Disclaimers
We have gathered all disclaimers DNB Carnegie use in different medias.
Terms and disclaimers
E-mail - Full disclaimer
DNB Carnegie is a Business Area in the DNB Group comprising: 1) the investment services division of DNB Bank ASA; 2) DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA) and 3) DNB Carnegie, Inc. (a wholly owned subsidiary of DNB Bank ASA). DNB Carnegie is a leading Nordic provider of investment services.
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 Carnegie’s' website (www.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 is based on information obtained from various public sources that DNB Carnegie believes to be reliable but has not independently verified, and DNB Carnegie makes no guarantee, representation or warranty as to its accuracy or completeness. Artificial intelligence-based tools may be used as part of the production process; all content is reviewed by the responsible person. Any opinions expressed herein reflect DNB Carnegie’s judgment at the time the Information was prepared and are subject to change without notice. Any use of non-DNB logos in the Information is solely for the purpose of assisting in identifying the relevant party. DNB Carnegie is not affiliated with any such party.
DNB Carnegie and the rest of DNB Group have implemented a set of rules handling conflicts of interest. This includes confidentiality rules restricting the exchange of information between various parts of DNB Carnegie and the rest of DNB group. In order to restrict flows of sensitive information, appropriate information barriers have been established between the Investment Banking Division and other business departments in DNB Carnegie, and between DNB Carnegie and other business areas in the DNB Group. People outside an information barrier may gain access to sensitive information only after having observed applicable wall-crossing procedures. This means that employees of DNB Carnegie who are preparing the Reports are prevented from using or being aware of information available in other parts of DNB Carnegie or DNB Group that may be relevant to the recipients’ decisions.
The Information is made for information purposes only, and does not constitute and should not in any way be considered as an offer to buy or sell any securities or other financial instruments or to participate in any investment strategy.DNB Bank ASA, its affiliates and subsidiaries are not responsible for any errors or omissions, regardless of the cause, or for the results obtained from the use of the Information, and shall in no event be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the research report. 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.
This Information is produced and distributed by the DNB Carnegie entity where the sender is employed, unless otherwise specified in the Information. DNB Bank ASA is a Norwegian bank organised under the laws of the Kingdom of Norway and under supervision by the Norwegian Financial Supervisory Authority, 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. DNB Carnegie Investment Bank AB is a bank incorporated in Sweden with limited liability and is authorised and regulated by the Swedish Financial Supervisory Authority. DNB Carnegie Investment Bank AB is established in the UK via its UK branch which is authorised and regulated by the UK Financial Conduct Authority (FCA). DNB Carnegie Investment Bank AB is established in Finland and Denmark via its Finland and Denmark branches which are subject to limited supervision by the respective national Supervisory Authorities. Further details about the extent of regulation by local authorities outside Norway and Sweden are available on request.
Additional information for clients in Australia
This research report has been prepared and issued outside Australia.
DNB Bank ASA ARBN 675 447 702 is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) (“Corporations Act”) in respect of financial services it provides to “wholesale clients” within the meaning of the Corporations Act (“Wholesale Clients”). DNB Bank ASA accordingly does not hold an Australian financial services licence. DNB Bank ASA is regulated by Finanstilsynet (the Financial Supervisory Authority of Norway) under the laws of Norway, which differ from Australian laws.
This research report is provided only to authorised recipients who are both Wholesale Clients and “professional investors” within the meaning of the Corporations Act. In no circumstances may this research report be provided to any other person.
No member of the DNB Group, including DNB Bank ASA and DNB Carnegie Investment Bank AB, is an authorised deposit-taking institution (“ADI”) under the Banking Act 1959 (Cth). Accordingly, neither DNB Bank ASA nor DNB Carnegie Investment Bank AB is supervised by the Australian Prudential Regulation Authority as an ADI.
DNB Bank ASA is a limited liability company incorporated in Norway.
Nothing in this research report excludes, restricts or modifies a statutory warranty or liability to the extent such an exclusion, restriction or modification would be prohibited under Australian law.
Additional information for clients in Canada
The Information is general investment advice that is not tailored to the needs of any recipient and, accordingly, is distributed to Canadian residents in reliance on section 8.25 of the Canadian Securities Administrators’ National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. For disclosures regarding any financial or other interest that DNB Bank ASA, DNB Carnegie Investment Bank AB and their affiliates may have in the issuer or issuers that are the subject of this information please see DNB Carnegie's website (www.dnb.no/disclaimer/MAR).
Additional information for clients in Singapore
The Information is 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. Please seek advice from a financial adviser regarding the suitability of any product referred to in the Information, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product or security.
You have received a copy of the Information because you have been classified 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, institutional investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, with respect to 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 34, 36 and 45 of the FAA. Section 34 of the FAA requires a financial adviser to disclose material information concerning designated investment products that are recommended by the financial adviser to you as the client. Section 36 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 45 of the FAA requires a financial adviser to include, within any circular or written communications in which they make 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 contact the Singapore branch of DNB Bank ASA at +65 6260 0111 with respect to any matters arising from, or in connection with, the Information.
The Information is intended for and is to be circulated only to people 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 6260 0111.
DNB Bank ASA, its affiliates and subsidiaries, 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. DNB Bank ASA, its affiliates, subsidiaries, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions that are not consistent with the information set out in the Information.
Additional information for clients in the United States
The Information is being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S. Institutional Investors as DNB Carnegie, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Carnegie, Inc., a separately incorporated subsidiary of DNB Bank ASA which is a U.S. broker-dealer registered with the Securities and Exchange Commission (“SEC”) and member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).
Securities offered and sold in the U.S. are provided through DNB Carnegie, Inc. (SEC #8-66024 / CRD#127605)
Any U.S. recipient of the Information seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact DNB Carnegie, Inc., 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800.
Bloomberg - Full disclaimer
DNB Carnegie is a Business Area in the DNB Group comprising: 1) the investment services division of DNB Bank ASA; 2) DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA) and 3) DNB Carnegie, Inc. (a wholly owned subsidiary of DNB Bank ASA). DNB Carnegie is a leading Nordic provider of investment services.
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 Carnegie’s' website (www.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 is based on information obtained from various public sources that DNB Carnegie believes to be reliable but has not independently verified, and DNB Carnegie makes no guarantee, representation or warranty as to its accuracy or completeness. Artificial intelligence-based tools may be used as part of the production process; all content is reviewed by the responsible person. Any opinions expressed herein reflect DNB Carnegie’s judgment at the time the Information was prepared and are subject to change without notice. Any use of non-DNB logos in the Information is solely for the purpose of assisting in identifying the relevant party. DNB Carnegie is not affiliated with any such party.
DNB Carnegie and the rest of DNB Group have implemented a set of rules handling conflicts of interest. This includes confidentiality rules restricting the exchange of information between various parts of DNB Carnegie and the rest of DNB group. In order to restrict flows of sensitive information, appropriate information barriers have been established between the Investment Banking Division and other business departments in DNB Carnegie, and between DNB Carnegie and other business areas in the DNB Group. People outside an information barrier may gain access to sensitive information only after having observed applicable wall-crossing procedures. This means that employees of DNB Carnegie who are preparing the Reports are prevented from using or being aware of information available in other parts of DNB Carnegie or DNB Group that may be relevant to the recipients’ decisions.
The Information is made for information purposes only, and does not constitute and should not in any way be considered as an offer to buy or sell any securities or other financial instruments or to participate in any investment strategy.DNB Bank ASA, its affiliates and subsidiaries are not responsible for any errors or omissions, regardless of the cause, or for the results obtained from the use of the Information, and shall in no event be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the research report. 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.
This Information is produced and distributed by the DNB Carnegie entity where the sender is employed, unless otherwise specified in the Information. DNB Bank ASA is a Norwegian bank organised under the laws of the Kingdom of Norway and under supervision by the Norwegian Financial Supervisory Authority, 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. DNB Carnegie Investment Bank AB is a bank incorporated in Sweden with limited liability and is authorised and regulated by the Swedish Financial Supervisory Authority. DNB Carnegie Investment Bank AB is established in the UK via its UK branch which is authorised and regulated by the UK Financial Conduct Authority (FCA). DNB Carnegie Investment Bank AB is established in Finland and Denmark via its Finland and Denmark branches which are subject to limited supervision by the respective national Supervisory Authorities. Further details about the extent of regulation by local authorities outside Norway and Sweden are available on request.
Additional information for clients in Australia
This research report has been prepared and issued outside Australia.
DNB Bank ASA ARBN 675 447 702 is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) (“Corporations Act”) in respect of financial services it provides to “wholesale clients” within the meaning of the Corporations Act (“Wholesale Clients”). DNB Bank ASA accordingly does not hold an Australian financial services licence. DNB Bank ASA is regulated by Finanstilsynet (the Financial Supervisory Authority of Norway) under the laws of Norway, which differ from Australian laws.
This research report is provided only to authorised recipients who are both Wholesale Clients and “professional investors” within the meaning of the Corporations Act. In no circumstances may this research report be provided to any other person.
No member of the DNB Group, including DNB Bank ASA and DNB Carnegie Investment Bank AB, is an authorised deposit-taking institution (“ADI”) under the Banking Act 1959 (Cth). Accordingly, neither DNB Bank ASA nor DNB Carnegie Investment Bank AB is supervised by the Australian Prudential Regulation Authority as an ADI.
DNB Bank ASA is a limited liability company incorporated in Norway.
Nothing in this research report excludes, restricts or modifies a statutory warranty or liability to the extent such an exclusion, restriction or modification would be prohibited under Australian law.
Additional information for clients in Canada
The Information is general investment advice that is not tailored to the needs of any recipient and, accordingly, is distributed to Canadian residents in reliance on section 8.25 of the Canadian Securities Administrators’ National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. For disclosures regarding any financial or other interest that DNB Bank ASA, DNB Carnegie Investment Bank AB and their affiliates may have in the issuer or issuers that are the subject of this Note please see DNB Carnegie's website (www.dnb.no/disclaimer/MAR).
Additional information for clients in Singapore
The Information is 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. Please seek advice from a financial adviser regarding the suitability of any product referred to in the Information, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product or security.
You have received a copy of the Information because you have been classified 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, institutional investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, with respect to 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 34, 36 and 45 of the FAA. Section 34 of the FAA requires a financial adviser to disclose material information concerning designated investment products that are recommended by the financial adviser to you as the client. Section 36 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 45 of the FAA requires a financial adviser to include, within any circular or written communications in which they make 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 contact the Singapore branch of DNB Bank ASA at +65 6260 0111 with respect to any matters arising from, or in connection with, the Information.
The Information is intended for and is to be circulated only to people 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 6260 0111.
DNB Bank ASA, its affiliates and subsidiaries, 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. DNB Bank ASA, its affiliates, subsidiaries, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions that are not consistent with the information set out in the Information.
Additional information for clients in the United States
The Information is being furnished solely to Major U.S. Institutional Investors within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934 and to such other U.S. Institutional Investors as DNB Carnegie, Inc. may determine. Distribution to non-Major U.S. Institutional Investors will be made only by DNB Carnegie, Inc., a separately incorporated subsidiary of DNB Bank ASA which is a U.S. broker-dealer registered with the Securities and Exchange Commission (“SEC”) and member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).
Securities offered and sold in the U.S. are provided through DNB Carnegie, Inc. (SEC #8-66024 / CRD#127605)
Any U.S. recipient of the Information seeking to obtain additional information or to effect any transaction in any security discussed herein or any related instrument or investment should contact DNB Carnegie, Inc., 30 Hudson Yards, 81st Floor, New York, NY 10001, telephone number +1 212-551-9800.
Research portal disclaimer
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Service Interruptions and Force Majeure
DNB Carnegie shall not be held liable for any losses or claims resulting from delays or interruptions in the service due to circumstances beyond its control, including but not limited to failures in telecommunications, equipment breakdowns, acts of God, governmental actions, fire, explosion, or utility or power failures.
DNB Carnegie
DNB Carnegie is a Business Area in the DNB Group comprising: 1) the investment services division of DNB Bank ASA; 2) DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA) and 3) DNB Carnegie, Inc. (a wholly owned subsidiary of DNB Bank ASA). DNB Carnegie is a leading Nordic provider of investment services.
DNB Carnegie generates added value for institutions, companies and private clients in the areas of trading in securities, investment banking, and securities services.
The research of DNB Carnegie is produced in the investment services division of DNB Bank ASA and DNB Carnegie Investment Bank AB; thus, “DNB Carnegie” should be read as meaning these two entities throughout the disclaimer text, unless otherwise expressively stated.
Research analysts’ statement of independence
We hereby certify that the views expressed in any reports available on this site (each a “Report” and collectively “Reports”) reflects the research analysts’ personal views about the companies covered and the securities that are the subject to the Reports. Opinions contained in Reports represent the research analysts’ present opinion only - at the time Reports are prepared - and may be subject to change without notice. Further, new research analysts’ with different opinions could become responsible for coverage.
No part of the research analysts’ compensation are, or will be, directly or indirectly, related to the specific recommendations or views expressed by the respective research analysts in Reports. DNB Carnegie’s employees, including research analysts, may receive compensation that is generated by overall firm profitability.
The Reports are based on information obtained from public sources that DNB Carnegie believe to be reliable but which DNB Carnegie has not independently verified. Sources for coverage also include communication with the companies. DNB Carnegie makes no guarantee, representation or warranty as to its accuracy or completeness.
Artificial intelligence-based tools may be used as part of the production process; all content is reviewed by the responsible person.
DNB Carnegie, DNB Bank ASA and the DNB Group
In DNB Carnegie, the Reports are being produced and distributed from 1) the investment services division of DNB Bank ASA; and 2) DNB Carnegie Investment Bank AB. Clients receiving Reports from DNB Carnegie will therefore receive Reports produced by both companies. Reports are produced in the DNB Carnegie company where the responsible analyst is employed, thus please see the responsible analyst’s name and DNB Carnegie company in each Report to determine in which DNB Carnegie company the Reports have been produced.
The Reports are distributed distributed in Australia, Canada, Norway, Singapore, the UK, and the US, by the investment services division of DNB Bank ASA; and in Denmark, Finland and Sweden by DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA).
The research analysts are not registered or qualified as research analysts, representative or associated person under the rules of FINRA, any other US regulatory organisation, or the laws, rules or regulations of any state in the US.
DNB Carnegie is under supervision
DNB Bank ASA is a bank incorporated in Norway and is authorised and regulated by the Norwegian Financial Supervisory Authority. DNB Bank ASA is established in Singapore and in the UK via its Singapore and UK branches, which are authorised and regulated by the Monetary Authority of Singapore, and on a limited basis by the Financial Conduct Authority and the Prudential Regulation Authority of the UK respectively. DNB Bank ASA is established in Sweden via its Sweden branch which are subject to supervision by the Financial Supervisory Authority of Sweden. DNB Carnegie Investment Bank AB is a bank incorporated in Sweden with limited liability and is authorised and regulated by the Swedish Financial Supervisory Authority. DNB Carnegie Investment Bank AB is established in Finland and Denmark via its Finland and Denmark branches which are subject to limited supervision by the respective national Supervisory Authorities.
Further details about the extent of regulation by local authorities outside Norway and Sweden are available on request.
Property rights
Reports are the property of DNB Carnegie. DNB Carnegie retains all intellectual property rights (including, but not limited to, copyright) relating to the Reports. Sell-side investment firms are not allowed any commercial use (including, but not limited to, reproduction and redistribution) of the Reports contents, either partially or in full, without DNB Carnegie’s explicit and prior written consent. However, buy-side investment firms may use the Reports when making investment decisions, and may also base investment advice given to clients on the Reports. Such use is dependent on the buy-side investment firm citing DNB Carnegie as the source.
Distribution
Reports are for clients only, and not for publication, and are prepared for information purposes only. Distribution of the Reports are in certain jurisdictions restricted by law. Persons with access to Reports should seek further guidance regarding such restrictions.
Not for re-distribution
Reports are for clients only, and not for publication or re-distribution.
Use
Reports are not offers to buy or sell any security or other financial instrument or to participate in any investment strategy. The content of the Reports should not be considered or perceived as investment advice. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of the Reports. The Reports shall not be used for any unlawful or unauthorised purposes.
Good faith and limitations
DNB Bank ASA, its affiliates and subsidiaries, their directors, officers, shareholders, employees or agents, are not responsible for any errors or omissions, regardless of the cause, or for the results obtained from the use of the Reports, and shall in no event be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Reports, even if advised of the possibility of such damages.
DNB Parties assume no obligation to update the Reports in any form or format. The Reports should not be relied on and are not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. Recipients are urged to base their investment decisions upon such investigations as they deem necessary. No DNB Party is acting as fiduciary or investment advisor in connection with the dissemination of the Reports. While Reports are based on information obtained from public sources that the DNB Carnegie believes to be reliable, no DNB Party has performed an audit of, nor accepts any duty of due diligence or independent verification of, any information it receives.
Any use of non-DNB logos in the Reports are solely for the purpose of assisting in identifying the relevant issuer. DNB Carnegie is not affiliated with any such issuer.
Prevention and avoidance of conflicts of interest
DNB Carnegie and the rest of DNB Group have implemented a set of rules handling conflicts of interest. This includes confidentiality rules restricting the exchange of information between various parts of DNB Carnegie and the rest of DNB group. In order to restrict flows of sensitive information, appropriate information barriers have been established between the Investment Banking Division and other business departments in DNB Carnegie, and between DNB Carnegie and other business areas in the DNB Group. People outside an information barrier may gain access to sensitive information only after having observed applicable wall-crossing procedures. This means that employees of DNB Carnegie who are preparing the Reports are prevented from using or being aware of information available in other parts of DNB Carnegie or DNB Group that may be relevant to the recipients’ decisions.
All Reports are produced by DNB Carnegie’s research department, which is separated from the rest of DNB Carnegie’s activities by information barriers; as such, the Reports are independent and based solely on publicly available information.
Potential conflicts of interest
DNB Carnegie or other companies in the DNB Group may have been providing investment-banking services or acted as financial advisor or manager/co-manager (and in such capacity received compensation) to companies subject to coverage in Reports during the past 12 months. Further, from companies covered, DNB Carnegie or other companies in the DNB Group may receive compensation for investment banking or other services in the next 12 months.
Furthermore, in view of DNB Carnegie’s position in its markets, one should assume that it may currently (or may in the coming three months and beyond) be providing or seeking to provide confidential investment banking services to the companies subject to coverage in Reports. DNB Carnegie may be a market maker/liquidity provider in covered companies. A member of, or an entity associated with, DNB Group or its affiliates, officers, directors, employees or shareholders of such members may from time-to-time be represented on the board of directors or similar supervisory entity of the companies covered, buy or sell the securities issued by such companies or options relating to them, or have a long or short position or holding in such securities. DNB Carnegie/DNB Group may have made agreements with companies to prepare and issue Reports. Reports may be disclosed to companies before distribution for facts control.
Please see DNB Carnegie’s' website (www.dnb.no/disclaimer/MAR) for information in accordance with Market Abuse Regulation (MAR) if this Information includes an investment recommendation. This website contains information about our published investment recommendations and potential conflicts of interest.
Risk warning
The risk of investing in financial instruments is generally high. Past performance is not a reliable indicator of future performance, and estimates of future performance are based on assumptions that may not be realised. When investing in financial instruments, the value of the investment may increase or decrease, and the investor may lose all or part of their investment. Careful consideration of possible financial distress should be made before investing in any financial instrument.
Valuation methodology
Substantial material sources for coverage include historical financial figures and communication with the companies, and relevant third-party information. If you would like further information on the valuation, methodology or underlying assumptions used in the Reports, please contact the analyst on front page of each Report.
Additional information for clients in Australia
The Reports have been prepared and issued outside Australia.
DNB Bank ASA ARBN 675 447 702 is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) (“Corporations Act”) in respect of financial services it provides to “wholesale clients” within the meaning of the Corporations Act (“Wholesale Clients”). DNB Bank ASA accordingly does not hold an Australian financial services licence. DNB Bank ASA is regulated by Finanstilsynet (the Financial Supervisory Authority of Norway) under the laws of Norway, which differ from Australian laws.
The Reports are provided only to authorised recipients who are both Wholesale Clients and “professional investors” within the meaning of the Corporations Act. In no circumstances may the Reports be provided to any other person.
No member of the DNB Group, including DNB Bank ASA and DNB Carnegie Investment Bank AB, is an authorised deposit-taking institution (“ADI”) under the Banking Act 1959 (Cth). Accordingly, neither DNB Bank ASA nor DNB Carnegie Investment Bank AB is supervised by the Australian Prudential Regulation Authority as an ADI.
DNB Bank ASA is a limited liability company incorporated in Norway.
Nothing in the Reports excludes, restricts or modifies a statutory warranty or liability to the extent such an exclusion, restriction or modification would be prohibited under Australian law.
Additional information for clients in Canada
The Reports and the information included herein is general investment advice that is not tailored to the needs of any recipient and, accordingly, is distributed to Canadian residents in reliance on section 8.25 of the Canadian Securities Administrators’ National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. For disclosures regarding any financial or other interest that DNB Bank ASA, DNB Carnegie Investment Bank AB and their affiliates may have in the issuer or issuers that are the subject of the Reports, please see the potential conflict of interest section and the company-specific disclosures section in each Report.
Additional information for clients in Singapore
The Reports are distributed by the Singapore Branch of DNB Bank ASA. They are intended for general circulation and do not take into account the specific investment objectives, financial situation or particular needs of any particular person. Please seek advice from a financial adviser regarding the suitability of any product referred to in the Reports, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product or security. You have received a copy of the Reports because you have been classified 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, institutional investor or as an expert investor, the Singapore Branch of DNB Bank ASA is, with respect to 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 34, 36 and 45 of the FAA. Section 34 of the FAA requires a financial adviser to disclose material information concerning designated investment products that are recommended by the financial adviser to you as the client. Section 36 of the FAA requires a financial adviser to have a reasonable basis for making investment recommendations to you as the client. Section 45 of the FAA requires a financial adviser to include, within any circular or written communications in which they make 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 contact the Singapore branch of DNB Bank ASA at +65 6260 0111 with respect to any matters arising from, or in connection with, the Reports. The Reports are intended for and are to be circulated only to people 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 6260 0111. DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may have interests in any products referred to in the Reports by acting in various roles including as distributor, holder of principal positions, adviser or lender. DNB Bank ASA, its affiliates, subsidiaries, our associates, officers and/or employees may receive fees, brokerage or commissions for acting in those capacities. In addition, DNB Bank ASA, its affiliates and subsidiaries, our associates, officers and/or employees may buy or sell products as principal or agent and may effect transactions that are not consistent with the information set out in the Reports.
Additional information for clients in the United States
The research analyst(s) named on the Reports are foreign research analysts as defined by FINRA Rule 1220. The only affiliates contributing to the Reports are the investment services division of DNB Bank ASA and DNB Carnegie Investment Bank AB (a wholly owned subsidiary of DNB Bank ASA) (“hereinafter DNB Carnegie”); the foreign research analysts employed by DNB Carnegie are named on the first page of the Reports; the foreign research analysts are not registered/qualified as research analysts with FINRA; foreign research analysts are not associated persons of DNB Carnegie, Inc. and therefore are not subject to the restrictions set forth in FINRA Rules 2241 and 2242 regarding restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
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Additional information for clients in the United States
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