ABGSC Shipping Daily 12 June

Research evidence excerpt

ABGSC Shipping Daily 12 June

e or more areas of ABG Sundal Collier,

into other areas, units, groups or affiliates of ABG Sundal Collier.

Norway: ABG Sundal Collier ASA is regulated by the Financial Supervisory Authority of Norway (Finanstilsynet)

Denmark: ABG Sundal Collier Denmark, filial af ABG Sundal Collier ASA, Norge, is regulated by the Financial Supervisory Authority

of Norway (Finanstilsynet) and the Danish Financial Supervisory Authority (Finanstilsynet)

Sweden: ABG Sundal Collier AB is regulated by the Swedish Financial Supervisory Authority (Finansinspektionen)

UK: This report is a communication made, or approved for communication in the UK, by ABG Sundal Collier Limited, authorised

and regulated by the Financial Conduct Authority in the conduct of its business.

US: This report is being distributed in the United States (U.S.) in accordance with FINRA Rule 1220 by ABG Sundal Collier Inc.,

an SEC registered broker-dealer and a FINRA/SIPC member which accepts responsibility for its content and its compliance with

FINRA Rule 2241. Research reports distributed in the U.S. are intended solely for “major U.S. institutional investors,” and “U.S.

institutional investors” as defined under Rule 15a-6 of the Securities Exchange Act of 1934 and any related interpretive guidance

and no-action letters issued by the Staff of the U.S. Securities and Exchange Commission (“SEC”) collectively (“SEC Rule 15a-6”).

Each major U.S. institutional investor and U.S. institutional investor that receives a copy of this research report, by its acceptance

of such report, represents that it agrees that it will not distribute this research report to any other person. This communication is

only intended for major U.S. institutional investors and U.S. institutional investors.