not be distributed, quoted from or reproduced for any purpose without written approval by Fearnley Securities AS.

Disclosure of Interest

Fearnley Securities AS is constantly seeking investment-banking mandates, and may at any time perform investment banking or other services or solicit investment banking or other mandates from companies covered in its analysis and presentations. Fearnley Securities AS may from time to time as part of its investment service hold positions in securities covered in its research and presentations. In order to avoid any conflict of interests Fearnley Securities AS and its employees will adhere to internal regulations, recommendations from the Norwegian Securities Dealers Association and relevant legislation and regulations from the Financial Supervisory Authority of Norway. Internal holdings will be specified as part of Disclosure of Position.

Distribution in the United States

Research reports are prepared by Fearnley Securities AS for information purposes only. Fearnley Securities AS and its employees are not subject to the Rules of the Financial Industry Regulatory Authority (FINRA) governing research analyst conflicts. The research reports are intended for distribution in the United States solely to major U.S. institutional investors as defined in Rule 15a-6(a)(2) under the United States Securities Exchange Act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a Fearnley Securities AS research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. Fearnley Securities, Inc. is a broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. Any major U.S. institutional investor receiving these reports that desires to effect transactions in any securities discussed within the report should call or write Fearnley Securities, Inc. Fearnley Securities, Inc. is located at 880 Third Avenue, 16th Floor, New York, NY 10022 and may be contacted at +1(212)277-3600.