Important U.S. Conflict of Interest and Risk Disclosure

Swedbank First Securities, LLC (“Swedbank First”) has adopted policies in the United States to identify and manage actual or potential conflicts of interest between its employees, affiliates and the interests of clients.

Swedbank First does not hold a position in any securities, is not aware of any material conflicts of interest involving any research analyst and is not making a market in the subject company’s securities.

Recipients of this information should expect Swedbank First and its affiliates to engage in or seek to engage in investment banking transactions or underwriting work for the issuer and receive or pursue opportunities to receive compensation for investment banking or underwriting services.

This material is intended for use only by institutional investors. Swedbank First does not act as an advisor or fiduciary with respect to its clients or for any of its clients’ customers or accounts.

Swedbank First does not provide tax, accounting or legal advice to investors and Swedbank First advises all its clients to consult with their tax, accounting or legal advisors when making investment decisions.