Disclaimer

The message, 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 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., 200 Park Avenue, New York, NY 10166-0396, telephone number +1 212 551 9800.

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:

Jurisdiction	Name and Address of Agent for Service
Alberta	Blake, Cassels & Graydon LLP 855 – 2nd Street S.W. Suite 3500, Bankers Hall East Tower Calgary, AB T2P 4J8
British Columbia	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

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.