DNB Renewable EnergyDNB ECO Absolute ReturnLong only and Long/Short products within the Renewable Energy sectorMarch 2012 ...
DNB Asset Management - Our footprintThe DNB GROUP•   One of the worlds leading Energy, Shipping and Offshore banks•   Repr...
DNB Asset ManagementDNB is the third largest Asset Manager in the Nordic Region     •   More than 75 portfolio managers an...
The Team                   Jon Sigurdsen is lead portfolio manager for the long/short and long only renewable energy strat...
DNB Renewable Energy FundLong only equity fund within the Renewable Energy sector
DNB rated #1 clean energy fund by BNEFRated #1 for all periods measured (1, 3 and 5 years)            “DNB bucked the tren...
DNB Renewable Energy                                                                       DNB Renewable Energy           ...
Performance distribution (arithmetic)                              Annual Outperformance   Monthly histogramSource: Intern...
Top holdings valuationStock                             Weight Bet         P/E current P/Tang. Book   BusinessJohnson Cont...
Sector allocation - Result from bottom-up stock selection                 Adding in Biofuel (16%                          ...
Geographic allocation - Result from bottom-up stock selection                 Adding in Americas (44% → 47%), funding with...
DNB Renewable Energy - Fund profileFund managers:        Jon Sigurdsen/Christian RomStrategy:             Long only bottom...
Terms - LU0302296149Liquidity and NAV:    DailyManagement fee:       1.5 %Performance fee:      20 %Front end fee:        ...
DNB ECO Absolute Return FundLong/Short equity fund within the Renewable Energy sector
Skandia Global Hedge – the pre-runner to ECO                                                                              ...
DNB ECO Absolute Return                        Performance +14.29 % return since inception in December 2010.              ...
Accumulated return on long and short adj. for NEX return                                                                  ...
-25%                                                           -20%                                                       ...
Current portfolio weekly performance vs NEX indexCompletely uncorrelated to market moves                5.0 %             ...
Net regional exposure % of NAVResult of bottom-up picks but looking for <20% net exposure                                 ...
Fund sector attribution since inception30%                                    24.7 %25%20%15%10%                          ...
Net sector exposure % of NAV Result of bottom-up picks                                                                    ...
Geographical return since inception          9%                                     8%          8%          7%          6%...
Performance – largest contributors YTDContributors                               Selection   Detractors                   ...
Largest positionsLong Positions                                    Weight      MCAP     Short Positions                   ...
Valuation example Exide Technologies (selected parts)Target EBIT multiple                      13    Increased from 12 to ...
Exide Non-numerical analsysis example• Start stop exposure: Purest play on start stop battery trend. Start stop batteries ...
Factor risk analysis, based on GRAM from Citi •     ~73% of risk                         Portfolio Statistics       attrib...
DNB ECO Absolute Return - Fund profileFund managers:         Jon Sigurdsen/Christian RomInvestment Universe:   Global Rene...
Terms - LU0547714286Liquidity and NAV:    DailyManagement fee:       1.5 %Performance fee:      20 %Front end fee:        ...
ContactFor more information regarding our Renewable Energy Funds:www.dnb.no/luPortfolio ManagersJon Sigurdsen – Head of Re...
DisclaimerOslo                                                     Stockholm                                              ...
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Dnb renewable energy roadshow vienna en 20120328

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Dnb renewable energy roadshow vienna en 20120328

  1. 1. DNB Renewable EnergyDNB ECO Absolute ReturnLong only and Long/Short products within the Renewable Energy sectorMarch 2012 - ViennaJon Sigurdsen, Portfolio Manager
  2. 2. DNB Asset Management - Our footprintThe DNB GROUP• One of the worlds leading Energy, Shipping and Offshore banks• Represented at 274 locations in Norway with some 14.000 employees• Represented in 20 countries with over 24 rep. offices and international branches around the world Scandinavia Oslo (HQ) / Bergen  Established: 1966  Staff: 128  Investments, back office and sales operations Stockholm  Established: 1990 Luxembourg  Staff: 74  Established: 1990  Investments, back office and Hong Kong sales operations  Staff: 6  Established: 1995  Sales and marketing  Staff: 9  Investments Chennai  Established: 1997  Staff: 2  Investments 2
  3. 3. DNB Asset ManagementDNB is the third largest Asset Manager in the Nordic Region • More than 75 portfolio managers and analysts with more than 61 billion EUR under management • A global manager with offices in Hong Kong, Chennai, Stockholm, Bergen and Oslo • The asset manager is 100% owned by Oslo-listed DNB Group, the third largest Financial Group in Scandinavia • One of the largest Shipping and Energy banks in the worldWe hold a strong commitment to hedge funds • We manage both single style hedge funds and fund of hedge funds • Total AUM in hedge funds approximately € 1,5 billion • New funds are seeded with internal money • Hedge fund management is a natural extension of our successful long only global platform 3
  4. 4. The Team Jon Sigurdsen is lead portfolio manager for the long/short and long only renewable energy strategies with DNB Asset Management. While starting up the Absolute Return strategy during the fall of 2099, Mr. Sigurdsen has since June 2008 run the renewable energy long/short part of Skandia Global Hedge fund with great success. Mr. Sigurdsen joined the technology team at DNB Asset Management in 2005 from Carnegie Securities where he was an equity analyst. He was appointed co-manager for the Renewable Energy strategy in 2007 and has also been responsible fro the managing the semiconductor universe in the Global Equity portfolio. Between 1998 and 2004 Mr. Sigurdsen was an equity analyst at Nordea Securities in Oslo, specializing in the IT, Telecom and Media sectors. He received his BA in Business from the Liverpool John Moores University and speaks Norwegian and English. Christian Rom is co-portfolio manager for the long/short and long only renewable energy strategies with DNB Asset Management, where he has been supporting Jon Sigurdsen since joining the team. Mr. Rom joined DNB Asset Management in 2010 from Carnegie Securities where he was an equity analyst for 3.5 years. He received his Master in Business and Economics from the Norwegian School of Management (BI) in Norway and speaks Norwegian and English. Investment results: Long only renewable energy since April 2007: IR 1.66 Long only semiconductor since April 2006: IR 0.82 Long/short hedge renewable energy for Skandia FoHF since June 2008: IR 0.91 Running ~€500m in Renewable Energy mandates of which ~ €100m in hedgeSource: Internal 4
  5. 5. DNB Renewable Energy FundLong only equity fund within the Renewable Energy sector
  6. 6. DNB rated #1 clean energy fund by BNEFRated #1 for all periods measured (1, 3 and 5 years) “DNB bucked the trend of negative returns among clean energy funds. The fund ended up taking the top spot with a gain of 12.9%. It retained its top position even on a volatility adjusted basis. Selected constitutions in the solar and energy efficiency sectors contributed to the gains made in 2010“ Bloomberg New Energy Finance 2010Clean energy funds - Performance summary Performance (EUR) Performance (Local) VolatilityFund 5 Year 3 Year 1 Year 5 Year 3 Year 1 Year 2010DnB NOR 10.5 % -7.9 % 12.9 % 10.1 % -8.4 % 6.4 % 13.9 %Vontobel Global Trend New Power 1.8 % -13.5 % 6.2 % 1.8 % -13.5 % 6.2 % 15.0 %PowerShares Clean Energy -10.7 % -25.7 % 1.3 % -8.5 % -27.9 % -5.5 % 22.5 %New Alternatives 0.1 % -9.4 % -1.5 % 2.6 % -12.0 % -8.1 % 19.6 %Pictet Clean Energy NA -13.9 % -2.0 % NA -16.6 % -8.6 % 14.2 %Sarasin New Power NA -21.9 % -6.2 % NA -21.9 % -6.2 % 14.2 %Blackrock BGF New Energy -2.4 % -19.1 % -6.5 % 0.0 % -21.4 % -12.8 % 16.6 %Sarasin New Energy -4.8 % -22.6 % -6.6 % -4.8 % -22.6 % -6.6 % 14.0 %SAM Smart Energy 5.4 % -9.5 % -8.1 % 5.4 % -9.5 % -8.1 % 15.7 %PowerShares Global Clean Energy NA -21.7 % -10.2 % NA -23.9 % -16.2 % 19.6 %Lyxor New Energy NA -25.3 % -12.2 % NA -25.3 % -12.2 % 16.9 %Market Vectors Global Alternative Energy NA -28.6 % -14.2 % NA -30.6 % -20.0 % 22.2 %Calvert Global Alternative Energy NA -23.5 % -14.4 % NA -25.6 % -20.1 % 17.3 %Blackrock New Energy IT -5.1 % -21.8 % -16.2 % -0.9 % -17.7 % -19.1 % 20.7 %iShares S&P Clean Energy NA -33.5 % -23.2 % NA -30.0 % -25.8 % 19.4 %Claymore MAC Global Solar / Guggenheim Solar ETF NA NA -23.6 % NA NA -28.8 % 29.7 %Average -0.7 % -19.9 % -7.8 % 0.7 % -20.5 % -11.6 % 18.2 %Median -1.2 % -21.8 % -7.4 % 0.9 % -21.9 % -10.4 % 17.1 %WilderHill New Energy GI Index -2.8 % -20.1 % -8.4 % -0.4 % -22.4 % -14.6 % 15.1 %Note: 5 year and 3 year performance reflects annualized % changes 6
  7. 7. DNB Renewable Energy DNB Renewable Energy BM NEXUST 40% 20% 0% -20% -40% -60% -80%Source: Internal updated internal as of March 17, 2012. Please note that historical performance is no guarantee of future returns. Future returns willdepend on market development, manager skill, portfolio / funds risk exposure and the costs associated with the management / investment. The return can 7at times be negative
  8. 8. Performance distribution (arithmetic) Annual Outperformance Monthly histogramSource: Internal March 2012 8
  9. 9. Top holdings valuationStock Weight Bet P/E current P/Tang. Book BusinessJohnson Controls 4.89 % 3.51 % 11.8 7.00 Energy storage/savingGreen Plains Renewable Energy 4.72 % 4.72 % 11.6 0.70 BiofuelChina Suntien 4.54 % 3.99 % 10.3 1.81 Wind farmsEDP Renovaveis 4.19 % 2.85 % 20.1 0.83 Wind farmsPrysmian 4.15 % 4.15 % 12.7 9.82 GridRenewable Energy Group 4.10 % 4.10 % 6.1 n.a. BiofuelAcciona 3.55 % 2.15 % 19.7 0.88 Wind farmsChina Metal Recycling 3.54 % 3.54 % 6.3 2.00 Energy savingTianneng Power International Ltd 3.53 % 3.53 % 6.2 1.87 Energy storageGeneral Cable Corp 3.42 % 3.42 % 11.8 1.60 GridAMG Advanced Metallurgical Group. 3.21 % 3.21 % 9.6 2.06 Equipment/metalsAbengoa 3.21 % 1.96 % 8.8 n.a. Biofuel and variousVeeco 3.17 % 1.50 % 26.1 1.54 LEDVerbund 2.91 % 1.06 % 14.0 2.05 HydroNexans 2.62 % 2.62 % 12.6 1.22 GridMedian 11.8 1.8Source: Internal/Bloomberg February 2012 9
  10. 10. Sector allocation - Result from bottom-up stock selection Adding in Biofuel (16% 19%), funding with Power Gen (24% 21%)25% 24% Fund Index 24% 23% 21% 21%20% 15% 15%15% 11% 10%10% 8% 7% 7% 6% 5% 4% 3% 0% 0% Saving Power Gen Biofuel Grid Transport Solar Materials Wind Storage /Source: Internal as of February 2012 10
  11. 11. Geographic allocation - Result from bottom-up stock selection Adding in Americas (44% → 47%), funding with Europe (33% → 31%) Americas 30% Japan 46% APAC (ex JP) Europe 22% 3%Source: Internal as of 31st January 2012 11
  12. 12. DNB Renewable Energy - Fund profileFund managers: Jon Sigurdsen/Christian RomStrategy: Long only bottom-up equity fundFund type UCITS: FCP Long only equity fundBenchmark: NEX - Wilderhill New Energy Global Innovation IndexAUM: EUR 350mTarget alpha: 7-12 % grossRisk target: 8-12 % TENumber of holdings: 45-75Country range: GlobalTurnover: ca. 200 %Inception date: 16 August 2007 12
  13. 13. Terms - LU0302296149Liquidity and NAV: DailyManagement fee: 1.5 %Performance fee: 20 %Front end fee: Maximum 5 %Back end fee: NoHigh watermark: NoDomicile: LuxembourgClasses: EUR, SEK and NOKMinimum investment: EUR 1000 / SEK 10 000 / NOK 10 000As of November 2011 13
  14. 14. DNB ECO Absolute Return FundLong/Short equity fund within the Renewable Energy sector
  15. 15. Skandia Global Hedge – the pre-runner to ECO Accumulated Return8.0 % 100.00% Daily Relative Portfolio (Skandia Global Hedge MILJO) Benchmark (OMRX TBILL)6.0 % 80.00%4.0 % 60.00%2.0 % 40.00%0.0 % 20.00%-2.0 % 0.00%-4.0 %-6.0 % -20.00% 18.06.2008 18.11.2008 18.04.2009 18.09.2009 18.02.2010 18.07.2010 18.12.2010 18.05.2011 18.10.2011 Source: Internal updated internal as of March 17, 2012. Please note that historical performance is no guarantee of future returns. Future returns will depend on market development, manager skill, portfolio / funds risk exposure and the costs associated with the management / investment. The return can 15 at times be negative.
  16. 16. DNB ECO Absolute Return Performance +14.29 % return since inception in December 2010. DNB ECO Absolute Return EUR BM GETB1 BM 25% 20% 15% 10% 5% 0% -5%-10%Source: Internal updated internal as of March 26th, 2012. Please note that historical performance is no guarantee of future returns. Future returns willdepend on market development, manager skill, portfolio / funds risk exposure and the costs associated with the management / investment. The return can 16at times be negative.
  17. 17. Accumulated return on long and short adj. for NEX return Adj short Adj long35%30%25%20%15%10% 5% 0% -5%-10%-15% 31.10.2010 30.11.2010 31.12.2010 31.01.2011 28.02.2011 31.03.2011 30.04.2011 31.05.2011 30.06.2011 31.07.2011 31.08.2011 30.09.2011 31.10.2011 30.11.2011 31.12.2011 31.01.2012 29.02.2012Source: internal, Figures based on gross data before fees* We run a historical simulation based on the current weights for both the absolute portfolio and the investment universe (NEX) and then perform a uniformlyweighted least square regression using three years of data. The coefficient (slope) from the regression analysis represents the beta for the portfolio. This process 17is then repeated for different periods in time
  18. 18. -25% -20% -15% -10% 5% -5% 0% 10% 15% 20% 25% 28.10.2010 28.11.2010 28.12.2010Source: Internal as of February 29, 2012 28.01.2011 28.02.2011 31.03.2011 30.04.2011 Net 31.05.2011 30.06.2011 31.07.2011 Net invested and beta development Beta (3Y) 31.08.2011 30.09.2011 31.10.2011 30.11.2011 31.12.201118 31.01.2012 29.02.2012
  19. 19. Current portfolio weekly performance vs NEX indexCompletely uncorrelated to market moves 5.0 % 4.0 % 3.0 % Performance 2.0 % 1.0 % 0.0 % -1.0 % -2.0 % -3.0 % -4.0 % -8.0 % -6.0 % -4.0 % -2.0 % 0.0 % 2.0 % 4.0 % 6.0 %Source: Internal as of February 29, 2012 19
  20. 20. Net regional exposure % of NAVResult of bottom-up picks but looking for <20% net exposure Net Long Short200% 174% 164%150%100% 72% 57% 52% 50% 43% 33% 32% 32% 14% 17% 0% 0% -9% -10% -16% -50% North America Japan Asia (ex Japan) Europe TotalSource: Internal as of February 29, 2012 20
  21. 21. Fund sector attribution since inception30% 24.7 %25%20%15%10% 6.0 % 4.4 % 5% 1.9 % 0.1 % 0% -2.0 % -5% -4.6 % -4.7 % -6.3 %-10%Source: Internal as of February 29, 2012 21
  22. 22. Net sector exposure % of NAV Result of bottom-up picks Net Long Short80% 67%60% 42%40% 33% 28% 28% 24% 25% 20%20% 15% 17% 16% 16% 14% 13% 11% 10% 10% 9% 4% 3% 0% 1% 0% 0% -1% -14%-20% -26% -34%-40% Wind Solar Biofuel Services & Energy Saving Hydrogen & Power Grid & Power Suppliers Fuel Cells Storage Transmission GenerationSource: Internal as of February 29, 2012 22
  23. 23. Geographical return since inception 9% 8% 8% 7% 6% 6% 5% 4% 4% 4% 3% 2% 1% 0% Asia (ex Japan) Europe America JapanSource: internal, Figures based on gross data before fees
  24. 24. Performance – largest contributors YTDContributors Selection Detractors SelectionOCI Co Ltd 3.82 % A Power Energy Generation Systems Ltd -4.84 %Phoenix Solar AG 3.71 % Solar Millennium AG -4.46 %Capstone Turbine Corp 3.36 % EnerNOC Inc -3.65 %Wacker Chemie AG 3.05 % Comverge Inc -3.65 %Powercom Co Ltd 2.75 % China High Speed Transm. Eq. Group Ltd -3.53 %Gamesa Corp 2.64 % Landi Renzo SPA -3.53 %Gintech Energy Corp 2.48 % China Ming Yang Wind Power Group Limited - ADR -3.36 %centrotherm photovoltaics AG 2.42 % Advanced Battery Technologies Inc -3.21 %Dynapack International Technology Corp 2.33 % STR Holdings Inc(New) -3.19 %EMCORE Corp 2.33 % Exide Technologies -3.17 %Source: Internal as of February 29, 2012 24
  25. 25. Largest positionsLong Positions Weight MCAP Short Positions WeightTianneng Power International Ltd 4.35 % 606 NICHICON -4.65 %Darling International Inc 4.12 % 2,011 Novozymes ASB -4.51 %Renewable Energy Group Inc 4.08 % 69 Sanken Electric -4.48 %Prysmian SpA 4.06 % 3,853 Roper Industries --4.32 %HORIBA Ltd 4.02 % 1,381 Power Integrations Inc -4.06 %NGK Insulators 3.96 % 4,535 Cree Inc -4.00 %General Cable Corp 3.95 % 1,534 Johnson Matthey PLC -3.93 %Veeco Instruments. Inc. 3.92 % 1,108 MEIDENSHA CORP -3.90 %LS Corporation 3.91 % 2,484 Polypore International Inc -3.76 %Johnson Controls 3.88 % 22,744 AeroVironment Inc -3.34 % Long positions as of February 29, 2012 Short positions as of November 30, 2011Source: Internal as of February 29, 2012 25
  26. 26. Valuation example Exide Technologies (selected parts)Target EBIT multiple 13 Increased from 12 to 13 in spring 2011 Attractive fundamental position a positive Big parts still commodity oriented a negative Upside ~400%Normalized revenue Factors we are looking at:- Transportation Americas 980 Historical levels- Transportation Europe and Row 1,160 M&A- Industrial Energy Americas 335 Point in industry cycle- Industrial Energy Europe and Row 850 Point in product cycle- Group 3,325 Point in economic cycle Short- to medium term growth outlookNormialized operating margin: Factors we are looking at:- Transportation Americas 11 % Same as for revenue- Transportation Europe and Row 10 % True one-off related items- Industrial Energy Americas 9% Mix shifts- Industrial Energy Europe and Row 3% Trends in Porters 5 forcesNormalized EBIT:- Transportation Americas 108- Transportation Europe and Row 116- Industrial Energy Americas 30- Industrial Energy Europe and Row 26- Unallocated -75 Historical levels adj for true one-offsNormalized group EBIT 204Value of operations 2,658Net cash -628 Last available with possible adjustmentsMinority items -15 Estimated share of normalized EBITPension liabilities -107 Assumed fair valueFair value of equity 1,908# shares 77.5Target 24.62Source: Internal as of September 2011 26
  27. 27. Exide Non-numerical analsysis example• Start stop exposure: Purest play on start stop battery trend. Start stop batteries for automobiles saves a lot of energy and pollution at a low cost. Rule of thumb for battery suppliers is doubling in ASP and triple EBIT per unit.• Secular growth: We have just seen the beginning of the impact of start stop in the numbers, as only European OEM market has been addressed so far. US will follow, and the important replacement market has not contributed at all yet. Great growth visibility.• Transition: Exide stock is in transition from an indebted commodity player to gradually higher technology content and new growth markets. It is currently trading like an indebted commodity player, we believe perception will move towards the latter.• Flexibility improving: Improving cash flow and debt profile will give Exide better financial flexibility. Should allow for pending investments that should yield strong returns• Lead recycling assets: has good value as lead price is high and does not seem to weaken• Market noise: (a common thing we are looking for). Market is overemphasising weakness in Transport Americas segment which is only ~1/4 of sales. From this was reported the stock fell 26% the two following days. Also, we believe the trends might revert• Cyclicality overstated: The auto battery replacement cycles should only improve if new auto sales (OEM market) disappoint. Aftermarket is >3x bigger than OEM market.• Earnings momentum next couple of quarters 27
  28. 28. Factor risk analysis, based on GRAM from Citi • ~73% of risk Portfolio Statistics attributed to alpha Portfolio Size 58.2 MEUR YTD Excess Return -5.80 % Cash 107.52 % MTD Excess Return -7.19 % • Risk target; WTD Excess Return -0.20 % 10-20% annual Stock s In Portfolio 146 standard deviation Stock s In Benchmark Estimated TE 16.73 % Gross Bet 318.85 % TE Daily Obs. % Outside Benchmark TE Week ly Obs.Estimated Risk Largest Factor Contributions to TE Exposures to 1 Stdev Factor EventEstimated TE 16.73 % Rising emerging market yield 12.46 % Higher commodity prices (ex-oil) 17.46% 1.70 %Expl by Factors 27.6 % Stronger USD vs JPY 10.41 % Rising global yield 20.02% 0.39 %Expl by Stock Specifics 72.4 % Taiw an 8.40 % Positive global market shock 11.04% 0.14 % Higher oil prices 4.10 % Global small caps beat large caps 4.50% 0.14 % Rising global yield 2.27 % Global grow th beats value 3.65% -0.65 % Global Credit Default Risk 1.11 % Global Credit Default Risk 52.68% -1.76 % Information Technology 0.69 % Higher commodity prices (ex-oil) 0.60 % Stronger USD vs EUR 11.37% -2.87 % Hong Kong 0.43 % Stronger USD vs JPY 10.78% -3.54 % Japan 0.39 % Rising emerging market yield 13.34% -5.04 % Source: Internal as of February 29, 2012 28
  29. 29. DNB ECO Absolute Return - Fund profileFund managers: Jon Sigurdsen/Christian RomInvestment Universe: Global Renewable EnergyStrategy: Market neutral long/short equity fundFund type: UCITS compliant Luxembourg FCPBenchmark: EUR – GETB1 BM, NOK – ST1X, SEK – OMRX TBILLTarget alpha: 7-12 % grossRisk target: 10-20 % annual standard deviationNumber of holdings: 100-200Turnover: 200–300 %Exposure: 200–400 % gross and +/- 20 % netInception date: 17 December 2010 (Strategy 20th October 2010) 29
  30. 30. Terms - LU0547714286Liquidity and NAV: DailyManagement fee: 1.5 %Performance fee: 20 %Front end fee: Maximum 5 %Back end fee: NoHigh watermark: Yes - no resetsHurdle rate: YesDomicile: LuxembourgClasses: EUR, SEK and NOKMinimum investment: EUR 1 000 / SEK 10 000 / NOK 10 000 30
  31. 31. ContactFor more information regarding our Renewable Energy Funds:www.dnb.no/luPortfolio ManagersJon Sigurdsen – Head of Renewable EnergyØvre Slottsgate 3, 0157 Oslo, NorwayChristian Rom – Portfolio ManagerØvre Slottsgate 3, 0157 Oslo, NorwaySalesMike Judith, Vice President13, rue Goethe, 1637 Luxembourg, LuxembourgT +352 45 49 45 503E mike.judith@dnb.no
  32. 32. DisclaimerOslo Stockholm Hong KongDNB Asset Management AS DNB Asset Management AB DNB Asset Management (Asia) Ltd.Øvre Slottsgate 3 Kungsgatan 18 99 Queens Road CentralP.O. Box 0021 SE-105 88 Stockholm, Sweden 3305-3306, The Center, Hong KongN-0157 Oslo, NorwayBergen Luxembourg ChennaiDNB Asset Management AS DNB Asset Management S.A. DNB Investment Advisory Services (India) Private Ltd.Folke Bernadottesvei 40 13, rue Goethe No.2 Leith Castle Center StreetP.O. Box 7515 L-1637 Luxembourg Santhome High RoadN-5020 Bergen, Norway 600 028 Chennai, IndiaThis presentation has been prepared in accordance with DNB Asset Management AS General Business Terms. The presentation was prepared for internal use as informationfor our clients and is not intended for public use or distribution. The information contained herein may not be reproduced without DNB Asset Management AS’ prior consent.This presentation was prepared on the basis of publicly available information. DNB Asset Management AS does not warrant that the information in the presentation is exact,correct or complete. The opinions expressed herein reflect the views of DNB Asset Management AS at the time. DNB Asset Management AS reserves the right to change itsopinion without notice. Any written material distributed must be seen in the context of the oral presentation. DNB Asset Management AS will not accept responsibility for director indirect losses incurred as a result of the interpretation and/or use of information in this presentation.This presentation is not an offer or recommendation to purchase or sell financial instruments. Investments in financial instruments are associated with risk, including thepossibility that all or part of invested funds may be lost. Historical returns are no guarantee of future returns.DNB Bank ASA and/or other entities in the DNB Group or employees and/or representatives of the DNB Group may trade in or hold positions in the presented or relatedfinancial instruments and may give financial advice or provide banking services linked to such financial instruments. Rules regarding confidentiality and other internal rules limitthe exchange of information between different units and group companies in the DNB group. The employees in DNB who prepared this presentation may thus be preventedfrom using, or be unaware of, information held in other units/companies in the DNB Group that may be relevant to this presentation.DNB Asset Management AS is an entity within the DNB Group registered in the Registry of Business Enterprises under Enterprise Number 880 109 162. 32

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