Our research and general presentations, also available at our website www.fondsfinans.no, are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any financial instruments. Any opinions expressed are subject to change without prior notice. Our research and presentations are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that the information herein is not misleading Fondsfinans ASA makes no representation or warranty expressed or implied as to its accuracy or completeness.

Neither Fondsfinans ASA, its partners and employees, nor any other person connected with our 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. Investors seeking to buy or sell any financial instruments discussed or recommended in our research or in separate presentations, should seek independent financial advice relating thereto. Our research and materials from separate presentations may not be distributed, quoted from or reproduced for any purpose without written approval by Fondsfinans ASA.

Fondsfinans ASA 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 our analysis and presentations. Fondsfinans ASA may from time to time as part of its investment service hold positions in securities covered in our research and presentations. In order to avoid any conflict of interests Fondsfinans ASA and its employees will always follow very strictly all internal regulations, recommendations from the Norwegian Securities Dealers Association and relevant legislation and regulations from the supervisory official authorities. Internal holdings will be specified as part of shareholder information.