- 1 - Roadshows – A Broker’s Perspective Companies, brokers and investors Company A Company B Company C Broker E Investor X Investor Y Investor Z.

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Presentation transcript:

- 1 - Roadshows – A Broker’s Perspective Companies, brokers and investors Company A Company B Company C Broker E Investor X Investor Y Investor Z

Authors’ statement of independence We, the authors of this report, hereby confirm that notwithstanding the existence of any such potential conflicts of interest referred to herein, the views expressed in this report accurately reflect our personal views about the companies and securities covered. We further confirm that we have not been, nor are or will be, receiving direct or indirect compensation in exchange for expressing any of the views or the specific recommendation contained in the report. This statement affects your rights This report is confidential and may not be reproduced, redistributed or republished by any recipient for any purpose or to any person. Recipients Enskilda Research is issued by Enskilda Securities AB ('ESAB'), on behalf of itself and its affiliates for institutional investors. It must not be distributed to private clients except for to private clients of Enskilda Securities ASA ('ESO') located in Norway and, in case of research distributed via Gyllenberg Private Bank in Finland, to its private clients located in Finland. Use This research report is produced for the private information of recipients and ESAB is not soliciting any action based upon it. The document is not, and should not be construed as, an offer to sell or solicitation of an offer to buy any securities. Opinions contained in the report represent the author's present opinion only and may be subject to change. In the event that the author's opinion should change or a new analyst with a different opinion becomes responsible for our coverage of the company, we shall endeavour to disseminate any such change, unless prevented by regulations, applicable laws, internal procedures within ESAB, or other circumstances. If you are in doubt as to the meaning of the recommendation system used by ESAB in its research, please refer to the "Disclaimer" section of Enskilda Research Online, to which our clients are granted access. If you are not a client of ours, you are not entitled to this research report, and should destroy it. Good faith and limitations All information, including statements of fact, contained in this research report have been obtained and compiled in good faith from sources believed to be reliable. However, no representation or warranty, express or implied, is made by ESAB with respect to the completeness or accuracy of its contents, and it is not to be relied upon as authoritative and should not be taken in substitution for the exercise of reasoned, independent judgement by you. Recipients are urged to base their investment decisions upon such investigations as they deem necessary. To the extent permitted by applicable law, no liability whatsoever is accepted by ESAB for any direct or consequential loss arising from the use of this document or its contents. Distribution This research report has been prepared by ESAB or its affiliates and is being distributed in the United States by Enskilda Securities, Inc. ('ESI'), which accepts responsibility for its contents. Any United States institutional investor receiving the report, who wishes to obtain further information or to effect a transaction in any security discussed in the report, should do so only through ESI and not its affiliates. The Enskilda Securities Group: members, memberships and regulators Enskilda Securities is a trading name used by ESI, ESAB and ESO, (jointly “Enskilda Securities”) with offices in Copenhagen, Frankfurt, Helsinki, London, New York, Oslo and Stockholm. ESAB is a member of the exchanges in Copenhagen, Helsinki and Stockholm Exchange under the trading name of ENS. ESAB is also a member of the Swedish market place Nordic Growth Market and of the London Stock Exchange, Euronext, Virt-X, the German exchanges Xetra and Eurex. ESAB is regulated by Finansinspektionen in Sweden and, for the conduct of investment services business, in (i) Denmark by Finanstilsynet, (ii) Finland by Rahoitustarkastus, (iii) Germany by Bundesanstalt für Finanzdienstleistungsaufsicht and (iv) the UK by the Financial Services Authority. ESO is a member of the Oslo Stock Exchange and is regulated by Kredittilsynet. ESI is a U.S. broker-dealer, registered with the Securities and Exchange Commission, and is a member of National Association of Securities Dealers, Inc.. ESAB is a subsidiary of Skandinaviska Enskilda Banken AB (“SEB”), which is a member of the Stockholm Exchange under the trading name of SEB. ESI and ESO are direct subsidiaries of ESAB. Prevention and avoidance of conflicts of interest All research reports are produced by Enskilda Securities' Research department, which is separated from the rest of its activities by a Chinese wall; as such, research reports are independent and based solely on publicly available information. Following standard practice, recommendations and target share prices are removed from research on companies which are the subject of public offers on which Enskilda Securities is advising. The remuneration of staff within the Research department may include discretionary awards based on the firm’s total earnings, including investment banking income; however, no such staff receive remuneration based upon specific investment banking transactions. Enskilda Securities’ Compliance department monitors the production of research and the observance of the group's procedures designed to prevent any potential conflicts of interest from affecting the content of research; the latter are described in greater detail in the "Statement of Policies for dealing with potential conflicts of interest surrounding our Research activities" which is available on our Research Online website. Potential conflicts of interest If ESAB has any material, direct potential conflict of interest between the content of this research and any recent publicly announced investment banking transaction, details of this will be disclosed on the front page of this report. Furthermore, in view of Enskilda Securities' position in its markets, readers 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 referred to in this report. A member of, or an entity associated with, ESAB or its affiliates, officers, directors, employees or shareholders of such members may from time-to-time (a) be represented on the board of directors or similar supervisory entity of the companies referred to in this report, (b) buy or sell the securities issued by such companies or options relating to them, or (c) have a long or short position or holding in such securities. Your attention is also drawn to the fact that: The current market price of the securities shown in this report is the price prevailing at the close of the business day preceding the date of publication, save where such price was more than 5% different from the price prevailing as at the time of publication, in which case it is the latter. Unless explicitly stated otherwise in this report, Enskilda Securities expects to issue updates to this report where, in the opinion of Enskilda Securities, the recommendation should be changed. If this report contains a change in recommendation, this will be made clear; the dates of previous recommendation changes in relation to the company covered can be found on our Research Online website. The analysts responsible for this report may hold shares or other instruments related to the companies mentioned in this report. Please refer to published reports on the individual companies for details. The information can also be found on our website, at the following address: Enskilda Securities AB. All rights reserved.