Arctic Credit FLASH: Ocean Yield - Yielding more than expected

Research evidence excerpt

Arctic Credit FLASH: Ocean Yield - Yielding more than expected

urities discussed herein have not been and will not be publicly issued,

placed, distributed, offered or negotiated in the Brazilian capital markets and, as a result, have not been and will not be registered with the CVM. Therefore, Arctic represents, warrants and agrees that it has not offered or sold, and will not offer or sell the securities in Brazil, except in circumstances

which do not constitute a public offer, placement, distribution or negotiation of securities under the Brazilian capital markets regulation.

Distribution in Canada

This report is not, and under no circumstances is to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of the securities described herein in Canada or any province or territory thereof. No securities commission or similar regulatory authority in Canada has

reviewed or in any way passed upon this report, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. Under no circumstances is this report to be construed as an offer to sell securities or as a solicitation of an offer to buy

securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made in accordance with applicable Canadian law and under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer

registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made.