Pareto Securities A leading independent investment bank

Transcription

1 As of July 2015 Pareto Securities A leading independent investment bank Please refer to important disclosures at the end of this document

2 Global investment bank built on the energy and maritime industries A global leader within our core sectors A leading Nordic player across all sectors Industry expertise and experience has enabled Pareto Securities international success Oil & Offshore First hand knowledge and high activity across all sectors in our Nordic home market Real Estate Shipping Seafood Financial Institutions Life Sciences Mining Renewables Retail IT & Telecom 2

3 Complete investment bank service offering Corporate Finance & Advisory Services Equity Capital Markets Debt Capital Markets Research Project Finance Asset & Contract Brokerage Mergers, acquisitions, demergers and divestments Financing advisory IPOs and listings Capital management and strategy Work-out & restructuring Debt advisory Equity sales & trading Equity issuance Listed and OTC securities Block-trades Acquisition of strategic stakes Debt sales & trading Bond, convertible bond and hybrid capital issuance Public, private and club deals Daily price runs of ~300 securities FX trading & advisory Equity research Credit research Investment strategy Macro and industry research Corporate access Project finance / asset syndication Equity sales & secondhand trading in projects Business Management Maritime Services Sale & purchase of offshore rigs Newbuilds and secondhand Rig charter ~110 professionals across 11 countries world wide ~70 professionals in the Nordics, UK, US and Singapore ~40 professionals in the Nordics, UK, US and Singapore ~45 professionals in Norway, Sweden, UK and US ~70 professionals in Norway, Sweden, UK and Singapore ~5 professionals in Norway and Singapore In addition, ~70 employees provide global support and back-office services Complementary services to conventional investment banking, providing an exclusive and complete offering to our clients Pareto Securities is an independent full service investment bank established in 1986, with ~410 employees located in 17 offices across 11 countries 3

4 The Pareto Group, a complete approach to the energy space The Group Conventional Value-adding services Capital markets Equities Fixed income Bank syndication Project Finance Asset syndication Equity sales & trading Business management P.F. Bassøe Wet cargo shipping Chartering, Research Corporate Finance M&A Equity, Bond & Debt Restructuring Research Equity & Credit Research Asset Management Shipping & Offshore and Real estate funds Investor services Pareto Bank Conventional banking services Shipping/offshore, real estate, securities Pareto Dry Cargo Dry bulk shipping Chartering Pareto JGO Shipbrokers Offshore and tankers Chartering, SNP Pareto Offshore Offshore drilling rigs Chartering, SNP Courtesy of Oil Rig Photos Harsh environment has led to capital intensive energy exploration and production, and Pareto has pioneered the financing of this industry The Pareto Group was established in 1986 as a partnership 100% owned by the employees The Group has ~600 professionals providing investment banking, brokering, traditional banking and advisory services to the energy, offshore and shipping space Pareto Securities represents the investment banking part of the Group and is also the largest part of the Group with ~410 employees 4

5 Global presence, investor reach and placing power Sales force of ~120 professionals offering premium access to securities both in the primary and secondary markets New York Aberdeen Oslo (HQ), Stockholm, Copenhagen, Helsinki, Stavanger, Trondheim, Malmö Global placing power with majority of capital raised from investors based in US, UK, Continental Europe and Asia Hedge funds Credit funds Mutual funds Emerging market funds Special situation funds Distressed capital funds Industrials Proprietary trading desks Family offices Private wealth Calgary Los Angeles Houston Rio de Janeiro London Paris Singapore Perth Pareto s global investor base also includes investors who are specialized within our core segments, and that other investment banks do not serve 5

6 Selected corporate clients More than 350 transactions globally ChemTran Philly Tankers 6

7 Pareto Securities is a leading manager in the global equity markets Global leader within core sectors Offshore Drilling ECM, deal value 2009-H1'15 (USDm) Pareto Platou Goldman Sachs DNB Credit Suisse Seafood ECM, deal value 2006-H1'15 (USDm) Pareto Carnegie DNB Maybank 354 Stand. Chartered 276 Global IPO advisor Pareto top 15 IPOs, 2010-H1'15 (USDm) Gjensidige Tinkoff OSE LSE Aker Drilling 698 OSE GasLog 380 NYSE Sevan Drilling 366 OSE Crude Carriers Avance Gas NYSE OSE Nobina 254 NASDAQ W. Wilhelmsen 232 OSE Morpol 232 OSE Gener8 210 NYSE Tanker Invest. 193 OSE Ocean Yield 170 OSE Höegh LNG 131 OSE Western Bulk 126 OSE Experienced large deal manager s, OSE, excl. IPOs, 2006-H1'15 (USDm) Pan Fish 821 Seadrill 745 BW Gas 737 BW Offshore 733 Seadrill 550 BW Offshore 442 Pan Fish 407 Seadrill 320 Standard Drilling 320 Northland 318 Seadrill 277 PGS 275 Northland 255 Archer 255 Fast 249 Pareto Securities deal High Nordic IPO activity in 2014 H1 15 Increasing international presence October 2014 October 2014 July 2015 IPO and listing on Oslo Børs IPO and listing on Oslo Børs and listing on OMX First North IPO on Nasdaq Stockholm Bought deal equity financing DryShips Inc. Offering of Common Shares Registered direct offering Ridgebury V4 Investments of partnership units USD 193m USD 275m SEK 460m SEK 2.1bn CAD 674m USD 350m USD 200m USD 150m Sole Bookrunner Source: Bloomberg, Oslo Stock Exchange, NASDAQ OMX, Pareto Securities Note: FX rates from date of deal 7

8 Pareto pioneered and internationalized the Nordic corporate bond #1 high yield manager Nordic HY issues market share, 2006-H1'15 Pareto 41% DNB 11% Swedbank 10% Nordea 10% SEB 6% ABG 4% Danske 3% Arctic 3% Platou 3% The largest bonds are managed solely Largest Nordic HY bond issues, 2010-H1'15 (USDm) Oro Negro Sole 725 MX Sea Trucks Sole 575 NG Genel Energy 500 UK OSX-3 Leasing 500 BR Ocean Rig 500 US Golden Close 460 BM DNO 400 NO Golden Close 400 BM Bluewater 400 NL NG 363 Northland 350 NO Seadrill 350 NO Northland 335 NO Seadrill 316 NO Outokumpu 315 Pareto Securities deal Increasingly global issuer base Pareto Non-Nordic bond volumes, (USDm) % 36% 44% 39% International % of volume Consistently sole manager of bond issues Increasing number of major international transactions July 2015 July 2015 January 2014 October 2014 Golden Close Maritime 3 year senior 4 year senior 6 year senior Senior unsecured 4yr bond issue un EUR 105m DKK 375m NOK 575m SEK 525m USD 725m USD 400m USD 230m USD 150m Sole Bookrunner Source: Stamdata, Bloomberg, Oslo Stock Exchange, NASDAQ OMX, Norges Bank Note: FX rates from date of deal, Flag based on stock exchange or head office if unlisted 8

9 Renowned M&A advisory capabilities and expertise Top-ranked M&A experience # of Norwegian M&A transactions, 2006-H1'15 Significant cross-border M&A and advisory expertise Pareto M&A deal volume by target dominant country, 2006-H1'15 (USDbn) Pareto 152 ABG SEB 111 Arctic DNB Carnegie <0.1 Swedbank Handelsbanken Danske Bank Alpha Corporate < < Leading position in the Nordics Increasingly active in international transactions April 2015 April 2015 February 2014 January 2015 Sale of Ithaca Norway to MOL Group USD 90m Sale of SB Skog to Viken Skog Sale of EB Elektro to Addtech Sale of company to Mermaid Marine Australia Ltd. USD 566m Public offer for Petrogrand Acquisition of Solvtrans ASA USD 219m Acquisition and de-listing of Eltek ASA NOK 3.9bn Acquisition of 51% of InterOil E&P ASA NOK 71m Sole Financial Manager Joint Financial Advisor Financial Advisor Source: Mergermarket, Pareto Securities 9

10 The leading Project Finance manager Undisputed market leader in project finance Norwegian project finance market share (2014) Shipping & Offshore Pareto 55% Platou 20% Fearnley 20% NRP 5% Offering the best mix of capital markets and sector competence Services provided: Project Finance Combined transaction value of USD ~2.6bn in 2014-H1'15 Corporate Finance & Advisory Corporate real estate volume of USD ~3.3bn in 2014 Equity sales USD ~650m in total equity raised by PPF brokers 2014 H1'15 Business management Manager for assets of USD ~6.2bn within real estate and shipping Fund management Management of USD ~800 in maritime and real estate funds Maritime Services ISO 9001 certified disponent owner in 22 projects with >35 vessels Real estate Pareto DNB Arctic NRP Platou Other DTZ 3% 16% 13% 12% 11% 8% 7% 33% Sector focus: Shipping & Offshore Real estate & Infrastructure Selected transactions in the Nordics Selected recent project financing/sale-leaseback transactions FBC Holdings Acquisition of equity stake in Aberdeen Norge II NOK ~4.6bn Structured sale to Starwood Capital Group NOK ~4.6bn Structured sale to Starwood Capital Group SEK ~6.5bn Note: FX rates as of date of deal or latest report for asset funds Source: Pareto Securities PipeBarge I 1 x Derrick lay barge 7-y bareboat USD 187m Logistics portfolio Net yield 6.0% 12-y contract NOK 1.2bn Septem Offshore 6 x OSVs 6-y bareboat USD 109m Aibel Net yield 6.3 % 12-y contract NOK 570m Bonäsudden Holding AB Net yield 5.3 % Residential portfolio SEK 531m 10

11 Case based Equity Research team with recognized industry insight Global industry coverage Coverage of a large number of companies across Nordic, UK and US stock exchanges ~90 on Oslo Stock Exchange ~70 on Stockholm Stock Exchange ~30 on New York Stock Exchange ~15 on London Stock Exchange & London AIM ~5 on Toronto Stock Exchange Unmatched dedication to core sectors 5 Oil Services and Rig equity/market analysts 5 E&P/Oil equity/market analysts 3 Mining equity/market analysts 3 Shipping equity/market analysts Analysts are continuously working on value-added fundamental research ahead of consensus Value-added fundamental research With longstanding relationships to industry majors, Pareto Securities bases its research on proprietary and unique insight Pareto Securities industry expertise is highly regarded internationally, both in the industries we cover and in the investor community Case based research on original ideas that adds value to clients, as opposed to maintenance research Equity Research products include: Fundamental company research Market and sector reports Quarterly updates Monthly model portfolio Daily morning reports 11

12 Reputable Credit Research team crucial to our leading DCM position Replaces the need for official ratings Provides a Pareto Securities Rating on new issues, based on Moody s industry specific rating methodology Simpler and cheaper alternative, also for larger corporations where an official rating is an alternative Offers a trusted third party opinion of the credit quality of each new issuer, highly appreciated by investors Credit assessment and rating presentation of new bond issues Enables secondary market liquidity Pareto Credit Research team facilitates market liquidity Daily high yield updates Daily indicative bid/ask levels in HY bonds A variety of research products, highly valued by investors Pareto has an unmatched secondary market share and analysts closely monitor secondary trading* Constantly feeling the market s pulse Maintains post-issue market awareness of the issuers through regular credit updates Pareto High Yield Bond Report Weekly High Yield market updates Annual reports within sectors such as Financial Institutions, Utilities and Power Top pick roadshow presentations The 7 credit research analysts cover ~140 bond issuers in total *High yield bonds listed on the Oslo or Stockholm stock exchanges 12

13 High corporate access activity gives investors important market insight Hosting major investor conferences Highly frequent roadshows and investor meetings Pareto s Oil & Offshore Conference has been the annual flag-ship investor conference since 1994 The largest European meeting place for investors in the global oil and offshore industry Some 1,700 investors and companies from across the world are expected this year and approximately 130 presenting companies are confirmed attending Several large conferences organized across all sectors Stockholm: Corporate Bonds, Natural Resources Day, Health Care Seminar, Nordic Financial Services Oslo: Power & Renewable conference, Project Finance Markets London: E&P Conference New York: Shipping Conference, Seafood Investor Forum, Nordic Life Sciences Pareto Securities arranges a large number of roadshows, seminars, presentations, investor group meetings and 1- on-1 meetings with management teams of major global companies as well as interesting small-caps Constant high activity is critical for placing power, educating investors and establishing company standing More than 120 global company roadshows, and more than 25 analyst roadshows so far in deal roadshows, 70 non-deal management roadshows In addition, numerous of 1-1 meetings have been organized with analysts and management 13

14 Appendix: Selected transactions 14

15 Debt capital markets January 2014 January 2014 February 2014 February year senior 4 year senior un 6 year senior un USD 725m SEK 750m NOK 700m SEK 1,500m USD 420m NOK 400m NOK 725m USD 230m Co-Manager un 3 year senior un un 4 year senior un secured floating rate bond NOK 600m SEK 585m USD 250m EUR 80m USD 500m SEK 400m DKK 300m USD 120m 4 year senior un Tap issue secured fixed rate bond 6 year senior secured bond NOK 650m SEK 500m SEK 950m USD 125m SEK 550m USD 100m EUR 70m SEK 350m August 2014 September 2014 October 2014 Private US onshore oil service company un 4 year senior 2 year senior 3 year senior un un Secured bond Golden Close Maritime USD 300m NOK 1,100m USD 135m NOK 385m NOK 700m NOK 700m NOK 1,200m USD 400m 15

16 Debt capital markets (II) November 2014 November 2014 January year senior 4 year senior un 4 year senior un Restructuring of bond debt Senior unsecured 4yr bond issue Tap issue and advisory on amendment of terms of bond loan 4 year senior USD 88m SEK 400m SEK 300m NOK 3,100m USD 230m EUR 105m DKK 200m EUR 45m Joint Financial Advisor Sole Bookrunner April 2015 April 2015 un 6 year senior un un Advisory on amendment of terms of bond loan un un un 7 year subordinated PIK toggle bond NOK 1,100m NOK 500m NOK 1,000m USD 225m USD 150m NOK 1,000m USD 130m USD 300m July 2015 July 2015 September 2014 January year senior un un 6 year senior Investment grade issues 30 year Tier 2 subordinated bond issue year senior secured US Private Placement bond issue 10 year secured US Private Placement bond issue DKK 375m USD 400m NOK 500m SEK 525m NOK 1.2bn USD 60m USD 30m Sole Bookrunner Sole Arranger January 2015 February 2015 April year senior unsecured tap issue 30 year senior unsecured bond Sikuki Nuuk Harbour AS 21. secured US Private Placement bond issue 5.4 year senior un tap issue Nye Hjem AS 10 year senior secured bond Perpetual NC 5 Hybrid Tier 1 bond 10 year NC 5 Subordinated bond CFI Stavanger Holdings (Statoil HQ) 10 year senior NOK 450 SEK 250m EUR 59m NOK 250m NOK 950m NOK 85m NOK 75m NOK 1,600m 16

17 Equity capital markets January 2014 January 2014 January 2014 January 2014 January 2014 February 2014 February 2014 of shares Block sale USD 250m USD 60m USD 80m NOK 285m USD 150m SEK 365m NOK 3,250m USD 250m Sole Manager Sole Manager ChemTran IPO and listing on Oslo Børs IPO and listing on Oslo Børs of shares IPO and listing on Oslo Børs IPO and listing on Oslo Axess USD 75m USD 100m USD 193m NOK 185m NOK 130m USD 109m USD 275m NOK 52m Sole Manager Co-Manager Equity private placement + underwritten repair issue Secondary listing on Nasdaq OMX Mid Cap and private placement Philly Tankers SEK 115m SEK 100m SEK 720m SEK 212m USD 200m NOK 120m USD 60m GBP 65m June/ July 2014 July 2014 August 2014 September 2014 October 2014 Private Placement Block sale DryShips Inc. Offering of Common Shares USD 50m USD 683m GBP m NOK 600m USD 95m USD 110m USD 245m USD 350m Co-manager Co-Manager 17

18 Equity capital markets (II) October 2014 November 2014 November 2014 November 2014 November 2014 November 2014 Bought deal equity financing CAD 674m Block sale NOK 230m of subscription receipts CAD 200m IPO NASDAQ First North STO and HEL EUR 15.3m Private Placement and Subsequent Offering NOK 363m USD 20m IPO on Nasdaq First North STO and HEL SEK 116m Equity private placement + subsequent listing on Nasdaq First North SEK 460m Lead Financial Advisor Sole Arranger Sole Bookrunner January 2015 February 2015 February 2015 February 2015 February 2015 Rights issue and listing on Nasdaq First North Rights issue Fully underwritten private placement NOK 110m CAD 75m USD 125m SEK 75m NOK 210m USD 34m NOK 975m USD 40m April 2015 of shares and listing on the Norwegian OTC list Fully guaranteed equity offering Block sale of 12% of Havfisk s shares for Marine Harvest IPO on Nasdaq First North USD 65m NOK 150m USD 82.5m NOK 375m NOK 58m NOK 250m AUD 101m SEK 165m Sole Bookrunner Co-Manager July 2015 July 2015 July 2015 Ridgebury V4 Investments IPO on Nasdaq First North Stockholm IPO on Nasdaq Stockholm Registered direct offering Rights issue IPO on NYSE of partnership units Private Placement of Shares SEK 315m SEK 2.1bn USD 200m SEK 78m NOK 100m USD 210m USD 150m USD 25m Co-manager Sole Manager 18

19 M&A and Other Advisory Sale of company to Lyse Energi AS Public offer for Petrogrand AB Sale of 15% to Kommunal Landspensjonskasse Advisor to the BoD - Investor s acquisition of Healthcap s stake Sale of strategic stake to Odfjell Drilling Sale of Boguchansky LPK to undisclosed bidder Sale of company to Mermaid Marine Australia Ltd. Acquisition by Mamba Minerals Limited USD 60m USD 23m NOK 115m USD 8m USD 566m AUD 51m Joint Financial Advisor September 2014 Advisor to The Norwegian Ministry of Trade, Industry and Fisheries in the demerger of AKSO Sale of company to Aqualis Offshore AS NOK 35m Acquisition of Solvtrans ASA USD 219m Sale of company to MRC Global Sale of company to Clemens Elverkraft AS Financial advisory Acquisition of Rindi Energi AB Sale of Quickflange AS October 2014 October 2014 October 2014 November 2014 Acquisition of Eramet S.A. s stake in Tinfos AS Sale of Primea Slakt, Jæren Eiendomsinvest and 49% of NorPri Sale of three tender drilling barges Acquisition of Norsk Grønnkraft Sale lease back of suezmax tanker MT Skamandros Acquisition and delisting of Eltek ASA Sale of company to Riverside Acquisition of diving vessels from Technip USD 65m NOK 3.9bn USD 84m January 2015 April 2015 April 2015 Strategic advisor to Rocksource on offer by HitecVision Structured sale to Starwood Capital Group Structured sale to Starwood Capital Group Acquisition of 51% of InterOil E&P ASA Sale of Ithaca Norway to MOL Group Sale of SB Skog to Viken Skog Sale of EB Elektro to Addtech Acquisition of Nordic Power from Nordkraft NOK 590m NOK ~4.6bn SEK ~6.5bn NOK 71m USD 90m Financial Advisor Sole Financial Manager 19

20 Project Finance transactions January 2014 July 2014 Shipping & Offshore Asian Offshore VI West Africa Offshore I AfraMar West Africa Offshore II HandyMar PipeBarge I Hartgas LPG 2 x 5,150bhp AHTS JV/Asset play USD 21m 1 x 4,000 dwt PSV 6-y bareboat USD 30m 1 x Aframax crude JV/Asset play USD 24m 1 x 4,000 dwt PSV 6-y bareboat USD 31m 2 x Handymax bulkers 5-y bareboat USD 39m 1 x Derrick lay barge 7-y bareboat USD 187m 3 x LPG vessels 3-year bareboat USD 33m August 2014 September 2014 September 2014 November 2014 PanaMar 1 x panamax bulker JV/Asset play USD 20m Asian Offshore VII 2 x 12,000 AHTS JV/Asset play USD 64m Altus Subsea 1 x DP2 Subsea vessel 7-y bareboat USD 21m GasMar 1 x LPG vessel 3-y bareboat USD 26m Tasik Toba Subsea 1 x DP3 SOV 5+5x1-y bareboat USD 110m Partankers VIII 1 x MR 3-year bareboat USD 19m Liberty Bulkers IS 3x Handysize vessels 5-y bareboat USD 17.5m (stage 1) Crude Tankers I 1 x Panamax (LR1) 4-y bareboat USD 22m July2015 August 2014 October 2014 November 2014 Septem Offshore 6 x OSVs 6-y bareboat USD 109m Real Estate Ålesund Sentrumsbygg Net yield 8.1 % 10-y contract NOK 181m Fornebu Hotellinvest Net yield 6.5% 18-y contract NOK 473m M62 CBD Office Net yield 5.5 % 12-y contract NOK 436m Sørlandet kunnskapshavn Net yield 7.3 % 10-y contract NOK 111m Økernveien 94 Holding Net yield 7 % 4-y contract NOK 351m Kilden Næringsbygg Net yield 7.5 % 7-y contract NOK 110m April 2015 July 2015 July 2015 Stor-Oslo Handelspark Net yield 6 % 15-y contract NOK 350m Logistics portfolio Net yield 6 % 12-y contract NOK 1.2bn GBG Office Net yield 5.7 % 13y-contract SEK 495m Hvamveien Logistikkbygg Net yield 6.7 % 15-y contract NOK 143m Aibel Net yield 6.3 % 12-y contract NOK 570m Bonäsudden Holding AB Net yield 5.3 % Residential portfolio SEK 531m ABB HQ Net yield 6.3 % 6.7-y contract NOK 465m Pilängen Logistik AB Net yield 6.1 % 14-y contract SEK 300m 20

21 Contact details and disclaimer Oslo (Norway) Pareto Securities AS Dronning Mauds gate 3 PO Box 1411 Vika N-0115 Oslo NORWAY Stavanger (Norway) Pareto Securities AS Haakon VIIs gate 8 PO Box 163 N-4001 Stavanger NORWAY Trondheim (Norway) Pareto Securities AS Nordre gate 11 PO Box 971 Sentrum N-7410 Trondheim NORWAY Stockholm (Sweden) Pareto Securities AB Berzelii Park 9 PO Box 7415 S Stockholm SWEDEN Malmö (Sweden) Pareto Securities AB Stortorget 13 S Malmö SWEDEN Copenhagen (Denmark) Pareto Securities AS Copenhagen Branch Bredgade 30 DK-1260 Copenhagen DENMARK Helsinki (Finland) Pareto Securities Oy Aleksanterinkatu 44 6 th floor FI Helsinki FINLAND London (UK) Pareto Securities Ltd 8 Angel Court London EC2R 7HJ UNITED KINGDOM Tel: Tel: Tel: Tel: Tel: Tel: Tel: Tel: Aberdeen (UK) Pareto Securities Ltd 46 Carden Place Aberdeen, AB10 1UP UNITED KINGDOM Tel: New York (US) Pareto Securities Inc 150 East 52 nd Street 29 th floor New York NY USA Tel: Houston (US) Pareto Securities Inc One Riverway Suite 1704 Houston TX USA Tel: Los Angeles (US) Pareto Securities Inc MacArthur Court Suite 1100 Newport Beach CA USA Tel: Calgary (Canada) Pareto Securities AS Calgary Branch Suite Avenue SW Calgary AB T2P 3N4 CANADA Tel: Singapore Pareto Securities Pte Ltd 16 Collyer Quay #27-02 Income at Raffles Singapore SINGAPORE Tel: Rio de Janeiro (Brazil) Av. Ataulfo de Paiva 1251, Sala 610 Rio de Janeiro RJ BRAZIL Tel:+55 (21) Paris (France) Pareto Securities AS Paris Branch 11 BD Jean Mermoz Neuilly Sur Seine FRANCE Tel: Perth (Australia) Pareto Securities Pty Ltd Level St Georges Tce Perth, Western Australia AUSTRALIA, 6000 Tel: Bloomberg: PASE (go) Reuters: PARETO Disclaimer These materials have been prepared by Pareto Securities AS and/or its affiliates (together Pareto ) exclusively for the benefit and internal use of the client named on the cover in order to indicate, on a preliminary basis, the feasibility of one or more potential transactions. The materials may not be used for any other purpose and may not be copied or disclosed, in whole or in part, to any third party without the prior written consent of Pareto. The materials contain information which has been sourced from third parties, without independent verification. The information reflects prevailing conditions and Pareto s views as of the date of hereof, and may be subject to corrections and change at any time without notice. Pareto does not intend to, and the delivery of these materials shall not create any implication that Pareto assumes any obligation to, update or correct the materials. Pareto, its directors and employees or clients may have or have had positions in securities or other financial instruments referred to herein, and may at any time make purchases/sales of such securities or other financial instruments without notice. Pareto may have or have had or assume relationship(s) with or engagement(s) for or related to the relevant companies or matters referred to herein. The materials are not intended to be and should not replace or be construed as legal, tax, accounting or investment advice or a recommendation. No investment, divestment or other financial decisions or actions should be based solely on the material, and no representations or warranties are made as to the accuracy, correctness, reliability or completeness of the material or its contents. Neither Pareto, nor any of its affiliates, directors and employees accept any liability relating to or resulting from the reliance upon or the use of all or parts of the materials. 21