EQNR CMU Day#1 view - Norway Focus supports E&P peers, IOC scale comp to ENI

Research evidence excerpt

EQNR CMU Day#1 view - Norway Focus supports E&P peers, IOC scale comp to ENI

s expressed in this research report.

I, Kai Ye Loh, ACA, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)

and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations

or views expressed in this research report.

I, Niraj Bhosale, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject

company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views

expressed in this research report.

Registration of non-US analysts: Mark Wilson, CEng is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/

qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may

not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by

a research analyst.

Registration of non-US analysts: Sasikanth Chilukuru, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not

registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore

may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held

by a research analyst.