Important disclosures and certifications are contained from page 9 of this report www.danskeresearch.com

Investment Research

Headlines

Market sentiment is gradually improving.

The ECB announced the results of its comprehensive review of European banks.

The Fed ended QE3.

Sweden’s Riksbank added to the group of central banks with a zero rate.

Market commentary

Following a shaky market in mid-October with volatile movements in rates, FX and

stocks, the past two weeks have been relatively calm. In tandem with improved market

sentiment, secondary as well as primary market activity has slowly picked up pace

following the mid-October hiccup. Credit spreads have more or less moved sideways

compared with the previous week, with a slight tightening tendency.

The week kicked off with the announcement of the results of the EBA stress tests on

European banks. From a Nordic perspective, the results were positive, as they confirmed the

robustness of the Nordic banks. As expected, the Nordic banks came out strong compared

with the European average and were 7.4pp above the threshold of 5.5%, compared with the

European average of 5.3pp. Among the Nordic banks, only the Danish banks were

requested to implement the results of the AQR in their earnings, although most of this has

already been included. More details on the stress tests can be found in the analysis Nordic

Robustness: Nordic banks pass the EBA stress test with flying colours, 26 October.

Reporting season is in full swing and we note a mixed picture among corporates, while

the Nordic banks have presented positive reports overall. In the corporate sphere,

Vattenfall‘s Q3 report stood out as the company is taking on a sizable impairment loss

totalling SEK23bn, related mainly to non-Nordic operations.

In a rather quiet primary corporate market, Nestlé was able to come out with its first euro

issue in over a year on Wednesday. The Swiss-based Aa2/AA-rated food conglomerate

issued EUR500m at ms +20bp, a seven-year tenor. Among Nordic issuers, we note that the

Swedish truck producer Scania issued SEK2.5bn two-year bonds at the spread ms +20bp.

Table 1. Selected issues

Name Rating Coupon Ccy Tenor Size Spread*

Scania A-/-/- 0.63% SEK 2Y 2500 MS + 20 Nestlé AA/Aa2/AA+ 0.75% EUR 7Y 500 MS + 13

Note: Size in million, ratings are senior unsecured ratings from S&P/Moody’s/Fitch

Source: Danske Bank Markets, Bloomberg

31 October 2014

Analyst Wiveca Swarting +46 568 80617 wiveca.swarting@danskebank.com

Contents

Market commentary ................................................. 1

Selected charts ............................................................ 3

Recently published research ............................... 5

Official and shadow ratings .................................. 8

Weekly Credit Update

iTraxx Europe (investment grade)

Source: Bloomberg, Danske Bank Markets

iTraxx Crossover (high yield)

Source: Bloomberg, Danske Bank Markets

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Weekly Credit Update

In line with market expectations, Wednesday marked the end of the Federal Reserve’s

QE3 programme. However, the statement was overall more hawkish than expected,

pointing to signs of improvement in the labour market. Previous statements

communicating a ‘significant underutilisation’ in the labour market have now been

replaced with a more positive view of the labour market, saying that the ‘underutilisation

of labour resources is gradually diminishing’. Moreover, comments on inflation were not

as soft as expected and the Fed noted that the likelihood of inflation closing up to the goal

of 2% has increased. Further, the Fed reiterated its forecast of low rates for a

‘considerable time’

Adding to the group of central banks with a zero rate policy regime, the Swedish

Riksbank cut the repo rate from 0.25% to 0.00%. Moreover, the Riksbank postponed the

first rate hike to mid-2016, projecting inflation would be at 1.96% at that time. Unless the

zero rate has the desired effect, a clearer forward guidance and a delay in rate hikes are

likely tools that can be used in order to cope with continued low inflationary expectations.

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Weekly Credit Update

Selected charts

iTraxx (Europe) vs CDX (US) Investment grade corporate yields

Source: Bloomberg, Danske Bank Markets Source: Bloomberg, Danske Bank Markets

Nordic corporates vs iTraxx Nordic banks 5Y CDS spreads

Source: Bloomberg, Danske Bank Markets Source: Bloomberg, Danske Bank Markets

Corporate BBB bond yield vs EuroSTOXX dividend yield 3M Libor OIS spreads

Source: Bloomberg, Danske Bank Markets Source: Bloomberg, Danske Bank Markets

Financials spread vs non-financials (Industrials), A-rated

Source: Bloomberg, Danske Bank Markets

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Weekly Credit Update

Europe fund flows Sweden fund flows Norway fund flows

Source: Macrobond Financial Source: Macrobond Financial Source: Macrobond Financial

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Weekly Credit Update

Recently published research

Volvo Q3 14 – HOLD

Volvo’s Q3 14 results beat market expectations. Sales improved by around 4% y/y,

driven by strong demand in North America and favourable currency headwinds. The

operating margin rose by 0.4pp y/y (excluding restructuring costs) and the LTM EBIT

margin of 4.8% was almost in line with the 5% that the rating agencies require from

Volvo on a sustained basis. Leverage was down as a result of stronger LTM EBITDA and

slightly lower debt. Despite positive tailwinds from cost savings, we maintain our Hold

recommendation due to the tight valuation.

OP-Pohjola Group Q3 14 – SELL

OP-Pohjola Group delivered strong Q3 results driven by good performance in both non-

life and banking. Capitalisation has taken a hit following the full takeover of Pohjola

Bank but rebuilding has begun towards the targeted 18% CET1 by the end of 2016. In our

view, the outstanding bonds are still trading too tight compared with peers, also taking

into account the current high uncertainty about the Finnish macro economy. We maintain

our SELL recommendation.

Swedish Match Q3 14 – BUY

Swedish Match reported a solid Q3 14 with EBITDA up 8% y/y. We note that the Snus

and Moist snuff segment demonstrates a high level of margin resilience, which in our

view supports the credit outlook for Swedish Match. Credit metrics were stable y/y and as

the negative profit impact of fierce price competition in Sweden abates, we find it more

likely that Swedish Match will increase its share buyback programme. However, a

combination of fading margin pressure and attractive valuation prompts us to upgrade our

recommendation from HOLD to BUY.

Nordic Robustness. Nordic banks pass the EBA stress test with flying colours

The long-awaited results from the European AQR and stress test were received.

Positively, the exercise confirmed the robustness of the Nordic banks, which we believe

was widely expected by the market.

Hoist Finance Q3 14

On Friday 24 October, Hoist Finance reported Q3 earnings, rising in line with

expectations, as it ramps up collections on recently acquired portfolios. Metrics also

improved, as acquisition activity decreased somewhat. Overall, the report supports our

‘BB-’ rating on Hoist, with senior unsecured bonds one notch lower at ‘B+’, and we keep

our stable outlook.

NCC Q3 14

NCC presented a mixed set of results for the third quarter. Sales increased y/y, slightly

above market expectations, driven by a good performance in Construction Denmark and

earlier sales in Sweden. Order intake exceeded the level in Q3 13 but was below market

expectations. Net debt to LTM EBITDA was 2.5x compared with 2.4x in Q2 14.

Management stated that NCC will enter 2015 with a higher level of indebtedness than in

the preceding year due to fewer property projects to complete in Q4. Furthermore, net

investments will be minor in the coming year. We maintain our view of NCC as a ‘BBB-’

with a credit stable outlook.

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Weekly Credit Update

Sandvik Q3 14 – HOLD

Sandvik reported Q3 14 results that were slightly ahead of market expectations on sales

and earnings. Overall bookings fell 2% y/y as higher order intake in the Materials

Technology, Machining Solutions and Venture divisions could not fully offset a decline

in Mining. Leverage declined on the back of strong cash flow from operations and

metrics are commensurate with the current ‘BBB’ rating, in our view. We maintain our

HOLD recommendation on the name.

Hemsö Q3 14

Hemsö presented a mixed report for the third quarter. On the one side, rental income and

profitability proved strong once again. On the other, due to rapid growth, leverage has

gradually increased over the past few quarters. Although the company benefits from a

strong business profile with limited sensitivity to business cycle fluctuations, the financial

profile has weakened over the past few quarters. The loan-to-value ratio is currently 69%,

which we consider high for our ‘BBB+’ rating on the company. In order for Hemsö to

remain at the current credit rating, we expect a deleveraging trend in the coming few

quarters, approaching a loan-to-value ratio of 65%. For the time being, we affirm our view

of Hemsö as a ‘BBB+’ credit, including a one-notch uplift for implicit ownership support.

Statoil Q3 14 – SELL

Statoil’s Q3 results were affected by weakening fossil prices. Group entitlement production

also fell, due to lower North Sea production and divestments. Clean EBITDA fell 22% y/y

despite Statoil’s efforts to curb costs. On top of this, Statoil took NOK14bn in impairments,

taking the result slightly below market expectations. Encouragingly, and despite the weaker

production, Statoil maintains its full-year production outlook. Due to somewhat weaker cash

flow and the quarterly dividend, Statoil’s adjusted net debt rose 2% taking adjusted LTM

FFO to net debt to 59.7%, from 60.4%, which is just below S&P’s long-term requirement

for the current ‘AA-’ rating requirement. However, we do not expect negative rating action

in the short term. We maintain our SELL recommendation.

SCA Q3 14 – BUY

SCA reported solid third-quarter figures boosted by the acquisition of Vinda and organic

growth. Clean operating profit rose c.20% y/y as a result of a better price/mix, higher

volumes and M&A, offset somewhat by higher raw material costs. Credit metrics

improved on a better LTM earnings performance and the SCA balance sheet is, in our

view, commensurate with the current ‘A-’ rating from S&P. We are beginning to see a

relatively attractive valuation and we consider large-scale M&A risk to be relatively low

over the coming three months. We maintain our BUY recommendation on the name.

SpareBank 1 Nord-Norge

This was another good report from SpareBank 1 Nord-Norge (NONG), which benefited

from the still solid operating environment in Norway. Exposure to Russia seems

manageable and, so far, the falling oil price has not had any impact on asset quality. NONG

has no outstanding euro benchmark issues and we maintain our HOLD recommendation.

Jyske Bank Q3 14 – BUY

Adjusted for the large one-off gains in the previous quarter, Jyske Bank reported a positive

set of figures for Q3 driven by good NII growth and falling loan losses. Capitalisation has

improved to a CET1 of 15.7%. We maintain our BUY recommendation.

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Weekly Credit Update

SSAB Q3 14

SSAB posted strong Q3 14 results that were significantly above market expectations.

Operating profit improved by SEK1.1bn driven by higher prices and volumes as well as

M&A and positive currency effects. In the US, demand was especially strong and

SSAB’s steel works were running at full capacity. SSAB has taken on a large amount of

debt in connection with the Rautaruukki merger but the increase in LTM earnings has

more than offset this and SSAB’s credit metrics are on an improving trend, which we

expect to continue.

SpareBank 1 SR-Bank Q3 14 – HOLD

The Q3 figures showed little impact from the worsening macro economy, resulting in yet

another strong result for SPAROG. We are increasingly concerned about the potential

impact of the falling oil price but we also believe this is reflected in current prices. We

maintain our HOLD recommendation.

Vattenfall Q3 14 – HOLD

Vattenfall’s Q3 14 results were weak. Underlying operations deteriorated y/y on the back

of weaker prices, lower hydro output and tough generation margins. Comparable

EBITDA fell 12% y/y. Adjusted credit metrics deteriorated on the back of lower earnings

and are now rather weak for agency requirements. A negative rating action could be

ahead. Vattenfall takes a rather sizable SEK23.1bn impairment, relating mainly to its non-

Nordic operations. Vattenfall today also targets parts of this as being for sale. We expect

a dividend and capex reduction announcement to follow the release, which should

cushion the negative credit impact of this report. We maintain our HOLD

recommendation but see value in the VATFAL 21s.

Ikano Bank – issuer profile

We assign a ‘BBB’ rating to Ikano Bank, with a stable outlook based on our view of its

business and financial risk profile. We do not include any support from the owner but do

believe the owner would be very constructive if the bank were in a situation where

support was needed. We might consider a notch higher rating if the profitability improves

further or the owner introduces a formal support structure. Downside risk to our rating

includes, among other things, deteriorating asset quality.

PostNord Q3 14

PostNord yesterday released its Q3 report and, as expected, it confirmed the general trend

of lower business volumes affecting sales negatively. However, we view the higher

profitability seen in the quarter, with increasing EBITDA and EBIT margins, as positive.

We continue to see PostNord as a ‘BBB+’ credit with a stable outlook but we need to see

net debt/EBITDA decline towards, and below, 3x in coming quarters for this to hold.

YIT Q3 14

We are cautiously positive on YIT’s performance in Q3. While market conditions remain

challenging, especially in Russia, the company delivered on some debt reduction during

the quarter. Also, some initiatives were taken to streamline the business. We maintain our

view of YIT as a ‘B’ credit with negative outlook. Our credit view assumes that the

company can successfully refinance its upcoming debt maturities over the coming

quarters. We would also like to see a continued reduction in leverage and improving

margins.

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Weekly Credit Update

Ratings from Standard & Poor’s, Moody’s and Fitch and Danske Bank markets shadow ratings 1 of 2

Source: Standard & Poor’s, Moody’s, Fitch, Danske Bank Markets

Analyst(s)

Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookAhlstrom Oyj B+ Stable Mads RosendalAkelius Residential Ab BB+ Pos BB Wiveca SwartingAmbu A/S BBB- Stable Jakob MagnussenAp Moeller - Maersk A/S BBB+ Stable Baa1 Stable Brian Børsting BUYArla Foods Amba BBB+ Stable Mads RosendalAtlas Copco Ab A Stable A2 Stable Mads Rosendal SELLAvinor As AA- Stable A1 Stable Åse Haagensen HOLDBank 1 Oslo Akershus As BBB+ Stable T. Hovard / L. HolmBank Norwegian As BBB Stable T. Hovard / L. HolmBeerenberg Holdco Ii As B+ Stable Øyvind MossigeBw Offshore BB+ Stable Øyvind MossigeCargotec Oyj BBB- Stable Mads RosendalCarlsberg Breweries A/S Baa2 Stable BBB Stable Brian Børsting SELLCermaq Asa BB Stable Knut-Ivar BakkenCitycon Oyj BBB Stable Baa2 Stable Åse HaagensenColor Group As BB- Stable B+ Åse HaagensenDanske Bank A/S A Neg Baa1 Pos A StableDfds A/S BB+ Stable Brian BørstingDlg Finance As BB- Stable Mads RosendalDna Ltd BBB- Stable Ola HeldalDnb Bank Asa A+ Stable A1 Neg T. Hovard / L. Holm HOLDDong Energy A/S BBB+ Stable Baa1 Stable BBB+ Stable Jakob Magnussen HOLDDsv A/S BBB Stable Brian BørstingEg Holding B Stable Jakob MagnussenEika Boligkreditt As A- Stable T. Hovard / L. HolmEika Gruppen As BBB Stable T. Hovard / L. HolmElectrolux Ab BBB Wr WD Brian Børsting HOLDElisa Oyj BBB Pos Baa2 Stable Ola Heldal BUYEntra Eiendom As A- Stable Åse HaagensenFarstad Shipping Asa BB Neg BB- Åse HaagensenFingrid Oyj A+ Stable A1 Stable A+ Stable Jakob Magnussen BUYFinnair Oyj BB Stable Brian BørstingFortum Oyj A- Neg A2 Neg A- Neg Jakob Magnussen SELLFortum Varme Holding Samagt Med Stockholms Stad Ab BBB+ Stable Jakob MagnussenFred Olsen Energy Asa BB+ Neg Sondre StormyrG4S Plc BBB- Stable Brian Børsting BUYGetinge Ab BB+ Neg Louis LandemanHeimstaden Ab BB Stable BB- Wiveca SwartingHemso Fastighets Ab BBB+ Stable Wiveca SwartingHoist Kredit Ab BB- Stable B+ Gabriel BerginHusqvarna Ab BBB- Pos Louis LandemanInvestor Ab AA- Stable A1 Stable Brian Børsting BUYIss A/S BBB- Stable Baa3 Stable Brian Børsting HOLDJ Lauritzen A/S B Stable B- Åse HaagensenJernhusen Ab A- Stable Gabriel BerginJyske Bank A/S A- Stable Baa1 Neg Thomas M. Hovard BUYKesko Oyj BBB Stable Mads RosendalKlaveness Ship Holding As BB- Stable B+ Bjørn Kristian RøedMeda Ab BB- Stable Louis LandemanMetsa Board Oyj B+ Pos B2 Pos Mads RosendalMetso Oyj BBB Stable Baa2 Neg Mads Rosendal HOLDNcc Ab BBB- Stable Wiveca SwartingNeste Oil Oyj BBB- Stable Jakob Magnussen HOLDNokia Oyj BB Pos Ba2 Stable BB Stable Ola Heldal HOLDNokian Renkaat Oyj BBB+ Stable Jakob MagnussenNordea Bank Ab AA- Neg Aa3 Neg AA- Stable T. Hovard / L. Holm SELLNorth Atlantic Drilling Ltd BB Stable BB- Sondre StormyrNorwegian Air Shuttle Asa BB- Stable B+ Brian BørstingNorwegian Property Asa BBB- Stable Åse HaagensenNykredit Bank A/S A+ Neg Baa2U Stable A Stable T. Hovard / L. Holm BUYNynas Group B+ Stable B+ Jakob MagnussenOdfjell Se B+ Stable B Bjørn Kristian RøedOlav Thon Eiendomsselskap Asa BBB+ Stable Åse HaagensenOlympic Shipping As B+ Stable B Åse HaagensenOrkla Asa BBB+ Pos Åse HaagensenOutokumpu Oyj B- Pos Mads RosendalPohjola Bank Oyj AA- Neg Aa3 Neg A+ Stable T. Hovard / L. Holm SELLPosten Norge As A- Stable Åse HaagensenPostnord Ab BBB+ Stable Gabriel BerginProsafe Se BB Stable Åse HaagensenRamirent Oyj BB+ Stable Brian Børsting

S&P Moody's FitchDanske Bank Recomm.

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Weekly Credit Update

Ratings from Standard & Poor’s, Moody’s and Fitch and Danske Bank markets shadow ratings 2 of 2

Source: Standard & Poor’s, Moody’s, Fitch, Danske Bank Markets

Analyst(s)

Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookSaab Ab BBB+ Stable Wr Wiveca SwartingSampo Oyj Baa2 Stable T. Hovard / L. Holm HOLDSandnes Sparebank BBB+ Stable T. Hovard / L. HolmSandvik Ab BBB Stable Mads Rosendal HOLDSas Ab B- Stable Wr Pos Brian BørstingSbab Bank Ab A Neg A2 Neg T. Hovard / L. Holm HOLDScania Ab A- Stable Mads Rosendal HOLDSchibsted Asa BBB Stable Åse HaagensenSeadrill Ltd BB+ Stable BB Sondre StormyrSecuritas Ab BBB Stable Wr Brian Børsting HOLDSkandinaviska Enskilda Banken Ab A+ Neg A1 Neg A+ Pos T. Hovard / L. Holm BUYSkanska Ab BBB+ Stable Wiveca SwartingSkf Ab BBB+ Stable Baa1 Stable Mads Rosendal SELLSolstad Offshore Asa BB- Stable B+ Åse HaagensenSpar Nord Bank A/S BBB+ Stable T. Hovard / L. HolmSparebank 1 Boligkreditt As A- Stable Lars HolmSparebank 1 Nord Norge A2 Neg A Stable T. Hovard / L. Holm HOLDSparebank 1 Smn A2 Neg A- Stable T. Hovard / L. Holm HOLDSparebank 1 Sr-Bank Asa A2 Neg A- Stable T. Hovard / L. Holm HOLDSponda Oyj BBB- Stable Wiveca SwartingSt1 Nordic Oy BB Stable Jakob MagnussenStatkraft Sf A- Stable Aaa Stable Jakob Magnussen BUYStatnett Sf A+ Stable Wr Stable Jakob Magnussen HOLDStatoil Asa AA- Stable Aa2 Stable Jakob Magnussen SELLSteen & Strom As BBB+ Stable Åse HaagensenStena Ab BB Stable B2 Stable Brian Børsting BUYStockmann Oyj Abp B+ Stable Mads RosendalStolt-Nielsen Ltd BB+ Stable BB Bjørn Kristian RøedStora Enso Oyj BB Stable Ba2 Neg WD Mads Rosendal HOLDStorebrand Bank Asa BBB+ Stable BBB+ Neg Baa1 Neg T. Hovard / L. HolmSuomen Hypoteekkiyhdistys A- Stable T. Hovard / L. HolmSwedavia Ab A- Stable Gabriel BerginSwedbank Ab A+ Neg A1 Neg A+ Pos T. Hovard / L. Holm BUYSwedish Match Ab BBB Stable Baa2 Stable Brian Børsting HOLDSvensk Fastighetsfinansiering Ab BBB Stable Louis LandemanSvenska Cellulosa Ab Sca A- Stable Baa1 Stable Mads Rosendal BUYSvenska Handelsbanken Ab AA- Neg Aa3 Neg AA- Stable T. Hovard / L. Holm HOLDSydbank A/S Baa1 Neg T. Hovard / L. Holm BUYTallink Group As BB Stable BB- Jakob MagnussenTalvivaara Mining Co Plc C Mads RosendalTdc A/S BBB Neg Baa3 Stable BBB Stable Ola Heldal HOLDTeekay Offshore Partners Lp BB- Stable B+ Bjørn Kristian RøedTele2 Ab BBB Stable Ola HeldalTelefonaktiebolaget Lm Ericsson BBB+ Stable Baa1 Stable BBB+ Neg Ola Heldal HOLDTelenor Asa A- Pos A3 Stable Ola Heldal HOLDTeliasonera Ab A- Stable A3 Neg A- Stable Ola Heldal SELLTeollisuuden Voima Oyj BBB Neg Wr BBB Stable Jakob Magnussen BUYThon Holding As BBB+ Stable Åse HaagensenTine Sa BBB+ Stable Ola HeldalUpm-Kymmene Oyj BB Pos Ba1 Stable WD Mads Rosendal HOLDVasakronan Ab BBB+ Stable Wiveca SwartingVattenfall Ab A- Stable A3 Stable A- Neg Jakob Magnussen HOLDVestas Wind Systems A/S BBB- Pos Niklas Ripa BUYWilh Wilhelmsen Asa BBB- Stable Bjørn Kristian RøedVolvo Ab BBB Neg Baa2 Neg BBB Stable Mads Rosendal HOLDYit Oyj B Neg Louis Landeman

Danske Bank S&P Moody's Fitch Recomm.

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Weekly Credit Update

Knut-Ivar Bakken

Fish farming (+47) 85 40 70 74 knb@danskebank.com

Wiveca Swarting

Real Estate, Construction (+46) 8 568 80617 wsw@danskebank.com

Ola Heldal

TMT (+47) 85408433 olh@danskebank.com

Henrik René Andresen

Credit Portfolios (+45) 45 13 33 27 hena@danskebank.com

Brian Børsting

Industrials (+45) 45 12 85 19 brbr@danskebank.com

Mads Rosendal

Industrials, Pulp & Paper (+45) 45 14 88 79 madro@danskebank.com

Lars Holm

Financials (+45) 45 12 80 41 laho@danskebank.dk

Jakob Magnussen

Utilities, Energy (+45) 45 12 85 03 jakja@danskebank.com

Åse Haagensen

High Yield, Industrials (+47) 22 86 13 22 ha@danskebank.com

Fixed Income Credit Research

Louis Landeman

TMT, Industrials (+46) 8 568 80524 llan@danskebank.com

Thomas Hovard

Head of Credit Research (+45) 45 12 85 05

hova@danskebank.com

Find the latest Credit Research

Danske Bank Markets: Bloomberg: http://www.danskebank.com/danskemarketsresearch DNSK<GO>

Gabriel Bergin

Strategy, Industrials (+46) 8 568 80602 gabe@danskebank.com

Niklas Ripa

High Yield, Industrials (+45) 45 12 80 47 niri@danskebank.com

Bjørn Kristian Røed

Shipping (+47) 85 40 70 72 bred@danskebank.com

Sondre Dale Stormyr

Offshore rigs (+47) 85 40 70 70 sost@danskebank.com

Øyvind Mossige

Oil services (+47) 85 40 54 91 omss@danskebank.com

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Disclosures This research report has been prepared by Danske Bank Markets, a division of Danske Bank A/S (‘Danske

Bank’). The author of the research report is Wiveca Swarting, Analyst.

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of a non-U.S. jurisdiction.

Any U.S. investor recipient of this research report who wishes to purchase or sell any Relevant Financial

Instrument may do so only by contacting Danske Markets Inc. directly and should be aware that investing in non-

U.S. financial instruments may entail certain risks. Financial instruments of non-U.S. issuers may not be

registered with the U.S. Securities and Exchange Commission and may not be subject to the reporting and

auditing standards of the U.S. Securities and Exchange Commission.