Ukerapport 20.01.2015
Ansvarlig: Paal Kolberg| +47 24 14 74 65| [email protected]
Disclaimer
IMPORTANT DISCLOSURE:
This note (the 'Note') must be seen as marketing material and not as an investment recommendation within the meaning of the Norwegian Securities
Trading Act of 2007 paragraph 3-10 and the Norwegian Securities Trading Regulation 2007/06/29 no. 876 . The Note is for clients only, not for
publication, and has been prepared for information purposes only by SpareBank 1 Markets AS, an investment firm organized under the laws of Norway.
The Note shall not be used for any unlawful or unauthorized purposes.
Please note that this comment is not an individual investment advice. If you would like to receive investment advice suitable for you, please contact your
broker at SpareBank 1 Markets AS.
SpareBank 1 Markets AS
Olav Vs gate 5
0161 Oslo
+ 47 24 14 74 00
www.sb1markets.no
Makrokalender
Date
Mon
Time
Jan 19
All Day
Tue
Jan 20
Wed
Jan 21
Tentative
Tentative
Day 1
Thu
Jan 22
Day 2
Fri
Jan 23
Day 3
Country
05:30 Japan
Event
Revised Industrial Production m/m
Actual
-0.5%
Forecast
-0.5%
Previous
-0.6%
06:00 Japan
Consumer Confidence
38.8
38.6
37.7
10:00 Eurozone
USA
03:00 China
China
China
China
China
08:00 Eurozone
11:00 Eurozone
Eurozone
16:00 USA
USA
Japan
05:30 Japan
Japan
ALL
14:30 USA
USA
06:00 Japan
ALL
13:45 Eurozone
14:30 Eurozone
USA
15:00 USA
16:00 Eurozone
16:30 USA
17:00 USA
02:35 Japan
02:45 China
10:00 Eurozone
Eurozone
ALL
10:30 UK
15:45 USA
16:00 USA
USA
Current Account
Bank Holiday
GDP q/y
Fixed Asset Investment ytd/y
Industrial Production y/y
NBS Press Conference
Retail Sales y/y
German PPI m/m
German ZEW Economic Sentiment
ZEW Economic Sentiment
FOMC Member Powell Speaks
NAHB Housing Market Index
Monetary Policy Statement
All Industries Activity m/m
BOJ Press Conference
WEF Annual Meetings
Building Permits
Housing Starts
BOJ Monthly Report
WEF Annual Meetings
Minimum Bid Rate
ECB Press Conference
Unemployment Claims
HPI m/m
Consumer Confidence
Natural Gas Storage
Crude Oil Inventories
Flash Manufacturing PMI
HSBC Flash Manufacturing PMI
Flash Manufacturing PMI
Flash Services PMI
WEF Annual Meetings
Retail Sales m/m
Flash Manufacturing PMI
Existing Home Sales
CB Leading Index m/m
18.1B
22.7B
19.5B
7.2%
15.7%
7.4%
7.3%
15.8%
7.2%
11.7%
-0.3%
40.1
37.6
11.7%
0.0%
34.9
31,80
58
57
0.1%
-0.1%
1.06M
1.04M
1.05M
1.03M
0.05%
0.05%
301K
0.4%
-11
49.5
51.0
52.1
316K
0.6%
-11
-236B
5.4M
52.0
49.6
50.6
51.6
-0.6%
54.1
5.08M
0.5%
1.6%
53.9
4.93M
0.6%
Kilde: Sparebank1 Markets Research og Forex Factory
3
20.01.2015
Oslo Børs- P/E OBX
Kilde: SpareBank 1 Markets Research
4
20.01.2015
Oslo Børs- P/B OBX
Kilde: SpareBank 1 Markets Research
5
20.01.2015
Ukegraf: Bankene venter økte utlånsmarginer mot bedrifter i 1Q15
…vi tror den ventede nedgangen i margin på boliglån motvirkes av lavere renter
Kilde: SpareBank 1 Markets Research
6
20.01.2015
Rom for å kutte boligrenten 60-70bps i 2015 uten marginfall
…ettersom NIBOR faller fra 1.7% høsten 2014 til under 1.0% sommeren 2015.
Kilde: SpareBank 1 Markets Research
7
20.01.2015
Markedet venter at NIBOR faller fra dagens 1.4% til 0.9% sommeren 2015
…og forblir lave gjennom 2016 => boligrentene skal videre ned, flere kutt ventes uten lavere margin
Kilde: SpareBank 1 Markets Research
8
20.01.2015
Blandet utvikling for bankaksjer i forrige uke
…svenske og europeiske banker +2%. Norske banker i minus på oljefrykt
Kilde: SpareBank 1 Markets Research
9
20.01.2015
DNB «kun» -1% etter større fall tidligere i år
…SRBANK -7% og MING -5%
Kilde: SpareBank 1 Markets Research
10
20.01.2015
DNB -5% i 2015, etterfulgt av europeisk bank på emisjonsfrykt
Regionale sparebanker: SRBANK, MING, NONG, SVEG, MORG.
Lokale sparebanker: RING, SBVG, SOAG, TOTG, HELG, SPOG, SADG, NTSG.
Våre delindekser for de regionale og lokale bankene er likevektet.
Kilde: SpareBank 1 Markets Research
11
20.01.2015
Få i pluss i 2015 (lokale banker i overvekt), mange i minus
Kilde: SpareBank 1 Markets Research
12
20.01.2015
DNB faller relativt til svenske banker
…Brent uendret i uken som gikk, men opp fra bunnpunktet på tirsdagen
Kilde: SpareBank 1 Markets Research
13
20.01.2015
DNB falt for mye relativt til sparebankene?
…hentet seg inn noen prosenter relativt sett etter fall i SR og MING
Kilde: SpareBank 1 Markets Research
14
20.01.2015
Den positive reprisingen av DNB på økte utbytteforventinger brutt i 4Q
…lavere oljepris øker kredittrisikoen og reduserer utbytteforventningene
Kilde: SpareBank 1 Markets Research
15
20.01.2015
Svensk bank priset høyt på sterk utbyttekapasitet og mindre oljeeksponering
…sparebankene fortsatt under boken, sammen med europeiske banker
Kilde: SpareBank 1 Markets Research
16
20.01.2015
Regionale sparebanker på P/B 0.87 på 2014 boken
…bedring i prisingen for de lokale også på P/B 0.74 (2014), rabatten kraftig inn i 2014
Kilde: SpareBank 1 Markets Research
17
20.01.2015
Tapene vil stige fremover, men hvor mye?
…punktestimater gir meget sjelden svaret – vi ser på utfallsrommet
Kilde: SpareBank 1 Markets Research
18
20.01.2015
Med normaliserte tap har bankene ROE på 9 – 12%
…høyeste observerte tap siste 15 år (70bps) gir fortsatt ROE over 6%
Kilde: SpareBank 1 Markets Research
19
20.01.2015
P/E blir mer interessant om vi ser den opp mot potensielle tap på utlån
…bankene handler 7-9X gitt normaliserte tap på 0.25%.
Kilde: SpareBank 1 Markets Research
20
20.01.2015
CDS: Kredittspreadene flate i januar for DNB og svensk bank
21
CDS = Pris på konkursbeskyttelse for senior lån i basispunkter.
Merk at det kan være store avvik mellom CDS markedet og cashmarkedet
Kilde: SpareBank 1 Markets Research
20.01.2015
Betydelig inngang siste året for fondsobligasjoner i 2014, selv etter spreadutgang i 4Q
Fondsobligasjoner i Norge - spread i bps ved utstedelse og type
800
Gammel type fondsobligasjoner teller 100% i
2013, 80% i 2014 og deretter
10%-poeng årlig utfasing.
700
Spread i basispunkter ved utstedelse
Bank
21-Jan-14
Tysnes Spb
20m
450
22-Jan-14
Sandnes Spb
300m
375
25-Feb-14
BN Bank ASA
400m
375
05-Mar-14
Eika Boligkreditt AS
200m
350
18-Mar-14
Bank 1 Oslo Akershus AS
200m
350
35m
350
27-May-14 Verd Boligkreditt AS
600
Sannsynlig at utstedelser i
2009/10 kjøpes tilbake
500
400
300
200
100
0
Dato
Kilde: SpareBank 1 Markets
jan/ 04
mai/ 05
okt/ 06
feb/ 08
jul/ 09
nov/ 10
apr/ 12
aug/ 13
des/ 14
Gammel type Gammel type med reg. call Ny konvertibel med reg. call Ny type med reg. call Ny type med reg. call og endringsadgang
13-Jun-14
Soknedal Spb
20m
400
18-Jun-14
Fana Spb
200m
325
25-Jun-14
Spb 1 Boligkreditt AS
350m
310
27-Jun-14
Hjelmeland Spb
50m
380
03-Jul-14
Eika Gruppen AS
100m
350
27-Jun-14
Eiendomskreditt AS
35m
330
09-Jul-14
Storebrand Bank ASA
75m
330
10-Jul-14
Lillestrøm Spb
60m
350
21-Aug-14
Strømmen Spb
50m
350
03-Sep-14
03-Sep-14
Pareto Bank ASA
Grong Spb
50m
35m
370
335
26-Sep-14
Spb Øst
150m
280
30-Sep-14
Spb 1 Nøtterøy-Tønsberg
50m
300
14-Oct-14
Aurksog SB
120m
300
20-Oct-14
Totens Spb
130m
290
23-Oct-14
SB1 BV
100m
290
10-Dec-14
Bank 1 OA
200m
305
16-Dec-14
Rørosbanken
50m
305
19-Dec-14
Høland og Setskog Spb
50m
330
Kilde: SpareBank 1 Markets Research
22
20.01.2015
Volum, NOK Spread (bps)
Verdsettelse enkeltbanker - fortsatt oppside fra moderate nivåer
…sparebankene i intervall fra P/B 0.60 til 0.99.
Kilde: SpareBank 1 Markets Research
23
20.01.2015
P/E: DNB og Sparebankene er billige på våre estimater for 2014
…svensk bank handler 11-14X våre 2014E
Kilde: SpareBank 1 Markets Research
24
20.01.2015
Kursmål og anbefalinger
Aksje
Anbf.
TP
Valuta
Analytiker: Nils Christian Øyen og Odd Weidel
DNB
Kjøp
130
NOK
Nordea
Kjøp
105
SEK
Handelsbanken
Nøytral
380
SEK
Swedbank
Nøytral
190
SEK
SEB
Nøytral
100
SEK
Storebrand
Salg
28
NOK
SpareBank 1 SR-Bank
Kjøp
67
NOK
SpareBank 1 SMN
Kjøp
68
NOK
SpareBank 1 Nord-Norge
Kjøp
47
NOK
Sparebanken Møre
Kjøp
245
NOK
Sparebanken Vest
Kjøp
60
NOK
Sparebank 1 Østfold Akershus
Kjøp
135
NOK
Sandnes Sparebank
Nøytral
110
NOK
Totens Sparebank
Nøytral
78
NOK
Helgeland Sparebank
Nøytral
57
NOK
SpareBank 1 Buskerud-Vestfold
Kjøp
56
NOK
SpareBank 1 Ringerike-Hadeland
Kjøp
165
NOK
SpareBank 1 Nøtterøy-Tønsberg
Nøytral
107
NOK
Sparebanken Øst
Kjøp
55
NOK
Bank Norwegian
Kjøp
30
NOK
Pareto Bank
Kjøp
1750
NOK
yA Bank
Kjøp
31
NOK
Bank 2
Kjøp
5,5
NOK
Gjensidige
Nøytral
122
NOK
Analytiker: Kristoffer Dahlberg
Statoil
Nøytral
130
NOK
Det Norske Oljeselskap
Nøytral
30
NOK
Lundin Petroleum
Nøytral
100
SEK
DNO International
Kjøp
21
NOK
Norwegian Energy Company
Under review
NOK
Panoro Energy
Kjøp
2,5
NOK
North Energy
Kjøp
4
NOK
Questerre Energy
Nøytral
2
NOK
InterOil E&P
Under review
NOK
Estimat Brent for 2015
60
USD/fat
Estimat Brent for 2016
75
USD/fat
Aksje
Anbf.
TP
Analytiker: Tore A. Tønseth
Marine Harvest
Nøytral
120
Bakkafrost
Nøytral
180
Lerøy Seafood Group
Nøytral
310
Grieg Seafood
Kjøp
40
Salmar
Nøytral
140
Norway Royal Salmon
Kjøp
80
Telenor
Kjøp
165
Q-Free
Under review
Nordic Semiconductor
Under review
Analytiker: Robert Andre Jensen
Atwood Oceanics
Salg
25
Awilco Drilling
Salg
60
Diamond Offshore
Salg
25
ENSCO
Salg
25
Fred. Olsen Energy
Salg
50
North Atlantic Drilling
Salg
1,5
Noble Corp.
Salg
14
Northern Offshore
Kjøp
6
Ocean Rig
Nøytral
10
Odfjell Drilling
Kjøp
20
Pacific Drilling
Nøytral
5,5
Rowan Companies
Nøytral
22
Seadrill
Salg
11
Sevan Drilling
Salg
0,5
Songa Offshore
Salg
1,25
Transocean
Salg
15
Analytiker: Lars-Daniel Westby
Norwegian Air Shuttle
Kjøp
400
Kongsberg Gruppen
Nøytral
150
Orkla
Salg
43
Royal Caribbean Cruise Lines
Salg
79
Schibsted
Kjøp
700
Yara
Kjøp
450
Norsk Hydro
Kjøp
59
Valuta
NOK
NOK
NOK
NOK
NOK
NOK
NOK
NOK
NOK
USD
NOK
USD
USD
NOK
USD
USD
NOK
USD
NOK
USD
USD
USD
NOK
NOK
USD
Aksje
Anbf.
TP
Analytiker: Carl Oskar Thoen
Kongsberg Automotive
Kjøp
8,4
REC Silicon
Nøytral
1,4
Polaris Media
Nøytral
27
Analytiker: Kjetil Haukås
Prosafe
Salg
22
Deep Sea Supply
Under review
Siem Offshore
Under review
Havila Shipping
Under review
Solstad Offshore
Under review
DOF
Under review
NAO
Under review
Farstad Shipping
Under review
Analytiker: Christopher Møllerløkken
Petroleum Geo-Services
Salg
37
TGS-Nopec Geophysical
Salg
140
CGGVeritas
Salg
5
Polarcus
Salg
0,5
Electromagnetic Geoservices Nøytral
4
Dolphin Group
Salg
2
Spectrum
Salg
25
Aker
Kjøp
190
Subsea 7
Kjøp
100
Aker Solutions
Salg
30
Analytiker: Peder Nicolai Jarlsby
Flex LNG
Kjøp
11,3
Hoegh LNG
Kjøp
104
NOK
NOK
NOK
USD
NOK
NOK
NOK
Kilde: SpareBank 1 Markets Equity Research
25
20.01.2015
Valuta
NOK
NOK
NOK
NOK
NOK
NOK
NOK
NOK
NOK
USD
NOK
NOK
NOK
EUR
NOK
NOK
NOK
NOK
NOK
NOK
NOK
NOK
NOK
Ukeporteføljen
Ukeporteføljen
I forrige uke hadde vi en svak utvikling i ukeporteføljen
Ukeporteføljen
sammenlignet med OSEBX indeksen. Porteføljen var ned 1,5 %
Norwegian Air Shuttle
mot en nedgang på 0,3 % på OSEBX indeks. Denne uken tar vi ut Yara International
Norsk Hydro
MHG og inn BWLPG.
BW LPG
Aksje INN
Aksje UT
BW LPG
Marine Harvest
Kongsberg Automotive
Hoegh LNG
NAS- Norwegian Air Shuttle
Vi har en kjøpsanbefaling med kursmål NOK 400.
YAR- Yara International
Vi har en kjøpsanbefaling med kursmål NOK 450.
NHY- Norsk Hydro
Vi har en kjøpsanbefaling med kursmål på NOK 59.
BW LPG
KOA- Kongsberg Automotive
Vi har en kjøpsanbefaling med kursmål NOK 8,40.
HLNG- Hoegh LNG
Vi har en kjøpsanbefaling med kursmål NOK 104.
Klikk for på selskapsnavn for siste analyse
Kilde: SpareBank 1 Markets Research
27
20.01.2015
Ukeporteføljen – avkastning
Ukeportefølje
Pris INN
287,04
338,18
40,96
52,19
83,72
6,13
Norwegian Air Shuttle
Yara International
Norsk Hydro
BW LPG
Hoegh LNG
Kongsberg Automotive
Dato INN Siste omsatt Utvikling
06.01.15
295
2,77 %
06.01.15
400,6
18,46 %
06.01.15
41,38
1,02 %
20.01.15
52,6
0,79 %
13.01.15
79,75
-4,74 %
13.01.15
6,19
0,91 %
OSEBX og ukeporteføljen*
Historisk avkastning*
Ukeporteføljen
Siden start (25 mars 09) 163,1 %
Hittil i år
0,4 %
Siste måned
0,4 %
Siste uke
-1,5 %
OSEBX
148,1 %
0,5 %
0,5 %
-0,3 %
Meravkastning ukeporteføljen*
380
100,0 %
330
90,0 %
280
70,0 %
230
50,0 %
80,0 %
60,0 %
40,0 %
180
30,0 %
20,0 %
130
80
2009
Portefølje
OSEBX
2010
2011
2012
2013
10,0 %
0,0 %
2014
Aksjene i ukeporteføljen vekter likt prosentmessig i porteføljen. Porteføljen blir rebalansert hver gang det gjøres en endring i beholdningen. Ved beregning av
inngangskurs og utgangskurs vil vi benytte VWAP etter 1t med handel for OBX aksjer og VWAP etter 3t for aksjer utenfor OBX indeksen tirsdag morgen.
28
*Beregnet på sluttkurser foregående fredag
Relativ
14,9 %
-0,1 %
-0,1 %
-1,2 %
Disclaimer – Ukeporteføljen
IMPORTANT DISCLOSURES AND CERTIFICATIONS
This document provides additional disclosures and disclaimers relevant to research reports and other investment recommendations (“Recommendations”) issued by SpareBank 1 Markets AS (“SpareBank 1
Markets”), cf. the Norwegian Securities Trading Act section 3-10 with further regulations.
Standards and supervisory authorities
SpareBank 1 Markets complies with the standards for recommendations issued by the Norwegian Securities Dealers Association (www.nfmf.no) and the Norwegian Society of Financial Analysts. The lead analyst
(see front page) is employed by SpareBank 1 Markets, which is legally responsible for this report and is under the supervision of The Financial Supervisory Authority of Norway (Finanstilsynet).
Previous Recommendations
For an overview of SpareBank 1 Markets research reports and other investment recommendations regarding the financial instruments of the issuer the past 12 months, including data on changes in such
research reports and other investment recommendations, please see SpareBank 1 Markets’ website, www.sb1markets.no (log-in required)
Planned updates
Unless explicitly stated otherwise in this report, SpareBank 1 Markets expects, but not undertake, to issue updates to this report following the publication of new figures or forecasts by the issuer covered, or
upon the occurrence of other events which could potentially have a material effect on it.
Information sources
Important sources of information: the issuer, including its quarterly and annual reports, Oslo Stock Exchange, Statistics Norway (Statistisk Sentralbyrå). Sources are cited when referred to in the
Recommendation. We use only sources we find reliable and accurate, unless otherwise stated.
The Recommendations has not been presented to the issuer/ the issuers of the financial instrument presented before dissemination.
SpareBank 1 Markets’ interests and disclosure of assignments and mandates
Financial instruments held by the analyst(s) and/or close associate in the issuer/ issuers herein: 0
Other material interest (if any): None
SpareBank 1 Markets does not alone or together with related companies or persons, hold a portion of the shares exceeding 5 % of the total share capital in any companies where a recommendation has been
produced or distributed by SpareBank 1 Markets, or holds other interest likely to affect the objectivity of a recommendation, except when disclosed, cf. below.
SpareBank 1 Markets may hold financial instruments in companies where a recommendation has been produced or distributed by SpareBank 1 Markets in connection with rendering investment services,
including market making.
For important disclosures, such as an overview of all financial instruments in which SpareBank 1 Markets or related companies are market makers or liquidity providers, all financial instruments where
SpareBank 1 Markets or related companies have been lead managers or co-lead managers over the previous 12 months, and all issuers of financial instruments to whom SpareBank 1 Markets or related
companies have rendered investment banking services over the previous 12 months, please refer to SpareBank 1 Markets equity research website: www.sb1markets.no (login required) Please note that
agreements and services subject to confidentiality are excluded.
SpareBank 1 Markets Research Department
Our recommendations are based on a six-month horizon, and on absolute performance. We apply a three-stage recommendation structure where Buy indicates an expected annualized return of greater than
+15%; Neutral, from 0% to +10%; Sell, less than 0%.
Current recommendations of the Research Department: (refers to Recommendations published prior to this report and required disclosed in accordance with the Securities Trading Regulations section 311 (4)
Current recommendations of the Research Department
Recommendation
Buy
Neutral
Sell
Percent
43.3566%
28.6713%
27.972%
Standard research disclaimer
All employees of SpareBank 1 Markets are subject to duty of confidentiality towards clients and with respect to inside information.
SpareBank 1 Markets operates a system of “Chinese Walls” and other organizational procedures in order to control the flow of information within the firm and minimize conflicts of interest within SpareBank1
Markets and between clients. The Research Department is part of this system.
The Research Analysts of SpareBank 1 Markets receive salary and are members of the bonus pool. However no part of the analysts’ salaries or compensations relates to the performance of their
recommendations, directly to investment banking services or other services provided by SpareBank 1 Markets or related companies to issuers.
Analyst Certification
The views expressed in this research accurately reflect(s) the personal views of the analyst(s) principally responsible for this report about the subject securities or issuers, and no part of the compensation of
such analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. No part of the compensation of the research analyst(s) responsible for the
preparation of this report was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst(s) in this report.
Disclaimer: this document is produced by Paal Kolberg, Equity Sales, and might not reflect the views of SB1 Markets
29
Disclaimer
Risks
Generally, investments in financial instruments involve risks. For specific risks related to our various recommendations, please see the latest relevant reports. The target prices on companies in the SpareBank 1
Markets Research universe reflect the subjective view of the analyst about the absolute price that financial instruments should trade at, within our six-month recommendation horizon. The target price is based
on an absolute valuation approach, which is detailed in our research reports. The target price can differ from the absolute valuation, in accordance with the analyst's subjective view on the trading or cyclical
patterns for a particular financial instrument, or a possible discount/premium to reflect factors such as market capitalization, ownership structure and/or changes in the same, and company-specific issues.
This report or summary has been prepared by SpareBank 1 Markets from information obtained from public sources not all of which are controlled by SpareBank 1 Markets. Such information is believed to be
reliable and although it has not been independently verified, SpareBank 1 Markets has taken all reasonable care to ensure that the information is true and not misleading. Notwithstanding such reasonable
efforts, SpareBank 1 Markets makes no guarantee, representation or warranty as to its accuracy or completeness.
SpareBank 1 Markets assumes no obligation to update the information contained in this report or summary to the extent that it is subsequently determined to be false or inaccurate.
This document contains certain forward-looking statements relating to the business, financial performance and results of the issuer and/or the industry in which it operates. Forward-looking statements concern
future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”,
“foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this document, including assumptions, opinions and views of the issuer or cited from third party sources
are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development.
No Solicitation
This report or summary is provided for informational purposes only and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy any securities. This report or
summary is prepared for general circulation and general information only. It does not have regard to the specific investment objectives, financial situation or the particular needs of any person who may receive
this report or summary. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report or summary and
should understand that statements regarding future prospects may not be realized.
Performance in the past is not a guide to future performance. SpareBank 1 Markets accepts no liability whatsoever for any direct or consequential loss arising from the use of this publication or its contents.
These materials may not be reproduced, distributed or published by any recipient for any purpose. Please cite source when quoting.
Notice to U.S. Investors
If this report is being furnished directly to U.S. recipients by a non-U.S. SpareBank 1 Markets entity in reliance on section (a)(2) of Rule 15a-6 under the U.S. Securities Exchange Act of 1934, as amended
(each a “direct U.S. recipient”), each such direct U.S. recipient of this report represents and agrees, by virtue of its acceptance thereof, that it is “major U.S. institutional investor” (as such term is defined in
section (b)(4) of Rule 15a-6) and that it understands the risks involved in executing transactions in such securities. Any direct U.S. recipient of this report that wishes to discuss or receive additional information
regarding any security or issuer mentioned herein, 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
SpareBank 1 Capital Markets Inc. (“SpareBank 1 Capital Markets”), a registered U.S. broker-dealer and member of FINRA and SIPC.
In certain cases, unless prohibited by the provisions of Regulation S under the U.S. Securities Act of 1933, as amended, this report may be provided by SpareBank 1 Capital Markets to a U.S. recipient (a
“SpareBank 1 Capital Markets U.S. recipient”), in which case each such SpareBank 1 Capital Markets U.S. recipient of this report represents and agrees, by virtue of its acceptance thereof, that it is “major U.S.
institutional investor” (as such term is defined in section (b)(4) of Rule 15a-6), or that it is a U.S. institutional investor (as such term is defined in section (b)(7) of Rule 15a-6), and that it understands the risks
involved in executing transactions in such securities. In such cases, SpareBank 1 Capital Markets accepts responsibility for the content of this report; however, although it has accepted responsibility for the
content of this report in such cases, SpareBank 1 Capital Markets did not contribute to the preparation of this report, and the specific authors of the report are not employed by, and are not associated persons
of, SpareBank 1 Capital Markets. The SpareBank 1 Markets entity that prepared the report, and the authors of this report, may not be subject to all of the registration, qualification, disclosure, independence
and other U.S. regulatory requirements that apply to SpareBank 1 Capital Markets and its employees and associated persons. Any SpareBank 1 Capital Markets U.S. recipient of this report that wishes to
discuss or receive additional information regarding any security or issuer mentioned herein, or to 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 SpareBank 1 Capital Markets.
Any transaction in the securities discussed in this report by U.S. persons (other than a registered U.S. broker-dealer or bank acting in a broker-dealer capacity) must be effected with or through SpareBank 1
Capital Markets.
The securities referred to in this report 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. 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.
Such information is provided for informational purposes only and does not constitute a solicitation to buy or an offer to sell any securities under the Securities Act of 1933, as amended, or under any other U.S.
federal or state securities laws, rules or regulations. The investment opportunities discussed in this report may be unsuitable for certain investors depending on their specific investment objectives, risk tolerance
and financial position. In jurisdictions where SpareBank 1 Capital Markets 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 information in this publication is based on carefully selected sources believed to be reliable, but SpareBank 1 Capital Markets does not make any representation with respect to its completeness or accuracy.
All opinions expressed herein reflect the author’s judgment at the original time of publication, without regard to the date on which you may receive such information, and are subject to change without notice.
The information contained herein may include forward-looking statements as described above 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 contained in this report are qualified in their entirety by this cautionary statement.
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