EQNR 2Q – De-levering But With Some Costs

Research evidence excerpt

EQNR 2Q – De-levering But With Some Costs

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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.

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

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compensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,

but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are

published at irregular intervals as appropriate in the analyst's judgement.

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