Report disclaimer

This report was approved and issued by a company within the Marex group. The Marex® group of companies includes Marex Financial (including the Marex Solutions division), Marex Spectron International Limited (including the Eagle Commodities division), CSC Commodities UK Limited, Tangent Trading Limited, Marex Spectron Europe Limited, Marex Trading International Limited, Marex Capital Markets Inc., Marex Derivative Products Inc., Marex North America Securities, LLC, Marex Spectron USA LLC, Spectron Energy Inc., Marex Australia Pty Ltd, Marex MENA Limited, Marex Hong Kong Limited, Marex Spectron Asia Pte. Ltd., Spectron Energy (Asia) Pte. Ltd., Marex France SAS (including the BIP AM division), X-Change Financial Access, LLC, Starsupply Petroleum Europe B.V., Volcap Trading Partners Limited, Arfinco S.A, Marex SA (including its subsidiaries and branches), OTCex Hong Kong Limited, OTCex LLC, Global Metals Network Limited and Marex Prime Services Limited (individually and collectively “Marex”).

Nothing in this report constitutes (i) an offer of services, (ii) an offer to purchase or sell investments or any other product or (iii) investment, tax or legal advice.

The report has been approved and issued on the basis of publicly available information, internally developed data and other sources believed to be reliable. It has been prepared for the general information of Marex’s institutional clients, is not directed at retail customers and does not take into account particular investment objectives, risk appetites, financial situations or needs. Recipients should make their own trading decisions based upon their own financial objectives and financial resources.

This report is a marketing communication. It is not investment research and has not been prepared in accordance with legal requirements designed to promote investment research independence. The report is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Whilst reasonable care has been taken to ensure that facts stated are fair, clear and not misleading, Marex does not warrant or represent (expressly or impliedly) their accuracy or completeness. Any opinions expressed are those of the author of the report as at the date of the report and not necessarily those of Marex and, in any event, may be subject to change without notice.

Marex accepts no liability whatsoever for any direct, indirect or consequential loss or damage arising out of the use of all or any of the data or information in this report.

This report is not intended to be an offer to buy or sell any securities of any company referred to herein nor any other transaction or investment.

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